- The U.S. Securities and Exchange Commission (SEC) approved a proposal for a “best interest” standard for broker-dealers to apply with respect to retail customers on recommending a securities transaction or an investment strategy involving securities.
- Treasury’s Community Development Financial Institutions (CDFI) Fund updated the list of opportunity zone designations pursuant to measures in the new tax law. The list now includes Alabama, Delaware, Missouri, Ohio, Texas, and the Northern Marianas Islands.
- The U.S. Supreme Court heard oral arguments in a case concerning sales and use tax when there are remote or electronic sales. In this case, South Dakota asked the Court to revisit and abrogate the physical presence nexus requirement that was upheld in Quill v. North Dakota.
- A Treasury Department notice provides the 2018 inflation adjustment factor and reference prices used in determining the availability of the credit for renewable electricity production and refined coal production under section 45.
- Rev. Proc. 2018-25 provides the annual depreciation limitations (or lease inclusion amounts) for passenger automobiles, including trucks and vans, first placed in service in calendar year 2018.
- Notice 2018-38 reminds that with enactment of the new tax law in December 2017, U.S. corporations that use a fiscal year (and not a calendar year) for federal income tax purposes will pay a “blended” rate of federal corporate income tax (that is, a blend of the rate under the old law and the flat rate of 21% under the new law).
- Arizona House Bill 2647 was enacted and updates the state’s conformity to the Internal Revenue Code.
- The Connecticut Department of Revenue Services released guidance explaining how corporate and individual taxpayers are to treat and report mandatory repatriation amounts required to be included in income under IRC section 965.
- The Indiana Department of Revenue issued a “letter of findings” concluding a taxpayer failed to prove that it lacked “exclusive control” over rented scaffolding, and thus found the taxpayer owed use tax on rentals of scaffolding systems.
- A New Mexico hearing officer ruled that a taxpayer filing a consolidated return in the state was not allowed a dividends-received deduction or otherwise allowed to exclude dividends and Subpart F income received from more than 50% owned controlled foreign corporations.
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- The U.S. House of Representatives approved a number of bills related to IRS administration and taxpayer protections. The bills will next be transmitted to the Senate but it is not clear whether or when the Senate would consider the bills.
Read TaxNewsFlash-Legislative Updates