- Notice 2018-21 provides guidance for making a one-time claim for payment of the credits and payments allowable for biodiesel (including renewable diesel) mixtures and alternative fuels sold or used during calendar year 2017. The notice also includes instructions about offsetting an excise tax liability with the alternative fuel mixture credit for 2017, and instructions as to how to make certain income tax claims relating to biodiesel, second generation biofuel, and alternative fuel. A temporary modified safe harbor for semi-monthly deposits of the oil spill liability tax is being made available.
- Rev. Rul. 2018-7 provides the rates of interest for underpayments and overpayments of tax for the second quarter of 2018. The interest rates increase for the first time since 2016.
- Notice 2018-12 addresses the treatment of health plans providing benefits for male sterilization or male contraceptives.
- The U.S. Treasury Department’s Alcohol and Tobacco Tax and Trade Bureau (TTB) provided federal excise tax relief for wineries and bonded wine cellars, in light of changes made by the new U.S. tax law.
- The U.S. Tax Court in a “reviewed opinion” upheld an IRS determination that payments made from a foreign sales corporation (FSC) to Roth IRAs were, in substance, contributions made by the taxpayers to their Roth IRAs. The court majority concluded that the taxpayers owed excise taxes under section 4973 for the excess contributions made to their Roth IRAs.
- A release from the Colorado Department of Revenue announces that all prior Revenue Bulletins and Policy Positions are rescinded. The subject documents were last published during the late 2000s, and no longer represent the Department’s official position on any tax matter.
- The Colorado Department of Revenue issued a private letter ruling concluding that gain from the sale of an interest in a limited liability corporation (LLC) was eligible for exclusion under the sales factor of the business tax law and apportionment regime. Under Colorado law, gains from sales of intangible property are sourced to the taxpayer’s commercial domicile (in this case, Illinois).
- New Jersey’s tax court held that a partnership was not “per se” taxable under the state’s corporation business tax law. The court explained that a partnership, by virtue of having a nonresident corporate partner, was not a taxable entity. The taxable entity, rather, was the corporate partner. The partnership had no independent tax liability of its own.
- Two companion conformity bills in Virginia generally adopt only the provisions of the new U.S. federal tax law (Pub. L. No. 115-97) that affect the computation of federal adjusted gross income for individuals or federal taxable income for corporations for the 2017 tax year.
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- U.S. Senate Democrats proposed a $1 trillion infrastructure plan that would be paid for by repealing numerous tax cuts that were enacted in December 2017 (Pub. L. No. 115-97, also referred to as the “Tax Cuts and Jobs Act”).
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