Understanding H.R. 8021: Redefining P.L. 86-272 and the Solicitation of Orders On April 16, 2024, a significant bill, H.R. 8021, known as the “Interstate Commerce Simplification Act of 2024” was introduced in the United States House of Representatives. This bill, spearheaded by Congressman ...
Tax News
From the enactment of the Tax Cuts and Jobs Act of 2017 (TCJA), California was one of the handful of states that did not conform to a number of provisions in the law. Most notably, the state continued to allow taxpayers to take full advantage of the net operating loss (NOL) deduction and ignore 80% ...
IRS released Notice 2024-11 on December 28, 2023, updating the list of countries with tax treaties meeting Section 1(h)(11)(C)(i)(II) criteria. Under section 1(h)(11) (qualified dividends), a dividend paid to an individual shareholder from either a domestic corporation or a "qualified foreign ...
On January 31st, 2024, the House of Representatives passed bill H.R.7024 Tax Relief for American Families and Workers Act of 2024 which aims to provide tax relief and support for American families and workers. The bill now heads to the Senate for consideration. This legislation encompasses a wide ...
In July 2023, the Texas legislature passed Senate Bill 3, which increased the no tax due threshold and eliminated reporting requirements for certain entities. In response, the Texas Comptroller's office has issued guidance and changed the way some entities have to report for franchise tax purposes ...
Effective January 1, 2024, the Ohio Commercial Activity Tax (CAT) will undergo major changes following the enactment of Am. Sub. H.B. 33 of the 135th Ohio General Assembly.
Big news for franchise owners in Oklahoma: Oklahoma House Bill 1039 enacted on June 2, 2023, repealed the franchise tax and the reporting requirements starting with tax year 2023.
IRS has taken action against ineligible claims for ERC, a refundable tax credit designed to support businesses and tax-exempt organizations that maintained employees payments during the COVID-19 pandemic. ERC is not available to individuals.
In a rapidly changing financial landscape, Americans are flocking to fixed-income investments, attracted by the promise of higher returns. However, the excitement of increased earnings is often overshadowed by unexpected tax bills. Investors have poured a large chunk of their savings into ...
IRS: THOSE IMPACTED BY IDALIA QUALIFY FOR TAX RELIEF; OCT. 16 DEADLINE, OTHER DATES POSTPONED TO FEB. 15