Federal & State Tax News

IRS examiners given instructions on handling partnership audit elections

Tuesday, August 1, 2017

The IRS has provided interim guidance to its examiners on handling early “opt-in” elections for the new centralized partnership audit regime, for tax periods beginning after November 2, 2015, and before January 1, 2018. Specifically directed toward Large Business and International Division and Small Business/Self-Employed Division employees, the guidance covers the mechanics of what examiners […]

WY – Vehicle towing and tow-related services discussed

Sunday, July 16, 2017

A Wyoming tax bulletin addresses the sales tax treatment of various services performed in conjunction with nontaxable tow services. A tow service involving a vehicle being moved from one location to another, without the performance of any other service, is considered to be the transportation of freight, which is not taxable. On the other hand, […]

VT – MFTIA and MFTA rates announced for third quarter of 2017

Sunday, July 16, 2017

The Motor Fuel Transportation Infrastructure Assessment (MFTIA) and the Motor Fuel Tax Assessment (MFTA) rates that are added to the Vermont gasoline tax rate have been announced for the third quarter of 2017. The MFTIA rate remains at 3.96 cents per gallon, and the MFTA rate remains at 13.4 cents per gallon. These rates are […]

RI – New ID numbers assigned to retailers and permit holders

Sunday, July 16, 2017

The Rhode Island Division of Taxation (DOT) announced that it has assigned individualized account identification (ID) numbers to retailers and other sales tax permit holders that will take effect July 1, 2017. Use of the new numbers is intended to result in greater ID protection and more security for retailers and other permit holders, and […]

NM – Training and collaboration activities and related entity’s activities established nexus

Sunday, July 16, 2017

Corporate members of an out-of-state limited liability company (LLC) that solicited sales in New Mexico were liable for New Mexico corporate income tax on income earned by the LLC because the New Mexico activities were not limited to sales solicitation, and the corporate members had sufficient nexus with New Mexico due to those other New […]