Tax Updates

This page includes summaries of the latest tax developments pertaining to the United States and U.S. industry sectors.

Supreme Court Rules to Close Online Sales Tax Loophole

On June 21, 2018, the U.S. Supreme Court ruled that states can impose sales tax on internet retailers, even if the retailer has no physical presence in that state. The court’s decision in South Dakota v. Wayfair overturns a 1992 Supreme Court precedent set by Quill Corp. v. North Dakota, which only allowed states to compel online retailers to collect…

Congress Passes Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act has passed in both houses of Congress and was signed into law Friday, December 22. The majority of the provisions contained in the sweeping reform legislation go into effect as of January 1, 2018. Read on for a few recommendations on actions to be taken before the end of 2017 followed by an overview…

December 15 Tax Bill Update

Republican leaders have reached a broad agreement to resolve differences in their tax bills. Those briefed on the agreement say the final consensus bill will include the following: 37% top income tax rate (down from 39.6% under current law) 21% corporate tax rate (down from 35% under current law) New corporate tax rate is said to be effective in 2018…

Senate and House Tax Bill Comparison

As the tax reform proposal continues its journey to potential passage, we thought we would offer you a brief look at the similarities and differences in the House and Senate tax bills. Both bills have recently been passed in their respective chambers, and now the next step is for differences to be worked out in conference. The product of the…

Proposed Tax Law Changes for Businesses and Individuals

Kernutt Stokes has been monitoring tax reform and the legislative process very closely.  You have likely seen updates and tidbits in recent news, but here is a short summary of recent highlights as of yesterday. November 16th, 2017 – The House of Representatives passed a 429 page tax reform bill (H.R. 1) also known as the “Tax Cuts and Jobs…