The Multistate Tax Commission is offering a one-time limited voluntary disclosure program targeted towards online marketplace sellers. Businesses would generally register to file and pay taxes on a prospective basis in exchange for relief from prior year taxes. Applications must be submitted by October 17, 2017 to be considered for participation in the program.
On August 14, 2017, the Office of Management and Budget (OMB) announced the release of the 2017 OMB Compliance Supplement. The compliance supplement contains the policies and procedures required to be followed by federal, state and local entities in regards to expending federal funding and the procedures required to be performed by auditors when conducting the single audit over these federal programs.
A number of RubinBrown clients either live in or have operations in states that have been affected by disasters during this year’s active hurricane season. The IRS recently announced a number of tax relief initiatives for those individuals and businesses which have been affected by Hurricane Harvey and Irma.
The Illinois Senate overrode the Governor’s veto and passed new legislation, Senate Bill 9, that will increase the income tax rate for individuals and corporations, reinstate the research and development (R&D) tax credit as well as adding a tax addback for IRC 199 and provisions for unitary business groups.