JULY 31, 2018
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Tax Legal News
In house attorneys looking for a better way to organize, vet and easily retrieve legal news created the National Law Review on-line edition.

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The US House Committee on the Judiciary has scheduled a hearing for Tuesday, July 24 at 10:00 am EDT in 2141 Rayburn House Office Building. According to a press release circulated last night, the topic of the hearing will be “[e]xamining the Wayfair decision and its ramifications for consumers and small businesses.” According to comments made by House Judiciary Chairman Bob Goodlatte (R-VA) to Bloomberg Law, specific pending or former legislation will not be considered and instead the hearing will be informational and used to drive the committee’s next steps, if any.   More on Wayfair Decision Here>
bilzinAlthough the sales tax collection obligation of online retailers was the focus of last month’s momentous U.S. Supreme Court case South Dakota v. Wayfair, it will also impact state corporate and income tax obligations. Companies may now be exposed to state income tax as a result of the Wayfair case and should examine their activities in the states and may wish to consider entering into a voluntary disclosure agreement with these states.   More on State Sales Tax Here> 
When the legislature enacted the former Beverly-Killea Limited Liability Company Act in 1994 it included a levy on LLCs equal to specified dollar amounts based on the total income from all sources reportable to this state for the taxable year.   More on Franchise Tax Board Class Certification Here
On July 16, 2018, the IRS, Treasury and the acting commissioner of the IRS issued Revenue Procedure (2018-38), which eliminated the requirement that tax-exempt organizations other than 501 (c)(3) charities and 527 political organizations must disclose the identity of their larger donors. Charities and political organizations are already required by statute to disclose that information; the other exempts, however, are not required to do so by statute.   More on States & IRS Conflict Here >

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