New Hampshire Still Has (Almost) No Income Tax. A measure to repeal the Granite State’s 5 percent tax on residents’ interest and dividend income stalled in the state Senate when Republican John Reagan of Deerfield agreed to set the bill aside after previously voting with his party against killing it outright. The website watchdog.org reported that the bill will still die unless it clears both GOP-controlled houses before the current session ends in May. Eight states have no income tax at all, while New Hampshire and Tennessee tax only dividends and interest. Proponents say this causes New Hampshire residents to retire to more tax-friendly climes; opponents assailed the measure as too costly and of benefit mainly to the wealthy.
California Offers A New Way To Share Tax Information. California taxpayers can authorize their tax preparers or other individuals to receive confidential tax data under a new relationship established by the state Franchise Tax Board. A “Tax Information Authorization” permits an individual designated as a “TIA Representative” to receive information such as account history, notices and compliance status, but it does not authorize the recipient to represent the taxpayer in enforcement matters before the board. Such representation still requires a power of attorney. TIA representatives are appointed when the taxpayer files Form FTB 3534 with the Franchise Tax Board. www.ftb.ca.gov/law/tax-information-authorization.shtml
Boss, You Can Still Deduct That Holiday Bash. The newly enacted tax reform took a lot of ornaments off the tax deduction Christmas tree, but not everything left behind is a lump of coal. Take the office holiday party, for example: While other deductions for business entertainment are curtailed under the new tax law, deductions for meals and entertainment provided primarily to a broad group of employees are untouched, according to a legislative counsel to the congressional Joint Committee on Taxation. Veena Murthy made the reported comments at a District of Columbia Bar Association event. A company picnic was another example of a fully deductible expense, according to a report by Tax Analysts. There was no word on whether to expect a technical correction that would disallow deductions at events where the boss performs karaoke. 2018 TNT 19-10.