Gov. Sam Brownback set forth his goals for Kansas related to personal income taxes and sales and use taxes in his State of the State address delivered on January 15, 2013. The governor’s proposed tax plan includes reducing the state’s bottom rate of 3.0% to 2.5% in tax year 2014 and then to 1.9% in tax year 2016.
A corporation that engaged in travel-related services has been denied U.S. Supreme Court review of whether New Jersey’s retroactive shortening from 15 years to three years of the period after which not-yet-used travelers’ cheques are presumed abandoned violates the federal Due Process Clause by allowing the state to confiscate the proceeds of private enterprise under an arbitrary and unreasonable presumption of abandonment. The corporation also had challenged the law change on the basis that it effected an unconstitutional taking.
An individual who was hired by the International Monetary Fund (IMF) was not liable for accuracy-related penalties. She had reasonable cause for her failure to report her IMF wages as self-employment income. She self-prepared the tax returns at issue and reported her IMF wages as income;
The Louisiana Department of Revenue (LDR) is granting tax filing and payment extensions to taxpayers whose homes, principal place of business, or critical tax records are in areas affected by Hurricane Isaac.