TrumpTax, Part 2

One of the new, key components of Trump Tax is a provision important to the vast majority of small businesses. Practitioners may know it as the Section 199A deduction. Under Trump Tax, corporations that used to see a maximum tax rate of 35 percent got that rate slashed to 21 percent.

Taxpayers, be sure to pay attention

As we nervously await the opening of the 2018 Legislature, we wonder how our state will approach tax conformity now that the Tax Cuts and Jobs Act, or “Trump Tax,” is now law.

What’s a carbon tax?

Recently, the Hawaii Tax Review Commission’s primary consultant, PFM Group, issued a final report to the commission asking it to review many taxing alternatives, including a “carbon tax” that had the potential to put an additional $360 million per year into our state coffers (assuming a tax rate of $20 per metric ton of CO2 released).

Constitutional convention

The 2018 general election is going to be a special one for our state because we get to vote on whether to have a constitutional convention.

Be wary of world of cybergambling

Our state was recently in the news when state Reps. Chris Lee and Sean Quinlan held a press conference in response to the controversy surrounding loot boxes and microtransactions in video games.

The tax administration’s slush fund

Among the state Department of Taxation’s special, revolving and trust funds is one, the Tax Administration Special Fund, which is becoming an all-purpose slush fund for which corrective action is needed.

Are car rentals ‘Tourism-related services’?

Are car rentals “tourism-related services?” This is an important question because “tourism-related services” have favorable treatment under the state general excise tax (GET), but rental cars are not now under that category.

No end to litigation, part 2

Two weeks ago we wrote about a case in which the state audited and assessed the taxpayers, causing the taxpayers to spend millions of dollars on litigation that resulted in a court judgment.