Joining a dating app may soon have tax implications in Washington. On April 8, 2025, House Bill 2071 was introduced with the intent of placing a monthly excise tax of $1 per resident user, to be paid by the owner of an âonline dating application.â The revenue generated would be deposited into a state-operated domestic violence services account to fund support and advocacy programs across the state. The proposed tax would be levied on…
The one-time IRC §965 income inclusion for untaxed foreign earnings generated by a controlled foreign corporation (âCFCâ) is not eligible for deduction from Nebraska taxable income as a âdeemed dividendâ according to a recent Nebraska Supreme Court decision, Precision Castparts Corp. v Nebraska Dept. of Revenue, 317 Neb. 481 (2024). Precision Castparts Corp. (âTaxpayerâ), an aerospace component manufacturer, sought a declaratory order from the Nebraska Department of Revenue (âDepartmentâ) authorizing the company to amend its…