Share This!This is a big weekend for me! I am heading to my very first non-domestic Disney park! Yep, I am flying across the pond to visit London, as well as Paris for the first time and you knew I had to make a stop at Disneyland Paris, right? I’m super excited and really can’t believe it’s happening all rolled into one.This week, see which movie franchises of Fox’s that Disney plans to keep, take an in-depth look at why Dumbo may not have performed as well as Disney hoped, and more.In Case You Missed It – Disney and Universal Orlando News and RumorsIf you have eaten at Earl of Sandwich, Chicken Guy or Planet Hollywood lately, you may want to check your credit card statements.Congratulations to the team at Captain Marvel. The film has reached the $1 Billion mark!Dumbo kind of missed the mark and the Washington Post looks at why that may have happened and if Disney should be concerned about its other remakes. Did you see the film? What did you think?Disney plans to keep a few of the Fox franchises alive – namely Planet of the Apes, Kingsman, Avatar, Alien, and the Maze Runner movies. Are you excited to see any of these franchises continue?Apparently the upcoming “live action” version of The Lion King is dazzling.Oh my gosh, I love this. Learn how to make a Little Mermaid-inspired wreath.In Case We Missed ItWhat did we miss? Attach your ideas to a Lego Steamboat Willie set and send it to [email protected] with the words “In Case You Missed It” in the subject line.
A bill introduced in the U.S. House of Representatives would:– establish a federal physical presence nexus standard for state income and business taxes;– expand the application of P.L. 86-272 to sales of services; and– adopt a Joyce apportionment method for some combined and consolidated returns.Congress has considered the bill, known as the Business Activity Tax Simplification Act of 2018 (BATSA), several times without passing the legislation.What Nexus Standard Would the Bill Require to Impose an Income Tax?A state could not impose, assess, or collect a net income or business activity tax on a business unless the business has a physical presence in a state.Activities establishing a physical presence in a state would include:– being physically in a state, or assigning one or more employees to the state;– using the services of an agent to establish or maintain the market in a state if the agent does not work in the state for any other business;– leasing or owning tangible personal property or real property in the state.Physical presence would not include:– presence in a state for less than 15 days in a tax year; or– presence in a state to conduct limited or transient business activity.What Changes Would be Made to P.L. 86-272?The bill would extend amend P.L. 86-272 by extending existing protections to sales of services and other transactions.The prohibitions on applying net income taxes would expand to include other business activity taxes.A business will not have engaged in taxable business activities in a state only because of:– sales or transactions, the solicitation of orders, the furnishing of information to customers or affiliates, or the coverage of events or other gathering of information in a state, for a business by one or more independent contractors;– maintaining an office in a state by independent contractors whose activities for the business are limited to making sales or fulfilling transactions, soliciting orders, furnishing information to customers or affiliates, or the coverage of events or other gathering of information; or– furnishing information to an independent contractor by a business ancillary to the solicitation of orders or transactions by the independent contractor.H.R. 6978, as introduced in the U.S. House of Representatives on September 28, 2018Login to read more tax news on CCH® AnswerConnect or CCH® Intelliconnect®.Not a subscriber? Sign up for a free trial or contact us for a representative.