Parent’s Exchange with Subsidiary Not Qualified for Nonrecognition Treatment...
CCH Tax Day Report A real estate leasing company was not entitled to defer recognition of the gain it realized on an exchange of property with its subsidiary. The transaction was structured to avoid...
View ArticleThis Week’s CCH FEDERAL TAX WEEKLY, Issue No. 46 Is Now Available
CCH Tax Day Report The latest issue of CCH Federal Tax Weekly—now available on Intelliconnect —reports, prioritizes and analyzes the past week’s federal tax developments that include: Trump’s Tax Plans...
View ArticleCalifornia ~ Corporate, Personal Income Taxes: Reminder for Motion Picture...
CCH Tax Day Report The California Film Commission (CFC) reminded taxpayers that the application window for the motion picture production credit against income taxes is from January 2, 2017, to January...
View ArticleMaine ~ Sales and Use Tax: Maine Voters Approve Retail Marijuana Sales
CCH Tax Day Report Maine voters passed a statewide referendum that legalizes recreational marijuana for adults over the age of 21. The bill places a sales tax of 10% on retail sales of marijuana and...
View ArticleNew York ~ Multiple Taxes: Interest Rates Unchanged for First Quarter of 2017
CCH Tax Day Report The New York Department of Taxation and Finance has announced the interest rates on overpayments and underpayments of New York taxes for the period January 1, 2017, through March 31,...
View ArticleWest Virginia ~ Corporate, Personal Income Taxes: Denial of Alternative Fuel...
CCH Tax Day Report The Supreme Court of Appeals, in a case of four consolidated appeals, has affirmed the denial of the alternative fuel infrastructure tax credits available against West Virginia...
View ArticleEmployer Liable for Excise Tax on Excess Contributions to Single-Participant...
CCH Tax Day Report An employer was not entitled to deduct all of its contributions to a single-participant defined benefit plan because the plan was overfunded; therefore, the contributions were...
View ArticleOhio ~ Corporate Income Tax: Ohio Supreme Court Affirms Bright-Line Presence...
CCH Tax Day Report The Ohio Supreme Court has issued 3 decisions affirming the Ohio Board of Tax Appeals (BTA) opinions upholding commercial activity tax (CAT) assessments on out-of-state retailers...
View ArticleSouth Carolina ~ Corporate Income Tax: Draft Revenue Procedure Would Provide...
CCH Tax Day Report The South Carolina Department of Revenue (DOR) has issued a public draft for a proposed revenue procedure that would provide a streamlined, alternative corporate income tax reporting...
View ArticleWest Virginia ~ Sales and Use Tax: Taxpayer Entitled to Credit for Taxes Paid...
CCH Tax Day Report The West Virginia Supreme Court of Appeals has affirmed a decision holding that an out-of-state, interstate rail transportation company was entitled to claim a West Virginia use tax...
View ArticleLawmakers Introduce Bipartisan, Bicameral Retirement Security Preservation Bill
CCH Tax Day Report A group of Senate and House tax writers from both parties have introduced legislation that amends certain nondiscrimination rules that apply to qualified retirement plans. The...
View ArticleWeekly Report from Washington, D.C.
CCH Tax Day Report Congress returned to Washington on November 14 for the “lame-duck” session. The Treasury Inspector General for Tax Administration (TIGTA) released one report. In addition, the IRS...
View ArticleMassachusetts ~ Personal Income Tax: Simplified Extension Process for...
CCH Tax Day Report The Massachusetts Department of Revenue (DOR) has issued a technical information release to announce a simplified process regarding income tax filing extensions for individuals,...
View ArticleNew Jersey ~ Sales and Use Tax: Notice Issued to Qualified Businesses...
CCH Tax Day Report The New Jersey Division of Taxation has issued a notice that on December 31, 2016, at 11:59 p.m., the following Urban Enterprise Zones (UEZ) will expire: Bridgeton, Camden, Newark,...
View ArticleWisconsin ~ Sales and Use Tax: Tax Treatment Related to Volkswagen Court...
CCH Tax Day Report The Wisconsin Department of Revenue has issued a news release providing sales and use tax guidance for taxpayers affected by the Volkswagen (VW) court settlement with federal and...
View ArticleNew Information Document Request Management Process Released by TE/GE (TEGE...
CCH Tax Day Report The IRS’s Tax Exempt and Government Entities (TE/GE) Division announced the new internal guidance for its agents on issuing information document requests (IDRs). The new process will...
View ArticleAlabama ~ Personal Income Tax: Monthly Payments Not Deductible Alimony
CCH Tax Day Report A taxpayer who pursuant to a divorce decree made monthly payments of $1,500 to his ex-wife in 2009 was denied an alimony deduction on his Alabama personal income tax return because...
View ArticleCalifornia ~ Sales and Use Tax: BOE Reminds Taxpayers That Medical Cannabis...
CCH Tax Day Report The California State Board of Equalization (BOE) reminds taxpayers that the passage of Proposition 64 (The Control, Regulate and Tax Adult Use of Marijuana Act) at the November 8,...
View ArticleIdaho ~ Sales and Use Tax: Airbnb Agrees to Collect and Remit Taxes for Its...
CCH Tax Day Report Airbnb, a peer-to-peer online marketplace and homestay network that enables people to list or rent short-term lodging in residential properties, has entered into an agreement with...
View ArticleMaryland ~ Personal Income Tax: Earned Income Tax Credit Notice Issued
CCH Tax Day Report The Maryland Comptroller’s Office has issued a personal income withholding Tax Alert concerning the requirement of an employer to notify employees of potential earned income tax...
View Article