Countries with Which U.S. Has Information Exchange Agreements Added to List...
CCH Tax Day Report The IRS has updated the list of countries with which the United States has in force an information exchange agreement, such that interest paid to residents of such countries must be...
View ArticleAlabama ~ Corporate Income Tax: Taxpayer’s Method for Calculating DPAD...
CCH Tax Day Report For Alabama corporation income tax purposes, a taxpayer’s methodology used to calculate the domestic production activities deduction (DPAD) was rejected where the taxpayer prepared a...
View ArticleMichigan ~ Property Tax: Poverty Exemption Denied for Failure to Meet...
CCH Tax Day Report A Michigan property owner was not entitled to a poverty exemption for property tax purposes because the taxpayer did not meet the definition for being impoverished as required by...
View ArticleNew Jersey ~ Sales and Use Tax: Reminder Issued on Tax Rate Reduction
CCH Tax Day Report The New Jersey Division of Taxation reminds taxpayers regarding previously enacted legislation that reduces the sales and use tax rate from 7% to 6.875% on and after January 1, 2017,...
View ArticleWashington ~ Sales and Use Tax: Marijuana Sales Were Taxable
CCH Tax Day Report A nonprofit corporation was liable for Washington retail sales tax on its sales of marijuana to customers because the funds the taxpayer received did not constitute donations. The...
View ArticleHouse Rejects Eleventh-Hour Vote on Koskinen Impeachment
CCH Tax Day Report The House on December 6 rejected a last-minute move to force a floor vote on the impeachment of IRS Commissioner John Koskinen. Members of both parties voted to refer the resolution...
View ArticleTemporary and Proposed Regulations Issued on Covered Asset Acquisitions (T.D....
CCH Tax Day Report The Treasury and IRS have issued temporary and proposed regulations on Code Sec. 901(m) covered asset acquisitions (CAAs). The rules relate to transactions that are generally treated...
View ArticleNew Jersey ~ Corporate Income Tax: Certain Pinelands Protection Act Areas...
CCH Tax Day Report Recently enacted New Jersey legislation now allows existing rural development areas zoned for industrial use under the Pinelands comprehensive management plan to be included as areas...
View ArticleNew York ~ Sales and Use Tax: Corporate Officer Personally Liable for...
CCH Tax Day Report A New York administrative law judge (ALJ) held that an individual taxpayer was personally liable for the unpaid sales and use taxes of two automobile dealerships because he was a...
View ArticleTennessee ~ Sales and Use Tax: Tax Consequences for Owners of Volkswagen...
CCH Tax Day Report The Tennessee Department of Revenue discusses the sales and use tax consequences for owners of Volkswagen vehicles affected by the federal settlement. Under the settlement with...
View ArticleCongress Passes Bipartisan Cures Bill Allowing Certain Small Business...
CCH Tax Day Report The Senate on December 6 passed the 21st Century Cures Bill (HR 34) by a 94-to-5 vote. The bill passed in the House on November 30 by a 392-to-26 vote (TAXDAY, 2016/12/01, C.1)....
View ArticleBipartisan, Bicameral Tax Technical Corrections Bill Would Affect Partnership...
CCH Tax Day Report The Tax Technical Corrections Bill has been introduced in the House (HR 6439) and the Senate (Sen 3506). The bicameral, bipartisan measure includes corrections and clarifications of...
View ArticleFinal Regulations Issued for Determining Taxable Income or Loss with Respect...
CCH Tax Day Report The Treasury and IRS have issued final regulations regarding the determination of taxable income or loss of a taxpayer with respect to a qualified business unit (QBU) subject to Code...
View ArticleTemporary and Proposed Regulations Issued for Determining Foreign Currency...
CCH Tax Day Report The Treasury and IRS have issued temporary and proposed regulations relating to the recognition and deferral of foreign currency gain or loss under Code Sec. 987 with respect to...
View ArticleIllinois ~ Corporate Income Tax: Changes to 2016 Illinois Business Income Tax...
CCH Tax Day Report The Illinois Department of Revenue (DOR) has issued a news release discussing changes to corporate income tax filing and payment due dates effective for 2016 tax returns. The...
View ArticleMaine ~ Multiple Taxes: 2017 Personal Income Tax Rates, Relief for Hurricane...
CCH Tax Day Report Maine Revenue Services (MRS) has issued a Tax Alert that includes information regarding (1) the 2017 Maine personal income tax rate schedules, standard deduction, and personal...
View ArticleMassachusetts ~ Personal Income, Miscellaneous Taxes: Emergency Regulation on...
CCH Tax Day Report The Massachusetts Department of Revenue (DOR) has adopted an emergency regulation that describes the requirements and procedures for taxpayers to report and adjust Massachusetts tax...
View ArticleWashington ~ Miscellaneous Tax: Acquisition of Controlling Interest Taxable
CCH Tax Day Report The transfer of a two-thirds interest in a limited liability company (LLC) that owned real property in Washington to the holder of the remaining one-third share constituted a...
View ArticleFinal Regulations Govern Issue Price for Tax-Exempt Bonds (T.D. 9801)
CCH Tax Day Report Final regulations redefine the “issue price” for tax-exempt bonds for purposes of the arbitrage investments restrictions. The final regulations adopt a revised version of regulations...
View ArticleIRS Issues Temporary and Proposed Regulations on Disclosure of Return...
CCH Tax Day Report The IRS has released temporary and proposed regulations authorizing the disclosure of certain types of return information to the Census Bureau pursuant to Code Sec. 6103(j)(1). The...
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