South Carolina ~ Corporate Income Tax, Practice and Procedure: Revenue...
CCH Tax Day Report The South Carolina Department of Revenue (DOR) has issued a revenue procedure that provides C corporations with a streamlined, alternative corporate income tax reporting process to...
View ArticleObama Signs Bipartisan Cures Act Permitting Certain Small Business HRAs
CCH Tax Day Report President Obama signed into law the 21st Century Cures Act (HR 34) on December 13. The Senate on December 7 passed the bill by a 94-to-5 vote (TAXDAY, 2016/12/08, C.1). The bill...
View ArticleTax Reform Discussions Continue in Congress
CCH Tax Day Report Members of both parties in Congress have been highlighting tax reform plans as of late, and the work continues even after Congress adjourned. House Ways and Means Republicans have...
View Article2017 Standard Mileage Rates Released (IR-2016-169; Notice 2016-79)
CCH Tax Day Report The IRS has released the 2017 optional standard mileage rates that employees, self-employed individuals, and other taxpayers can use to compute deductible costs of operating...
View ArticleAlabama ~ Multiple Taxes: First Quarter Interest Rate Unchanged
CCH Tax Day Report The interest rate on underpayments and overpayments of Alabama taxes for the first quarter of 2017 remains at 4%. Notice, Alabama Department of Revenue, December 12, 2016 The post...
View ArticleCalifornia ~ Sales and Use Tax: Online Travel Companies Are Not Hotel...
CCH Tax Day Report Online travel companies (OTCs) are not operators of hotels within the meaning of the San Diego ordinance that imposes a California local transient occupancy tax and, as such, the...
View ArticleMinnesota ~ Corporate Income Tax: U.S. Supreme Court Declines to Review...
CCH Tax Day Report The U.S. Supreme Court has denied a request to review a Minnesota Supreme Court decision holding that taxpayers were not permitted to use the Multistate Tax Compact’s three-factor...
View ArticleVirginia ~ Corporate, Personal Income Taxes: Low-Income Housing Credit...
CCH Tax Day Report The Virginia Housing Development Authority has amended regulations related to the low-income housing tax credit, which may be applied against corporate income tax, personal income...
View ArticleFinal Regulations Adopting Intentional or Reckless Disregard for the Facts...
CCH Tax Day Report The IRS has issued final regulations adopting an intentional or reckless disregard for the facts exception to the Code Sec. 36B eligibility safe harbors for household income below...
View ArticleOn Reconsideration, Tax Court Disallows Son-of-BOSS Tax Shelter Again (AD...
CCH Tax Day Report The Tax Court has vacated a previous holding in favor of the IRS in light of a post-decision challenge by the taxpayer to one of the IRS’s expert witnesses and, on reconsideration,...
View ArticleCalifornia ~ Corporate Income Tax: Cable Television Corporation and...
CCH Tax Day Report A California court of appeal has affirmed a trial court’s ruling that (1) a taxpayer (a cable television corporation) was not engaged in a unitary business for California corporation...
View ArticleMinnesota ~ Personal Income Tax: 2017 Tax Brackets Announced
CCH Tax Day Report The Minnesota Department of Revenue has announced the adjusted personal income tax brackets for the 2017 tax year. The brackets are as follows: – Married filing jointly: $0 − $37,110...
View ArticleFinal Regulations Eliminate Favorable Tax Treatment of Outbound Transfers of...
CCH Tax Day Report The IRS has issued final regulations that generally eliminate the favorable tax treatment of outbound transfers of foreign goodwill and going concern value in certain nonrecognition...
View ArticleIRS Updates and Clarifies Guidance on Construction Deadline Requirement for...
CCH Tax Day Report The IRS has issued an update and clarification of prior guidance with respect determining the beginning of construction in connection with the renewable electricity production and...
View ArticleIllinois ~ Sales and Use Tax: Taxability of Access to a Computer Software...
CCH Tax Day Report The Illinois Department of Revenue has issued a general information letter discussing the applicability of sales and use tax, to a taxpayer’s transactions selling access to a...
View ArticleNew Jersey ~ Personal Income Tax: Refund and Interest Compelled in Lottery...
CCH Tax Day Report The New Jersey Tax Court granted the taxpayers’ motion for a judgment reversing the Director of the Division of Taxation’s final determinations and compelling the refund of gross...
View ArticlePennsylvania ~ Sales and Use Tax: Computer Data Center Equipment Incentive...
CCH Tax Day Report The Pennsylvania Department of Revenue has released program guidelines for the Computer Data Center Equipment Incentive Program authorized under Act 84 of 2016 that provides a tax...
View ArticleTemporary and Proposed Regulations Provide Guidance On Predecessors,...
CCH Tax Day Report The IRS has issued temporary regulations that provide guidance in determining a predecessor or successor of the distributing or controlled corporation for purposes of Code Sec....
View ArticleWeekly Report from Washington D.C.
CCH Tax Day Report Congress remains adjourned. The 115th Congress is scheduled to meet on January 3, 2017. The IRS issued Code Sec. 367 final regulations and also released guidance under Code Sec. 355....
View ArticleDelaware ~ Personal Income Tax: 2016 Return Processing Date Announced
CCH Tax Day Report The Delaware Division of Revenue (DOR) has announced in a press release that the processing of personal income tax returns for the 2016 tax year will begin on January 23, 2017....
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