GOP Effort to Repeal Debt-Equity Regulations Met with Disapproval by Ways and...
CCH Tax Day Report House Ways and Means Committee Democrats on February 8 sent a letter to colleagues urging against a GOP lawmaker’s effort to undo controversial Code Sec. 385 debt-equity regulations...
View ArticleArizona ~ Corporate, Personal Income Taxes: House Passes IRC Conformity Bill
CCH Tax Day Report The Arizona House of Representatives has passed a bill that would update the state’s conformity to the Internal Revenue Code (IRC) for corporate and personal income tax purposes for...
View ArticleIowa ~ Corporate, Personal Income Taxes: IRC Conformity Legislation...
CCH Tax Day Report A bill was recently introduced in the Iowa Senate that would, if enacted, update Iowa’s corporate and personal income tax laws to the Internal Revenue Code (IRC) as amended on...
View ArticleKentucky ~ Multiple Taxes: Governor Delivers State of the Commonwealth Address
CCH Tax Day Report On February 8, 2017, Kentucky Gov. Matt Bevin delivered his State of the Commonwealth Address. The governor proposed tax reform as well as the eliminating both the inventory tax and...
View ArticleMississippi ~ Sales and Use Tax: Bill Would Require Certain Out-of-State...
CCH Tax Day Report The Mississippi House of Representatives has passed a bill that, if enacted into law, would change the sales and use tax laws by revising the definition of a person doing business or...
View ArticleWest Virginia ~ Multiple Taxes: Governor Proposes Various Tax Changes in...
CCH Tax Day Report In his 2017 State of the State address, West Virginia Gov. Jim Justice proposed changes to sales taxes, business taxes, personal income taxes, and motor fuel taxes, among others. In...
View ArticleWeekly Report from Washington, D.C.
CCH Tax Day Report This week, the Treasury Inspector General for Tax Administration (TIGTA) issued two reports, one on fraudulent returns and the other on the 2016 filing season. The filing season...
View ArticleArkansas ~ Corporate, Personal Income Taxes: Bill Would Update IRC Conformity...
CCH Tax Day Report The Arkansas State Legislature has passed a bill that would, if enacted, update the Internal Revenue Code conformity for corporate and personal income tax purposes for depreciation....
View ArticleConnecticut ~ Multiple Taxes: Lower Insurance Premium Tax Rate, Changes to...
CCH Tax Day Report Connecticut Gov. Dannel P. Malloy has submitted his Fiscal Year 2018/2019 biennial budget to the state legislature that proposes to: — lower the tax rate on insurance premiums...
View ArticleFlorida ~ Corporate Income Tax: Reinsurer Did Not Have Nexus with State
CCH Tax Day Report The Florida Department of Revenue issued a corporate income tax technical assistance advisement determining that a reinsurer did not have nexus with the state. Generally, an insurer...
View ArticleKentucky ~ Property Tax: Possessory Interest in Individual Retirement Units...
CCH Tax Day Report A Kentucky Court of Appeals has found that residents of individual senior citizen retirement community units are subject to property tax on their possessory interest in those units,...
View ArticleTexas ~ Sales and Use Tax: 2017 Sales Tax Holiday Dates Announced
CCH Tax Day Report The Texas Comptroller has updated several tax publications to reflect the dates of the state’s sales tax holidays to be held in 2017 as follows: (1) Emergency Preparation Supplies...
View ArticleSenate Confirms Treasury Secretary Nominee
CCH Tax Day Report The Senate approved President Trump’s nomination of Steven Mnuchin as Treasury secretary on February 13 by a 53–to-47 vote. Senate Finance Committee (SFC) Republicans on February 1...
View ArticleAlabama ~ Personal Income Tax: Bad Debt Deduction Denied
CCH Tax Day Report Taxpayers were not allowed a bad debt deduction on their Alabama personal income tax return for advances made to a wholly-owned corporation since those advances were characterized as...
View ArticleColorado ~ Corporate Income Tax: District Court Finds Alternative...
CCH Tax Day Report A Colorado District Court has addressed a number of issues arising from challenges by Target Brands, Inc. (TBI) to Colorado corporate income tax assessments for tax years 1999-2009,...
View ArticleIowa ~ Personal Income Tax: Social Security Benefits Not Included as...
CCH Tax Day Report For personal income tax purposes, the Iowa Department of Revenue has issued a policy letter determining that social security benefits are not included as nonbusiness income in...
View ArticleAbusive Tax Shelters on IRS’s “Dirty Dozen” List (IR-2017-31)
CCH Tax Day Report The use of abusive tax shelters and structures continues to be a problem and is on the IRS’s annual list of “Dirty Dozen” tax scams for the filing season. The list describes a...
View ArticleTaxpayers Must Validate Their Identity When Calling the IRS (IR-2017-32)
CCH Tax Day Report Taxpayers must be prepared to validate their identity when speaking with an IRS assistor; preparation will help to avoid a repeat call at one of the IRS’s busiest times of year. To...
View ArticleAlabama ~ Corporate Income Tax: Dividends Received Deduction from REIT Permitted
CCH Tax Day Report The financial institution taxpayer was allowed to deduct dividends it received from a majority-owned real estate investment trust (REIT) subsidiary on its Alabama financial...
View ArticleDelaware ~ Corporate Income Tax: Return Due Date Extended for C Corporations
CCH Tax Day Report The Delaware Division of Revenue has issued a technical information memorandum (TIM) that grants all C corporations required to file a corporate income tax return, Form 1100, for tax...
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