IRS Provides List of Accounting Method Changes to Which Automatic Change...
CCH Tax Day Report The IRS has released guidance listing the specific changes in accounting method to which the automatic change procedures set forth in Rev. Proc. 2015-13, I.R.B. 2015-5, 419, apply....
View ArticleModifications to VPFCs Did Not Constitute Sales or Exchanges; Open...
CCH Tax Day Report Modifications to variable prepaid forward contracts (VPFC) did not constitute sales or exchanges pursuant to Code Sec. 1001 ; the open transaction treatment afforded to the original...
View ArticleCalifornia ~ Sales and Use Tax: Guidance Provided on Marijuana
CCH Tax Day Report The California State Board of Equalization (BOE) provides guidance regarding certain sales of medical marijuana that are exempt from sales and use tax. With the passage of...
View ArticleConnecticut ~ Corporate, Personal Income Taxes: Apportionment and...
CCH Tax Day Report The Connecticut Department of Revenue Services (DRS) has issued a special notice that addresses legislative changes to the apportionment of income by taxpayers computing Connecticut...
View ArticleIRS Provides Guidance on Bonus Depreciation and Section 179 Allowance Under...
The IRS has issued guidance which clarifies the application of several changes made to the expensing allowance under Code Sec. 179 as well as the Code Sec. 168(k) bonus depreciation deduction by the...
View ArticleDepressed Individual Entitled to Hardship Waiver from Rollover Requirement...
An individual, who failed to timely roll over two retirement account distributions while suffering from a major depressive episode, was entitled to a hardship waiver of the 60-day rollover requirement....
View ArticleMaryland ~ Property Tax: Credit Available for Improved Dwelling
Applicable to tax years beginning after June 30, 2017, a Maryland county or municipal property tax credit is available against the tax imposed on a dwelling located in a revitalization district that...
View ArticleTennessee ~ Corporate Income, Franchise Taxes: Taxpayers Authorized to...
In regard to the excise tax component of its quarterly estimated Tennessee franchise and excise tax payments, a taxpayer may elect to calculate that excise tax component in the manner provided by...
View ArticleWashington ~ Sales and Use Tax: Rule on Interstate Sales Revised
The Washington Department of Revenue has revised an excise tax rule on the interstate sale of tangible personal property to reflect previously enacted legislation. The department may not make a nexus...
View ArticleTrump Signs Executive Order to Re-Evaluate All Tax Regulations Since 2016;...
CCH Tax Day Report In what he stated was the first step toward tax reform, President Trump signed an executive order, “Identifying and Reducing Tax Regulatory Burdens,” at the Treasury Department on...
View ArticleWeekly Report from Washington, D.C.
CCH Tax Day Report Congress is on recess, scheduled to return the week of April 24. The IRS issued revenue procedures about expensing and bonus depreciation, as well as accounting method changes. It...
View ArticleFlorida ~ Corporate Income Tax: IRC Conformity Legislation Passes House
CCH Tax Day Report The Florida House of Representatives has passed a bill that would update its Internal Revenue Code (IRC) tie-in date for purposes of computing Florida corporate income tax liability...
View ArticleMaryland ~ Personal Income Tax: Subtraction for Mortgage Debt Relief Enacted
CCH Tax Day Report A subtraction modification is available against Maryland personal income tax for qualified mortgage debt relief in tax years 2017 and 2018, to the extent included in federal adjusted...
View ArticleNew York ~ Corporate Income, Utilities Taxes: Separate Charge for Cell Phone...
CCH Tax Day Report The New York Department of Taxation and Finance has issued a telecommunication excise tax guidance document regarding the application of the tax to the separate charge for a cell...
View ArticleTennessee ~ Sales and Use Tax: Streamlined Sales Tax Effective Dates Delayed
CCH Tax Day Report Legislation is enacted that delays the start date of the Tennessee sales and use tax provisions that bring Tennessee into compliance with the Streamlined Sales and Use Tax Agreement...
View ArticleWest Virginia ~ Sales and Use, Miscellaneous Taxes: Medical Marijuana Tax...
CCH Tax Day Report West Virginia has imposed a medical cannabis (marijuana) tax at the rate of 10% of the gross receipts received by a grower/processor on the sale of medical cannabis to a dispensary....
View ArticleTrump Set to Make Tax Reform Announcement, Supports Potential Health Care Vote
CCH Tax Day Report President Trump has again referred to unveiling a tax reform plan set for April 26. “Big tax reform and tax reduction will be announced next Wednesday,” Trump said in a Tweet over...
View Article2017 Post-Filing Season Update: Special Tax Briefing Now Available
CCH Tax Day Report The individual filing season has ended with few reports of disruptions or slowdowns in return processing by the IRS. While tax professionals were busy with clients during the filing...
View ArticleArizona ~ Corporate, Personal Income Taxes: Clarifications and Corrections...
CCH Tax Day Report Enacted legislation clarifies Arizona income tax provisions relating to the optional standard deduction, credits for taxes paid to other states, school tuition organizations, and...
View ArticleMontana ~ Corporate, Personal Income Taxes: Waiver for Second-Tier...
CCH Tax Day Report Enacted Montana legislation expands the provision allowing a composite return or withholding waiver to certain pass-through entities having an owner that is a domestic second-tier...
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