North Carolina ~ Corporate, Personal Income Taxes: IRC Conformity Tie-In Date...
North Carolina Gov. Pat McCrory has signed legislation that updates the Internal Revenue Code (IRC) tie-in date for determining corporate and personal income tax liability from January 1, 2015, to...
View ArticleLouisiana ~ Multiple Taxes: Governor Releases Tax Proposals for Second...
Louisiana Gov. John Bel Edwards released his 2016 Second Extraordinary Session legislative package, which includes proposals affecting corporate income, corporate franchise, personal income, sales and...
View ArticleNew Jersey ~ Corporate Income Tax: Mandatory Unitary Combined Reporting Bill...
Legislation has been introduced in the New Jersey Senate which, if enacted, would require members of unitary business groups to file combined reports of New Jersey corporation business tax. The...
View ArticleSouth Carolina ~ Corporate, Personal Income Taxes: Credit Created for...
Recently enacted South Carolina legislation creates a credit against the corporate and personal income tax for taxpayers that purchase or construct, install and place in service eligible property that...
View ArticleHouse Appropriations Committee Releases Report Ahead of FY 2017 IRS Budget...
The House Appropriations Committee with meet on June 9 for a full committee markup of the Financial Services and General Government Appropriations Bill for fiscal year (FY) 2017. The House...
View ArticleExpatriate Health Plan Proposed Regulations Issued (NPRM REG-135702-15)
The Departments the Treasury, Labor, and Health and Human Services have issued proposed regulations on the rules for expatriate health plans, expatriate health plan issuers, and qualified expatriates...
View ArticleTEGE Advisory Committee Issues Annual Report at Yearly Meeting
The Advisory Committee on Tax-Exempt and Government Entities (ACT), on June 8, issued its annual report to the IRS. The ACT organized the public meeting to facilitate a dialogue between IRS officials...
View ArticleLouisiana ~ Multiple Taxes: Board of Tax Appeals’ Authority and Jurisdiction...
Louisiana Gov. John Bel Edwards has signed legislation that makes various changes to the administration, disposition, enforcement, and adjudication of state and local taxes under the jurisdiction of...
View ArticleNorth Dakota ~ Severance Tax: Gas Tax Rate Notice Issued
The Tax Commissioner has issued a gas tax rate notice to North Dakota gas producers and purchasers concerning the gas tax rate for fiscal year 2017. The Tax Commissioner has determined that the North...
View ArticleOklahoma ~ Sales and Use Tax: Statute of Limitations on Refund Claims Shortened
Enacted Oklahoma legislation allows any taxpayer who has erroneously paid sales or use tax to file with the Oklahoma Tax Commission within two years of paying the tax a verified claim for a refund of...
View ArticleWolters Kluwer Tax and Accounting Launches New Knowledge-Based Audit Title...
Interactive Title Format Creates Efficient and Effective Integrated Tool for Audits of Auto and Equipment Dealerships (NEW YORK, NY, June 9, 2016) — Wolters Kluwer Tax and Accounting today announced a...
View ArticleHouse Appropriations Committee Advances FY 2017 IRS Budget
The House Appropriations Committee approved the Financial Services and General Government Appropriations Bill for fiscal year (FY) 2017 during a full committee markup on June 9. The House...
View ArticleFinal Regs Define “Taxpayer” for Exclusion of Discharge of Debt Income of a...
The IRS has issued final regulations that define the term “taxpayer” for the exclusion from gross income for discharge of indebtedness income of a grantor trust or an entity that is disregarded as an...
View ArticleIRS’s Adjustments Were Unreasonable; Arm’s-Length Royalty Rates Same as MOU...
A taxpayer’s comparable uncontrolled transactions (CUT) method was the best method for determining the arm’s-length royalty rate to be paid by a Puerto Rican subsidiary to its U.S. parent. With various...
View ArticleCERCA Spring Meeting: IRS Prepares for PATH Act’s Impact on Next Filing Season
New provisions in the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) (P.L. 114-113) will impact some refunds next year, Kenneth Corbin, director, Return Integrity and Compliance Services,...
View ArticleColorado ~ Corporate, Personal Income Taxes: Deduction Created for Leasing...
Colorado Gov. John Hickenlooper has signed legislation creating a corporate and personal income tax deduction for taxpayers that lease an agricultural asset, which is defined as “land, crops,...
View ArticleMassachusetts ~ Corporate Income Tax: Interest and Liability Deductions Based...
The Massachusetts Appeals Court has affirmed the Appellate Tax Board (Board) and rejected a claim for an abatement of corporate excise tax liability by a British multinational utility company and its...
View ArticleOklahoma ~ Corporate, Personal Income Taxes: Investment and Jobs Tax Credit...
The Oklahoma Tax Commission has issued a letter ruling concerning the affect of recently enacted SB 1582 on the investment and jobs tax credit available against corporate and personal income tax...
View ArticleSouth Carolina ~ Corporate, Personal Income Taxes: Military Retirement...
Recently enacted South Carolina legislation creates a personal income tax deduction for military retirement benefits and amends the textile revitalization tax credit applicable to tax years beginning...
View ArticleVermont ~ Sales and Use Tax: Exemption for Manufacturing Facility Building...
A Vermont sales and use tax exemption for building materials used in the construction, renovation, or expansion of manufacturing facilities is amended to remove a provision authorizing the required...
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