S Corporation and Employees Were Related Persons for Purposes of Matching...
CCH Tax Day Report In a case of first impression, the Tax Court concluded that an accrual-basis S corporation and the cash-basis participants in its employee stock ownership plan (ESOP) were related...
View ArticleMaine ~ Personal Income Tax: Legislation Amends Military Retirement Pay...
CCH Tax Day Report Maine Gov. Paul LePage has signed legislation that makes several technical changes to the state’s personal income tax laws. Among other things, the legislation: – clarifies that the...
View ArticleMichigan ~ Corporate, Personal Income Taxes: State and City Income Taxes May...
CCH Tax Day Report As part of a package of recently signed legislation, state and city income taxes may be imposed on income earned or received in the portion of a renaissance zone that is included...
View ArticleTexas ~ Multiple Taxes: Deadline for Petition for Redetermination, Refund...
CCH Tax Day Report Beginning September 1, 2017, a taxpayer’s petition for redetermination of corporation income tax, personal income tax, sales and use tax, or other tax liability computed by the Texas...
View ArticleVirginia ~ Sales and Use Tax: Guidelines Issued for Tax Refund Claim Procedures
CCH Tax Day Report The Virginia Department of Taxation has issued final guidelines for retail sales and use tax refund claim procedures. Beginning July 1, 2016, legislation prohibits a purchaser from...
View ArticleSenate Small Business Committee Examines Tax Reform, Current Compliance Costs
CCH Tax Day Report The Senate Small Business and Entrepreneurship Committee held a hearing on June 14 examining the prospects of tax reform and the removal of barriers to small business growth. Mark...
View ArticleColorado ~ Miscellaneous Tax: Marijuana Average Market Rates Adjusted
CCH Tax Day Report For marijuana tax purposes, the Colorado Department of Revenue has released an Average Market Rate Change Fact Sheet that updates the Average Market Rates (AMR). The AMR is utilized...
View ArticleVermont ~ Sales and Use Tax: Additional Noncollecting Vendor Notice...
CCH Tax Day Report The Vermont miscellaneous tax bill signed by Gov. Phil Scott includes an additional sales and use tax notice requirement for noncollecting vendors; changes to the provision requiring...
View ArticleVermont ~ Multiple Taxes: IRC Conformity and Starting Point for Personal...
CCH Tax Day Report Vermont Governor Phil Scott has signed a miscellaneous tax bill that includes a change to federal adjusted gross income as the starting point for calculating Vermont personal income...
View ArticleCCH® CodeConnect Named SIIA CODiE Award Finalist for Best Content Search &...
CCH AnswerConnect Feature Recognized for Driving More Productive, Intuitive Search Experience (NEW YORK, NY, June 15, 2017) – Wolters Kluwer Tax & Accounting today announced that CCH CodeConnect...
View ArticleWays and Means Approves Bipartisan Nuclear Production Tax Credit
CCH Tax Day Report The House Ways and Means Committee approved a bipartisan measure on June 15 that would amend Code Sec. 45J to modify the credit for production from advanced nuclear power facilities....
View ArticleIRS Warns of New Phone Scam (IR-2017-107)
CCH Tax Day Report The IRS has warned taxpayers of a new scam linked to the Electronic Federal Tax Payment System (EFTPS). The IRS reports the scam is being seen nationwide. In this scam, a con artist,...
View ArticleFlorida ~ Property Tax: Municipally Owned Marinas Qualified For Exemption...
CCH Tax Day Report A municipality that owns and operates public marinas was exercising a traditional municipal function that carries a presumption of exempt status and, as such, those marinas were...
View ArticleIllinois ~ Multiple Taxes: Special Session Called to Pass Budget Plan
CCH Tax Day Report Illinois Gov. Bruce Rauner has called a 10-day special session to vote on a compromise budget plan that will, among other things, “end the budget impasse” and provide property tax...
View ArticleNew Mexico ~ Corporate Income Tax: Training and Collaboration Activities and...
CCH Tax Day Report Corporate members of an out-of-state limited liability company (LLC) that solicited sales in New Mexico were liable for New Mexico corporate income tax on income earned by the LLC...
View ArticlePennsylvania—Personal Income, Miscellaneous Taxes: Philadelphia Reduces Wage...
CCH Tax Day Report A Philadelphia ordinance amends the city’s wage and net profits tax by decreasing rates for residents and nonresidents. Specifically, for residents the tax on salaries, wages,...
View ArticleHouse Approves Two Health Care Tax Credit Bills
CCH Tax Day Report The House has passed two additional tax credit bills related to the American Health Care Act (AHCA) (HR 1628) (TAXDAY, 2017/05/05, C.1). The House passed its first AHCA -related...
View ArticleApplicable Federal Rates for July 2017 Released (Rev. Rul. 2017-14)
CCH Tax Day Report Various prescribed rates for federal income tax purposes for July 2017 have been provided by the IRS. The annual short-term, mid-term and long-term applicable federal interest rates...
View ArticleWeekly Report from Washington, D.C.
CCH Tax Day Report Lawmakers discussed small business tax reform. The IRS released guidance for partnerships and warned taxpayers about a new phone scam. Congress House. The House Ways and Means...
View ArticleCalifornia ~ Multiple Taxes: Legislation Would Cut Back BOE Responsibilities,...
CCH Tax Day Report In light of a number of problems at the California State Board of Equalization (BOE), the California General Assembly has passed legislation that, if enacted, would strip the BOE of...
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