House Oversight Committee Passes Resolution Censuring Koskinen Along Party Lines
The House Oversight and Government Reform Committee approved HRes 737, authored by Rep. Jason Chaffetz, R-Utah, by a 23-to-15 vote on June 15. The resolution censures IRS Commissioner John Koskinen and...
View ArticleCalifornia ~ Corporate, Personal Income Taxes: Reminder for Motion Picture...
The California Film Commission (CFC) reminded taxpayers that the application window for the motion picture production credit against income taxes is from June 27, 2016, to July 8, 2016, for independent...
View ArticleNorth Carolina ~ Motor Fuel Tax: Motor Fuels Rate Decreased
The North Carolina motor fuels tax rate for gasoline, diesel, and alternative fuels is decreased from 35¢ per gallon to 34¢ per gallon for the period from July 1, 2016, through December 31, 2016. The...
View ArticleSouth Carolina ~ Multiple Taxes: Legislation Addresses Issues Created by...
South Carolina has enacted legislation to address the tax ramifications of the boundary changes between North and South Carolina along Horry, Dillon, Marlboro, Chesterfield, Lancaster, York, Cherokee,...
View ArticleSenate Appropriations Committee Advances FY 2017 IRS Budget
The Senate Appropriations Committee on June 16 approved, along party lines, the Financial Services and General Government Appropriations Bill for fiscal year (FY) 2017. The bill includes the FY 2017...
View ArticleInstructions on Claiming New Wrongful-Incarceration Exclusion Issued...
The IRS has released guidelines on how wrongfully incarcerated individuals can claim a retroactive exclusion from income for any civil damages, restitution or other monetary award received in...
View ArticleLouisiana ~ Multiple Taxes: Extensions for Taxpayers Affected by Disaster...
The Louisiana Department of Revenue (LDR) clarified that any filing extension granted as a result of a declared “disaster area” also serves as an extension of time for qualifying income and franchise...
View ArticleOhio ~ Sales and Use Tax: Jet Fuel Purchased by Air Cargo Business Qualified...
Jet fuel purchased by an air cargo business from the taxpayer qualified for the Ohio sales tax exemption for property used directly in the rendition of a public utility service because the taxpayer’s...
View ArticlePennsylvania ~ Corporate Income Tax: Net Loss Carryover Deduction Provision...
As it was applied in 2006 to a property holding company, a statutory limitation on the Pennsylvania corporate net income tax net loss carryover (NLC) deduction violated the state’s constitutional...
View ArticlePhiladelphia City Councils Passes Tax on Caloric, Non-Caloric Sweetened...
Starting January 1, 2017, sweetened beverages will be subject to a new tax in Philadelphia. On Thursday June 16, 2016, the City Council voted 13 – 4 to impose what is being called the soda tax,...
View ArticleAll States ~ Corporate, Personal Income Taxes: Webinar: State Tax Issues with...
Wolters Kluwer is hosting a live two-hour webinar, State Tax Issues with Derivatives Trading, on Wednesday, September 14, 2016, at 1 p.m. Eastern; noon Central; 11 a.m. Mountain; 10 a.m. Pacific....
View ArticleMississippi ~ Corporate Income Tax: Jobs Tax Credit Regulations Updated
The Mississippi Department of Revenue has issued revised regulations for the jobs tax credit available against the corporate income tax. Effective retroactive to June 1, 2016, the regulations are...
View ArticleWisconsin ~ Sales and Use Tax: Sales Tax Holiday to Be Included in Governor’s...
Wisconsin Gov. Scott Walker announced in a press release that a back-to-school sales tax holiday will be included in his 2017-19 biennial budget proposal. The proposed sales tax holiday would be in...
View ArticleSecond Circuit Affirms CNOL Reduction Based on Single-Entity Approach (Marvel...
CCH Tax Day Report The Tax Court correctly determined that the net operating loss of a consolidated group subject to reduction under Code Sec. 108(b)(2)(A) was the entire consolidated net operating...
View ArticleWeekly Report from Washington, D.C.
CCH Tax Day Report Congress has returned to Washington after an extended summer break. The House Ways and Means Committee held its first markup of the season on September 8. The Treasury Inspector...
View ArticleAll States ~ Corporate, Personal Income Taxes: Webinar: State Tax Issues with...
CCH Tax Day Report Wolters Kluwer is hosting a live two-hour webinar, State Tax Issues with Derivatives Trading , on Wednesday, September 14, 2016, at 1 p.m. Eastern; noon Central; 11 a.m. Mountain; 10...
View ArticleDelaware ~ Multiple Taxes: Employer Tax Credit for Hiring Individuals with...
CCH Tax Day Report Legislation has been enacted that creates a tax credit for Delaware employer’s that hire individuals with disabilities. The credit may be claimed against an employer’s liability for...
View ArticleIdaho ~ Sales and Use Tax: Short Term Room Rentals in Private Home Taxable
CCH Tax Day Report Idaho residents who rented out a room in their Boise home for short term lodging using an online reservation platform were liable for 6% sales tax, 2% travel and convention tax, and...
View ArticleKentucky ~ Sales and Use Tax: Retroactive Amendment of Vendor Compensation...
CCH Tax Day Report The Kentucky Court of Appeals has affirmed a Franklin Circuit Court decision which held constitutional (1) the Kentucky Legislature’s 2009 Act (H.B. 429, Laws 2009) that amended KRS...
View ArticleTexas ~ Corporate Income Tax: Comptroller Clarifies Apportionment of Receipts...
CCH Tax Day Report The Texas Comptroller of Public Accounts has issued a private letter ruling addressing a taxpayer’s franchise tax questions as to the apportionment of liquefied natural gas (LNG)...
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