For personal income tax purposes, the Kansas Department of Revenue has issued a notice informing taxpayers that for tax years beginning after December 31, 2016, there is no requirement for an individual to add-back a federal net operating loss as an addition modification as a result of recently enacted legislation (TAXDAY, 2017/06/09, S.7). According to […]

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The Illinois House passed legislation that would increase the corporate income tax rate from 5.25% to 7% and the personal income tax from 3.75% to 4.95%. Unlike the Senate version of the bill (TAXDAY, 2017/05/25, S.11), the tax increases would not be retroactive to January 1, 2017, but would apply to taxable years beginning on […]

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The Colorado Department of Revenue has provided notice that beginning on July 1, 2017, the Department began enforcing notice and reporting requirements for retailers that make sales into Colorado but do not collect Colorado state sales tax. In 2010, legislation was passed that established the notice and reporting requirements, and later that same year regulations […]

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A limited liability company (LLC) was not entitled to a charitable contribution deduction for the donation of a remainder interest in real property because it failed to adequately substantiate its claimed deduction. The Form 8283 appraisal summary attached to its 2003 return showed no amount in the space provided for the “Donor’s cost or other […]

The post Charitable Deduction Denied for Failure to Provide Cost or Adjusted Basis (RERI Holdings I, LLC, TC) appeared first on Tax & Accounting Blog.

Oregon Gov. Kate Brown has signed legislation that conforms Oregon’s corporate excise (income), personal income and property taxes to the Internal Revenue Code (IRC) as amended on December 31, 2016 (formerly, December 31, 2015). For property tax purposes, “income” means “adjusted gross income” as defined in the IRC as amended and in effect as of […]

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The New York Supreme Court upheld the Division of Taxation’s notice of proposed driver license suspension referral issued to the taxpayer for unpaid personal income taxes because the suspension issued pursuant to Tax Law § 171-v was constitutional. The taxpayer sought a declaration that the notice was unlawful because it failed to permit him to […]

The post New York ~ Personal Income Tax, Practice and Procedure: Suspension of Driver’s License for Outstanding Tax Liabilities Constitutional appeared first on Tax & Accounting Blog.