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 Comptroller must be filed with the Comptroller within 60 days after the date the notice of determination is issued. Formerly, a petition for […]

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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 within a transformational brownfield plan when certain conditions are met. These conditions include the request of the owner of […]

The post Michigan ~ Corporate, Personal Income Taxes: State and City Income Taxes May be Imposed in Portion of Renaissance Zone Included in a Transformational Brownfield Plan appeared first on Tax & Accounting Blog.

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 military retirement plan deductions apply to benefits received from service in the United States military; – repeals the deduction for certain dentists’ military […]

The post Maine ~ Personal Income Tax: Legislation Amends Military Retirement Pay Deductions, Calculation of Educational Opportunity Credit, and Other Provisions appeared first on Tax & Accounting Blog.

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 persons for purposes of the Code Sec. 267(a)(2) “matching rule” that deferred the corporation’s deductions for accrued payroll expenses until the wages were […]

The post S Corporation and Employees Were Related Persons for Purposes of Matching Deductions and Income of ESOP (Petersen, TC) appeared first on Tax & Accounting Blog.

CCH Tax Day Report The proposed regulations implementing the new centralized partnership audit regime under the Bipartisan Budget Act of 2015 (BBA) have finally been released. The BBA regime replaces the current TEFRA (Tax Equity and Fiscal Responsibility Act of 1982) procedures beginning in 2018. The proposed regulations were originally issued on January 19 of […]

The post Proposed Centralized Partnership Audit Regulations Finally Released After Regulatory Freeze (NPRM REG-136118-15) appeared first on Tax & Accounting Blog.

CCH Tax Day Report The requirements for a Texas sales and use tax exemption for services performed by an employee of a temporary employment service for a host employer to supplement the host employer’s existing work force on a temporary basis has been amended. Provision of Supplies and Equipment to Temporary Employee For an exemption, […]

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