CCH Tax Day Report In a Summary Decision, the California Board of Equalization (BOE) determined that (1) an S corporation’s income should flow through to the taxpayers, rather than to an employee stock ownership plan (ESOP), under IRC §409(p); (2) steps taken by the taxpayers in connection with the acquisition of the S corporation by […]

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CCH Tax Day Report President Trump unveiled his fiscal year (FY) 2018 budget proposals. The House Ways and Means Committee held a hearing on a border adjustment tax. TIGTA released a report on the health coverage tax credit (HCTC). White House President Trump released his FY 2018 budget proposals (TAXDAY, 2017/05/24, W.1). Congress House. The […]

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CCH Tax Day Report The Tax Court had jurisdiction over an informer’s petition alleging that the IRS improperly reduced his whistleblower award to reflect the sequester imposed by the Budget Control Act of 2011. In an apparent case of first impression, the court concluded that the IRS made a determination of his award when it […]

The post Court Could Not Restore Sequester Reduction in Whistleblower’s Award; Petition Was Timely But Informer Had Waived Judicial Review (Whistleblower 4496-15w, TC) appeared first on Tax & Accounting Blog.

CCH Tax Day Report Treasury Secretary Steven Mnuchin told the Senate Finance Committee (SFC) on May 25 that the White House is not considering changes to the Child Tax Credit, the Earned Income Credit (EITC), and the charitable giving deduction, but declined to give details about the administration’s plans for other individual credits and deductions. […]

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CCH Tax Day Report Montana has enacted a tax on the sales of medical marijuana products by licensed sellers at the rate of 4%, effective July 1, 2017. The rate will decrease to 2%, effective July 1, 2018. The tax must be paid and a return filed quarterly. The Department of Revenue will issues rules […]

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CCH Tax Day Report For property tax purposes, enacted Arizona legislation allows for accelerated depreciation of personal property located in a foreign trade zone or military reuse zone that is acquired during or after tax year 2017 and initially classified during or after tax year 2018. The depreciation schedule is set as follows: — 25% […]

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