CCH Tax Day Report The Arizona corporate and individual income tax credits for increased research activities and for investment and employment in qualified facilities and the corporate and individual income tax and insurance premium tax credits for quality jobs are revised, effective from and after December 31, 2017. Research Credit The current research tax credit […]

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CCH Tax Day Report Roughly 23-million fewer individual would have health insurance and the deficit would be cut by $119 billion over the next 10 year if the House-passed American Health Care Act of 2017 (HR 1628) (TAXDAY, 2017/05/05, C.1) becomes law, according to much-anticipated analysis released by the Congressional Budget Office (CBO) and the […]

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CCH Tax Day Report Treasury Secretary Steven Mnuchin briefed members of the House Ways and Means Committee on President Trump’s fiscal year (FY) 2018 budget proposals on May 24. Mnuchin reiterated the president’s goal of comprehensive tax reform. President Trump released his FY 2018 budget proposals on May 23 (TAXDAY, 2017/05/24, W.1). The president’s budget […]

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CCH Tax Day Report Oklahoma uniform tax procedure provisions have been amended to allow certain taxpayers to enter into a voluntary disclosure agreement (VDA) to report and pay outstanding tax liabilities. Eligible taxpayers include those who: — do not have outstanding tax liabilities other than those reported pursuant to a VDA, — have not been […]

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CCH Tax Day Report The Hawaii Department of Taxation has adopted temporary amendments to the income tax rule defining the term “substantial gainful business or occupation”. Under the amended rule, for purposes of determining whether a taxpayer is engaged in a substantial gainful business or occupation, earned income includes wages, salaries, tips, business interest income, […]

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CCH Tax Day Report A taxpayer could not claim an escheated property under the California Unclaimed Property Law as an assignee of a financial title company (company) because the company was a suspended corporation that lacked the legal capacity to prosecute an action. The taxpayer contended that it should not be subject to a lack […]

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