CCH Tax Day Report The New York State Department of Taxation and Finance has issued a notice reminding all property owners (homeowners and businesses) to review their tax assessments as the deadline to contest any inaccurate assessments, also known as Grievance Day, is May 23 in most communities. Property owners have until Grievance Day to […]

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CCH Tax Day Report A bulletin provides guidance on the Louisiana state sales tax holiday for purchases of hurricane preparedness items, which is scheduled to begin at 12:01 a.m. on Saturday, May 27, 2017, and end 11:59 p.m. on Sunday, May 28, 2017. In 2017 and 2018, the first $1,500 of the sales price of […]

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CCH Tax Day Report A listed transaction penalty was not time barred because the assessment occurred more than one year after the examining agent came into possession of enough information to justify the penalty. Code Sec. 6501(c)(10)(A) provides that the IRS must assess a listed-transaction penalty within one year of the date the “Secretary is […]

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CCH Tax Day Report National Taxpayer Advocate Nina E. Olson on May 19 testified before the House Ways and Means Oversight Subcommittee about reforming the IRS to better serve taxpayers. The hearing, which was chaired by Rep. Vern Buchanan, R-Fla., discussed challenges within the Service and examined opportunities for improvement. Throughout the hearing, Olson offered […]

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CCH Tax Day Report Oregon has enacted legislation regarding assessment of tax when less than the full amount is paid. Applicable to returns file on or after January 1, 2018, if a taxpayer files a report or return but pays less than full amount of tax due, tax is assessed on the later of the […]

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CCH Tax Day Report New York recently enacted several income tax changes in the 2017 budget bill. A sample client letter has been created that assists practitioners in informing clients about the new laws. To access this client letter, click on the following link: Budget bill income and franchise tax changes.

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