CCH Tax Day Report A Montana personal income tax deduction has been enacted for taxpayers who, in determining federal adjusted gross income, reduced their business deductions because a federal tax credit was elected. Under the new provision, which applies to tax years beginning after December 31, 2018, a taxpayer is allowed to deduct the amount […]

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CCH Tax Day Report Montana recently enacted market-based sourcing for corporate income tax apportionment purposes for tax years beginning after December 31, 2017. A sample client letter has been created that assists practitioners in informing clients about the new rules. To access this client letter, click on the following link: Market-based sourcing.

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CCH Tax Day Report Alaska Gov. Bill Walker has called a special session of the state Legislature to consider, along with several appropriations measures, legislation to increase motor fuel taxes, to amend oil and gas production tax credit provisions, and “to increase an existing tax or to establish a new broad-based tax for the purpose […]

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CCH Tax Day Report In a court-reviewed opinion, the Tax Court found that the full value of assets transferred to a limited partnership (LP) was includible in a decedent’s gross estate. One week prior to the decedent’s death, the decedent’s son transferred cash and securities from the decedent’s revocable trust to the LP. In exchange, […]

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CCH Tax Day Report The Tax Court had jurisdiction over a child care center’s petition for review of a Collection Due Process (CDP) determination. The Notice of Federal Tax Lien (NFTL) contained the taxpayer’s proper EIN and address; however, the notice was addressed to a related entity. Within 30 days of receiving the notice both […]

The post Tax Court Had Jurisdiction over Misaddressed Determination Notice (First Rock Baptist Church Child Development Center, TC) appeared first on Tax & Accounting Blog.

CCH Tax Day Report The House Ways and Means Committee held a full committee hearing on tax reform on May 18. A panel of five business leaders testified before the committee, each offering their view on the current tax code and how best to approach comprehensive reform. “President Trump is leading the charge for bold […]

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