CCH Tax Day Report The New York City Department of Finance has issued a statement of audit procedure that explains when adjustments to the basis of partnership assets under IRC §734 and §743 will affect the calculation of New York City unincorporated business taxable income. The statement concludes that distributions of partnership assets and transfers […]

The post New York City ~ Miscellaneous Tax: Basis Adjustments Under IRC §734 and §743 Discussed appeared first on Tax & Accounting Blog.

CCH Tax Day Report Legislation has been enacted that allows retirement income to qualify for the Maryland personal income pension exclusion if the individual is at least 55 years old and the retirement income is attributable to employment as a law enforcement officer or fire, rescue, or emergency services personnel of the United States, the […]

The post Marylan ~ Personal Income Tax: Pension Exclusion Age Lowered on Income of Certain Law, Fire, Rescue and Emergency Services appeared first on Tax & Accounting Blog.

CCH Tax Day Report Legislation has been enacted, applicable to all initial credit certificates issued after June 30, 2017, that expands the eligibility for the biotechnology investment tax credit available against Maryland corporate and personal income tax liabilities. Amendments specify that a qualified biotechnology company includes a company that has been in active business for […]

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CCH Tax Day Report In a case of first impression, a corporation was not entitled to challenge a listed-transaction reporting penalty at a Collection Due Process (CDP) hearing because it had already challenged the penalty in an administrative hearing. The taxpayer challenged its liability for the penalty at an Appeals hearing held before the penalty […]

The post Corporation Not Entitled to Challenge Reporting Penalty at CDP Hearing (Our Country Home Enterprises, Inc., CA-7) appeared first on Tax & Accounting Blog.

CCH Tax Day Report The House bill to repeal and replace the Patient Protection Affordable Care Act (ACA) (P.L. 111-148) and related taxes was narrowly approved in the House last week; the measure now heads to the Senate (TAXDAY, 2017/05/05, C.1). The House GOP’s American Health Care Act (AHCA) (HR 1628) as written faces an […]

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CCH Tax Day Report The local sales and use taxes imposed by a Washington public facilities district expire when the bonds issued are retired but not more than forty years after the tax is first imposed. Previously, the maximum period for imposition of the taxes was twenty-five years. H.B. 1201, Laws 2017, effective 91 days […]

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