CCH Tax Day Report The IRS has provided guidance regarding certain “north-south” transactions that occur in connection with the division of a corporation. The guidance describes one transaction in which the distribution of a controlled corporation’s stock is respected as a separate transaction, and another in which the distribution in integrated with a previous distribution […]

The post IRS Illustrates Separate and Integrated North-South Transactions in Corporate Divisions; Removes North-South Transactions from No-Ruling List (Rev. Rul. 2017-09) appeared first on Tax & Accounting Blog.

CCH Tax Day Report The House Oversight and Government Reform Committee held a hearing on May 3 to examine operational and cybersecurity decisions made by the IRS and Department of Education regarding the security breach of the IRS Data Retrieval Tool (DRT). The IRS has temporarily removed the tool from its online operations after a […]

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CCH Tax Day Report The overall amount of the New Jersey Economic Redevelopment and Growth Grant (ERG) program corporate income tax credit or grant provided to developers of certain qualified residential, university infrastructure and mixed-use parking projects has been amended. The amendment increases the total amount of tax credits that can be approved by the […]

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CCH Tax Day Report Nebraska Gov. Pete Ricketts has signed legislation making a number of amendments to Nebraska corporate and personal income tax credits, including the affordable housing credit, the Nebraska Advantage Microenterprise Tax Credit Act, the Angel Investment Tax Credit Act, the employer tax credit, and the Business Innovation Act. Affordable Housing Tax Credit […]

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CCH Tax Day Report Enacted Arizona property tax legislation provides a valuation depreciation schedule for qualifying broadband infrastructure, on a straight-line basis, as follows: – for cables, a 10-year life; – for telecommunications equipment, a five-year life; and – for any other telecommunications property, a seven-year life. Additionally, the following accelerated depreciation schedule applies to […]

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CCH Tax Day Report Congress and the White House have reached agreement on the Consolidated Appropriations Bill, 2017, which would provide federal government funding through September, including funding of the IRS. The budget bill, expected to receive broad support, is likely to be enacted by May 5, when the current one-week spending bill is set […]

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