Federal tax news highlights for week ending June 24, 2017: In addition to the Senate Republicans health care discussion draft, a bipartisan group of senators introduced a student savings bill (CCH subscribers). Congress also saw the House approve a bipartisan nuclear production tax credit bill. The Treasury Inspector General for Tax Administration (TIGTA) issued several reports, including a […]

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CCH Tax Day Report The IRS has issued general requirements and conditions for the development, printing and approval of all substitute tax forms to be acceptable for filing in lieu of official IRS-produced and distributed forms. The IRS accepts quality substitute tax forms that are consistent with the official forms and that do not have […]

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CCH Tax Day Report The IRS has provided the specifications for the private printing of red-ink substitutes for the 2017 revisions of information returns, preparing acceptable substitutes of the official forms, and using official or acceptable substitute forms to furnish information to recipients. The procedures cover Forms 1096, 1097-BTC, 1098 series, 1099 series, 3921, 3922, […]

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CCH Tax Day Report Senate Republicans on June 21 unveiled a discussion draft of the Better Care Reconciliation Act of 2017, a measure that would repeal and replace, in part, the Patient Protection and Affordable Care Act (ACA) (P.L. 111-148) (TAXDAY, 2017/06/23, C.1). The discussion draft of the Senate amendment to the American Health Care […]

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Wisconsin legislation creates a sales and use tax exemption for patient health care records that are sold to the patient or to a person the patient authorizes to receive the records. In addition, the legislation makes changes regarding telecommunications and other services purchased by lodging providers and adds a limitation to a provision regarding county […]

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CCH Tax Day Report Oregon has enacted legislation that, for purposes of the excise (corporate) and personal income taxes, will update Oregon’s connection to federal bankruptcy law regarding the tax treatment of debt forgiveness. Specifically, when apportioning debts discharged in bankruptcy, a taxpayer will apply the rules of 11 U.S.C. 346(j) of the federal bankruptcy […]

The post Oregon ~ Corporate, Personal Income Taxes: Discharge of Indebtedness Connection to Federal Law Updated appeared first on Tax & Accounting Blog.