CCH Tax Day Report In a case of first impression, the Tax Court concluded that an accrual-basis S corporation and the cash-basis participants in its employee stock ownership plan (ESOP) were related persons for purposes of the Code Sec. 267(a)(2) “matching rule” that deferred the corporation’s deductions for accrued payroll expenses until the wages were […]

The post S Corporation and Employees Were Related Persons for Purposes of Matching Deductions and Income of ESOP (Petersen, TC) appeared first on Tax & Accounting Blog.

CCH Tax Day Report The proposed regulations implementing the new centralized partnership audit regime under the Bipartisan Budget Act of 2015 (BBA) have finally been released. The BBA regime replaces the current TEFRA (Tax Equity and Fiscal Responsibility Act of 1982) procedures beginning in 2018. The proposed regulations were originally issued on January 19 of […]

The post Proposed Centralized Partnership Audit Regulations Finally Released After Regulatory Freeze (NPRM REG-136118-15) appeared first on Tax & Accounting Blog.

It’s amazing how a seemingly simple phrase can evoke strange comparisons and imagery in your head.  Exactly that happened to me this week as I began reading……get this…..”Implementing Value Pricing – A Radical Business Model for Professional Service Firms”.  Scratching your head yet? Several weeks ago, I joked about doing some “light” reading and really […]

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CCH Tax Day Report The requirements for a Texas sales and use tax exemption for services performed by an employee of a temporary employment service for a host employer to supplement the host employer’s existing work force on a temporary basis has been amended. Provision of Supplies and Equipment to Temporary Employee For an exemption, […]

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CCH Tax Day Report Effective January 1, 2018, the Texas gasoline tax will apply to the sale of certain usually tax-free fuel if the gasoline is sold to an unlicensed purchaser. If the fuel was subsequently exported, the unlicensed purchaser can submit a refund claim to the state within one year of the purchase. Reporting […]

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CCH Tax Day Report The Minnesota Department of Revenue has updated guidance on personal income withholding tax responsibilities related to the classification of wages and employees. Minnesota follows the federal provisions for determining taxable wages. Wages subject to federal and Minnesota income tax withholding include all pay given to an employee for services performed. The […]

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