CCH Tax Day Report The Michigan Department of Treasury (Department) has issued a notice to taxpayers regarding its revised interpretation of “materials and supplies” under the Michigan Business Tax (MBT). The Department states that its revised interpretation of “materials and supplies” is “tangible personal property purchased in the tax year that are ordinary and necessary […]

The post Michigan ~ Corporate Income Tax: Revised Interpretation of “Materials and Supplies” Issued appeared first on Tax & Accounting Blog.

CCH Tax Day Report An individual, who sold insurance as an independent contractor, was liable for self-employment tax on termination payments he received from his employer. The taxpayer did not meet the requirements of Code Sec. 1402(k) because the termination payments he received were based on his length of service at the company. Therefore, he […]

The post Insurance Agent Liable for Self-Employment Tax on Termination Payment; Penalties Imposed (Geneser, TCM) appeared first on Tax & Accounting Blog.

CCH Tax Day Report Treasury Secretary Steven Mnuchin testified on June 12 before the House Appropriations Financial Services and General Government Subcommittee. Mnuchin discussed with lawmakers the Trump administration’s fiscal year (FY) 2018 budget request for the Treasury Department. “A budget should not be an end in itself but a means of improving the lives […]

The post Mnuchin Testifies on IRS Budget Before House Appropriations Subcommittee appeared first on Tax & Accounting Blog.

If you are overwhelmed by the amount of time it takes for Fixed Assets Management, you are not alone!  As a matter of fact, certain industries have adopted a 52/53 week accounting year for reporting. Ensuring a consistent and even comparison of sales year over year. But, without the right fixed assets management software in place, you may have yet again added more headaches for your finance […]

The post Top Seven Fixed Assets Questions for a Retailer, Restaurateur or Manufacturer to Ask appeared first on Tax & Accounting Blog.

CCH Tax Day Report As previously reported (TAXDAY, 2017/01/05, S.32), Sevier County residents whose primary and/or secondary residence was damaged or destroyed as a result of the wildfires that occurred during November 28 through December 9, 2017, can receive a refund for Tennessee sales tax paid on certain items for their residences. The maximum refund […]

The post Tennessee ~ Sales and Use Tax: Refunds Available on Certain Items for Sevier County Residents Affected by Wildfires appeared first on Tax & Accounting Blog.

CCH Tax Day Report For corporate and personal income tax purposes, Colorado Gov. John Hickenlooper has signed legislation extending the advanced industry investment tax credit by allowing qualified investments made before January 1, 2023 (previously, January 1, 2018), to qualify for the credit. Additionally, beginning with the 2018 calendar year, if the Colorado Office of […]

The post Colorado ~ Corporate, Personal Income Taxes: Advanced Industry Investment Credit Extended, Amended appeared first on Tax & Accounting Blog.