CCH Tax Day Report Legislation regarding a number of Florida sales and use tax provisions is enacted. Tax Rate on Rental of Commercial Real Estate Effective January 1, 2018, the sales tax on the total rent or license fee charged under a commercial lease of real property (i.e., business rent tax) is reduced from 6% […]

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CCH Tax Day Report Legislation has been enacted that allows an optional increased standard deduction for an Alabama resident filing a personal income tax return as a single person of $2,250 or married filing a joint return of $4,500 meeting certain income criteria. Qualifying taxpayers who chose to take the optional increased standard deduction will […]

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CCH Tax Day Report In a case of first impression, the U.S. Court of Appeals for the Eighth Circuit concluded that the sham transaction doctrine was not conjunctive. Thus, a bank could deduct interest it paid on a loan that had economic substance, even though the loan lacked any business purpose outside of the tax […]

The post Bank Could Deduct Interest on Loan in STARS Transaction; Loan With Economic Substance But No Business Purpose Was Not Sham Transaction; Penalty Imposed (Wells Fargo & Co., DC Minn.) appeared first on Tax & Accounting Blog.

CCH Tax Day Report Lawmakers across party lines agree changes to the Tax Code are needed but appear increasingly at odds with one another over how best to tackle such reform and what progress is being made to achieve it. Add to that mix the differing opinions of the Trump administration, and an uncertain path […]

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Data analytics is a process with which many auditors struggle. With the AICPA placing increased focus on this area, while firms strive to gain higher quality and more efficient audit processes, this particular struggle is a problem in need of a solution. An even truer statement when you consider this. The accounting industry is constantly changing – and with […]

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CCH Tax Day Report Recently enacted legislation authorizes and directs the Oklahoma Tax Commission to establish a voluntary compliance initiative for specified eligible taxes. Eligible taxpayers would be entitled to a waiver of penalty, interest, or other collection fees due on the eligible taxes if the taxpayer voluntarily files returns and pays taxes due during […]

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