CCH Tax Day Report The Illinois Senate has passed a bill that would impose a 20% privilege tax on the fees of partnerships, including investment partnerships, and S corporations engaged in the business of conducting investment management services. The legislation would not take effect unless Connecticut, New Jersey, and New York enact the same laws. […]

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CCH Tax Day Report Legislation has been enacted that adopts federal filing deadlines for Delaware corporation income tax, partnership, and W-2 and 1099 series information returns. The due date for C corporation returns is changed from April 1 to April 15 or the 15th day of the fourth month after the close of the taxpayer’s […]

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CCH Tax Day Report In a Summary Decision, the California Board of Equalization (BOE) determined that (1) an S corporation’s income should flow through to the taxpayers, rather than to an employee stock ownership plan (ESOP), under IRC §409(p); (2) steps taken by the taxpayers in connection with the acquisition of the S corporation by […]

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CCH Tax Day Report President Trump unveiled his fiscal year (FY) 2018 budget proposals. The House Ways and Means Committee held a hearing on a border adjustment tax. TIGTA released a report on the health coverage tax credit (HCTC). White House President Trump released his FY 2018 budget proposals (TAXDAY, 2017/05/24, W.1). Congress House. The […]

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CCH Tax Day Report The Tax Court had jurisdiction over an informer’s petition alleging that the IRS improperly reduced his whistleblower award to reflect the sequester imposed by the Budget Control Act of 2011. In an apparent case of first impression, the court concluded that the IRS made a determination of his award when it […]

The post Court Could Not Restore Sequester Reduction in Whistleblower’s Award; Petition Was Timely But Informer Had Waived Judicial Review (Whistleblower 4496-15w, TC) appeared first on Tax & Accounting Blog.

CCH Tax Day Report Treasury Secretary Steven Mnuchin told the Senate Finance Committee (SFC) on May 25 that the White House is not considering changes to the Child Tax Credit, the Earned Income Credit (EITC), and the charitable giving deduction, but declined to give details about the administration’s plans for other individual credits and deductions. […]

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