CCH Tax Day Report The CEO and president of a defunct manufacturer did not willfully fail to pay over trust fund taxes. The two corporate officers took reasonable steps to ensure the timely payment of the trust-fund taxes and reasonably believed the taxes were being paid. Contrary to the district court’s holding, the corporation’s officers […]

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CCH Tax Day Report Utah sales and use tax would not be imposed on a company’s sales of cloud storage and infrastructure or on data transfer fees because the computer hardware housing the storage and infrastructure software was located outside of Utah. Payments made for software or services received by customers in Utah are taxable. […]

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CCH Tax Day Report Under recently enacted Montana legislation, a refundable earned income credit is available against the personal income tax, applicable to tax years beginning after December 31, 2018. The credit amount is 3% of the federal earned income tax credit. Except for married taxpayers living apart who are treated as single under IRC […]

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CCH Tax Day Report Iowa has enacted legislation updating Internal Revenue Code (IRC) references for the franchise, corporate and personal income tax research credits. Effective retroactive to January 1, 2016, the IRC conformity date for the research activities credits is updated to January 1, 2016 (currently January 1, 2015). The general conformity date for the […]

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CCH Tax Day Report An attorney’s bankruptcy estate was not liable for a tax shelter promoter penalty for the attorney’s failure to register as tax shelters certain financial arrangements he marketed and sold as the employee of an insurance-based estate-planning strategies promoter. The strategies were not “tax shelters” under Code Sec. 6111 because they were […]

The post Bankruptcy Court Properly Determined Strategy Was Not Investment; No Registration Required (In re Canada, Jr., DC Tex.) appeared first on Tax & Accounting Blog.

There are a many challenges tax professionals face when preparing a business tax return. Likewise, there are a number of solutions that can help firms address those challenges. When considering tax software, keep these five challenges in mind. Challenge #1 – Managing Trial Balances Challenge – Most business returns require a trial balance as an integral part […]

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