CCH Tax Day Report The Virginia Tax Commissioner has issued a bulletin to provide guidance regarding previously enacted legislation that requires any dealer owning inventory for sale located in Virginia to register for collection of the retail sales and use tax, effective June 1, 2017 (Ch. 51 (H.B. 2058) and Ch. 808 (S.B. 962). (TAXDAY, […]

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CCH Tax Day Report The Vermont Senate has passed a proposal of amendment to the miscellaneous tax bill that, as previously reported, was passed by the Vermont House of Representatives. (TAXDAY, 2017/04/05, S.20) As passed by the Senate, the bill includes a change to federal conformity for Vermont corporate and personal income tax purposes; an […]

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CCH Tax Day Report Legislation has been enacted that creates a new type of sales and use tax enterprise zone in Georgia. The enterprise zone will be permitted in an urban redevelopment area that has been chronically underdeveloped for 20 years or more and contains a redevelopment project having a minimum $400 million projected capital […]

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CCH Tax Day Report The Florida Senate has approved a bill that would update the Internal Revenue Code (IRC) tie-in date for purposes of computing Florida corporate income tax liability from January 1, 2016, to January 1, 2017. The Senate version of the bill includes an amendment that would eliminate the 5-month filing extension for […]

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CCH Tax Day Report The IRS has provided guidance regarding certain “north-south” transactions that occur in connection with the division of a corporation. The guidance describes one transaction in which the distribution of a controlled corporation’s stock is respected as a separate transaction, and another in which the distribution in integrated with a previous distribution […]

The post IRS Illustrates Separate and Integrated North-South Transactions in Corporate Divisions; Removes North-South Transactions from No-Ruling List (Rev. Rul. 2017-09) appeared first on Tax & Accounting Blog.

CCH Tax Day Report The House Oversight and Government Reform Committee held a hearing on May 3 to examine operational and cybersecurity decisions made by the IRS and Department of Education regarding the security breach of the IRS Data Retrieval Tool (DRT). The IRS has temporarily removed the tool from its online operations after a […]

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