Monthly Archives: March 2011

The Georgia House of Representatives has passed H168 on March 16, 2011, updating Georgia’s Internal Revenue Code (IRC) conformity to January 1, 2011, decoupling the state from the IRC §179(f) special rules for qualified real property, setting the state amount limits … Continue reading →

The 2010 Tax Relief Act included the best terms ever for bonus first-year depreciation, namely a 100% writeoff of qualifying property in the placed-in-service year. However, not all businesses will find it desirable to use the bonus depreciation rules to … Continue reading →

On March 17, 2011, the Minnesota Legislature passed H79 (c. 8), which would update the state’s IRC conformity date for tax year 2010 only and repeal a law enacted in the 2010 1st Special Session, that directed the Commissioner of … Continue reading →

L. 2011, H124 (c. 5), effective 03/17/2011, updates North Carolina’s conformity date to the Internal Revenue Code (IRC) from May 1, 2010 to January 1, 2011. However, any amendments made to the IRC enacted after May 1, 2010, that increase … Continue reading →

Maine Revenue Services amended a regulation (Code Me. R. 801, effective March 19, 2011) relating to the apportionment of the net income of corporations, pass-through entities, sole proprietorships and other business types. The purpose of the amendments is to restore … Continue reading →

The Franchise Tax Board (FTB) has issued an FTB Technical Advise Memorandum (TAM) advising its staff to apply the Last-In-Last-Out (LIFO) and proration approaches in the ordering of dividend distributions from subsidiaries (controlled foreign corporations or CFCs) partially included in … Continue reading →

The Franchise Tax Board (FTB) has issued an FTB Notice to provide guidance on the effect of the State Board of Equalization’s decision in NASSCO Holdings ( Dkt. No. 2010-SBE-001, 11/17/2010 ). The FTB stated that corporate taxpayers can apply … Continue reading →

The IRS released Notice 2010-50, which provides guidance on the effect of value fluctuations between classes of stock in determining whether a loss corporation has sustained an ownership change under Section 382 on any given testing date. Private companies with … Continue reading →

Taxpayers are reminded that Pennsylvania will conform to 100% depreciation provisions recently enacted as part of the 2010 Federal Tax Relief Act. The federal law allows businesses to depreciate 100% of the expenses up front. The Department of Revenue has … Continue reading →