Monthly Archives: April 2011

North Dakota has enacted legislation decreasing the rate of tax on corporate income, personal income, and financial institutions. The legislation also decreases the amount of certain credits allowed against the tax on financial institutions, and certain payment requirements for financial … Continue reading →

The Franchise Tax Board (FTB) has released to the public its annual report (Summary of Federal Income Tax Changes—2010) to the legislature. This report explains the 2010 federal laws along with the effective dates, the corresponding California law, if any, … Continue reading →

The Texas Comptroller’s Office has identified hot topics in 2011 franchise tax filing, including the Franchise Tax Web Service, passive entity reporting, apportionment, temporary credit election, extensions and mandatory electronic funds transfer, and combined group extensions. Texas Tax Policy News … Continue reading →

IRS has posted a Frequently Asked Question (FAQ) on its Large Business & International (LB&I) M-3 webpage. The FAQ addresses the level of detail required on the attachment to the 2010 Schedule M-3 for Research and Development (R&D) costs.

As unclaimed property compliance continues to grow in importance, a “sleeper” that is increasingly making its presence felt is the existence of tangible personal property (TPP). For many years overlooked or forgotten, TPP is increasingly of interest to the states, … Continue reading →

by Teresa Callahan, Esq. (RIA) Connecticut Governor Dannel Malloy and Connecticut General Assembly Democratic leaders announced a budget agreement at a press conference on April 20, 2011. The governor’s revised budget restored some sales and use tax exemptions that were … Continue reading →

IRS has issued proposed regs that would provide guidance on the income tax treatment of deferred losses on the sale or exchange of property between members of a controlled group including in certain transactions in which the member acquiring the … Continue reading →

The Illinois Department of Revenue issued a general information letter in which it determined that the activities of a registered service agent in Illinois would be considered beyond “mere solicitation” for purposes of P.L. 86-272, unless those activities are de … Continue reading →

There are some significant flaws in the IRS’s latest attempt to encourage taxpayers to voluntary report offshore income and assets, and to pay the related income taxes and penalties. Nevertheless, there are many very good reasons for taxpayers who are … Continue reading →

On April 15, the House approved H.Con.Res. 34, the House Republican 2012 budget plan. The plan, which was introduced by Budget Committee Chairman Paul Ryan (R-WI), includes a proposed budget for the federal government for fiscal year 2012 and sets … Continue reading →