Monthly Archives: May 2011

We will be back online with new tax/accounting developments beginning Wednesday, June 1st.

On May 25, the Senate voted against the motion to proceed to the House FY2012 Budget Resolution approved by the House on April 15 by a vote of 235 to 193 (see ¶ 1927 ). H.Con.Res.34, the bill crafted by … Continue reading →

The North Carolina Department of Revenue has issued several releases regarding adjustments for bonus depreciation and Code Sec. 179 expense deductions that must be taken on corporate income tax returns. For taxable years 2010 through 2012, taxpayers are required to … Continue reading →

On May 24, 2011, Minnesota Governor Mark Dayton vetoed the omnibus tax bill (H42, c. 38). The bill would have made numerous changes to the corporate franchise, income, estate, sales and use and property taxes. Among the changes, the bill … Continue reading →

On May 25, 2011, Michigan Governor Rick Synder signed legislation that repeals the Michigan Business Tax (MBT) and replaces it with a corporate income tax and makes major changes to the state’s individual income tax law. H4361 eliminates numerous individual … Continue reading →

The bill makes numerous changes to the corporate franchise, income, estate, sales and use and property taxes. Among the changes, the bill would expand the research credit for corporate franchise and income tax purposes; accelerate the adoption of a sales-only … Continue reading →

L. 2011, H2071, applicable to tax years beginning on or after 01/01/2011, grants rule making authority to the Department of Revenue to require paid tax preparers and corporations to file electronic returns if they are required to do so for … Continue reading →

“New relationship” with corporate taxpayers. Shulman spoke of a “new relationship” with corporate taxpayers that would create: • certainty regarding a taxpayer’s tax obligations sooner rather than later; • consistent treatment for taxpayers; and • an efficient use of government … Continue reading →

IRS has issued final regs under Code Sec. 367(b) to curb abusive triangular reorganizations involving one or more foreign corporations, sometimes referred to as “Killer B” transactions, which were designed to repatriate the earnings of a foreign subsidiary without subjecting … Continue reading →