Monthly Archives: June 2011

The Franchise Tax Board has placed guidance on Voluntary Compliance Initiative 2 (VCI 2) on the agenda for its July 7, 2011 meeting. VCI 2 allows taxpayers who underreported their California income tax liabilities through the use of abusive tax … Continue reading →

On June 24, 2011, Florida Governor Rick Scott signed into law a bill that increases the corporate income tax exemption, updates the IRC conformity date, and incorporates recent federal legislation into required add-backs. ( L. 2011, H7185, applicable retroactively to … Continue reading →

An IRS official advised that the first round of Schedules UTP will be scrutinized by a special unit to derive overall examination policies and assess the usefulness of the information provided. Another sets of FAQs will be released during the … Continue reading →

On June 26, 2011, Wisconsin Governor Scott Walker signed into law the 2011-2013 budget bill, which updates the state’s conformity to the Internal Revenue Code (IRC), amends the treatment of capital gains, enacts a domestic production activities income tax credit, … Continue reading →

L. 2011, HCR162, adopted 06/23/2011, urges and requests the Arkansas Dept. of Finance and Administration to revise its current criteria for determining the existence of a tax nexus or connection between the state of Arkansas and businesses in other states. … Continue reading →

Effective June 23, 2011, the Utah State Tax Commission promulgated Utah Admin R. § R865-6F-40, “Foreign Operating Company Subtraction from Unadjusted Income Pursuant to Utah Code Ann. Sections 59-7-101 and 59-7-106,” which requires that the activities of a partnership interest … Continue reading →

New proposed regs on the $1 million deduction limit paid to top corporate officers would clarify that in order to be exempt from the limit, qualified performance-based compensation attributable to stock options and stock appreciation rights (SARs) must specify the … Continue reading →

IRS has issued final and temporary regs on determining the basis of certain U.S. property acquired by a controlled foreign corporation (CFC) in certain nonrecognition transactions that are intended to repatriate earnings and profits (E&P) of the CFC without triggering … Continue reading →

The Minnesota Department of Revenue has issued a release providing taxpayers and preparers with information as to their obligations and the Department’s operations in the event of a state shutdown on July 1, 2011. The shut down may occur because … Continue reading →

On June 20, 2011, Maine Governor Paul LePage signed budget legislation that affects various Maine taxes. The legislation replaces Maine’s income tax rate structure beginning in 2013; eliminates the alternative minimum tax for individuals, trusts, and estates; conforms the standard … Continue reading →