Monthly Archives: July 2011

As part of the package of bills that ended the state’s recent shutdown, Minnesota Governor Dayton signed an omnibus tax bill. Among the changes made by the bill are an update of the Internal Revenue Code conformity date; amendment, repeal … Continue reading →

On July 19, 2011, Texas Governor Rick Perry signed S1, the omnibus fiscal matters bill, which contains myriad tax provisions including the sales tax provision which provides that online subsidiaries or affiliates of retailers with stores or other facilities in … Continue reading →

IRS has issued a further series of frequently asked questions (FAQs) explaining the requirement for certain corporations to file Schedule UTP (Uncertain Tax Position Statement) with their Form 1120. The FAQs address practical questions raised by practitioners about filing Schedule … Continue reading →

The Nebraska Department of Revenue has indicated in a release the requirements for electronic funds transfers (EFTs) for all payments of Nebraska taxes, or fees for tax programs, such as Nebraska income tax and sales tax, for taxpayers that made … Continue reading →

In the afternoon of July 19, the “Gang of Six” deficit reduction plan aimed at avoiding a looming debt default appeared to be gaining traction in Washington. The plan includes substantial tax changes. The President publicly endorsed the “Gang of … Continue reading →

The North Carolina Department of Revenue has issued an important notice regarding the Secretary of Revenue’s authority to adjust the net income of a corporation or to require a corporation to file a combined return. Under current law, the Secretary … Continue reading →

The Alabama Department of Revenue has announced that, effective August 1, 2011, it will temporarily restrict the electronic filing of certain Alabama corporate income tax returns. The Department explains that this action is required due to processing errors associated with … Continue reading →

On its website, IRS has posted drafts of the 2011 Form 3800, General Business Credit, and its instructions. They reveal that IRS is in the process of redesigning Form 3800, General Business Credit, for the 2011 tax year.

IRS has issued temporary regs providing guidance relating to the determination of the amount of taxes paid for purposes of the Code Sec. 901 foreign tax credit (FTC). They affect individual and corporate taxpayers claiming direct and indirect FTCs and … Continue reading →