Monthly Archives: August 2011

Depreciation deductions under Code Sec. 168 and expensing deductions under Code Sec. 179 are far more generous this year than they will be next year. In short, for those businesses confident enough to expand in these challenging economic times, now … Continue reading →

Although it’s only August, taxpayers are well-advised to consider how to make the most of tax breaks that are available this year but may not be around next year, or may survive only in diluted form. Given the wrenching political … Continue reading →

Effective August 15, 2011, amendments to N.J.A.C. 18:7-1.8, the corporate income tax rule governing nexus, clarifies that the corporate income tax applies to every foreign corporation that derives receipts from sources within the state or engages in contacts within the … Continue reading →

The Indiana Department of Revenue has issued a directive detailing 2011 legislation that affects the determination of Indiana adjusted gross income and its effect on reporting. H1001, reported in State & Local Taxes Weekly Vol. 22, No. 20, 05/16/2011, amended … Continue reading →

IRS has issued final regs on the election to deduct startup expenses under Code Sec. 195, corporate organization expenses under Code Sec. 248, or partnership organization expenses under Code Sec. 709. The regs reflect changes made to these provisions by … Continue reading →

The New Jersey Division of Taxation has issued a notice discussing the replacement of the corporate business tax 3-fraction allocation formula with a single sales fraction formula. The change is phased in over three years, beginning with privilege periods beginning … Continue reading →

The Minnesota Department of Revenue has issued a notice to taxpayers explaining certain new developments that affect corporate franchise tax for tax year 2011. What’s New for Corporation Franchise Tax for 2011, Minn. Dept. of Rev., 08/12/2011.

The Court of Federal Claims has denied a refund to taxpayers who sought to reduce their 2003 taxable income by net operating losses (NOLs) generated from seven prior tax years going back to ’88. The Court granted IRS’s motion for … Continue reading →