Monthly Archives: August 2011

The Indiana Department of Revenue has revised its bulletin concerning the corporation adjusted gross income tax to detail the computation of the tax, and to reflect changes to the tax rate and apportionment factor. The corporate adjusted gross income tax … Continue reading →

The Michigan Department of Treasury has issued a summary of the changes made by L. 2011, H4361 (P.A. 38), and L. 2011, H4362 (P.A. 39), which were signed by Governor Rick Snyder on May 25, 2011 (see State & Local … Continue reading →

On its webpage for Schedule M-3, IRS on Aug. 4 posted a “What’s New” section advising taxpayers that a supporting schedule won’t be required for 2010 or 2011 if a taxpayer reports research and development (R&D) costs on Schedule M-3. … Continue reading →

In a recent webcast sponsored by Deloitte Tax LLP, Paul DeNard, Deputy Commissioner (Operations) of IRS’s Large Business and International (LB&I) division, said that while the collaborative nature of the compliance assurance process (CAP) has allowed IRS to resolve most … Continue reading →

The Arizona Department of Revenue has issued guidance on its Tax Recovery Program, which runs from September 1 through October 1, 2011 and provides an opportunity for taxpayers who live, work, or do business in Arizona to pay any back … Continue reading →

After a bitter partisan battle, on August 2 Congress passed and the President signed into law S. 365, the “Budget Control Act of 2011.” The initial $1 trillion round of deficit reduction over fiscal years 2012 through 2021 doesn’t include … Continue reading →

Additional guidance (updated FAQs) addresses the reporting of NOL carryforwards, tax reserves, and “ranking” issues in connection with reporting uncertain tax positions, as the initial UTP filing season continues.

The Franchise Tax Board (FTB) has officially launched its second Voluntary Compliance Initiative by contacting 47,000 taxpayers who may have underreported their tax liabilities through the use of tax avoidance transactions or who may have unreported offshore income. The voluntary … Continue reading →