Category Archives: Tax Headlines

Daily state and federal tax news

Oklahoma ~ Corporate, Personal Income Taxes: Headquarters Requirement for Capital Gains Deduction Upheld

The Oklahoma Supreme Court, in reversing the Oklahoma Court of Civil Appeals, affirmed the order of the Tax Commission that denied the capital gains deduction available against corporate and personal income tax liabilities under 68 O.S. §2358(D) claimed by the … Continue reading

Posted in Corporate Solutions, International, State Tax Headlines | Comments Off

Hawaii ~ Corporate, Personal Income Taxes: Senate Approves House Version of IRC Conformity Bill

The Hawaii Senate has approved a House of Representatives version of a bill that would generally conform Hawaii corporate and personal income tax laws to the Internal Revenue Code (IRC) as amended as of December 31, 2013, for all taxable … Continue reading

Posted in Corporate Solutions, International, State Tax Headlines | Comments Off

California ~ Corporate, Personal Income Taxes: FAQs on California Competes Credit Updated

Frequently asked questions (FAQs) concerning the California competes credit (CCC) against personal and corporation franchise and income taxes have been updated to address a variety of questions concerning credit eligibility, the application mechanics, the evaluation process, and claiming the credit. … Continue reading

Posted in Corporate Solutions, International, State Tax Headlines | Comments Off

Sustaining Levy Not Abuse of Discretion; IRS Not Required to Levy Trust (Kraft, TC)

An IRS settlement officer (SO) did not abuse her discretion in sustaining a proposed levy action on an individual’s income. The SO was not required to grant the individual’s request to levy his irrevocable spendthrift trust, which he proposed as … Continue reading

Posted in Corporate Solutions, Federal Tax Headlines, International | Comments Off

Push for Federal Gas Tax Hike Heats Up as Highway Funding Deadline Near

Two lawmakers sitting on the tax-writing committees in both chambers are aggressively pushing for a federal gas tax increase to help sustain the Federal Highway Trust Fund (HTF), which gets its revenue from gasoline taxes. Both say the need is … Continue reading

Posted in Corporate Solutions, Federal Tax Headlines, International | Comments Off