Category Archives: Tax Headlines

Daily state and federal tax news

North Carolina ~ Corporate, Personal Income Taxes: Adjustments for IRC §179 Expenses Clarified

The North Carolina Department of Revenue has released an important notice that (1) clarifies how the addition adjustment for IRC §179 expenses is made on the state personal and corporation income tax returns; (2) notes that it appears a drafting … Continue reading

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Maine ~ Corporate, Personal Income Taxes: Bonus Depreciation, Military Retirement, and Withholding Provisions Modified

Maine legislation, enacted without the Gov. Paul LePage’s signature, modifies various corporate and personal income tax provisions, including changes to laws concerning bonus depreciation, military retirement benefits, withholding statements, and the visual media production reimbursement. Provisions of the legislation relating … Continue reading

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California ~ Personal Income Tax: Refund Claim Not Timely Filed by Ponzi Scheme Victims

A California personal income tax refund claim filed by Madoff Ponzi scheme victims was denied because the claim was filed after the four-year statute of limitations period. The taxpayers had filed their tax year 2004 through 2007 state returns reporting … Continue reading

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Reliance on Reasonable Cause Penalty Defense Resulted in Waiver of Attorney-Client Privilege (Ad Investment 2000 Fund LLC, TC)

Two partnerships’ penalty defense of reasonable cause resulted in the waiver of attorney-client privilege with respect to letters expressing the attorneys’ opinions on a transaction’s legality. In a tax shelter case, the IRS adjusted several partnership items of the two … Continue reading

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Federal Highway Trust Fund Will Go Broke in July Unless Congress Acts, Murray Says

The Federal Highway Trust Fund (HTF), which gets its revenue from gasoline taxes, will run out of money this July, said Senate Budget Committee Chairman Patty Murray, D-Wash., on April 15, citing newly released figures from the Department of Transportation … Continue reading

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