Get the latest with RSS
All Topics Accounting and Audit Corporate Solutions Federal Tax Updates Legislation Press Release State Tax Updates
Category Archives: Tax Headlines
Texas ~ Corporate Income Tax: Senate Passes Bill to Extend Exemption Threshold
The Texas Senate passed a bill that would create a $600 million franchise tax cut for businesses in Texas and create a permanent exemption for small businesses. H.B. 500 would make permanent the $1 million exclusion to the Texas franchise … Continue reading
Posted in Corporate Solutions, International, State Tax Headlines
Comments Off
Iowa ~ Sales and Use Tax: Affiliate Nexus Bill Passes House
A bill has passed the Iowa House of Representatives that would, if enacted, add affiliate nexus provisions to Iowa sales and use tax laws. The bill was previously reported on in detail upon introduction. (TAXDAY, 2013/03/26, S.5 ) H.F. 626 … Continue reading
Posted in Corporate Solutions, International, State Tax Headlines
Comments Off
Alaska ~ Corporate Income Tax: Oil and Gas Service Industry Credit Enacted
Alaska Gov. Sean Parnell has signed legislation creating a nonrefundable oil and gas service industry credit that may be claimed against corporation net income tax liability for manufacturing expenses incurred in Alaska attributable to depreciable property for use in the … Continue reading
Posted in Corporate Solutions, International, State Tax Headlines
Comments Off
Limitations Period Precluded Deficiency Against Virgin Islands Resident Filing Territorial Returns (Appleton, Jr., TC)
The statute of limitations prevented the IRS from assessing deficiencies against a U.S. citizen who was a permanent resident of the U.S. Virgin Islands because the territorial returns he filed served as properly filed federal income tax returns, triggering the … Continue reading
Posted in Corporate Solutions, Federal Tax Headlines, International
Comments Off
Indian-Tribe-Owned Corporation Not Exempt from Tax; Invalid Consolidated Returns Where No Affiliated Group Existed; Employee Expense Deductions Reduced by Indian Employment Credit (Uniband, Inc., TC)
A state-chartered corporation that was wholly owned by an Indian tribe was a separate and distinct entity from the tribe and was not exempt from corporate income tax. Even though Indian tribes are not subject to federal income tax, the … Continue reading
Posted in Corporate Solutions, Federal Tax Headlines, International
Comments Off