Tax Alerts

Tax Briefing(s)

Middle Class Tax Relief and Job Creation Act of 2012

2012 tax season ends quietly
The 2011 filing season ended quietly, apart from a few IRS reminders and last-minute tips issued just before the April 17 deadline. Practitioners generally agreed with the government’s assess...

GAO reports confusion over foreign account reporting under FATCA and FBAR
The U.S. government has been tightening its scrutiny of taxpayers who use foreign financial accounts to circumvent U.S. tax law. Last year the Treasury department imposed new requirements on taxpay...

IRS Commissioner reviews priorities/accomplishments; will step down in September
IRS Commissioner Shulman recently announced he plans to leave his position when his five-year term ends in September 2012. Speaking before the National Press Club this past April, ...

IRS eases up on local lodging deduction for employees
The IRS has issued proposed “reliance” regulations that allow an employee’s deduction for local lodging that is business-related. Although the proposed regulation...

IRS releases updated collection financial standards for ability-to-pay
The IRS has released its Collection Financial Standards for 2012. The Collection Financial Standards specify the amounts that taxpayers may claim as basic, necessary living expenses when they claim...

CA - Third 15-day notice issued for regulation on sales of other than tangible property
The California Franchise Tax Board (FTB) has issued a third 15-day notice for a proposed California corporation franchise and income tax regulation (Reg. 25136-2) addressing the ma...

DC - All retirement account distributions taxed at highest rate
Emergency legislation enacted by the District of Columbia amends the income withholding tax rules for retirement distributions. A distribution from a retirement account will be tax...

GA - Limited liability company entitled to attorney fees
A trial court erred in setting aside a judgment awarding a limited liability company attorney fees arising in connection with a local Georgia ad valorem property tax assessment mad...

MD - Combined reporting legislation introduced
A bill has been introduced in the Maryland House of Delegates that would require mandatory unitary combined reporting for corporate income tax under certain circumstances. If enact...

NY - Changes enacted in extraordinary Legislative session summarized
The New York Department of Taxation and Finance has issued summaries of the corporate franchise and personal income tax changes enacted by Ch. 56, Laws 2011, during the extraordina...

NC - Over 8,000 taxpayers sign up for DOR’s debt payment program
More than 8,000 taxpayers have signed up for the North Carolina Department of Revenue's Individual Income Tax Debt Payment Program that was unveiled in January 2012. Under the prog...

SC - Use tax reminder issued
The South Carolina Department of Revenue has reminded taxpayers that use tax should be remitted on items purchased from out-of-state vendors or from online retailers for use within...

VA - IRC conformity legislation enacted
For personal income and corporate income tax purposes, Virginia has advanced the Internal Revenue Code (IRC) conformity date from December 31, 2010, to December 31, 2011. Therefore...

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