Tax Alerts

Tax Briefing(s)

White House Budget

2012 Tax Year-in-Review

American Taxpayer Relief Act of 2012

IRS releases 2013 auto and truck maximum fair market value amounts for calculating fringe benefit income
The IRS recently issued the maximum fair market value (FMV) amounts that are used to determine the proper valuation rule for employees calculating fringe benefit income from employer-provided autom...

Trustee's activities as president/shareholder were disregarded in determining trusts' material participation
In a recently issued technical advice memorandum (TAM), the IRS Chief Counsel concluded that two trusts had not materially participated in the activities of two S Corps. Although an individual who ...

IRS issues final rules on elections for qualified stock dispositions under Code Sec. 336(e)
The IRS has issued final regulations under Code Sec. 336(e) that allow taxpayers to elect to treat the sale, exchange, or distribution of at least 80 percent (by vote and value) of a corporation's ...

U.S., U.K. and Australia combat offshore tax evasion in a joint effort
The U.S. and the tax authorities of the United Kingdom and Australia recently announced a plan to share tax information involving companies and trusts holding offshore assets of taxpayers under the...

IRS issues statement clarifying its policy on obtaining search warrants
The IRS has announced that it will obtain a search warrant in all cases when seeking the contents of emails from internet service providers (ISPs). The announcement comes after the agency has been ...

IRS issues 2013 adjusted foreign housing allowances
The IRS has released adjustments to the limitation on housing expenses under Code Sec. 911 for tax years beginning on or after January 1, 2013. The maximum inflation-adjusted standard cost allowanc...

CA - Low-income housing credit regulations amended
Amendments made to the California Tax Credit Allocation Committee (CTCAC) regulations governing the low-income housing credits against personal income, corporation franchise and in...

IL - Sales for resale discussed
The Illinois Department of Revenue has issued a general information letter discussing sales for resale for sales and use tax purposes. When an Illinois retailer sells tangible pers...

IN - Legislation amends certain assessed value growth quotient provisions
Legislation is enacted that removes an exception in current law concerning how the assessed value growth quotient is calculated for civil taxing units in Lake County, Indiana, whic...

IA - Innovation fund investment credit amended
Legislation has been adopted that amends the innovation fund investment credit, retroactive to January 1, 2013, available against the Iowa franchise and corporation and personal in...

MI - Rules amended to conform to current law
The Michigan Department of Treasury has amended and repealed several sales and use tax rules in order to conform to current law.Sales tax licenses: R205....

MN - Taxpayer’s notice of appeal dismissed for lack of timely filing
The Minnesota Supreme Court has determined that the Tax Court did not err when it dismissed a taxpayer's appeal of an assessment for unpaid personal income taxes and interest becau...

OH - Liability of corporation and officer upheld
The Ohio Board of Tax Appeals (BTA) affirmed the decisions by the Ohio Tax Commissioner finding a corporation liable for failure to timely remit its full employer tax withholding l...

WI - Publication for schools issued
The Wisconsin Department of Revenue has issued a sales and use tax publication for public, private, and parochial elementary and secondary schools. The publication notes that sales...

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