Latest COST Conscious

ISSUE 24-08; April 19, 2024

State Corporate Income Tax Filing Methods (Part 1) – In recent years, many states have either changed or considered changing their default corporate tax filing. New Jersey adopted water’s-edge combined reporting in 2019 only to come back in 2023 with a proposal to allow the Director of Tax to “decombine” taxpayers. Maine, New Hampshire, and Vermont have studied the implementation of mandatory worl

Latest Practitioner Connection

ISSUE 24-09; April 26, 2024

The Advantages of Litigating Tax Disputes – Most often, state and local tax litigation follows the escalation of an administrative controversy from the denial of a protest, refund claim, or other tax agency determination. While there are times when litigation is the only remaining option, the decision whether or not to proceed with litigating a tax case is often a strategic one. Of course, prevail

BLOOMBERG TAX

IRS Issues 401(k) Disaster Relief Guidance FAQ Under SECURE 2.0

May 03, 2024

A landmark federal retirement law allows for special purpose distributions of up to $22,000 of qualified disaster recovery distributions from eligible 401(k), 403(b), and IRA plans, the IRS said in a new fact sheet.

Taxpayer Advocate Sees Rise in Requests for Covid Credit Help

May 03, 2024

The Taxpayer Advocate Service is seeing an uptick in taxpayers who want help with their employee retention credit claims, National Taxpayer Advocate Erin Collins said Friday.

Finalized IRS Estate Tax Regulations Expected This Summer

May 03, 2024

The Treasury Department and IRS are gearing up to drop several regulations related to estate and gift taxes in the next few months.

Wyden Seeks Life for Stalled Tax Bill With FAA Legislation

May 03, 2024

Senate Finance Chair Ron Wyden (D-Ore.) is pushing for inclusion of a House-passed tax bill on the Federal Aviation Administration reauthorization bill that lawmakers in his chamber will take up soon.

Florida Tax Shop Sued for Fraudulent Deductions, False Returns

May 03, 2024

The government is seeking to bar a Florida man and his business from preparing federal tax returns after accusing them of doctoring thousands of returns, according to a complaint Friday.

UN Committee Picks Possible Topics for Global Tax Treaty Talks

May 03, 2024

A United Nations committee selected a list of possible topics Friday to be covered in future negotiations for a UN tax treaty.

IRS Sends Out 180,000 Reminders to Taxpayers Who Need to File

May 03, 2024

The IRS has sent over 180,000 reminder notices to taxpayers across income levels who haven't filed their taxes—the latest update on its effort to recoup taxes owed following the pandemic and a flush of new funds.

Work Wrapping Up on Global Transfer Pricing Rule Definitions

May 03, 2024

Countries are still working on outstanding definitions in OECD rules meant to simplify the transfer pricing method for some marketing and distribution transactions, a US delegate to the organization said Friday.

Focus on Rule Details to Grow if Chevron Loses, PBGC Lawyer Says

May 03, 2024

The top lawyer for the Pension Benefit Guaranty Corporation said she would encourage the agency to take an even more deliberate approach to explaining the rules it promulgates if the US Supreme Court weakens its Chevron doctrine in a ruling expected in the coming months.

California Set for Dues Cut to Stay in Multistate Tax Agency (1)

May 03, 2024

No Multistate Tax Commission member would have to pay dues of more than 15% of total state assessments—a consideration designed primarily to benefit California—under a proposed bylaws change scheduled for approval later this year.