The Tax Exchange - August 2017
The most common mistake resulting in a state tax protest denial is submitting the filing outside the statutory deadline. Whether it is 15, 30, 45 or 90 days, depending on the state, a number of factors can impact a timely filing.
In some cases, a U.S. taxpayer may have multiple inclusions of income that exceed the total loan amount under an obscure technical tax rule.
The IRS has recently updated the Foreign Account Tax Compliance Act frequently asked questions webpage, giving foreign financial institutions otherwise in compliance with their FFI agreements until Oct. 24, 2017, to renew their agreements in order to continue to be treated as participating FFIs.
Recently, the Ohio Board of Tax Appeals issued a decision addressing the situsing of sales under the state’s Commercial Activity Tax (CAT). In Greenscapes Home and Garden Products, Inc. v. Testa, the board found that an “ultimate destination” test is the key inquiry in determining whether sales of tangible personal property should be sitused to the state.
There are substantial tax differences between a redemption (a partner is redeemed out by the partnership) and a sale of a partnership interest.
On July 28, 2017, the Senate voted against a Republican health care bill known as the Health Care Freedom Act. The Health Care Freedom Act was the Republican’s latest draft of legislation to modify the Affordable Care Act (ACA).