IRS Clarifies Treatment of Refunds with New SALT Limits The IRS has provided four examples of the interaction of the new limit on the deduction on state and local taxes (SALT) under Code Sec. 164(b)(6) with the tax benefit rule for refunds under&...
Plug-In Electric Vehicle Credit to Phase Out for GM Vehicles The tax credit for new qualified plug-in electric drive motor vehicles sold by General Motors, LLC, will begin to phase out April 1, 2019. The credit begins to phase out in the second calendar quarter...
2019 Foreign Housing Expense Limitations Released The IRS has provided the adjustments to the limitation on foreign housing expenses for specific locations for tax year 2019. Generally, a qualified individual whose entire tax year is within the appli...
IRS Revises EIN Application Process As part of its ongoing security review, the IRS is revising the application process for obtaining an employer identification number (EIN). Starting May 13, 2019, only individuals with social security ...
IRS Issues 2018 Nonconventional Source Fuel Reference Price The IRS has published the nonconventional source fuel reference price for calendar year 2018. The credit period for the nonconventional source production credit under Code Sec. 45K ended on ...
NJ - New Jersey issues IRC 163(j) limitation guidance New Jersey has informed corporation business taxpayers that it does not require a modification to the overall calculation of the IRC Sec. 163(j) limitation or the income reported on line 28 for federa...
NY - Taxpayer properly claimed empire state film production credit For corporate and personal income tax purposes, a New York state taxpayer properly claimed empire state film production credit claim for the 2007 tax year. In this matter, the taxpayer filed a protest...
PA - Imposition of business privilege taxes upheld For corporate income tax purposes, the Pennsylvania Commonwealth Court determined that the state law does not preempt a municipality from imposing a fee on businesses operating within its boundaries. ...
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