CRS examines how new 3.8 percent Medicare tax will apply to home sales
The Congressional Research Service (CRS) recently highlighted the new 3.8 percent Medicare contribution tax (The 3.8 percent Medicare Contribution Tax on Unearned Income, Including Real Estate ...
Draft form for calculating small employer health insurance tax credit released
The IRS has posted a draft version of Form 8941, Credit for Small Employer Health Insurance Premiums, on its web site for small employers to use to calculate the new health insurance tax credit und...
Hours “on call” won't avoid passive activity limits
The amount of time a taxpayer was “on-call” does not count as time spent on his real estate rental properties and cannot be used to avoid the passive activity loss (PAL) limits, the Tax...
Imminent bar on reimbursement of over-the-counter drug purchases highlighted
Purchases of over-the-counter medicines and drugs made after December 31, 2010 without a prescription will no longer be reimbursed by health flexible spending accounts (FSAs) or health reimbursemen...
IRS issues interim guidance on codification of the economic substance doctrine
In surprising development, the IRS has provided interim guidance on the recent codification of the economic substance doctrine as provided for under the Health Care and Education Reconciliation Act...
IL - Electronic data transfers not taxable; 1-800 numbers subject to telecommunications tax
Sales of services that involve the electronic transfer or downloading of information or data are not subject to Illinois retailers' occupation (sales) and use tax because the electronic transfer or...
IN - Refund claim not allowed for tax paid under amnesty; various exemptions discussed
A retailer could not seek a refund on an Indiana sales tax liability that was paid under a tax amnesty program because the amnesty program requires that taxpayers relinquish all rights to protest a...
IA - Disaster relief information summarized
The Iowa Department of Revenue has issued a release informing Iowa taxpayers that the Iowa state tax treatment of any financial assistance received for 2010 disaster relief will be driven by the fe...
MI - Company's president personally responsible for tax liability
A company's president and chairman of the board was personally responsible for the company's 2001 Michigan personal income tax withholding liability. For the September 2001 withholding tax liabilit...
MN - Capital loss carryover not permitted to offset capital gain income
For personal income tax purposes, the Minnesota Tax Court has determined that the Commissioner of Revenue properly refused to permit nonresident taxpayers to deduct non-Minnesota-based carryover losse...
OH - Look-back period added for voluntary disclosure agreements
The Ohio Department of Taxation has updated an information release to include a look-back period for voluntary disclosure agreements (VDA) with regard to the commercial activity tax (CAT). Beginning J...
PA - Post-amnesty enforcement effort yields back taxes
Stepped-up enforcement efforts by the Pennsylvania Department of Revenue (DOR) have resulted in recovery of nearly $1.4 million in back taxes since the state's recent amnesty period ended on June 1...
WI - Various publications updated
The Wisconsin Department of Revenue has released updated versions of several personal income tax publications.
Although the department recently updated Publication CO-001, regarding ...
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