Tax Alerts

Tax Briefing(s)

White House Budget

2012 Tax Year-in-Review

American Taxpayer Relief Act of 2012

Overall individual taxpayer audit rate drops for fiscal year 2012, along with IRS budget
The IRS recently issued its annual Data Book for fiscal year (FY) 2012, which provides the most recent statistical information on examinations, collections and other activities. The IRS's compariso...

Report describes seasonal workers, variable hour employees under healthcare reform’s Employer Mandate
The Patient Protection and Affordable Care Act (PPACA) requires certain “applicable large employers” that do not offer affordable, minimum essential health care coverage to their full-t...

Shareholder must reduce basis in S corp in first year basis adequate to absorb suspended losses
The U.S. Court of Appeals for the District of Columbia Circuit recently affirmed the Tax Court's decision that the Tax Code requires a married couple to reduce their basis in an S corp to account f...

IRS issues final rules on broker reporting of debt instruments and options
The IRS has issued final, temporary and proposed regulations on the requirement that brokers report the basis of debt instruments and options that they sell on behalf of customers. The regulations ...

Medical clinic’s “advances” to newly hired physicians were compensation and not loans
A medical clinic attempted to avoid its liability for employment taxes on compensation paid to newly hired physicians by classifying the payments as "loans." The clinic offered the loans in the amo...

CT - Audit examination policy for retail transactions discussed
The Connecticut Department of Revenue Services has established a policy to minimize the potential multiple taxation of retail sales where audit examinations of a retailer and of a retail customer d...

MA - Guidance provided for taxpayers affected by Boston marathon explosions
The Massachusetts Department of Revenue has provided additional guidance regarding the automatic extensions of time granted to taxpayers affected by the Boston Marathon explosions ...

NJ - Proposed amendments to sourcing of services rule discussed
The New Jersey Division of Taxation has proposed to amend the corporate business tax rule addressing the sourcing rules for services performed in the state. The new rule would appl...

NY - Nuclear power plant operator not entitled to investment tax credits
In a New York corporate franchise tax case, a taxpayer that operated nuclear power plants was not entitled to investment tax credits (ITCs) and other related credits with respect t...

PA - Philadelphia amends interest, penalty, other provisions
Effective January 1, 2014, Philadelphia interest rate and penalty provisions on unpaid taxes are amended. In addition, effective April 17, 2013, limitations provisions regarding ac...

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