CCH TAX NEWS HEADLINES - NOVEMBER 1, 2011

CCH TAX NEWS HEADLINES - NOVEMBER 1, 2011

_Procedure Provides Address for HUD, State HFA Information Reporting Statements (Rev. Proc. 2011-55)_

Posted on _11/01/2011_ by _CCH_ The IRS has released a procedure that specifies the address to which state housing finance agencies (state HFAs) and the Department of Housing and Urban Development (HUD) should send the information reporting statements described in Notice 2011-14, I.R.B. 2011-1, 1, ? _Continue reading ?_ Posted in _Federal Tax Headlines_ |Comments Off

_Regs Issued Extending Religious and Family Member FICA and FUTA Exceptions to Disregarded Entities (T.D. 9554; NRPM REG-136565-09)_

Posted on _11/01/2011_ by _CCH_ The IRS has issued final, temporary and proposed regulations extending the religious and family member Federal Insurance Contributions Act (FICA) and Federal Unemployment Tax Act (FUTA) exceptions to disregarded entities. The temporary regulations also clarify the existing rule that the ? _Continue reading ?_ Posted in _Federal Tax Headlines_ |Comments Off STATE TAX HEADLINES _Michigan ~ Sales and Use Tax: U.S. Supreme Court Asked to Review Retroactive Application of Law Change Barring Refunds_ Posted on _11/01/2011_ by _CCH_ An automobile manufacturer has asked the U.S. Supreme Court whether an eleven-year retroactive application of a Michigan use tax amendment unconstitutionally impairs the manufacturer?s rights in violation of the Takings and Due Process Clauses of the U.S. Constitution. The manufacturer ? _Continue reading ?_ Posted in _State Tax Headlines_ |Comments Off

_Texas ~ Corporate Income Tax: Constitutional Challenge to Franchise Tax Filed_

Posted on _11/01/2011_ by _CCH_ A group of taxpayers has filed an original petition in the Texas Supreme Court claiming that the Texas franchise tax is unconstitutional. The taxpayers argue that the tax: ? violates the Texas Constitution both facially and as applied because ? _Continue reading ?_ Posted in _State Tax Headlines_ |Comments Off