CCH TAX NEWS HEADLINES - OCTOBER 2, 2011

CCH TAX NEWS HEADLINES - OCTOBER 2, 2011 _Parent and Subsidiary Corporations Were Same Taxpayer Under Interest Netting Rules (Magma Power Company, FedCl)_

Posted on _11/02/2011_ by _CCH_ The parent of a consolidated group and one of its subsidiaries were the same taxpayer for purposes of the interest netting rules in Code Sec. 6621(d) to the extent that the consolidated group?s overpayment could be traced to the subsidiary. ? _Continue reading ?_ Posted in _Federal Tax Headlines_ |Comments Off _Petition for Redetermination Timely Filed; Deposited in U.S. Mail on Last Day (Quarterman, TCM)_ Posted on _11/02/2011_ by _CCH_ The Tax Court had jurisdiction over a petition for redetermination a taxpayer mailed from Germany using Deutsche Post registered airmail service. Although there was no U.S. postmark on the envelope containing the petition, the foreign postmark was clear and once ? _Continue reading ?_ Posted in _Federal Tax Headlines_ |Comments Off STATE TAX HEADLINES

_Rhode Island ~ Corporate Income Tax: Proposed Combined Reporting Rule Released_

Posted on _11/02/2011_ by _CCH_ The Rhode Island Division of Taxation has released a proposed corporate income tax rule for the pro forma combined reporting requirement that is in effect for tax returns filed for tax years beginning after 2010 but before

2013. The pro forma combined ? _Continue reading ?_ Posted in _State Tax Headlines_ |Comments Off

_North Carolina ~ Multiple Taxes: DOR Announces Changes to Voluntary Disclosure Program_

Posted on _11/02/2011_ by _CCH_ The North Carolina Department of Revenue (DOR) has announced changes to its Voluntary Disclosure Program (VDP) that will result in more taxpayers being able to participate. Effective November 1, 2011, taxpayers will only be required to file past due returns ? _Continue reading ?_ Posted in _State Tax Headlines_ |Comments Off

_Illinois ~ Sales and Use Tax: Repeal of Click-Through Nexus Laws Introduced_

Posted on _11/02/2011_ by _CCH_ A bill has been introduced in the Illinois House that would repeal the use and service use tax collection responsibilities for out-of-state sellers that have click-through nexus with Illinois. The repeal would be effective the first day of the first ? _Continue reading ?_ Posted in _State Tax Headlines_ |Comments Off