CCH TAX NEWS HEADLINES - OCTOBER 25, 2011

CCH TAX NEWS HEADLINES - OCTOBER 25, 2011

_Individual Liable for Penalties for Improper Withholding and Fraud (May, TC)_

Posted on _10/25/2011_ by _CCH_ An individual was liable for fraud penalties due to underpayments based on falsely claiming tax credits for withholding funds that were not paid over to the government. The taxpayer was an employee and president of a corporation, with sole responsibility ? _Continue reading ?_ Posted in _Federal Tax Headlines_ |Comments Off

_IRS Proposes Regulations Eliminating De Minimis Partner Rule (NRPM REG-109564-10)_

Posted on _10/25/2011_ by _CCH_ Proposed regulations issued by the IRS would eliminate the de minimis partner rule by removing Reg. §1.704-1(b)(2)(iii)(e) because the rule may have resulted in unintended tax consequences. Under the allocation rule of Code Sec. 704(a), a partner?s distributive share of ? _Continue reading ?_ Posted in _Federal Tax Headlines_ |Comments Off

STATE TAX HEADLINES - OCTOBER 25, 2011 _Nevada ~ Sales and Use Tax: Tax Commission Improperly Substituted Its Own Judgment_

Posted on _10/25/2011_ by _CCH_ The Nevada Supreme Court held that the Tax Commission improperly substituted its own judgment for that of an administrative law judge in reversing the judge?s determination that the taxpayer was entitled to a sales and use tax refund. The taxpayer ? _Continue reading ?_ Posted in _State Tax Headlines_ |Comments Off _California ~ Insurance Tax: Nonadmitted Insurance Tax Information Provided_ Posted on _10/25/2011_ by _CCH_ The California Franchise Tax Board (FTB) notes that policyholders who directly purchase or renew an insurance contract during the calendar quarter from an insurance company that is not authorized to transact insurance business in California may be required to pay ? _Continue reading ?_ Posted in _State Tax Headlines_ |Comments Off

_Individual Liable for Penalties for Improper Withholding and Fraud (May, TC)_

Posted on _10/25/2011_ by _CCH_ An individual was liable for fraud penalties due to underpayments based on falsely claiming tax credits for withholding funds that were not paid over to the government. The taxpayer was an employee and president of a corporation, with sole responsibility ? _Continue reading ?_ Posted in _Federal Tax Headlines_ |Comments Off

_IRS Proposes Regulations Eliminating De Minimis Partner Rule (NRPM REG-109564-10)_

Posted on _10/25/2011_ by _CCH_ Proposed regulations issued by the IRS would eliminate the de minimis partner rule by removing Reg. §1.704-1(b)(2)(iii)(e) because the rule may have resulted in unintended tax consequences. Under the allocation rule of Code Sec. 704(a), a partner?s distributive share of ? _Continue reading ?_ Posted in _Federal Tax Headlines_ |Comments Off