CCH TAX NEWS HEADLINES - OCTOBER 28, 2011

CCH TAX NEWS HEADLINES - OCTOBER 28, 2011

_IRS Could Adjust Open Tax Year to Account for Income from Closed Years; Related S Corporations? Income and Deductions Adjusted Due to Change in Accounting Method (Bosamia, CA-5)_

Posted on _10/28/2011_ by _CCH_ The IRS?s disallowance of an S corporation?s account payable deduction under Code Sec. 267(a)(2) effected a change in the corporation?s method of accounting for purposes of Code Sec. 481. Thus, the married sole shareholders? income from an open year that ? _Continue reading ?_ Posted in _Federal Tax Headlines_ |Comments Off

_Contract-for-Deed Was Purchase for Purposes of the First-Time Homebuyer Credit; Home Was Principal Residence Despite Taxpayer?s Failure to Occupy It Pending Renovations (Woods, Jr., TC)_

Posted on _10/28/2011_ by _CCH_ A pro se taxpayer who took possession of a home in 2008 under a contract for deed was entitled to the first-time homebuyer credit even though he had yet to occupy the home. While he would not obtain legal title ? _Continue reading ?_ Posted in _Federal Tax Headlines_ |Comments Off STATE TAX HEADLINES

_District of Columbia ~ Sales and Use Tax: Complaint States Claim That Online Travel Company Transactions Are Taxable Retail Sales_

Posted on _10/28/2011_ by _CCH_ The District of Columbia Superior Court held that the alleged business model of numerous online travel companies (OTCs) constitutes taxable retail sales of hotel rooms for sales tax purposes. The OTCs purchase hotel rooms from hotel operators and sell them ? _Continue reading ?_ Posted in _State Tax Headlines_ |Comments Off

_Connecticut ~ Multiple Taxes: Jobs Bill Creates New Credit, Encourages Investment_

Posted on _10/28/2011_ by _CCH_ Connecticut Gov. Dannel Malloy has indicated that he will sign legislation passed by the General Assembly that makes several changes to the corporation business, personal income, insurance premiums, and property tax laws. Among other things, the legislation replaces three existing ? _Continue reading ?_ Posted in _State Tax Headlines_ |Comments Off

_CCH Webinar: Multistate Taxation of e-Commerce Scheduled for November 3_

Posted on _10/28/2011_ by _CCH_ CCH Tax and Accounting is hosting a live two-hour Webinar, Multistate Taxation of e-Commerce, on Thursday, November 3, 2011, at 1 p.m. Eastern; noon Central; 11 a.m. Mountain; 10 a.m. Pacific. This two-hour CCH Webinar, presented by noted state tax ? _Continue reading ?_ Posted in _State Tax Headlines_ |Comments Off