CCH Tax News Headlines - September 27, 2011

CCH Tax News Headlines - September 27, 2011 _Spouse Entitled to Innocent Spouse Relief Regarding Disallowed Gambling Losses (Harbin, TC)_

Posted on _09/27/2011_ by _CCH_ An individual was entitled to relief under Code Sec. 6015(b) from liability for deficiencies that were attributable to his former wife?s gambling activities. The taxpayer prepared and filed their joint return based on discussions with, and records kept by, his ? _Continue reading ?_ Posted in _Federal Tax Headlines_ | _Leave a comment_ _Senate Approves Stop-Gap Funding Measure_ Posted on _09/27/2011_ by _CCH_ The Senate, in the evening of September 26, passed, by a vote of 79 of 12, a temporary stop-gap funding measure that reflects a bipartisan agreement made earlier in the day to keep the government agencies funded until November 18, ? _Continue reading ?_ Posted in _Federal Tax Headlines_ | _Leave a comment_ New State Tax Information _New Jersey ~ Personal Income Tax: Guidance on Alternative Business Loss Deduction Provided_ Posted on _09/27/2011_ by _CCH_ Pending draft regulations, the New Jersey Division of Taxation has issued preliminary guidance regarding the alternative business loss deduction from gross (personal) income taxes enacted by Ch. 60 (S.B. 2754), Laws 2011. As previously reported (TAXDAY, 2011/5/02, S.21), for tax ? _Continue reading ? _ Posted in _State Tax Headlines_ | _Leave a comment_

_North Carolina ~ Corporate Income Tax: Recently Enacted Forced Combination Provisions Clarified_

Posted on _09/27/2011_ by _CCH_ Amendments clarify the effective date of the recently enacted North Carolina corporate income tax provisions that were contained in H.B. 619 (TAXDAY,

2011/07/15, S.30; TAXDAY, 2011/07/06, S.37) and that outline the procedures the Department of Revenue must file prior to ? _Continue reading ?_ Posted in _State Tax Headlines_ | _Leave a comment_

_California ~ Corporate, Personal Income Taxes: Application of Net Operating Loss Suspension Rules Clarified_

Posted on _09/27/2011_ by _CCH_ The application of the California personal income tax and corporation franchise and income tax net operating loss (NOL) suspension rules is clarified in a legal ruling issued by the California Franchise Tax Board. California? s NOL deduction has been suspended during ? _Continue reading ?_ Posted in _State Tax Headlines_ | _Leave a comment_