Virginia Offers Hurricane Irma Tax Relief
Virginia will provide tax relief to those individuals and businesses in Florida and Georgia affected by Hurricane Irma. The Department of Taxation offers extensions and…
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Interest Income Was Non-Business Income Not Subject to Apportionment in New Mexico
Interest income from payment-in-kind notes (PIK notes) was non-business income and not apportionable in New Mexico under the Uniform Division of Income for Tax Purposes…
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Affiliated Group Members Allowed to Share NOL Carryovers on Alabama Consolidated Return
The Court of Civil Appeals has affirmed the circuit court in upholding the decision of the ALJ that allowed members of an Alabama affiliated group…
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IRS Pilot Program Expands the Scope of Letter Rulings for Section 355 Transactions (Rev. Proc. 2017-52)
The IRS has introduced a pilot program expanding the scope of letter rulings to include, for a period of time, rulings on the tax consequences…
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Internet Tax Law Rejected by State Supreme Court
A South Dakota law that required out-of-state retailers to collect and remit sales tax on internet sales was struck down by the South Dakota Supreme…
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Interest Paid to Affiliates Was Subject to Alabama’s Addback Requirement
A taxpayer was required to include interest paid to both U.S. and foreign related companies on its Alabama business income tax return. The interest payments…
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Senate ACA Repeal Vote Expected Next Week
Senate Republicans will try once again to repeal and replace the Patient Protection and Affordable Care Act (ACA) (P.L. 111-148) after unsuccessful attempts to repeal this…
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Illinois EDGE Credit Reinstated, Modified
Gov. Bruce Rauner has signed legislation that reinstates the Growing Economy Tax Credit Act (EDGE credit) program until June 30, 2022. In addition, the legislation…
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Alaska’s Foreign Dividends Received Deduction Applied to U.S. Subsidiary
A parent company could deduct 80% of dividends it received from a domestic subsidiary that had less than 20% of its business activity in the…
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Applicable Federal Rates for October 2017 Released (Rev. Rul. 2017-20)
Various prescribed rates for federal income tax purposes for October 2017 have been provided by the IRS. The September 2017 rates can be found here…
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