All States ~ Corporate Income Tax: Public Hearings to Be Held on Proposed Amendments to Multistate Tax Compact’s Corporate Apportionment Provisions

The Multistate Tax Commission has scheduled two hearings to receive public comment on the Commission’s proposed amendments to the Multistate Tax Compact’s Article IV, governing the division of income for multistate taxpayers. Professor Richard Pomp of the University of Connecticut School of Law will be the public hearing officer.

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CCH Weekly Report from Washington, D.C.

House Ways and Means Chairman Dave Camp, R-Mich., released draft legislation to change the taxation of financial instruments as part of his effort to pass comprehensive tax reform in 2013. House lawmakers approved legislation that would raise the federal borrowing limit through May 19. Meanwhile, Senate Majority Leader Harry Reid, D-Nev., laid out the Senate legislative priorities for the 113th Congress. The IRS Exempt Organizations (EO) Division released its annual report on fiscal year (FY) 2012 on January 25 while the Department of Justice (DOJ) filed a motion asking the U.S. District Court for the District of Columbia to suspend its injunction halting the IRS’s regulation of tax return preparers either pending resolution of an appeal or for 14 days to allow the government to seek relief from the Court of Appeals.

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Minnesota ~ Multiple Taxes: Process for Supreme Court Review Clarified

The Minnesota Supreme Court has granted the respondent’s motion to dismiss the petition for writ of certiorari in a corporate franchise tax case because the petition was untimely. In doing so, the court clarified the process for appeals by the court under §271.10 (subd. 2), Minn. Stats., which allows a party to seek review of a final order of the tax court by obtaining a writ of certiorari from the Minnesota Supreme Court within 60 days after “notice of the making and filing of the order” of the tax court. In the case examined by the court, the tax court issued Findings of Fact, Conclusions of Law (which included a stay for 15 days to allow the parties to consider whether to move for rehearing, amended findings, or a new trial), and Order for Judgment reversing an order of the Minnesota Commissioner of Revenue in a corporate franchise tax case on August 20, 2012.

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IRS Provides Guidance on Principal Reduction Alternative in Home Affordable Modification Program (IR-2013-8; Rev. Proc. 2013-16)

The IRS has issued guidance for borrowers, mortgage loan holders and loan servicers who are participating in the Principal Reduction Alternative offered through the Home Affordable Modification Program (HAMP-PRA), a program offered by the Departments of Treasury and Housing and Urban Development. Treasury and HUD established HAMP to help financially distressed homeowners lower their monthly mortgage payments.

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