International

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Texas ~ Corporate Income Tax: Store Selling Flooring and Flooring Plus Installation Was Retailer for Tax Purposes

A corporation (taxpayer) that described itself as a retail floor covering store was entitled to calculate its Texas taxable margin at the 0.5% rate because it was primarily engaged in retail trade activities. The Texas Comptroller’s audit examiner had determined that the taxpayer was a contractor, not a retailer, and should pay the tax at the 1% rate.

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IRS to Provide Estimated Tax Penalty Relief to Farmers and Fishermen (IR-2013-7)

The IRS announced that it will issue guidance in the near future to provide relief from the estimated tax penalty for farmers and fishermen unable to file and pay their 2012 taxes by the March 1 deadline due to the delayed start for filing tax returns. Under the guidance to be issued, farmers or fishermen who miss the March 1 deadline will not be subject to the penalty if they file and pay by April 15, 2013.

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Maine ~ Corporate, Personal Income Taxes: Conformity With Federal American Taxpayer Relief Act Discussed

Maine Revenue Services (MRS) has issued a Tax Alert indicating that Governor Paul LePage will propose legislation that would conform Maine’s income tax law to the federal American Taxpayer Relief Act of 2012 (ATR) to the extent that it impacts tax years beginning in 2012 and to the extent that Maine law does not already deviate from the ATR. Conformity to the federal tax law changes will require legislative action. Maine tax forms and instructions for 2012, which have already been issued, are consistent with the Governor’s proposal on 2012 tax conformity issues.

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