Michigan Warns of Debt Payment Scam
The Michigan Department of Treasury warns taxpayers about a debt payment scam aimed at individuals. Under the scam, people try to pay their state government…
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Weekly Report from Washington, D.C.
Congress is on its August recess. The IRS cautioned tax professionals to be alert for account takeovers by cybercriminals. The Service also announced an upcoming…
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IRS Issues Guidance REITS and RICs Stock Distributions (Rev. Proc. 2017-45)
The IRS has issued guidance on stock distributions by real estate investment trusts (REITs) and regulated investment companies (RICs). The IRS will treat stock distributions…
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Asset/Liability Percentages and Investment Yields for Foreign Insurance Companies Provided (Rev. Proc. 2017-44)
The IRS has provided the domestic asset/liability percentages and domestic investment yields needed by foreign life insurance companies and foreign property and liability insurance companies…
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Oregon Credits Enacted, Amended, Extended
Oregon Gov. Kate Brown has signed the biennial tax credit bill creating two new credits and amending and extending existing corporate excise (income) and personal…
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Oregon Permits Local Affordable Rental Exemption
Oregon counties and cities may adopt ordinances establishing a property tax exemption for “eligible rental property” for households with an annual income at or below…
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More Credits For Oregon S Corps, Individuals
Oregon Gov. Kate Brown has signed legislation amending corporate excise (income) tax credits that can be claimed by S corporation owners and the Working Family…
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Business Entitled to Fees Incurred After Qualified Offer (C1 Design Group, LLC, DC Idaho)
A design business was not entitled to litigation and administrative costs that were incurred before it made a qualified offer. Although the taxpayer was a…
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IRS Issues Reminder Regarding Highway Use Tax Return Due Date (IR-2017-129)
Truckers and other owners of heavy highway vehicles are reminded that the next federal highway use tax return is due on Thursday, Aug. 31, 2017.…
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Foreign Disregarded Entity Income Included in Minnesota Income
The Minnesota Supreme Court held that the income of a foreign entity owned by a C Corporation is included in the corporation’s income when the…
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