Tax Headlines

1827

California ~ Unclaimed Property: Review Sought for Eleventh Amendment Claim Summary Judgment

Individuals have asked the U.S. Supreme Court to review a ruling that a federal §1983 claim that the California Controller disobeyed the state unclaimed property law was barred by the Eleventh Amendment because the claim was premised solely on compliance with state law. In its not-for-publication memorandum, the U.S. Court of Appeals for the Ninth Circuit affirmed summary judgment on the Eleventh Amendment and the resulting summary judgment of several related claims. (TAXDAY, 2012/06/19, S.4 )

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Identity Theft, Efficiency and Outreach Top November 2012 IRSAC Recommendations (IR-2012-92)

The IRS should continue to combat identity theft, even if doing so results in delayed tax returns, reported the Internal Revenue Service Advisory Committee (IRSAC) at its November 12 public meeting in Washington, D.C. Other key points of focus included increasing educational outreach on complicated tax issues, improving website materials on the IRS website (http://www.irs.gov ), and increasing the efficiency of audit procedures and information reporting, stated the chairs of the four IRSAC subgroups (Office of Professional Responsibility, Large Business & International, Wage & Investment, and Small Business/Self-Employed).

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Delaware ~ Unclaimed Property: Website Launched for Unclaimed Property Voluntary Disclosure Agreement Program

As part of Delaware’s new unclaimed property voluntary disclosure agreement (VDA) program signed into law by Gov. Jack Markell (TAXDAY, 2012/07/19, S.4 ), the Delaware Secretary of State has launched a new website (www.DelawareVDA.com ) to help Delaware registered companies comply with their past-due unclaimed and abandoned property obligations. Instead of a multi-year audit, the program is designed to allow companies to receive a full release of all past due unclaimed property liability in nine months.

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California ~ Corporate Income Tax: FTB Files Petition for Review of Gillette Decision

The Franchise Tax Board (FTB) has filed a petition with the California Supreme Court to review the Court of Appeal’s decision in Gillette v. FTB , in which the appellate court held that taxpayers had a right to elect to use the Multistate Tax Compact’s equally-weighted apportionment formula for purposes of apportioning their net income to determine their California corporation franchise and income tax liability.

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Obama Leaves Door Open on Raising Tax Rates

President Obama on November 14 signaled that he might be flexible on tax rate increases for the wealthy but was adamant that he would protect the middle class. His statement came two days before he enters negotiations with congressional leaders on a path to avoid draconian cuts to defense and a dramatic tax hike across the board.

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