A taxpayer’s sales other than sales of tangible personal property were properly excluded from the Michigan sales factor numerator under the former single business tax (SBT), ruled the Michigan Court of Appeals.
An estimated tax underpayment penalty will not be imposed against taxpayers who underpay their estimated California personal income taxes to the extent that the underpayment was created or increased as a result of the personal income tax rate increases just approved by the voters with the passage of Proposition 30 (TAXDAY, 2012/11/08, S.5 ).
After winning reelection on November 6, President Obama invited the leadership of the GOP-controlled House and Democratic controlled Senate to a White House meeting during the week of November 12 to address the so-called fiscal cliff.
More fraudulent returns are being filed but the IRS doing better job at stopping fraud, the Treasury Inspector General for Tax Administration (TIGTA) reported on November 9. “As of April 2012, the IRS prevented the issuance of $6.1 billion in fraudulent refunds,” a TIGTA official told reporters at a news conference in Washington, D.C., highlighting TIGTA’s review of the 2012 filing season. TIGTA also discovered growth in the use of IRS social media.
President Obama invited congressional leaders from both parties to the White House during the week of November 12 to negotiate a plan to avoid the so-called “fiscal cliff” of year-end expiring tax cuts and across-the-board domestic and military spending cuts in 2013.