Probably not as many people as want to be a millionaire.
The IRS has established a new procedure for issuing estate tax closing letters. For all federal estate tax returns filed on or after June 1, 2015, estate tax closing letters will be issued only upon request by the taxpayer.
In addition to taxing most real property, the North Carolina General Statutes also tax business personal property.
The sound you may have heard recently was the sigh of relief when the IRS announced Revenue Procedure 2015-32.
More Than Just a Little Bit – New Jersey Division of Taxation Says Convertible Virtual Currency Transactions, Like Bitcoins, Are Subject to State Sales and Use Tax, Corporation Business Tax and Gross Income Tax
The New Jersey Division of Taxation has issued a technical advisory memorandum (TAM) explaining New Jersey’s tax position that transactions involving convertible virtual currency— “electronic/digital money” with an equivalent or substitute value in real currency, such as bitcoins—are subject to state tax liability, including sales and use tax, corporation business tax and gross income tax.
On June 18, 2015, a bill (S.B. 141) was unanimously approved by the Delaware Senate that would place limits on the look-back period and permanently extend the Voluntary Disclosure Agreement (VDA) program.
In a closely followed case, a Florida district court of appeal held that a proposed assessment is not an assessment for statute of limitations purposes.
Although it appears that rules governing the political activities of 501(c)(4) organizations will be some time in coming, the IRS recently provided some new insights into how 501(c)(3) organizations can – and cannot – interact with the political world.
In new CCA 201525010, the IRS addressed the issue of whether a general “exculpatory” debt of an LLC is recourse or non-recourse for purposes of classifying debt-relief as potential cancellation of debt (COD) income.
Why is it that payments for naming rights for projects financed by tax-exempt bonds are treated as giving rise to private business use but those same payments made to a tax-exempt organization do not give rise to unrelated trade or business income?