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Searching Content indexed under Income Tax by Grant Thornton LLP ordered by Published Date Descending.
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1
IRS Provides Filing And Payment Relief For Victims Of Hurricanes Harvey And Irma
The IRS has offered a package of administrative relief for taxpayers affected by Hurricanes Harvey and Irma.
United States
5 Oct 2017
2
Republicans Coalesce Around Unified Framework For Tax Reform
The framework represents a general agreement between the Trump Administration and House and Senate Republican leadership on the major pillars of tax reform.
United States
4 Oct 2017
3
Proposed Regulations Issued On Registration-Required Obligations
The IRS issued proposed regulations (REG-125734-16) that provide guidance related to registration-required obligations that are registered in form.
United States
4 Oct 2017
4
Court Rules That Underwriters' Commissions Paid Upon The Sale Of Stock In An IPO Cannot Be Treated As A Reduction Of Ordinary Income
In Hann v. U.S., 120 AFTR 2d 2017-5518 (2017), the taxpayer, an individual, exercised stock options in his employer's stock that were immediately sold after the exercise as part of an initial...
United States
4 Oct 2017
5
City Of Seattle Approves New Personal Income And Sweetened Beverage Taxes
Over the past two months, the City of Seattle has approved two new taxes.
United States
13 Sep 2017
6
North Carolina Enacts Budget Legislation Reducing Income Tax Rates, Providing Sales Tax Exemptions
During June 2017, the North Carolina legislature passed legislation that included various income tax and sales tax provisions as part of the state budget. Gov. Roy Cooper vetoed the state's budget bill...
United States
8 Sep 2017
7
Senate Democrats Push For Revenue Neutral Tax Reform Outside Reconciliation
Senate Democrats released a public letter last week offering to work with Republicans on tax reform as long as the bill is revenue neutral and does not use the reconciliation process or provide a tax cut...
United States
24 Aug 2017
8
Tax Court Ruling On Redemption Of Partnership Interest By Foreign Partner May Allow For Refund Opportunity
On July 13, 2017, in Grecian Magnesite Mining, Industrial & Shipping Co., SA v. Commissioner, 149 T.C. No. 3 (2017), the U.S. Tax Court held that certain gain recognized by a nonresident partner...
United States
22 Aug 2017
9
Rejecting A Revenue Ruling, Tax Court Rules That Foreign Partner Is Not Subject To U.S. Tax On Redemption Of Partnership Interest
On July 13, 2017, in Grecian Magnesite Mining, Industrial & Shipping Co., SA v. Commissioner, 149 T.C. No. 3 (2017), the U.S. Tax Court held that gain recognized by a nonresident partner...
United States
16 Aug 2017
10
Ohio Enacts Budget Including Expanded Sales Tax Nexus, Municipal Income Tax Changes, And Amnesty Program
The Ohio legislature recently passed biennial budget legislation including several significant tax provisions. Gov. John Kasich signed the bill on June 30, 2017, vetoing several line items.
United States
11 Aug 2017
11
Minnesota Tax Court Holds Definition Of ‘Resident Trust' Unconstitutional As Applied To Inter Vivos Trusts
On May 31, 2017, the Minnesota Tax Court overturned as unconstitutional the taxation of certain trusts as Minnesota "resident trusts" and held that application of the statutory definition of "resident trust"...
United States
10 Aug 2017
12
Michigan Tax Tribunal Finds Passive Holding Company Did Not Have Nexus For Detroit Income Tax
On May 2, 2017, the Michigan Tax Tribunal granted a passive holding company's motion for summary disposition and held that it did not have the requisite nexus with the city of Detroit for purposes of the CDIT.
United States
10 Aug 2017
13
Illinois Enacts Budget Increasing Income Tax Rates, Eliminating Unitary Non-Combination Rule
On July 6, 2017, the Illinois House of Representatives followed the Senate and voted to override Governor Bruce Rauner's veto of S.B. 9, enacting the state's FY 2017-2018 budget after two years...
United States
8 Aug 2017
14
Tax Court Addresses Related Party Rules As Applied For S Corporation Employees Participating In An ESOP
In Petersen v. Commissioner, 148 T.C. No. 22 (June 13, 2017), the Tax Court addressed the application of Section 267(a)(2) to an S corporation that maintains an employee stock ownership plan (ESOP).
United States
28 Jul 2017
15
Treasury Identifies Eight Regulations Subject To Modification And Potential Repeal
The Treasury Department on July 7 issued Notice 2017-38 which identifies eight regulations — including those issued under Section 385 — that could be subject to some reform, including modification...
United States
21 Jul 2017
16
House Passes Mobile Workforce And Nuclear Tax Credit Legislation
The provision is largely aimed at supporting two current construction projects that have faltered, but Senate tax writers have made no commitment to pass the bill.
United States
6 Jul 2017
17
Tennessee Enacts Single Sales Factor Apportionment For Manufacturing Businesses, Provides Hall Income Tax Phase-Out Schedule
On April 26, 2017, Tennessee Governor Bill Haslam signed the "Improving Manufacturing, Public Roads and Opportunities for a Vibrant Economy (IMPROVE) Act" or the "2017 Tax Cut Act"...
United States
30 Jun 2017
18
New York Budget Bill Closes Tax Loopholes, Extends Top Personal Income Tax Rate
On April 10, 2017, New York enacted its 2017-18 budget legislation which extends the state's top personal income tax rate for an additional two years and closes several tax loopholes.
United States
29 Jun 2017
19
New Jersey Tax Court Holds Gains From Deemed Asset Sale Of S Corporation Constitutes Non-Operational Income
The New Jersey Tax Court has held that the gain from a deemed asset sale was non-operational income and therefore not subject to apportionment.
United States
29 Jun 2017
20
California FTB Clarifies Apportionment Following Corporate Ownership Changes, S Corporation Built-In Gains
In April 2017, the California Franchise Tax Board issued two Technical Advice Memoranda which clarify certain matters for apportioning taxpayers.
United States
27 Jun 2017
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