Tax Alerts

Tax Briefing(s)

White House Budget

2012 Tax Year-in-Review

American Taxpayer Relief Act of 2012

Overall individual taxpayer audit rate drops for fiscal year 2012, along with IRS budget
The IRS recently issued its annual Data Book for fiscal year (FY) 2012, which provides the most recent statistical information on examinations, collections and other activities. The IRS's compariso...

Report describes seasonal workers, variable hour employees under healthcare reform’s Employer Mandate
The Patient Protection and Affordable Care Act (PPACA) requires certain “applicable large employers” that do not offer affordable, minimum essential health care coverage to their full-t...

Shareholder must reduce basis in S corp in first year basis adequate to absorb suspended losses
The U.S. Court of Appeals for the District of Columbia Circuit recently affirmed the Tax Court's decision that the Tax Code requires a married couple to reduce their basis in an S corp to account f...

IRS issues final rules on broker reporting of debt instruments and options
The IRS has issued final, temporary and proposed regulations on the requirement that brokers report the basis of debt instruments and options that they sell on behalf of customers. The regulations ...

Medical clinic’s “advances” to newly hired physicians were compensation and not loans
A medical clinic attempted to avoid its liability for employment taxes on compensation paid to newly hired physicians by classifying the payments as "loans." The clinic offered the loans in the amo...

DC - Statute of limitations barred assessment despite filing of an incorrect tax return
The District of Columbia Court of Appeals held that the three-year statute of limitations barred the Office of Taxation and Revenue (OTR) from assessing a beverage company for unpa...

MD - Biotechnology investment credit amended
Legislation has been enacted that expands the definition of “qualified Maryland biotechnology company” for purposes of the biotechnology investment tax credit available...

NC - DOR provides answers to frequently asked questions concerning the net business income deduction
The North Carolina Department of Revenue has issued a publication in which it responds to a series of frequently asked questions (FAQs) concerning the personal income tax net busin...

PA - Philadelphia amends interest, penalty, other provisions
Effective January 1, 2014, Philadelphia interest rate and penalty provisions on unpaid taxes are amended. In addition, effective April 17, 2013, limitations provisions regarding ac...

VA - Dependents of service members did not qualify for in-state tuition
The Virginia Attorney General has concluded that neither the dependent of a service member that has been ordered on an unaccompanied deployment with a “follow-on duty station” in Virgin...

WV - Federal conformity updated
West Virginia Gov. Earl Ray Tomblin has issued a proclamation calling the Legislature into a First Extraordinary Session to consider legislation that includes local sales and use t...

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