Tax Alerts

Tax Briefing(s)

2011 Tax Year In Review

IRS releases business standard mileage rate for 2012
The business standard mileage rate, which many employers use to reimburse employees for business miles driven, is 55.5 cents-per-mile for 2012, the IRS has announced.  This reflects no change from ...

IRS relief for IRA owners entering into broker indemnification agreements
The IRS is providing temporary relief for owners of individual retirement accounts (IRAs) who have entered into indemnification agreements with brokers that may result in prohibited loan transactio...

IRS reminds dual citizenship taxpayers to report foreign accounts
The IRS recently reminded dual citizenship taxpayers and U.S. citizens residing abroad to file U.S. income tax returns and, if appropriate, Form TD F 90-22.1, Report of Foreign Bank and Financial A...

IRS revises regulations for capitalization of tangible assets
Just before year-end 2011, the IRS issued much-anticipated revised regulations on the capitalization of tangible assets. The IRS withdrew proposed regulations issued in 2008 and issued temporary an...

IRS updates Form 940 for mid-year expiration of FUTA surtax
The IRS has updated Form 940 to reflect the mid-year 2011 expiration of the 0.2 percent FUTA surtax. FUTA taxes for 2011 will be calculated using two rates, the IRS explained.Mid-yea...

AZ - Procedures specified for requesting extensions to file withholding returns
The Arizona Department of Revenue has released information on the current procedures for requesting extensions for filing annual withholding tax returns. Previously, the department...

LA - Ballot measure to prohibit new tax or fee on immovable property approved
Louisiana voters passed a state constitutional amendment (Amendment 1) to prohibit the state or any political subdivision from levying a new tax or fee upon the sale or transfer of...

OK - Attorney General addresses economic development plans involving tax revenue-based compensation
The Oklahoma Attorney General has issued an opinion on whether a city that cannot legally require the annexation of a commercial property can contract with a commercial property ow...

TX - Showroom was key to proving taxpayer was a retailer
A taxpayer was eligible for the 0.5% rate when calculating its taxable margin for Texas franchise purposes because, using an SIC Code Manual analysis, 100% of its revenue was deriv...

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