Tax Alerts

Tax Briefing(s)

Middle Class Tax Relief and Job Creation Act of 2012

2011 Tax Year In Review

2011 reporting for 2010 conversions to Roth accounts explained
Taxpayers who convert a traditional IRA to a Roth IRA must include the amount transferred in their gross income and pay tax accordingly. For the 2010 tax year, the IRS created spec...

Auto/ truck maximum values updated for 2012 cents-per-mile/fleet-average valuation
Taxpayers whose employers provide company cars (or trucks and vans) for their personal use must factor that usage into their gross income. Personal use of a vehicle provided by an employer is consi...

IRS audits of higher income taxpayers increase
The IRS audited one in eight individuals with incomes over $1 million in fiscal year (FY) 2011. While the overall audit coverage rate for individuals remained steady at just over one percent, the a...

IRS eliminates tort test for exclusion of personal injury/sickness damages
Recent IRS regulations provide that damages received from a lawsuit or settlement as compensation for personal physical injuries or sickness may be excluded from gross income, even...

Tax gap grows to $450 billion; compliance rate holds steady
The "gross tax gap," or the amount of tax owed to the U.S. government that is not paid on time, climbed from $345 billion in Tax Year (TY) 2001 to $450 billion in TY 2006, the IRS has reported. (Be...

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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