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 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...
KY - Interest rates set for 2012 The Kentucky Department of Revenue has announced the tax interest
rates for 2012. For unpaid taxes, the interest rate will increase
to 6% (currently, 5%). For interest due on a ref...
MD - Emergency status provided for green energy regulations The Maryland Joint Committee on Administrative, Executive and
Legislative Review (AELR) has granted emergency status for the
corporate and personal income tax regulations pertainin...
OH - InvestOhio program registration period begins The Ohio Department of Development reminds taxpayers that
registration for the InvestOhio program, which provides for a
personal income tax credit for eligible investors, begins No...
PA - DOR updates bulletin on restricted credits The Pennsylvania Department of Revenue (DOR) has issued a corporate
income tax bulletin addressing the application of restricted
credits and requirements for selling tax credits. S...
TN - Poultry environmental control equipment exempt Doors, diffusers, and inlets installed in a poultry building are
exempt from Tennessee sales and use tax as part of a system for
poultry environmental control when sold to a qualif...
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...
VA - Domestic production deduction properly allocated A taxpayer that filed a federal consolidated corporate income tax
return and a separate return for Virginia corporate income tax
purposes properly claimed the IRC §199 deduction on...
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