Shein Cohen Palmer Company LLC

Tax Alerts

Tax Briefing(s)

2012 Tax Year-in-Review

American Taxpayer Relief Act of 2012

IRS releases 2013 auto and truck maximum fair market value amounts for calculating fringe benefit income
The IRS recently issued the maximum fair market value (FMV) amounts that are used to determine the proper valuation rule for employees calculating fringe benefit income from employer-provided autom...

Trustee's activities as president/shareholder were disregarded in determining trusts' material participation
In a recently issued technical advice memorandum (TAM), the IRS Chief Counsel concluded that two trusts had not materially participated in the activities of two S Corps. Although an individual who ...

IRS issues final rules on elections for qualified stock dispositions under Code Sec. 336(e)
The IRS has issued final regulations under Code Sec. 336(e) that allow taxpayers to elect to treat the sale, exchange, or distribution of at least 80 percent (by vote and value) of a corporation's ...

U.S., U.K. and Australia combat offshore tax evasion in a joint effort
The U.S. and the tax authorities of the United Kingdom and Australia recently announced a plan to share tax information involving companies and trusts holding offshore assets of taxpayers under the...

IRS issues statement clarifying its policy on obtaining search warrants
The IRS has announced that it will obtain a search warrant in all cases when seeking the contents of emails from internet service providers (ISPs). The announcement comes after the agency has been ...

IRS issues 2013 adjusted foreign housing allowances
The IRS has released adjustments to the limitation on housing expenses under Code Sec. 911 for tax years beginning on or after January 1, 2013. The maximum inflation-adjusted standard cost allowanc...

CT - Biennial due dates for business entity tax announced
The Connecticut Department of Revenue Services has released a chart illustrating the new due dates for filing a business entity tax return and paying the tax. Beginning with the 20...

FL - Temporary manufacturing exemption enacted; brownfield incentives amended
Recently signed Florida legislation provides a temporary sales and use tax exemption for certain manufacturing businesses and makes numerous amendments to the brownfield incentives...

GA - Notification of Georgia’s 2013 sales tax holidays issued
The Georgia Department of Revenue has issued an informational bulletin that provides notification of Georgia’s 2013 sales tax holidays. The exemptions from state and local sa...

IL - Sales for resale discussed
The Illinois Department of Revenue has issued a general information letter discussing sales for resale for sales and use tax purposes. When an Illinois retailer sells tangible pers...

ME - SST legislation vetoed
H.P. 228, legislation that initially contained affiliate nexus, click-through nexus and Streamlined Sales and Use Tax Agreement (SST) provisions, was vetoed by Maine Gov. Paul LePa...

MD - Income taxes paid out of state allowed to offset county taxes; enforcement stayed
The Maryland Court of Appeals denied the Comptroller’s motion for reconsideration in Wynne v. Maryland Comptroller where the court found that the failure of the Maryland income tax l...

MA - Wellness tax credit regulations provided
The Massachusetts Department of Public Health (DPH) has promulgated regulations implementing the corporate and personal income tax credit for businesses that set up a wellness prog...

NH - Duty of assessing standards board concerning municipal reimbursement for cost of assessments repealed
New Hampshire property tax legislation repeals a statutory provision requiring the Assessment Standards Board to study and recommend to the Legislature whether municipalities shoul...

NJ - Properties entitled to charitable use exemption
The properties of a nonprofit corporation were entitled to a class 15D charitable exemption from New Jersey property tax for tax year 2012 because the county board’s departur...

NY - Governor announces tax-free communities initiative
New York Gov. Andrew M. Cuomo has announced an initiative, known as Tax-Free NY, that will transform SUNY campuses and university communities across the state into tax-free communi...

NC - Interest rate unchanged for second half of 2013
The interest rate on North Carolina tax assessments and refunds for the period July 1, 2013, through December 31, 2013, will remain at 5%. Interest Rate, North Carolina De...

PA - Partnership/S Corporation filing of returns discussed
The Pennsylvania Department of Revenue has issued a notice informing taxpayers filing PA Form PA-20S/PA-65, with more than 100 PA Schedule RK-1s and NRK-1s, that they no longer hav...

RI - Central coventry fire district assessment and collection provisions amended
For Rhode Island property tax purposes, effective September 1, 2012, if the qualified voters of the Central Coventry fire district fail to authorize the assessment and collection o...

SC - Alternative signature method guidance provided
The South Carolina Department of Revenue has issued a revenue procedure outlining other means by which a paid tax preparer may sign paper original returns, amended returns, or requ...

VT - Legislature passes bill to update IRC conformity date, revise estimated tax safe harbor
The Vermont Legislature has sent a bill to the governor that, if enacted, would update the Internal Revenue Code (IRC) conformity date for personal and corporate income tax purpose...

VA - Information provided on annual cap for qualified equity and subordinated debt investment tax credit
The Virginia Department of Taxation has issued a bulletin that is intended to provide taxpayers with information on the annual cap for the personal income tax qualified equity and ...

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Info Center - Our interactive Events Calendar highlights federal and state tax due dates, special firm events and other important dates that may be of interest to you. Looking for a federal tax form? Browse this Online Tax Forms library to find downloadable IRS forms.

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Links- There are a lot of great websites out there - if you can find them! Use this page to Link to some useful sites that we've found and to some of our clients' sites.