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...
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...
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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