Tax News

CCH (cch.taxgroup.com) reports:

  The Wyoming Department of Revenue has been ordered to allow a refund or credit for Wyoming sales taxes that were collected by a telecommunications provider from Wyoming customers on federal customer access line charges (CALC).

 

CCH (cch.taxgroup.com) reports:

  On January 20, 2009, New Mexico Governor Bill Richardson delivered his 2009 State of the State address. While the Governor stated that his proposed budget does not raise taxes, he did call for increasing or expanding several specific credits, including the renewable energy production credit, advanced energy credit, rural health care practitioner credit, hybrid vehicle credit, and child day care credit.

  Subscribers to CCH Tax Research NetWork can view the text of the speech.
 
Press Release , New Mexico Governor's Office, January 20, 2009

 

CCH (cch.taxgroup.com) reports:

  CCH Tax and Accounting is hosting a live two-hour audio seminar, The New Michigan Business Tax, on Thursday, January 29, 2009, at 1 p.m. Eastern; noon Central; 10 a.m. Pacific. This two-hour CCH Audio Seminar is presented by seasoned Michigan tax practitioners Terry Conley and Ralph Ourlian of Grant Thornton, and will provide an in-depth and practical update on the latest Michigan Business Tax (MBT) changes passed on December 19, 2008, and the filing of MBT returns. This practical review will discuss the new MBT structure and its impact on in-state and out-of-state businesses, how the MBT is computed, and the issues and challenges that the MBT presents for dealing with business taxes and compliance. In addition, the new forms will be covered as taxpayers get closer to the filing of the MBT returns. The common forms and the flow of the computations will also be discussed, as well as the impact of the newly passed legislation and its effect on gross receipts.

  Program topics include the following:

  -- the MBT's structure and its major components,

  -- single factor sales apportionment,

  -- unitary reporting,

  -- lower nexus threshold,

  -- a heavy emphasis on credits,

  -- new forms and computation of the MBT, and

  -- new changes to the MBT.

  The learning objectives include:

  -- gaining a practical understanding of the recent Michigan tax developments affecting business entities,

  -- learning the key issues and concerns regarding compliance that the MBT presents for companies,

  -- understanding how the MBT is computed, and

  -- learning how to gather the information to maximize available deductions.

  Registration can be completed online at
http://www.krm.com/cch or by calling 1-800-775-7654. Participants can receive two hours of CPE credit for an additional $25 per person. Firms registering for this audio seminar will also receive a copy of CCH's
Guidebook to Michigan Taxes (2009).

CCH (cch.taxgroup.com) reports:

  The House Ways and Means Committee plans to mark up the American Recovery and Reinvestment Tax Bill of 2009 (HR 598) on January 22, despite criticism from House GOP lawmakers who object to some of the tax provisions in the bill. Committee ranking member Dave Camp, R-Mich., and House Minority Leader John Boehner, R-Ohio, said the legislation should undergo the normal committee hearings, thereby giving lawmakers the chance to receive views from industry experts.

  Boehner and Camp were joined by other House Republicans at a press briefing on January 21 where lawmakers said they planned to meet with President Obama and present their own ideas for more effective tax incentives to provide economic stimulus. In particular, Camp objected to the Making Work Pay tax credit in the measure because it would provide a greater tax incentive to people than the amount they actually paid in taxes. Instead, House Republican Whip Eric Cantor, R-Va., said that Obama should consider other tax incentives for families, small businesses, self-employed workers and entrepreneurs.

  Cantor said they planned to let Obama know that House Republicans are opposed to the Democratic economic stimulus legislation, especially since more than $500 billion is targeted to new government spending. The largest item in the tax bill is a two-year Making Work Pay tax credit, which would cost $145.3 billion over 10 years (TAXDAY, 2009/01/16, C.1). Members of the House Republican Study Committee introduced their own legislation, the Economic Recovery and Middle Class Relief Bill (HR 470), on January 13. Among other things, the GOP legislation would provide a 5-percent, across-the-board income tax cut, increase the child tax credit to $5,000, repeal the alternative minimum tax and make permanent the current 15-percent tax rate on capital gains and dividends.

  By Stephen K. Cooper, CCH News Staff