Tax Refunds

News & Analysis as of

MoFo Tax Talk - Volume 8, No. 4

IRS PROVIDES RICS ALTERNATIVES TO ACCOUNT FOR FOREIGN TAX REFUNDS - Generally, when a U.S. taxpayer pays foreign tax, the U.S. taxpayer is entitled to take a credit (a “Foreign Tax Credit”) against the taxpayer’s U.S....more

IRS Publishes Guidance for RICs that Receive Foreign Tax Credit Refunds

IRS announces the issuance of new regulations that will provide relief for certain regulated investment companies that receive foreign tax refunds by either netting the refund against foreign taxes paid in the year of the...more

California Supreme Court Denies BOE Petition for Review in Lucent Technologies

Last week, the California Supreme Court denied the State Board of Equalization’s (BOE’s) petition for review in Lucent Technologies, Inc. v. State Bd. of Equalization, No. S230657 (petition for review denied Jan. 20, 2016)....more

Michigan Backs Off Cloud Tax, Refund Opportunities Available

After refusing to back down on the issue for years, the Michigan Department of Treasury (Department) issued guidance last week to taxpayers announcing a change in its policy on the sales and use taxation of remotely accessed...more

News from the Vermont Statehouse - An analysis from DRM's Government & Public Affairs Team - January 2016 #1

Labor Commissioner Proposes Independent Contractor Legislation - Few issues have proven to be as perennially vexing to the legislature as the definition of “independent contractor.” Legislators hear repeated complaints...more

Pennsylvania Commonwealth Court Holds that Statute of Limitations for Refund Claims Begins on Date When Tax Return was Filed

On December 10, 2015, the Commonwealth Court of Pennsylvania in Mission Funding Alpha v. Commonwealth, No. 313 F.R. 2012, held that the three-year statute of limitations for filing a refund claim begins on the date the tax...more

Are Income Tax Refunds Due to a Decedent Subject to Estate Taxes?

I've always thought so, but apparently at least one estate thought not, and took the issue to the Tax Court. A decedent died before filing his income tax return for the prior calendar tax year. Once the return was...more

Pennsylvania Net Operating Losses Uncapped by Commonwealth Court

On November 23, 2015, the Pennsylvania Commonwealth Court held that the net operating loss carryover limitations imposed by the Pennsylvania corporate net income tax statutes violated the Uniformity Clause of the Pennsylvania...more

PA Commonwealth Court Holds NOL Tax Deduction Cap is Unconstitutional, Creating Potential Refund Opportunities

The Pennsylvania Commonwealth Court unanimously held in a 7-0 decision that Pennsylvania's net operating loss (NOL) cap that limits a corporation's ability to deduct NOL carryforwards for corporate net income tax (CNIT)...more

Pennsylvania Commonwealth Court Declares Corporate Net Income Tax Net Operating Loss Scheme Unconstitutional

Taxpayers that are in a positive net operating loss carryover position, but that paid tax in any open year due to the statutory scheme, should file protective refund claims seeking a refund for any overpaid tax....more

Pennsylvania’s Commonwealth Court Finds NOL Cap Unconstitutional, Grants Refund to Taxpayer

In a 5–2 decision, the Pennsylvania Commonwealth Court in an en banc panel has held that Pennsylvania’s NOL cap violates the Uniformity Clause of the Pennsylvania Constitution, and granted the taxpayer (Nextel Communications...more

NC Business Court Turns 100

The Business Court turned out its one hundredth published (numbered) opinion of 2015 at the end of last week. It came in the form of a tax case, in Home Depot U.S.A., Inc. v. North Carolina Dept. of Revenue, 2015 NCBC 100....more

IRS, States, Industry Continue Progress to Protect Taxpayers from Identity Theft

On October 20, 2015, the IRS, state taxing authorities, and leaders of the tax industry announced continued progress to expand and strengthen protection against identity theft in refund fraud for the 2016 tax season. “We are...more

Refunds for Improperly Collected Taxes Due to “Computer Glitch” Will Take Weeks: Michigan Dept. of Treasury

In testimony before the House Oversight and Ethics Committee yesterday Michigan Department of Treasury officials told lawmakers that refunds for taxes improperly collected on 76,000+ accounts due to a "computer glitch" would...more

Pennsylvania’s NOL Cap—There’s Still Time to File a 2011 Refund Claim (and It’s Easy!)

There is ongoing litigation over whether Pennsylvania’s NOL cap is unconstitutional. Many taxpayers have already filed protective refund claims to preserve their rights in the event the cap is found unconstitutional. If you...more

Six Recommendations For Clients With Connections to France

There have been a number of changes to EU laws recently that have had, or will have, a direct impact on your clients who have connections with France. There are six stand-out issues that are worth careful and immediate...more

State of Arizona and City of Tucson Offering “Back-to-School” Tax Amnesty Programs for a Limited Time

This fall, the Arizona Department of Revenue (ADOR) and the City of Tucson (Tucson) are offering tax amnesty programs that can help taxpayers resolve their outstanding tax liabilities from unreported or underreported income....more

Federal Circuit Narrowly Interprets Limitations Period for Foreign Tax Credit Refund Claims

In Albemarle Corp. v. United States, No. 2015-5015 (Fed. Cir. Aug. 13, 2015), the United States Court of Appeals for the Federal Circuit disallowed claims for refund related to foreign taxes paid by Albemarle Corporation...more

Court of Appeals Hears Michigan’s Compact Election Cases

The long saga of Michigan's Multistate Tax Compact election continued on Wednesday with oral argument before the Michigan Court of Appeals. A packed courtroom witnessed a 1.5 hour proceeding before an active three-judge...more

Revised Military Lending Act Rules Impose New Compliance Obligations on a Wide Variety of Creditors

The Department of Defense (DOD) recently finalized amendments to its Military Lending Act (MLA) regulations that impose new compliance obligations on a wide variety of creditors, including issuers of credit cards and...more

North Carolina Legislative Report

The General Assembly convened for the 2015 legislative session on January 14. Lawmakers returned to Raleigh on January 28 to begin the session in earnest. The MVA Public Affairs Legislative Report on North Carolina will be...more

Data processing company hit with class action lawsuit for data breach and Judge denies class certification the next day

Advanced Data Processing, Inc. and Intermedix Corp. were sued in federal court in Florida last week for violating the Health Insurance Portability and Accountability Act (HIPAA) for failing to protect the health information...more

Possible Tax Refund for Kansas Residents

If you work in Kansas City, Missouri and live in Kansas, recent tax developments may give you a basis for a refund. Although Kansas provides residents a tax credit for taxes paid to the State of Missouri, it had not...more

FTB Releases Plans for May Department Stores Interest Computation Adjustments

The California Franchise Tax Board (FTB) has announced plans to make adjustments to interest rate calculations in certain circumstances involving May Department Stores v. United States to approximately 27,000 taxpayer...more

FinCrimes Update - July 2015 Summary Volume 2, Issue 7

AML/BSA & OFAC: OFAC PROVIDES GUIDANCE TO FINANCIAL INSTITUTIONS TO HELP COMPLY WITH CRIMEA SANCTIONS REGULATIONS - On July 30, OFAC issued a “Crimea Sanctions Advisory,” highlighting certain actions that have been...more

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