News & Analysis as of

Income Taxes › Amended Legislation

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
Buckingham, Doolittle & Burroughs, LLC

Ohio sales / use tax: Statute expanding oil & gas exemption applies retroactively to purchases of hydraulic fracturing equipment

Buckingham, Doolittle & Burroughs, LLC on

The Tenth District Ohio Court of Appeals recently applied a statutory amendment clarifying the oil & gas exemption for Ohio sales & use tax retroactively. Interestingly, while this appeal was pending at the Board of Tax...more

Robinson+Cole Data Privacy + Security Insider

Virginia Data Breach Law Amended to Include Income Tax Preparers

Robinson+Cole Data Privacy + Security Insider on

We have frequently reported about how devastating and widespread tax fraud is in the U.S.—in the past affecting hundreds of thousands of U.S. tax payers. Income tax preparers are at risk for cyber intrusions because they hold...more

Foodman CPAs & Advisors

El FBAR y La Declaración de Impuestos Se Sincronizan

Foodman CPAs & Advisors on

La presentación de la declaración de impuestos (el 15 de Abril para los individuos) y el formulario de FinCEN -Informe 114, conocido como FBAR (el 30 de Junio para todos los contribuyentes) no estaban alineadas, y no existía...more

Foodman CPAs & Advisors

The FBAR and Tax Return are now in Sync!

Foodman CPAs & Advisors on

The filing of the tax return (April 15 for individuals) and Report FinCEN Form 114, known as FBAR (June 30 for all taxpayers) were not aligned, and that there wasn’t an extension available for the FBAR. This disconnect is...more

McDermott Will & Emery

Tax Haven List Repealed by D.C. Council

McDermott Will & Emery on

After being in effect for only a week, the Council of the District of Columbia (Council) unanimously enacted legislation on November 3, 2015 that will repeal the list of tax haven jurisdictions specifically enumerated in the...more

Foster Garvey PC

Oregon Lawmakers Amend the Understatement of Taxable Income Penalty Regime (House Bill 2488)

Foster Garvey PC on

CURRENT LAW In accordance with ORS § 314.402, the Oregon Department of Revenue (“DOR”) shall impose a penalty on a taxpayer when it determines the taxpayer “substantially” understated taxable income for any taxable year....more

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