Corporate Business Taxation Monthly articles from November 2002

Corporate Business Taxation Monthly archives from November 2002

Rethinking refund review: understanding the Joint Committee on Taxation.(large tax refunds and credits)
November 1, 2002... When it comes to "major league" tax refunds and credits, i.e., those in excess of $2,000,000, the Internal Revenue Service (IRS) is required by statute to submit the proposed refund to the review of the Joint Committee on Taxation ("Joint...

Why professional firms should be S corporations.
November 1, 2002... Rethinking the "Choice of Entity" Decision The time has come for professional firms to reconsider the legal form of their operations. There are three main reasons for this: 1. There is a growing number of lawsuits against professional...

The due process clause as the last line of defense from state taxing authorities.(taxation of e-commerce)
November 1, 2002... State governments are expected to lose as much as $13 billion in uncollected sales and use taxes in 2003 alone. We generally include local governments in our use of the term "state governments." That figure is expected to triple by 2006. (1)...

Taxation of compensation and benefits.
November 1, 2002... The Internal Revenue Service (IRS) has issued proposed regulations clarifying the section 419A(f)(6) exception to the deduction limits under sections 419 and 419A. The 10-or-more employer exception under section 419A(f)(6) is not available to...

Tax accounting.(adoption and change of accounting periods)
November 1, 2002... This month's column is the second installment of a two-part discussion of the new guidance package released in May concerning the adoption and change of accounting periods (taxable years). Last month's column discussed changes affecting the...

Revenue ruling on section 355(b) active trade or business requirement.(limited liability companies)
November 1, 2002... Revenue Ruling on Section 355(b) Active Trade or Business Requirement In Revenue Ruling 2002-49, (1) released in July 2002, the IRS ruled yet again on the active trade or business requirement for a tax-free distribution pursuant to section...

Multistate taxation.(state tax developments in Colorado, Illinois, Indiana, Pennsylvania, and Tennessee)
November 1, 2002... This month's column addresses significant state tax developments in Colorado, Illinois, Indiana, Pennsylvania, and Tennessee. Indiana enacted new legislation that will fundamentally change its current income tax regime, while Colorado,...

International taxation.(IRS rulings)
November 1, 2002... This month has seen a number of significant rulings and field service advice memoranda (FSAs). In this issue we discuss... * Stapled stock transactions, * The overriding of domestic laws by Dutch treaty law, resulting in some tax...