by usoftax_admin | Feb 6, 2024 | Tax News
An engineer licensed in California may not shirk his responsibility to file a state tax return and pay taxes based on his argument that his compensation was not profit and thus could not be deemed income, the state Office of Tax Appeals ruled. by usoftax_admin | Feb 6, 2024 | Tax News
The California Franchise Tax Board incorrectly rejected part of a charitable contribution deduction made by the CEO of an online gaming company, the state Office of Tax Appeals said, ruling that the company does not owe the related assessed tax. by usoftax_admin | Feb 6, 2024 | Tax News
A Kentucky pharmacist serving 30 years in federal prison for illegally dispensing pain pills must include $427,500 from a forfeited retirement account as income, the U.S. Tax Court ruled Tuesday, saying the distribution benefited him even though it was... by usoftax_admin | Feb 6, 2024 | Tax News
Iowa would propose an amendment to the state constitution to impose restrictions on potential increases to individual and corporate income tax rates and to require a flat individual income tax rate under a joint resolution introduced in the state Senate. by usoftax_admin | Feb 6, 2024 | Tax News
A split Louisiana Supreme Court declined Tuesday to review a lower court’s finding that a Dillard’s subsidiary can’t claim a refund of sales tax paid on bad debt from credit cards issued to customers. by usoftax_admin | Feb 6, 2024 | Tax News
London-based BP PLC laid partial blame on the U.K.’s windfall profits tax for hiking its effective tax rate 5 percentage points to 39% last year as annual profits fell 50% to $13.8 billion, according to filings published Tuesday.