by usoftax_admin | Jan 4, 2024 | Tax News
A corporation that employed banks wrongly deducted $3.6 million in captive insurance premiums as business expenses, the U.S. Tax Court ruled Thursday, saying the premium payments were so unreasonably high that the shareholders couldn’t prove they were actually... by usoftax_admin | Jan 4, 2024 | Tax News
U.S.-based global healthcare giant Abbott Laboratories is challenging a $417 million tax bill in the U.S. Tax Court based on the company’s contention that the IRS incorrectly increased its income in several ways, including by applying invalid cost-sharing... by usoftax_admin | Jan 4, 2024 | Tax News
Illinois would prohibit local governments from raising taxes unless they’ve been empowered to do so by a voter referendum under a bill introduced in the state House of Representatives. by usoftax_admin | Jan 4, 2024 | Tax News
The Michigan Court of Appeals held Thursday that a holding company with officers and directors inside Detroit had nexus with the city when stock it held in a Canada-based tobacco testing company was sold, reversing a state Tax Tribunal decision in favor of the... by usoftax_admin | Jan 4, 2024 | Tax News
Iowa’s general fund receipts totaled $982 million in December, up $20 million from last year, despite a drop in personal income, the state’s Department of Management said. by usoftax_admin | Jan 4, 2024 | Tax News
West Virginia’s general revenue collections for December topped the state’s official estimate by $120.1 million, despite a personal income tax cut enacted last year, Gov. Jim Justice said.