Hoyos Aguilar

Tax Alerts

Tax Briefing(s)

2012 Tax Year-in-Review

American Taxpayer Relief Act of 2012

Overall individual taxpayer audit rate drops for fiscal year 2012, along with IRS budget
The IRS recently issued its annual Data Book for fiscal year (FY) 2012, which provides the most recent statistical information on examinations, collections and other activities. The IRS's compariso...

Report describes seasonal workers, variable hour employees under healthcare reform’s Employer Mandate
The Patient Protection and Affordable Care Act (PPACA) requires certain “applicable large employers” that do not offer affordable, minimum essential health care coverage to their full-t...

Shareholder must reduce basis in S corp in first year basis adequate to absorb suspended losses
The U.S. Court of Appeals for the District of Columbia Circuit recently affirmed the Tax Court's decision that the Tax Code requires a married couple to reduce their basis in an S corp to account f...

IRS issues final rules on broker reporting of debt instruments and options
The IRS has issued final, temporary and proposed regulations on the requirement that brokers report the basis of debt instruments and options that they sell on behalf of customers. The regulations ...

Medical clinic’s “advances” to newly hired physicians were compensation and not loans
A medical clinic attempted to avoid its liability for employment taxes on compensation paid to newly hired physicians by classifying the payments as "loans." The clinic offered the loans in the amo...

FL - Expired statutes removed
The Florida Legislature has enacted a bill that removes several repealed and expired corporate income tax statutes. Notably, the bill removes the statute governing the Jobs for the...

GA - Contractor forms revised
The Georgia Department of Revenue has revised Form ST-C 214-2 (Application for Subcontractor’s Sales and Use Bond), Form ST-C 214-8 (Nonresident Contractor’s Consent to...

NY - Nuclear power plant operator not entitled to investment tax credits
In a New York corporate franchise tax case, a taxpayer that operated nuclear power plants was not entitled to investment tax credits (ITCs) and other related credits with respect t...

NC - DOR provides answers to frequently asked questions concerning the net business income deduction
The North Carolina Department of Revenue has issued a publication in which it responds to a series of frequently asked questions (FAQs) concerning the personal income tax net busin...

SC - Guidance provided on sales to federal employees, diplomats, and nonprofit employees
The South Carolina Department of Revenue has provided guidance on the application of sales tax to purchases by (1) employees of the federal government, including instrumentalities ...

TN - Bill to reduce food rate sent to Governor
The Tennessee General Assembly has passed legislation that would reduce the sales and use tax rate applicable to food and food ingredients from 5.25% to 5%. H.B. 193, as passed by ...

WA - Guidance provided on taxability of pharmacy sales
The Washington Department of Revenue has released a sales and use tax chart that reflects the types of pharmacy sales that are subject to sales tax. Sales of the following items ar...

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