Brady Ware News

Illinois State and Local Tax Updates October 2019

IDOR issues ruling determining receipts from sale of assets excluded from sales factor The Illinois Dept. of Revenue (IDOR) has issued a ruling determining that receipts from a taxpayer’s deemed sale of assets are excluded from its sales factor as an occasional sale. The taxpayer manufactures and sells tangible goods and has chosen an S…

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Pennsylvania State and Local Tax Updates October 2019

PDOR makes filing of tax obligations easier with myPATH PA’s tax filing hub, known as myPATH, can now be used for realty transfer tax and inheritance tax obligations. Recorders of Deeds and Registers of Wills now have the online capabilities of registering their accounts with PDOR and performing other functions. myPATH also now provides a…

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New York State and Local Tax Updates October 2019

NYC tax-exempt organization denies refund in real property transfer taxes A NYC tax-exempt organization is denied a refund in a real property transfer taxes (RPTT) case involving a partnership. The tax-exempt entity seeking the refund was a member of a partnership that owned real estate in the city. The partnership itself wasn’t exempt from tax….

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California State and Local Tax Updates October 2019

Effective Jan. 1, 2020, the Suicide Prevention Voluntary Contribution Fund is established The Franchise Tax Board will revise tax return forms to add this choice, which taxpayers may donate to by checking a box. Funds are periodically added to the choices, as other funds are removed from the list or as space becomes available. Funds…

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FBAR Penalty Not Time-Barred

In the Courts: Individual’s FBAR Penalty Not Time-Barred In U.S. v. Schwarzbaum, a federal district court recently rejected an individual’s claims that penalties assessed against him for failing to file multiple Reports of Foreign Bank and Financial Accounts (FBARs) should be set aside. He argued that they were assessed after the limitations period had expired. The…

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