Apolinario has not filed her income tax returns (ITRs) for taxable years
2012-2015 but filed an ITR for taxable year
2016 declaring an income of only PHP206,578.
The Court held that there is nothing in the law which prevents the taxpayer who originally opted for a refund or TCC to shift to the carryover of the excess creditable taxes to the taxable quarters of the succeeding taxable years
. However, if the taxpayer decides to shift its option to carryover, it may no longer revert to its original choice due to the irrevocability rule.
Effective for returns for taxable years
beginning after December 31, 2015, New York State C corporation returns will be due on the 15th day of the fourth month following the close of their taxable year
(April 15 for calendar year taxpayers).
The federal accounting method change exception applies to taxable years
beginning on or after Jan.
Calata, who is also the sole proprietor of Zeon Paint Service Center, was sued for his income tax liabilities for taxable year
(11y) For taxable years
beginning after 2001, contributions to an ESA are not limited due to contributions made to a qualified state tuition program in the same year.
The unrecognized section 987 gain or loss for each year is based on the difference between the "owner functional currency net value" of the Section 987 QBU on the last day of the current taxable year
and the "owner functional currency net value" on the last day of the preceding taxable year
Effective for taxable years
beginning on or after the enactment date, the liabilities, interest income, and interest expense of partnerships will be attributed proportionately to corporate partners for purposes of applying the general earnings-stripping rules.
(1) an item was included in gross income for a prior taxable year
(or years) because it appeared that the taxpayer had an unrestricted right to such item;
The proposed and temporary regulations issued generally permit small business taxpayers to elect to deduct up to $100,000 of the cost of qualifying property purchased and placed in service in a taxable year
beginning after 2002 and before 2006.
The Municipal Solid Waste Exemption provides protection from CERCLA liability for the following generators of municipal waste: Owners, operators, or lessees of residential property from which the municipal solid waste was generated or businesses that employ on average not more than 100 full-time individuals and that are small business concerns during the three taxable years
preceding the date of notification of potential liability under CERCLA or organizations exempt from tax during the taxable year
preceding the date of notification of potential liability that employed not more than 100 paid individuals at the location which generated the municipal solid waste.