Now showing items 41-47 of 47
Out-of-State Retailers Engaged in Business in Texas Must Register and Collect the Sales and Use Tax
Texas law imposes a use tax on out-of-state retailers that bring items into Texas to store, use, or otherwise consume such items. Retailers collecting use tax should include the use tax in the sales price.
Understanding the Texas Comptroller’s Use of Sampling and Projection Methods in Audits
The Texas Comptroller of Public Accounts will use sampling and projection methods in performing audits of taxpayers’ records. Taxpayers should keep and maintain all necessary records for at least four years to reduce the ...
The Texas Franchise Tax is Fundamentally an Income Tax
The Texas franchise tax is not a franchise tax in the typical sense but instead is fundamentally an income tax. Practitioners should be aware of several nuances which apply to the Texas franchise tax.
Sellers Must Retain Records for a Four Years Period
Texas sellers must retain transaction records for at least four years. Resale and exemption certificates must also be retained for at least four years.
FAA Provides Guidance on Calculating the Amount of Gross Income Omitted for Purposes of Determining the Section
This article discusses the Field Attorney Advice (FAA) released on February 1, 2006, involving a taxpayer who purchased a tax avoidance scheme to divert and omit income on her Form 1040.
IRS Rules on Treatment of Parent Corporation's Payment to Partnership
This article discusses the result of Rev. Rul. 2006-11, 2006-12 IRB 635, which involved a common parent of an affiliated group of corporations and a partner in PRS subject to the 1982 TEFRA partnership procedures.
IRS Issues CIP Regarding Certain Straddle Transactions Involving S Corporations
The CIP describes a typical ‘ Notice 2002-65 transaction‘ and sets forth a number of legal theories and conclusions. Among other things, the CIP concludes that the corporation used in the transaction should not be treated ...