North Carolina and Virginia Provide Guidance and Opportunity?

Posted by accountingweb on Nov 23 2011 820 printer friendly

Before you head-off to enjoy Thanksgiving, I thought I would pass along a couple of developments that may impact your company.

North Carolina Development

North Carolina issued Directive CD-11-01 regarding the Secretary's Authority to Adjust the Net Income of a Corporation or to Require a Corporation to File a Combined Return.

The Directive is in relation to the new legislation that takes effect January 1, 2012. It provides guidance regarding how North Carolina will address tax years beginning before and after January 1, 2012.

Virginia Development

In a recent Virginia Ruling (P.D. 11-181), a taxpayer that filed a consolidated corporate income tax return for federal tax purposes, but filed a separate return in Virginia, was allowed to take its proportional share of the Federal 199 Deduction (or domestic production activities deduction permitted under Internal Revenue Code Section 199) for Virginia income tax purposes.

If you have any questions or need assistance in applying either of these developments to your corporation's facts, please contact me.

Have a Great Thanksgiving with family, friends, turkey and football!!

View the discussion thread.

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State and Local Tax 360˚

My name is Brian Strahle and I hope you find this blog informative and useful. I am a multistate tax consultant and I serve clients across the U.S. from my office in Washington D.C. For more info, visit my website: www.leveragestateandlocaltax.com

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