State & local tax advisor: January 2017
Plante Moran’s State & Local Tax team issues periodic newsletters to keep you apprised of important state and local tax changes.
Topics in this issue include:
- 2016 tax return due dates, expiring credits, and other changes summarized
- Personal property lease tax does not apply outside Chicago
- Taxpayers required to file quarterly withholding tax returns in 2017
- Invalid corporate loans taxable as income of shareholder
- Material and supplies deductible from MBT tax base
- Certain farmland preservation credits transferred to a trust can be claimed under MBT
- Sales tax refund allowed as taxpayer remitted tax out of profits
New York City
- Changes to mandatory first installment of estimated tax discussed
- Entire gain from installment sale included in final year return
- Finance company had nexus with Oregon
The information provided in this alert is only a general summary and is being distributed with the understanding that Plante & Moran, PLLC is not rendering legal, tax, accounting, or other professional advice, position, or opinions on specific facts or matters and, accordingly, assumes no liability whatsoever in connection with its use. ©2017 CCH. All Rights Reserved.