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We here at Clark & Leucht would like to take a moment of your time to inform you of a new Indiana income tax credit that you may want to take advantage of but action must be taken before year end to reap the tax benefits in 2007.

IDR/Newsroom/December 18, 2006 - Beginning January 1, 2007, businesses that are delinquent in paying their Indiana sales taxes could find themselves out of business.

The holidays are quickly approaching. It seems the list of things to take care of this time of year is nearly endless. For our team at Clark & Leucht, tax planning time is here. For many of our clients, the approaching year end means decisions about technology. Before you buy a new computer, upgrade to the latest operating system, or download the new version of Microsoft Internet Explorer, we would like to bring to your attention a compatibility issue that could affect your ability to use QuickBooks versions older than QuickBooks 2006. Versions of QuickBooks prior to QuickBooks 2006 release 8 are not compatible with the new version of Microsoft Internet Explorer 7.

The IRS has corrected Notice 2019-20, which provided a waiver of penalties under Code Secs. 6722(failure to furnish correct payee statements) and 6698 (failure to file partnership return) for certain partnerships that file and furnish Schedules K-1 to Form 1065 without reporting negative tax basis capital account information. The updated Notice extends the penalty waiver to Code Secs. 6038(b)and (c) and any other section of the Code, for partnerships that fail to file and furnish Schedules K-1 or any other form or statement to Form 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships, for any penalty that arises solely as a result of failing to include negative tax basis capital account information.


The upper-tier controlled foreign corporation (CFC) partners of a domestic partnership were required to include in gross income their distributive share of income inclusions under subpart F from lower-tier CFCs, and increase earnings and profits (E&P) by the same amount. Regulations under Code Sec. 964provided preliminary steps for conforming a foreign corporation’s profit and loss statement to that of a domestic corporation. The general rules of Code Sec. 312 that governed earnings and profits computations of domestic corporations then applied.


The IRS has issued proposed regulations on the information reporting requirements under Code Secs. 101(a)(3) and 6050Y, added by the Tax Cuts and Jobs Act ( P.L. 115-97). The regulations are to apply to reportable life insurance policy sales made, and reportable death benefits paid, after December 31, 2017. Transition relief applies until these regulations are finalized.


Nina E. Olson, the National Taxpayer Advocate (NTA), has announced her decision to retire this summer from the esteemed NTA position at the IRS. Olson has served as taxpayers’ "voice" within the IRS and before Congress for the last 18 years.