CCH Tax Day ReportColorado Gov. John Hickenlooper has signed legislation authorizing the Colorado Economic Development Commission (EDC) to allow certain business that make a strategic capital investment in the state to treat several existing corporate income tax credits as transferable, beginning July 1, 2017, and lasting through June 30, 2020. Once the income tax credits are approved by the EDC as transferable, the business can apply the credit to any tax liability, carry forward the credit for up to five years, or transfer the income tax credit. Under the legislation, the existing credits that are eligible for different treatment include, the Colorado job growth incentive credit; the Enterprise Zone credit for investment in certain property; the credit for new enterprise zone business employees; and the Enterprise Zone credit for expenditures for research and experimental activities. In order to qualify, a business is required to make at least $100 million capital investment for each precertification that the EDC finds will be significant to the state and be productive over time.Precertified tax credits cannot be transferred until tax year 2019 and the business has five years from when the EDC approved the credits to transfer them. Additionally, if the business chooses to transfer its allowed tax credits, then the income tax credits are freely transferable and assignable, subject to the preapproved amount. The transferee may use all or a portion of transferred income tax credits to offset any tax liability or they may transfer any unused portion to a secondary transferee. The unused portion of the tax credit can be transferred on multiple occasions for three subsequent tax years from when the income tax credit was first transferred. The legislation allows the EDC to precertify $10 million in transferable credits in each fiscal year. Any portion of the $10 million not precertified by the EDC in any of the fiscal years may not be certified in a future year. The EDC may precertify transferable credits for the same business in all three fiscal years.H.B. 1356, Laws 2017, effective May 24, 2017
A self-described analyst of financial institutions, who learned of a corporate taxpayer’s claimed tax abuse from publicly available sources, was not entitled to proceed with his whistleblower case anonymously. The individual failed to make a sufficient fact-specific case for anonymity.Unlike whistleblower claimants who were granted anonymity, the individual did not make a plausible claim that he was or would be physically threatened. He also did not claim he was privy to internal deliberations or communications regarding tax underpayments that would damage his professional standing or jeopardize his employment and he did not identity a taxpayer who, upon learning of his identity, would have the power to, and might be expected to, retaliate against him.While in other circumstances a claimant might be given the benefit of the doubt at such an early stage of the litigation, the individual had 21 numbered whistleblower claims identifying 26 taxpayers pending before the court, along with 51 supplemental claims, each of which was a source of another adverse determination and resulting petition for review. In addition, the individual’s use of publicly available materials to identify alleged tax abuses imposed no limit on the number of cases he could bring. The claimant’s lack of an employment or other close relationship to the taxpayers he had identified suggested that he had no familiarity with the taxpayer’s rational for taking what he considered to be an abusive position. Such serial whistleblower claimants may disproportionately burden the court. Therefore, the public’s interest in identifying serial claimants to whistleblower awards outweighed his interest in protecting his anonymity.Whistleblower 14377-16W, Dec. 60,950Other References:Tax Court Rule 345CCH Reference – 2017FED ¶42,417K.60Tax Research ConsultantCCH Reference – TRC IRS: 63,060.05
Georgia expanded the hiring tax credit for business enterprises in less developed areas. Businesses in a county that contains a federal military installation are now eligible. The installation must have:– at least 5,000 federal or military personnel combined; and– contain an industrial park that a governmental entity owns and operates.Act 378 (H.B. 843), Laws 2018, effective July 1, 2018Login to read more tax news on CCH® AnswerConnect or CCH® Intelliconnect®.Not a subscriber? Sign up for a free trial or contact us for a representative.
No summer is complete without a few classic Philly block parties, right? Well, this week, Mad Decent Block party is once again taking the summer block party to the next level—actually the next 100 levels. This year, block party attendees have three chances to turn up with party mastermind and international turntablist Diplo, and his entire Mad Decent crew. The fun kicks off on Thursday night, with Diplo, Gent & Jawns and the Broadzilla DJs taking over Union Transfer for the Mad Decent Pre-Party. Doors open at 8:30 p.m and the show begins at 9 p.m. The next day, all roads will lead to Festival Pier at Penn’s Landing for the Mad Decent Block Party. The line-up for this year’s block party is once again bananas, featuring top talents like Chance The Rapper, Dillon Francis, Diplo, Dirty South Joe, DJ Sega, Flosstradamus, Swizzymack and more. The Block Party is currently sold out, but don’t worry — if you didn’t grab your tickets there’s still one more chance to party with Diplo and Madd Decent. After the official event is done and over, the party heads back to Union Transfer for The Mad Decent Block Party AfterParty. This 21-and-over finale is sure to have hot music, decent drinks (pun intended), and plenty of opportunity to sweat it out on the dancefloor to the sound of the country’s dopest DJs. So, grab your crew, and head straight to this fresh-to-death summer party. Trust us, you don’t want to be the only person not there. Mad Decent Block Party – Pre-Party Thursday, August 7, 8:30 p.m. | Union Transfer – 1026 Spring Garden Street | $25 | Click here. Mad Decent Block Party – SOLDOUT Friday, August 8, 3:30 p.m. | Festival Pier at Penn’s Landing, Columbus Boulevard | $40 | Click here. Mad Decent Block Party – Afterparty Friday, August 8, 10 p.m. | Union Transfer – 1026 Spring Garden Street | $25 | Click here. Diplo(M. Edlow for GPTMC)
Audrain County authorities say they caught a Vandalia man with more than 400 grams of meth.Joey Thorpe, 37, was pulled over Tuesday afternoon on Highway 54 north of Laddonia. Investigators say a K9 unit sniffed out the meth during the traffic stop.Thorpe was taken to jail on first degree drug trafficking charges.
The Boone County prosecutor says he will not charge the man who shot and killed Cameron Caruthers at an east Columbia home two years ago.Dan Knight said Tuesday that Ricky Gurley acted in self-defense at the home on Dawn Ridge Road in May 2017, after the 28-year-old Caruthers threatened to kill Gurley and Caruthers’ ex-girlfriend.Gurley was found guilty in federal court of being a felon in possession of a gun. He got a two-year sentence with credit for time served, and three years’ probation.
(AP) — The National Weather Service confirmed a tornado touched down in Dallas on Sunday night, causing structural damage and knocking out electricity to thousands.Meteorologist Jason Godwin said radar confirmed the twister hit the ground near Love Field Airport and moved northeast through the city, at around 9 p.m. There were no reports of fatalities or serious injuries as of 12:20 a.m. Monday, according to a release from the city of Dallas, but Fire-Rescue spokesman Jason Evans says three people were hospitalized for evaluation of non-life-threatening injuries.Local media outlets reported several homes and businesses were damaged, power lines downed and tree limbs were scattered across roadways. The city said there were reports of gas leaks north of Walnut Hill. Most of the damage within Dallas was limited to the northwest, with Evans defining the area as bordered by Royal Lane to the north and Northwest Highway to the south, as well as Harry Hines Boulevard to the west and Interstate 75 to the east.Nearly 140,000 electric customers were without power as of 4 a.m., according to Oncor’s online outage map. The electric utility said storms across East Texas had caused significant damage to power lines.“Currently there is not an estimated time of restoration, however we are working to restore power as quickly and safely as possible,” Oncor said in a statement on its website.Around 65,000 of the affected electric customers were within Dallas, according to the city, which said it would open a shelter by 2 a.m.Search teams conducted primary assessments on accessible structures for six hours overnight, but were hampered by “limited access and lack of proper lighting,” Evans said. A second set of teams were to resume search efforts in daylight.Seven people escaped a structure that collapsed in northwest Dallas, but Dallas Fire-Rescue were searching to see if anyone was left inside, Evans said. WFAA-TV reported that a convenience store collapsed in the storm, but the clerk told the station that everyone who was inside made it out safely.Evans said the department had also received multiple calls from people injured in their homes by broken glass.On Twitter, Dallas Fire-Rescue said one of its own stations sustained significant damage during the storms overnight, and included photos that appeared to show a collapsed roof and debris. Evans said in another release that none of the firefighters at Station 41 were hurt, but the station was left “uninhabitable after the roof, and other parts of the structure, was mostly removed by the high winds.”A radio station, KNON-FM, went off the air as the studio suffered major damage from the tornado. Lew Morris, one of the hosts of “Reckless Rock Radio” was preparing for the show at the station while another show was broadcasting. He told The Associated Press in a Facebook message that the power at the station went out first, followed by the “distinctive whistle” of a tornado within three minutes.He said there were three staffers in the building, which he described as having a lot of large glass windows. He told the host of the show that had been broadcasting to follow him to the bathroom, to get away from all the glass.“We then heard the building shaking and could hear the glass windows shattering everywhere along with debris banging around. We waited until all the noise died down,” Morris told the AP. “We walked out to see the studio he was just broadcasting from destroyed.”Morris — whose own car was covered by a tree — said the third staff member took shelter in a stairwell. It’s unclear when the station will begin broadcasting again, but Morris says he’s heard there might be a temporary set-up from which they can broadcast.Godwin, the meteorologist, said the size and severity of the tornado won’t be known until crews arrive to survey the damage. NWS warning coordination meteorologist Jennifer Dunn told the AP there may have been two or more tornadoes in north Texas, but reiterated that the extent wouldn’t be known until later Monday afternoon, after survey teams assess the damage.The storm happened as multiple severe thunderstorm watches and warnings covered portions of four counties, including Dallas County, and more stormy weather was expected in the area during the overnight hours.North of Dallas, the city of Richardson said in a release that thoroughfares “used by thousands of morning commuters” will be closed while workers clear debris and repair downed traffic lights. No injuries in the affluent suburb were reported, but more than 7,000 Oncor customers within Richardson lost power, including some school campuses. Richardson is home to the University of Texas at Dallas and bills itself as “the second largest employment center in the Dallas/Ft. Worth metro area.”The city of Sachse, a northeast suburb of Dallas, said in a release that six houses “sustained significant high-wind damage after severe weather moved through the area Sunday night.” Four homes were left uninhabitable, but no injuries had been reported.Citing extensive damage to campuses, the Dallas Independent School District canceled Monday classes at six schools: David G. Burnet Elementary School, Leonides Gonzalez Cigarroa Elementary School, John J. Pershing Elementary School, Walnut Hill Elementary School, Edward H. Cary Middle School and Thomas Jefferson High School. The district also advised students that bus routes from those campuses to magnet and choice schools would not run Monday. The Episcopal School of Dallas also canceled classes and asked people to avoid campus “until further notice while damage is assessed and crews work to clean up.” The schools are all in northwest Dallas.Dallas police said officers in one part of the city were going door-to-door to check on residents.