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1 day ago · The Colorado governor signed legislation on May 14, 2024 (the Legislation), which changed the standards for filing a unitary combined return for tax years beginning on or after Jan. 1, 2026. (See HB 24-1134 ). Historically, Colorado has employed a “three of six unitary test” to determine if a combined return is permitted.
5 days ago · Robert Johnson, Derek Weisbruch. Starting with the 2026 tax year, Colorado is adopting a new unitary standard intended to be consistent with unitary rules applicable in other states. Remaining unique, Colorado treatment requires a detailed analysis of a taxpayer’s activity to ensure proper composition of a Colorado combined group.
3 days ago · If you live or do business in California, state taxes are a significant part of the overall taxes you pay. Your tax bill with the IRS may be bigger overall, but California taxes are up to 14.4% ...
May 21, 2024 · A consolidated tax return is a corporate income tax return of an affiliated group of corporations that elect to report their combined tax liability on a single...
- Julia Kagan
5 days ago · Accuracy and comprehensive tax credit uptake will be paramount concerns to ensure taxpayers file a correct return and get the refund they’re entitled to. And our North Star will be improving the experience of tax filing itself and helping taxpayers meet their obligations as easily and quickly as possible.” Direct File’s role in the tax system
May 14, 2024 · U.S. shareholders of CFCs are subjected to current taxation on most income earned through a CFC in excess of a 10% return on certain of the CFC’s tangible assets – with a reduction for certain interest expense. GILTI inclusions can be reduced by a partial foreign tax credit. GILTI = Net CFC Tested Income – (10% x QBAI – Interest Expense)
2 days ago · Taxing Multinational Enterprises as Unitary Firms. Published on 2 June 2024. The international tax system needs a paradigm shift. The rules devised over 80 years ago treat the different parts of a multinational enterprise as if they were independent entities, although they also give national tax authorities powers to adjust the accounts of ...
