Newsflashes
Feb 21, 2012NewsFlash: Texas Court of Appeals Grants Refund of Sales Tax Paid on Medical Instruments Overview Zimmer US, Inc. (“Zimmer”) purchases surgical instruments from their out-of-state parent company tax free. The Texas Comptroller of Public Accounts (“Comptroller”) imposed use tax on these items stating that they do not qualify for any exemptions. Zimmer asserts that the instruments are supplies for orthopedic devices and … Read moreFeb 16, 2012NewsFlash: Texas Supreme Court dismisses Nestle USA, Inc., Switchplace, LLC and NSBMA, LP, Relators Nestle USA, Inc., Switchplace, LLC and NSBMA LP (Nestle) filed suit claiming the margin tax violates the Equal and Uniform Clause of the Texas Constitution as well as the Equal Protection Clause, the Due Process Clause and the Commerce Clause of the United States Constitution. On Friday, February 10, 2012, the Texas Supreme Court dismissed the … Read moreFeb 16, 2012NewsFlash: Taxable Medical Device Guidance Released Long anticipated regulations related to the excise tax to be imposed upon the sale of medical devices due to recently enacted health care reform laws have been proposed by the IRS. The primary concerns addressed by these proposed regulations are the definition of a “taxable medical device” and specifically which devices are included. The … Read moreFeb 7, 2012NewsFlash: Tax Court Finds Economic Performance Rules Must be Met to Deduct IDC The Tax Court released an opinion on January 12 granting partial summary judgment to the IRS in a dispute involving the economic performance rules. The court found that an accrual-basis partnership could not fully deduct intangible drilling costs (IDC) in the year it entered into a turnkey contract as the actual drilling had not occurred. The … Read moreJan 16, 2012NewsFlash: COSO Releases Updated Internal Control - Integrated Framework for Public Comment The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released an updated Internal Control-Integrated Framework for public comment. This comment period will end March 31, 2012 and the final Framework is expected to be released in the fall of 2012. A companion document will be available to assist management in designing and … Read more
Denver
1999 Broadway Suite 4000
Denver, CO 80202
Phone 303.298.9600
Fax 303.298.8118
Houston
500 Dallas St Suite 2500
Houston, TX 77002
Phone 713.850.9814
Fax 713.850.0725
Dallas
14755 Preston Rd Suite 320
Dallas, TX 75254
Phone 972.458.2296
Fax 972.788.4943
Orange County
2010 Main St Suite 1000
Irvine, CA 92614
Phone 949.428.0288
Fax 949.428.0280
