Home
The IRS has reminded taxpayers to report digital asset income on 2023 federal tax returns, with an updated question now on Forms 1040, Individual Income Tax Return; 1040-SR, U.S. Tax Return...
For purposes of the new clean vehicle credit and the used clean vehicle credit, the IRS has extended the deadlines for submitting seller reports for vehicles placed in service in 2023 and ea...
For purposes of the low-income housing credit, the IRS concluded that additional housing credit dollar amounts (HCDAs) for 2021 and 2022 that are returned to a state housing agency may be realloca...
The IRS has underscored the vital importance of selecting a tax professional carefully to safeguard personal and financial information. Taxpayers bear legal responsibility for their income tax...
The Financial Crimes Enforcement Network (FinCEN) issued guidance on inflation adjustments to its civil monetary penalties as mandated by the Federal Civil Penalties Inflation AdjustmentÂ...
Alabama has enacted legislation creating a new refundable personal income tax credit for certain expenses related to K-12 education, available beginning in 2025. The funds from the tax credit will be ...
Alaska Gov. Mike Dunleavy announced he is sponsoring legislation that will create a corporation income tax credit for:employer-provided childcare or employer childcare expense reimbursements; andcontr...
The Arizona Senate has passed a bill that would update the state's IRC conformity date for income tax purposes to January 1, 2024, for tax years beginning after 2023. The House of Representives previo...
The Supreme Court of Arkansas held that Arkansas law required a nonresident taxpayer to apply a historic preservation tax credit it received to its total tax liability amount, not just the amount appo...
California has updated its publication regarding the application of sales and use tax to sellers, suppliers, brokers, purchasers, and users of watercraft. Topics discussed include tax-exempt watercraf...
The Colorado Department of Revenue (DOR) has announced that taxpayers eligible for a Property Tax, Rent, Heat (PTC) Rebate must apply before April 15, 2024, to ensure they also receive a Taxpayer's Bi...
For Connecticut property tax purposes, the Supreme Court upheld property tax assessments on two motor vehicles owned by the taxpayer because the motor vehicle property tax authorized by § 12-71 (f) i...
Delaware adopted rules that provide guidance on tax refund intercept requests from other states, including:access to information contained in a taxpayer's Delaware and federal personal income tax retu...
As businesses begin to comply with Initiative 82, which phases out the District of Columbia tipped minimum wage for servers, bartenders, and other tipped workers beginning May 1, 2023, the Office of T...
The Florida Senate approved a tax bill that changes the corporate income tax IRC conformity tie-in date. H.B. 7073, as approved by the Florida Senate on March 8, 2024...
Two Georgia counties have sales and use tax rate change that take effect on April 1, 2024.County Tax Rate ChangesThe following two counties will have tax rate changes:Baker, 8%;Baldwin, 8%;Barrow, 8%;...
The Hawaii House of Representatives and Senate approved identical, companion bills introduced in their own chambers that would update Hawaii’s Internal Revenue Code tie-in date for computing corpora...
The Idaho State Tax Commission has issued a release announcing that veterans with disabilities are eligible to have their property tax bill reduced by as much as $1,500 on their Idaho residence and up...
The Illinois Department of Revenue has updated its chart showing whether nonresidents may claim an out-of-state buyer exemption from retailers’ occupation (sales) tax when they purchase a motor vehi...
An Indiana taxpayer did have to add-back certain out-of-state gambling payments when filing its corporate income tax return. The taxpayer was a Pennsylvania company that operated a casino in Indiana t...
The Iowa Department of Revenue adopted a new rule that establishes necessary processes for adjudication of contested case appeals before the Property Assessment Appeal Board (PAAB). The current rule i...
Kansas adopted rules that implement the workforce retention income tax credit for state residents who complete and receive a bachelor's degree from an adult learner grant eligible program. Kan. Admin....
The Kentucky Department of Revenue has released a document listing the 2023 state and local ad valorem property tax rates. Commonwealth of Kentucky Property Tax Rates 2023, Kentucky Department of Reve...
The Louisiana Department of Revenue has issued a revenue information bulletin providing guidance regarding the firearm safety device credit against Louisiana's individual income tax. Taxpayers may cla...
Maine has enacted legislation making the following changes to the state's income tax laws:The subtractions from individual income tax gross income for military retirement plan benefits, military annui...
For Maryland property tax purposes, the circuit court did not err in denying the tax sale certificate holder’s petitions for surplus proceeds because it did not qualify as a "person entitled" to the...
For personal income tax purposes, Massachusetts clarified that when determining whether a taxpayer qualifies for no tax status and limited income credit, Massachusetts adjusted gross income should not...
The Michigan Department of Treasury has released additional information on the extensions of time to file state returns and remit tax, and waivers from penalty and interest, that it will grant in conf...
Minnesota has updated its guidance on the personal income tax obligations of military personnel to address residency, filing requirements, and the Military Spouses Residency Relief Act. Members of the...
The Mississippi Department of Revenue has updated the list of frequently asked questions and answers regarding Electing Pass-Through Entity Tax on its web site. Among other minor changes, the revised ...
The interest rate on all qualifying Missouri tax refunds is 3% for the period from April 1, 2024 to June 30, 2024. The interest rate is 2.7% for the period from January 1, 2024, to March 31, 2024. Sta...
Montana issued a notice discussing common errors that taxpayers should try to avoid when filing Form PTE. For example, a pass-through entity making an election to pay pass-through entity tax (PTET) mu...
Nebraska issued guidance on:the corporate income and personal income tax credits for qualifying contributions to eligible child care programs; andthe personal income tax credit for parents and legal g...
In the 2024 general election, Nevada voters will decide if diapers will be exempt from all sales and use taxes effective January 1, 2025. If approved by the voters, the exemption would be in effect un...
Interest rates on underpayments and refunds will increase for 2024.For 2024, rates are:9% for underpayments; and6% for refunds.Technical Information Release TIR 2023-002, New Hampshire Department of R...
The New Jersey petroleum products gross receipt tax rates on the following remain as indicated for the period April 1 through June 30, 2024:gasoline and LPG—31.8 cents per gallon;diesel—35.8 cents...
New Mexico enacted legislation making various changes to the state's personal and business income tax laws. These changes include:Changes effective in tax year 2024:Angel investor credit:Qualified inv...
For New York personal income tax purposes, a taxpayer’s petition challenging a notice of disallowance (notice) of a 2021 School Tax Relief (STAR) credit was dismissed because the petition was not fi...
A taxpayer’s petition challenging a North Carolina sales and use tax assessment was barred by the doctrine of sovereign immunity because the petition was untimely filed. In this matter, the taxpayer...
North Dakota issued a newsletter summarizing legislation enacted in 2023 affecting the corporate and personal income taxes. Among the topics covered are individual income tax rate reductions, deductio...
Ohio has released municipal net profit tax guidance to address legislative changes, including the:new extended tax return due date; andnew apportionment election for remote workers;Municipal Net Profi...
Oklahoma has eliminated the registration deadline for the disabled veterans sales tax exemption. S.B. 1215, Laws 2024, effective 90 days after adjournment...
An Oregon corporation excise (income) taxpayer did not have to include certain sales of an affiliate in its apportionment factor because the affiliate lacked the necessary contacts with Oregon. The ta...
The Philadelphia Department of Revenue reminds taxpayers that March 31 is the last day to pay current Philadelphia real estate taxes. Payments may be made in-person at the Municipal Services Building,...
The Rhode Island Division of Taxation has issued guidance regarding electronic filing of the Rhode Island Form 1065 for tax year 2023 (RI-1065). This guidance states that for tax year 2023 only, singl...
Through June 30, 2024, the South Carolina interest rate on underpayments of taxes remains 8%. The refund rate for overpayments is 5%. Information Letter 24-2, South Carolina Department of Revenue, Mar...
South Dakota has amended the partners in eduction tax credit available against the insurance premiums tax. In order to be eligible for a premium tax credit for contributions, a scholarship granting or...
For Tennessee property tax purposes, the trial court did not err in its determination that the city and county could proceed with the delinquent tax sale and enforce their statutory lien to recover pr...
The Texas Comptroller of Public Accounts has determined the average taxable price of crude oil for the reporting period January 2024 is $49.85 per barrel for the three-month period beginning on Octobe...
The Utah Legislature has passed a bill that would reduce the state income tax rate from 4.65% to 4.55% for tax years beginning on or after January 1, 2024. The bill now awaits action from Gov. Spencer...
Vermont has revised a fact sheet providing information to individual taxpayers regarding the calculation, filing, and payment of use tax. Furthermore, the fact sheet provides examples regarding the ca...
Virginia has issued guidelines for the retroactive taxable year 2021 pass-through entity tax (PTET). For taxable year 2021, a pass-through entity has the option to make a retroactive PTET election and...
A telecommunications company that participates in the federal "Lifeline" program was not subject to Washington sales taxes on reimbursements received from Universal Service Administrative Company (USA...
The definition of "small arms," for purposes of the West Virginia consumers sales and service tax exemption applicable to the sale of small arms and small arms ammunition, is amended to include the re...
Wisconsin expanded its child and dependent care credit from 50% to 100% of the federal credit, applicable to tax years beginning after 2023. In addition, the maximum amount of expenses allowed in dete...
Licensees required to collect Wyoming fuel taxes have fifteen days (previously ten days) to submit any information missing from a return or license application that is requested by the department. If ...
At Sella & Martinic, LLC we are committed to helping you minimize your taxes while helping to preserve your wealth accumulation.
Welcome and thank you for visiting our website. In addition to providing you with a profile of our firm and the services we provide, this website has been designed to become a helpful resource tool to you, our valued clients and visitors. Our dedication to superior client service has brought us to the Internet as we strive to continue to provide the highest quality professional service and guidance.
As you browse through our website, you will see that we have highlighted background information on both our firm and the services we provide. Sella & Martinic, LLC has provided useful resources such as informative articles (in our Newsletters section) and interactive financial calculators (in our Financial Tools section). In addition, we have included various links to external websites that may be of assistance to our clients and visitors (in our Links section).
Please feel free to contact us with any questions or comments you may have.....we are interested in hearing from you. Our tax advisors pride themselves on being proactive and responsive to our clients' inquiries and suggestions.