Home
Reflecting on the 2024 tax filing season, the IRS released major filing numbers for the season. The agency highlighted a variety of improvements that dramatically expanded service for mill...
The IRS has wrapped up the 2024 Dirty Dozen campaign, with a warning to taxpayers to beware of promoters selling bogus tax avoidance strategies. Promoters have been peddling elaborate bogus...
The IRS released statistics that showed 1,644 tax and money-laundering cases related to COVID fraud, totaling $9 billion investigated by the Criminal Investigation (CI). CI is the law enforce...
The IRS updated frequently asked questions (FAQ) on New, Previously Owned and Qualified Commercial Clean Vehicle Credits. These FAQs provide guidance on how the Inflation Reduction Act of 2022 r...
KPMG TaxNewsFlash - United StatesMarch 20, 2024The IRS today released Notice 2024-31 [PDF 156 KB] providing the adjustments to the limitation on housing expenses, under section 911, for specifi...
The IRS has issued an announcement that addresses the federal income tax treatment of amounts paid for the purchase of energy efficient property and improvements. Taxpayers who receive rebates...
Other than a planned repurposing of Inflation Reduction Act supplemental funding, the Internal Revenue Service saw no other cuts as the President signed off on the resolution to keep the federa...
Alabama has amended its income tax laws to extend the due date for Alabama pass-through entities to elect to be taxed at the entity level, or to revoke that election. Beginning in tax year 2024, these...
Alaska Gov. Mike Dunleavy announced he is sponsoring legislation that will support Alaska’s agriculture and timber industries. The bill reduces the tax burden of businesses in the agriculture and ti...
The Arizona Department of Revenue reminds taxpayers that starting January 1, 2024, qualified healthcare organizations are not required to obtain an annual transaction privilege tax (TPT) exemption cer...
The Arkansas Department of Finance and Administration has issued instructions to retailers regarding the 2024 sales tax holiday. The holiday will take place from August 3-4. During this period, the fo...
Updated guidance is issued regarding California sales and use tax registration for out-of-state sellers. Publication 77, Out-of-State Sellers: Do You Need to Register with California?, California Depa...
The Colorado Department of Revenue has adopted the following new individual income tax rules:Rule 39-22-104(3)(d), relating to the addback for state income taxes deducted in determining federal taxabl...
The annual revision of required forms that must be completed by tobacco products manufacturers and filed with either the Department of Revenue Services or the Office of the Attorney General has been a...
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...
The District of Columbia (DC) Mayor Muriel Bowser testified in support of her Fiscal Year 2025 budget. The proposed budget includes tax increases to the:Paid Family Leave tax on businesses; and911 fee...
Effective June 1, 2024, the Florida sales tax rate imposed on the total rent charged for renting, leasing, letting, or granting a license to use real property (also known as "business rent tax" or "co...
Georgia has enacted legislation reducing the state's corporate income tax rate from 5.75% to 5.39%, effective for tax year 2024. The legislation also requires the corporate income tax rate to be the s...
The Supreme Court of Hawaii has held that the creation of a time share real property tax classification had legitimate policy purposes and was constitutional. Taxpayers are plan managers for hundreds ...
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 final Marion County equalization factor (multiplier) for Illinois property tax purposes has been set for 2023 at 1.0000. The final 2022 multiplier was also 1.0000. Release, Illinois Department of ...
The Indiana gasoline license tax rate is $0.35 per gallon effective July 1, 2024, through June 30, 2025. The special fuel license tax rate is $0.59 per special fuel gallon for the same time period. De...
The Iowa legislature passed a bill to accelerate future individual income tax rate decreases and corresponding alternate individual income tax rate reductions. The decreases move from January 1, 2026 ...
Kansas has amended property tax provisions relating to electric generation facilities, agricultural land, and personal property filing.Electric Generation Facility ExemptionApplicable to all taxable y...
Kentucky created an investment tax credit for the purchase or lease of eligible equipment or services that expand broadband services in the state. Eligible taxpayers can use the credit to reduce their...
Effective July 1, 2024, through June 30, 2025, the Louisiana natural gas severance tax rate has been set at 9.8¢ per 1,000 cubic feet (MCF) measured at a base pressure of 15.025 pounds per square inc...
Maine has enacted an income tax credit for investments in minor league baseball facilities. The new law stipulates that qualified applicants can claim up to a $133,000 tax credit per year, with a maxi...
Maryland enacted legislation increasing the amount of the Maryland income tax subtraction from gross income for certain volunteer police officers to $7,000 beginning in tax year 2024. The legislation ...
The interest rates on the underpayment and overpayment of Massachusetts taxes are unchanged for the period April 1, 2024, through June 30, 2024.The rate for overpayments is 7%.The rate for underpaymen...
The Michigan Department of Treasury has published a notice providing homestead owners and renters with information regarding the availability of the income tax credit for property taxes paid on a home...
Starting July 1, 2024, Beltrami County imposes a 0.625% sales and use tax. The Minnesota Department of Revenue will administer this tax. Local Sales Tax Notice, Minnesota Department of Revenue, April ...
Mississippi has enacted legislation creating an income tax credit for employers who sponsor skills training for their employees. For the purpose of the credit, "skills training" is any training that e...
The interest rate on all qualifying Missouri tax refunds is 3.1% for the period from July 1, 2024, to September 30, 2024. The interest rate is 3% for the period from April 1, 2024 to June 30, 2024. St...
Montana Gov. Greg Gianforte announced the deadlines to apply for two property tax relief programs have been extended to give eligible Montanans with a substantial hardship extended time to apply for r...
Nebraska enacted changes to the personal income tax sourcing rules for compensation paid to nonresidents for services that:codify an existing rule on compensation paid to nonresidents for services the...
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...
New Hampshire has provided annual guidance for the credit for donations to scholarship organizations that may be claimed against the business profits tax and the business enterprise tax. The allowable...
The New Jersey Department of the Treasury encourages eligible taxpayers to take advantage of earned income tax credit. For 2023tax year, eligible taxpayers could receive a refundable credit up to USD ...
The New Mexico Attorney General's Office has publicly issued a letter stating that mutual domestic water consumers associations (MDWCA) are exempt from property taxes. MDWCAs are community water syste...
For cigarette tax purposes, the New York State Division of Tax Appeals (DTA) determined that a taxpayer was properly subject to a penalty for possession of cartons of unstamped cigarettes. In this cas...
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...
The Ohio Board of Tax Appeals has held that a city can assess income tax liability to a non-resident employee for work performed outside of a city under H.B. 197. The temporary state law allowed munic...
Oklahoma has modified the pass-through entity tax election method to add an additional way to make the election. Entities will be able to make the election by filing an income tax return before but no...
Oregon has amended the property tax exemption for farm machinery and equipment to clarify that the exemption does not include land or buildings. Furthermore, farm machinery and equipment need not be t...
The Pennsylvania Department of Revenue has released a Tax Update that includes details on the expanded Property Tax/Rent Rebate Program which is now open for application for eligible older Pennsylvani...
Rhode Island has announced that it has extended the deadlines for taxpayers to file returns and pay tax due on April 15, 2024 to July 15, 2024. Taxpayers do not need to file any additional forms or ot...
The taxpayer's sale and rental of digital textbooks (eTextbooks) was exempt from South Carolina sales tax because such transactions fell within the exemption for textbooks. The eTextbooks could be rea...
South Dakota may adjust the assessed value of agricultural land based on the presence of shelterbelts. Shelterbelts include the following items placed specifically for conservation purposes:field shel...
The Tennessee local sales and use tax rate in Cannon County is increased to 2.75% effective June 1, 2024. The new rate applies to: (1) all taxable sales of tangible personal property made on or after ...
The Texas Comptroller of Public Accounts has determined the average taxable price of crude oil for the reporting period March 2024 is $46.56 per barrel for the three-month period beginning on December...
Effective July 1, 2024, the following Utah Lake Authority sales tax locations are created in Utah County:Utah Lake Authority - Utah County (city/county code 25-800);Utah Lake Authority - Genola (city/...
Vermont has announced local option sales tax, local option meals and rooms tax, and alcoholic beverage tax, and local option rooms tax rate changes effective July 1, 2024.Local Option Sales TaxThe fol...
Under the Virginia firearm safety device tax credit, the definition of "firearm safety device" has been expanded for taxable years beginning on and after January 1, 2024, to include any device that, w...
Dog waste pick-up services are subject to Washington business and occupation (B&O) tax under the service and other activities classification. However, when combined with landscaping services, it i...
Updated guidance is issued regarding the West Virginia sales and use tax exemption for small arms and ammunition. Effective July 1, 2024, "small arms" are defined as any portable firearm, including th...
Wisconsin amended its law to provide that a person eligible to claim an angel investment tax credit may sell or otherwise transfer the credit. The provision applies to an angel investment tax credit t...
The Wyoming Department of Revenue has announced that beginning July 1, 2024, the lodging tax rate in Johnson County is 5%. Sales/Use and Lodging Tax Rates By Locality Wyoming Department of Revenue, Ap...
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.