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Taxpayers must keep some important factors in mind when the IRS may initiate direct contact with a them. The IRS provides many different payment options to help taxpayers meet their obligat...
The IRS requested comments on its intention to treat certain nonfungible tokens (NFTs) as collectibles under Code Sec. 408(m). If an NFT is treated as a collectible, an IRA's acquisition o...
The IRS has revised the instructions on obtaining the copies of exempt organization returns. Under the new revision, taxpayers will not be able to obtain the copies of returns on DVD. Instead, ...
The Department of Labor (DOL), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC) issued final forms and instructions revisions for the Form 5500 Annual Return...
The IRS has provided indexing adjustments for the applicable dollar amounts under Code Sec. 4980H(c)(1) and (b)(1). These indexed amounts are used to calculate the employer shared respon...
The IRS has announced the successful expansion of the digital scanning initiative also known as Digital Intake. The Service has already scanned more than 120,000 paper Forms 940 since the s...
State and local housing credit agencies that allocate low-income housing tax credits and states and other issuers of tax-exempt private activity bonds have been provided with a listing of the prop...
The IRS announced frequently asked questions (FAQs) that addressed whether certain costs related to nutrition, wellness and general health are medical expenses. These are expenses that may b...
A married couple (taxpayers) was properly assessed Alabama personal income tax on a certain cancellation of indebtedness because the taxpayers failed to establish that they were insolvent at the time ...
The Alaska Department of Revenue adopted changes to regulations concerning the Fisheries Product Development Tax Credit. The adopted regulations add new language for establishing the method for calcul...
The Arizona Department of Revenue has announced a local transaction privilege tax (TPT) rate change.Buckeye has changed the city's use tax rate to 3% for items $5,000 or less. The rate is 1.1% for sin...
Arkansas has amended certain statutes related to the Digital Product and Motion Picture Industry Development Incentive to correct grammatical and other technical errors. Act 204 (H.B. 1286), Laws 2023...
Employers in the counties of Calaveras, Del Norte, Glenn, Kings, San Benito and San Joaquin directly affected by the winter storms may request up to a two month extension of time from the Employment D...
The gross receipts from a real estate rental company’s sales of Colorado real estate must not be included in the company’s receipts for purposes of apportioning income for Colorado income tax purp...
The Connecticut Department of Revenue Services has issued a press release reminding taxpayers that the deadline for filing 2022 personal income tax returns is April 18, 2023. Press Release, Connecticu...
Delaware Gov. John Carney issued a press release discussing a bill that would implement his fiscal-year budget recommendations to:increase the standard deduction for personal income taxpayers; andincr...
A hospital (taxpayer) was not entitled to a refund of District of Columbia sales and use tax paid on its purchase of prepared meals from a vendor because the taxpayer failed to provide the vendor with...
The Florida Department of Revenue has issued a tax information publication informing corporate income taxpayers that beginning January 1, 2022, the Florida Partnership Information Return (Form F-1065)...
Georgia Gov. Brian P. Kemp announced that he signed into law a bill granting a personal income tax refund, ranging from $250 for single filers to $500 for joint filers, for eligible taxpayers. The pre...
The Hawaii Department of Taxation has issued a news release informing personal income taxpayers that the filing deadline for state income tax returns is April 20, 2023. The federal filing deadline for...
Idaho has amended the corporate income investment tax credit to close a loophole for mobile property.How is mobile property currently treated?Currently, the credit is pro-rated for mobile property sin...
Illinois amended rules for the film production services credit that eligible taxpayers can claim against corporate and personal income tax liability. The amended rules implement changes to the credit ...
Indiana corporate and personal income taxpayers may find it helpful to give their tax practitioner electronic access to their Indiana tax information via INTIME, the Department of Revenue’s (departm...
A bill introduced in Iowa would, if enacted, reduce the:individual income tax;corporate income tax; andinsurance premium tax rates.When would rates be reduced?The rate reductions would occur beginning...
Kansas issued guidance on the calculation of income tax liability for the 2022 tax year by S corporations or partnerships that:have made the election to be taxed at the entity level;have income form s...
Kentucky in its recent sales tax facts sheet discusses residential utility exemption, among other topics.The facts sheet discusses:Tax changes enacted by the General Assembly, through House Bill (HB)8...
The Louisiana Board of Tax Appeals explained the operation of the limitation on the local inventory property tax credit for entities taxed as S Corporations. Louisiana allows a credit against its pers...
Maine Revenue Services clarified the amount of personal exemptions certain taxpayers should take on their Maine personal income tax returns. This is after an error was discovered in the 2022 Form 1040...
In an unreported opinion, the Appellate Court of Maryland once again held that the state’s statutory interest rate for personal income tax refunds issued pursuant to the Wynne ruling is not unconsti...
The interest rates on the underpayment and overpayment of Massachusetts taxes are unchanged for the period April 1, 2023, through June 30, 2023.The rate for overpayments is 6%.The rate for underpaymen...
An individual who was the sole corporate officer of a company was properly liable for the company’s outstanding Michigan sales and withholding tax liabilities because the Department of Treasury (dep...
The Minnesota Department of Revenue highlighted a potential issue with reporting personal income tax refunds in tax preparation software.IssueWhile the instructions for Form M1, Individual Income Tax,...
The Mississippi Court of Appeals held that an assessment made against a taxpayer after the IRS adjusted the taxpayer's federal return was timely because the Mississippi Department of Revenue made the ...
The following local Missouri sales and use tax rate changes take effect April 1, 2023. Also, new rates are listed for each county, city, and special district affected by the rate changes.County Change...
The Montana Tax Appeal Board (board) determined that the limitations on personal income tax deductions, or the "hobby loss rule," did not apply to a professional writer (taxpayer) because he was engag...
Nebraska reminds taxpayers that April 18, 2023, is the deadline for filing 2022 corporate and personal income tax returns and 2023 first quarter estimated income tax payments. Featured Information, Ne...
Nevada has revised its regulations concerning transferable tax credits available for film and other qualified productions. Among other changes, the revised regulations set forth the requirements for c...
In his 2023 Budget Address, New Hampshire Governor Chris Sununu said he will recommend elimination of the 7% Consumer Communications Services Tax. 2023 Budget Address,Gov. Chris Sununu, February 14, 2...
New Jersey revised the following sales and use tax bulletins to include information about payments made with a GSA SmartPay credit card that has 5 as the sixth digit:Bulletin S&U-1, Restaurants an...
New Mexico has amended its laws to expand the allowable uses for funds in tax-advantaged education savings accounts (sometimes known as 529 college savings plans). These amendments are meant to make t...
New York issued a memorandum discussing various changes made to the brownfield redevelopment tax credit by budget legislation enacted in 2022. The credit is now allowed for sites accepted into the cle...
The North Carolina Department of Revenue has published a corporate income, franchise, and insurance tax bulletin reflecting the changes made in the 2022 regular session of the North Carolina General A...
North Dakota Gov. Doug Burgum has proposed a 2023-25 budget that would eliminate the state individual income tax for three out of five taxpayers. Under the proposal, those still paying the tax would h...
An assessment of Ohio corporate income tax against an architectural firm (taxpayer) was upheld because the taxpayer failed to provide credible evidence that the Department of Taxation (department) imp...
The Oklahoma House has passed a bill that if enacted would replace the graduated personal income tax with a flat 4.5% rate in tax year 2024.What future rate reductions would occur?Further, the legisla...
The Oregon Senate passed a bill that would update the state's income tax Internal Revenue Code conformity date to December 31, 2022. The bill now goes to the Oregon House. S.B. 141, as passed by the O...
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 Tax Division (division) determined that a multinational company’s (taxpayer’s) consulting, startup, website design, and transaction fees were subject to sales and use tax. In this...
A produce processing facility operator (taxpayer) was not entitled to a South Carolina sales and use tax exemption on its purchases of certain supplies and protective clothing because they did not qua...
South Dakota is now authorized to impose and collect alternative fuel taxes within the state's IFTA agreement. Currently, South Dakota only includes diesel fuel and diesel blends in it's ITFA collecti...
Tennessee released an updated version of its franchise and excise tax manual. Among other changes, the updates:clarify how a taxpayer determines if it is a manufacturer eligible for the $2 billion cap...
The Texas Comptroller of Public Accounts denied water solutions services providers’ (taxpayers’) claims for refunds of sales and use tax paid on purchases of certain equipment, services, and chemi...
Upon request from the Department of Workforce Services, the State Tax Commission must inform the department whether an individual claimed and is entitled to claim a federal earned income tax credit fo...
For Vermont property tax purposes, the Supreme Court affirmed the Superior Court’s grant of summary judgment to the town because the property owner’s action was time-barred by the one-year statute...
Beginning with taxable year 2023, a new Virginia provision allows affiliated corporations filing on a consolidated basis to elect to apportion the taxable income of all members of the affiliated group...
An asphalt manufacturer was not permitted to challenge the department's use tax reporting instructions pursuant to the Administrative Procedure Act (APA) because it was required to follow the procedur...
West Virginia released new personal income tax withholding tables and forms for the 2023 tax year, including:Form IT-100.1.A, Employer's Withholding NoticeForm IT 104, Employee's Withholding/Exemption...
For corporate income tax purposes, the Wisconsin Department of Revenue has issued a fact sheet providing guidance on pass-through withholding and composite returns. The fact sheet provides a general o...
Wyoming has announced local lodging rate changes that take effect April 1, 2023.County Rate ChangesThe following counties decrease their lodging rates to 2%: Albany, Converse, Crook, Fremont, Laramie,...
At Sella & Martinic, LLC we are committed to helping you minimize your taxes while helping to preserve your wealth accumulation.
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