Home
In light of September being the National Preparedness Month, the IRS has reminded taxpayers of the upcoming hurricane season and the need to develop an emergency preparedness plan. Taxpaye...
The IRS has announced the opening of more than 3,700 positions nationwide to help with expanded enforcement work focusing on complex partnerships and large corporations. These compliance pos...
The IRS has informed that due to a result of a programming issue in the IRS system that receives Forms 8955-SSA, the Service has sent out CP 283-C penalty notices to plan sponsors who timely file...
The Department of the Treasury’s Financial Crimes Enforcement Network has published a guide to help small businesses report beneficial ownership information."This guide is the latest in our on...
The IRS announced that starting January 1, 2024, certain businesses will be required to electronically file Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return....
Effective October 1, 2023, the following Alabama motor fuel tax rates increase as indicated:gasoline—from 28 to 29 cents per gallon;diesel—from 29 to 30 cents per gallon;compressed natural gas (CN...
The Alaska interest rate for delinquent taxes and overpayment of taxes is set at 10.5%, compounded quarterly, for the period beginning July 1, 2023. Quarterly Interest Rate, Alaska Department of Reven...
The interest rate on the underpayment and overpayment of Arizona taxes is increased to 8% for the quarter beginning October 1, 2023, and ending December 31, 2023. For the third quarter of 2023 the rat...
Arkansas has enacted legislation reducing the highest income tax rates for corporate and individual taxpayers for tax years beginning on or after January 1, 2024. The highest rate for corporate taxpay...
California has extended the exclusion from gross income for grant allocations received by a taxpayer pursuant to the California Microbusiness COVID-19 Relief Program. The extended exclusions apply:for...
Colorado has made two changes to the property tax deferral program that begin for property tax year 2023Currently, a homeowner can not defer tax on a home that is income-producing. The bill exempts ho...
The Connecticut Department of Revenue Services has updated its guidance on the calculation of the net deferred tax liability (DTL) deduction to reflect legislation that extended the installment period...
Delaware legislation added an itemized personal income tax deduction for the annual cost to state residents of maintaining membership in a labor organization. A taxpayer can deduct up to $500 of the a...
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...
Florida provides guidance on catastrophic event property damage for property tax purposes. Topics discussed include the payment of property taxes, when property taxes are due, reporting destruction or...
The Georgia Department of Revenue has postponed the due dates to most tax returns for taxpayers in areas affected by Hurricane Idalia. The postponement relief applies to return filing, tax payment, an...
The Hawaii Department of Taxation has released frequently asked questions (FAQs) related to 2023 Wildfire Relief concerns. The FAQs offer guidance on relief that is available and how to make relief re...
Taxpayers may use Idaho sales tax exemption if they have no more than two yard sales in the calendar year and if they are not in the business of selling (a retailer). The exemption is also applicable ...
The Illinois Tax Tribunal (tribunal) partially affirmed an assessment of use tax on a disregarded entity’s (taxpayer’s) purchase of an aircraft because the taxpayer failed to establish that the as...
Indiana has updated its notice providing county income tax rate information. The updated rates in the notice are effective for withholding purposes for periods beginning on or after October 1, 2023.Wh...
Iowa has updated its pass-through entity tax guidance including new or updated common questions, addressing:What is the deadline for making a PTET election?How is the PTET calculated and what is the t...
The Kansas Attracting Powerful Economic Expansion (APEX) Act provides economic development incentives, including a corporate income tax credit, to qualified firms and suppliers that meet economic dev...
The Kentucky Department of Revenue has announced that the Railroad Revitalization and Regulatory Reform (4-R) property tax rate on the affected tangible property has been set for 2023 at 22.44 cents p...
The Louisiana Board of Tax Appeals held that income received from the Government of Guam Retirement Fund was not exempt from personal income tax as "income received by an individual pursuant to a reti...
The annual interest rate on overpayments and underpayments of Maine taxes for 2024 will increase to 10%. Interest Rates, Maine Revenue Services, September 7, 2023...
For Maryland property tax purposes, the circuit court did not err in awarding a portion of the surplus funds to the condominium council because it remained entitled to the balance of the surplus proce...
The interest rates on the underpayment and overpayment of Massachusetts taxes are increased for the period October 1, 2023, through December 31, 2023.The rate for overpayments is 7%.The rate for under...
Michigan extended the time within which one particular project in Detroit can be completed and still be eligible, without penalty, for preapproved brownfield tax credits. The exception applies to a qu...
Minnesota revised a fact sheet on special local taxes to reflect the following previously enacted new local taxes that are effective October 1, 2023:Metro Area sales and use tax for housing is 0.25%; ...
The Mayor and the Board of Aldermen of the city of Eupora in Mississippi have adopted a resolution, effective October 1, 2023, to levy a 2% tax on:the gross sales of hotels, motels, and Airbnbs derive...
The following local Missouri sales and use tax rate changes take effect October 1, 2023. Also, new rates are listed for each county, city, and special district affected by the rate changes.County Chan...
Montana has updated the guidance that it recently issued on the pass-through entity tax (PTET), which is an elective tax paid by the pass-through entity on an owner's distributive share of Montana sou...
The Nebraska Department of Revenue reminds property owners that the Property Tax Credit Act provides a tax credit based on the credit allocation valuation of each parcel of real property compared to t...
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...
New Jersey has revised its corporation business tax Technical Bulletin TB-92 regarding allocation of:global intangible low-taxed income (GILTI) defined in IRC Sec. 951A; andforeign derived intangible ...
The New Mexico Administrative Hearings Office held that a taxpayer was not entitled to a credit against their New Mexico personal income taxes for taxes paid to California on income from a rental prop...
In a New York corporate franchise tax case involving a combined group operating as a global investment bank and institutional securities firm, the group's election to treat the cash collateral that it...
The North Carolina Department of Revenue issued a private letter ruling as to the proper methodology for calculating franchise tax for a company’s (taxpayer’s) wholly-owned controlled foreign corp...
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 the petroleum activity tax (PAT) statewide average wholesale prices for the fourth quarter of 2023.The average prices per gallon for the third quarter are:$2.447 for unleaded regular...
Oklahoma updated its Streamlined Sales and Use Tax (SST) Agreement taxability matrix and certificate of compliance. The changes are effective August 1, 2023. Taxability Matrix: Tax Administration Prac...
Oregon has enacted a law allowing the attachment, to personal income tax returns, a schedule that allows taxpayers to voluntarily provide their racial and ethnicity identifiers. The department of reve...
For the taxes that it administers, the Pennsylvania Department of Revenue (DOR) has updated the Pennsylvania Tax Compendium. The compendium is a general guide to Pennsylvania taxes that describes the ...
An online education courses provider's (taxpayer's) charges for its online programs and computer software were properly subject to Rhode Island sales and use tax as computer courses that taxpayer sold...
In conjunction with the federal tax relief announced by the IRS for taxpayers affected by Hurricane Idalia, South Carolina is postponing until February 15, 2024, certain filing and payment deadlines o...
The South Dakota Department of Revenue has issued a municipal tax guide that provides an introduction to municipal sales, use and gross receipts taxes. The publication also discusses the tax applicabl...
A taxpayer who rented hygienically-clean textiles to its customers was entitled to the Tennessee sales and use tax exemption for industrial machinery.Industrial Machinery ExemptionTo qualify for the i...
Texas has issued a chart of sales and use tax rate changes that take effect October 1, 2023. The chart includes updated rates for cities and counties. Additionally, dozens of changes occurred to sales...
A Utah taxpayer was not entitled to the circuit breaker property tax relief because the household income of the taxpayers exceeded the statutorily permissible income limit. The taxpayers appealed the ...
Vermont has updated guidance regarding the application of sales and use tax to transactions engaged in by alcoholic beverage manufacturers. The sales and use tax is imposed, at a 6% tax rate, on alcoh...
An event venue operator (taxpayer), protesting a Virginia sales and use tax assessment issued on the rental of space and certain tangible personal property (TPP), was given an opportunity to provide t...
A pet products retailer’s (taxpayer’s) sales of personalized products such as tags, collars, and leashes were properly subject to Washington manufacturing business and occupation (B&O) tax bec...
The Mercer County Commission is authorized to levy a West Virginia special district excise tax on sales of tangible personal property and services made from business locations in, and for the benefit ...
The Wisconsin Department of Revenue (DOR) has announced that it received certified ordinances from both the city of Milwaukee and Milwaukee County, regarding their approval of new sales and use taxes ...
The Wyoming Department of Revenue has updated certain sales and use tax regulations in order to conform to current law. The amended rules include:Ch. 2 Section 2 (Definitions);Ch. 2 Section 3 (Adminis...
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.
