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The United States has provided formal notice to the Russian Federation on June 17, 2024, to confirm the suspension of the operation of paragraph 4 of Article 1 and Articles 5-21 and 23 of the Conven...
The IRS has announced plans to deny tens of thousands of high-risk Employee Retention Credit (ERC) claims while beginning to process lower-risk claims. The agency's review has identified a sign...
The IRS has issued a warning about the increasing threat of impersonation scams targeting seniors. These scams involve fraudsters posing as government officials, including IRS agents, to steal s...
The IRS released the inflation adjustment factors and the resulting applicable amounts for the clean hydrogen production credit for 2023 and 2024.For 2023, the inflation adjustment...
The IRS has released the inflation adjustment factor for the credit for carbn dioxide (CO2) sequestration under Code Sec. 45Q for 2024. The inflation adjustment factor is 1.3877, and the...
Effective July 1, 2024, the town of Pine Level imposed new local Alabama sales, use, rental and lodgings taxes.Sales And Use TaxesNew sales and use taxes are imposed on the following at the indicated ...
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...
Arizona has made the following changes to state income tax credits for contributions to school tuition organizations:setting a $135 million annual aggregate cap on corporate low-income student tuition...
The Arkansas Department of Finance and Administration has updated the 2024 edition of its publication "Withholding Tax: Employer's Instructions" for recent legislative changes to tax rates. The public...
The California Franchise Tax Board (FTB) may continue to implement an alternative communication method, which allows taxpayers to receive notifications via preferred electronic methods when a notice, ...
Colorado has enacted changes to the Property Tax/Rent/Heat Credit Rebate (PTC) which is available to qualifying seniors and individuals with a disability who earn income below a threshold amount and w...
The conversion factors used in the computation of Connecticut motor vehicle fuels tax occurring in gaseous form effective July 1, 2024, through June 30, 2025, are announced. Conversion factors: (1) ar...
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...
For District of Columbia property tax purposes, the trial court erred in dismissing an action brought by the taxpayers in April 2018 challenging the validity of a corrected special assessment levied a...
Guidance is issued regarding changes that have been made to the affidavit required to claim the sales tax exemption for boats sold by registered dealers to nonresident purchasers for removal from Flor...
For sales and use tax purposes, Georgia adopted new rules pertaining to the registration of multipurpose off-highway vehicles (MPOHVs). The rules detail the procedures that county tag offices must fol...
The Hawaii income tax credit available to qualified high technology businesses for research activities has been amended to:repeal a provision that made references to the base amount in the Internal Re...
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...
Illinois adopted a regulation implementing the Manufacturing Illinois Chips for Real Opportunity (MICRO) investment credit that eligible taxpayers can use against:corporate income tax liability; andpe...
Effective August 1, 2024, the city of Hammond in Indiana imposes a food and beverage tax at a 1% rate. Food and Beverage Tax, Indiana Department of Revenue, July 2024...
The Iowa Department of Revenue issued a declaratory order regarding the applicability of sales and use tax to a research company’s (taxpayer’s) corn breeding and yield trial testing services. In t...
Kansas issued a notice highlighting legislation that increases the child and dependent care expense credit beginning with the 2024 tax year. Notice 24-09, Kansas Department of Revenue, July 1, 2024...
The Kentucky Department of Revenue provides answers to frequently asked questions on the disaster relief sales and use tax refund available following the recent storms that took place. A disaster decl...
Effective July 1, 2024, Louisiana will allow a sales and use tax rebate for taxes paid on the purchase of eligible data center equipment by approved data center facilities.Purchases made on or after J...
Maine has amended its rule regarding income tax withholding reports and payments to remove the requirement to file the annual reconciliation Form W-3ME for tax periods beginning on or after January 1,...
For sales and use tax purposes, the Comptroller of Maryland issued a tax alert discussing the taxability of cigarettes, other tobacco products (OTP), and electronic smoking devices (ESD). The tax aler...
Massachusetts issued guidance explaining changes contained in 2023 supplemental appropriations legislation that:added a personal income tax deduction for sports wagering losses;established sourcing an...
From August 1, 2024 through August 31, 2024, the Michigan prepaid tax rate for gasoline decreases to 18.4 cents per gallon. The prepaid rate for diesel fuel decreases to 19.5 cents per gallon. Revenu...
Montana has proposed numerous updates to the personal income tax rules in order to align them with various law changes. For example, because of previously enacted tax simplification, the updates would...
Massachusetts updated guidance that explains tax relief resulting from a federal disaster declaration for areas in the state, including automatic return filing and payment extensions for:personal inco...
Missouri has amended various income tax rules relating to:changes of accounting periods;determinations of timeliness; andnet operating losses (NOLs) on individual income tax returns.Missouri has also ...
Montana issued a reminder concerning pass-through entity tax (PTET) returns that push PTET overpayments to affected owners. Overpayments of the PTET cannot be allocated to affected owners. When a pass...
Nebraska Gov. Jim Pillen called a special session of the state legislature to consider a tax package that proposes to:Place a hard cap on property tax collections; andCut property taxes by 50%.Press R...
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...
New Jersey has release guidance regarding its recently adopted corporate transit fee. The guidance discusses:separate and combined group filing;filing returns; andpenalties and interest.Corporate Tran...
In an unpublished opinion, the New Mexico Court of Appeals (court) affirmed that a taxpayer was entitled to a full abatement of an assessment of sales and use tax because the taxpayer established that...
A New York personal income taxpayer’s petition with the Division of Tax Appeals in protest of the notice of deficiency was denied because she did not meet her burden of establishing that the notice ...
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...
A taxpayer and two of its subsidiaries (taxpayers) were denied Ohio sales tax refunds because their clinical laboratory testing materials were not drugs exempt from tax. The taxpayers conducted clinic...
Additional Oklahoma local sales and use tax rate changes have been announced effective October 1, 2024.City Rate ChangesBroken Bow increases its rate from 3.0% to 4.0%.Edmond increases its lodging tax...
The Oregon Supreme Court affirmed a tax court decision holding a cigarette manufacturer’s activities, including return of goods and "prebook orders," created nexus for purposes of Oregon’s corpora...
Pennsylvania has adopted legislation amending the act of July 7, 1947, known as the Real Estate Tax Sale Law by adding a section establishing a county demolition and rehabilitation fund. The legislati...
Rhode Island has enacted legislation replacing the option for taxpayers to donate to the substance use and mental health leadership council of Rhode Island via personal income tax return checkoff with...
Various South Carolina withholding provisions have been updated to refer to the "maximum individual tax rate," rather than to a specific percentage.Previously, the 2023-24 budget legislation contained...
South Dakota has updated a tax facts sheet on the application of state and local taxes to fishing and hunting service providers, hunting preserves, and hunting lodges. Topics covered in the fact sheet...
An annual three-day Tennessee sales and use tax holiday applies to qualifying clothing and school supplies (including art supplies) with a sales price of $100 or less per item, and to computers with a...
The Texas Comptroller of Public Accounts issued a publication discussing the applicability of mixed beverage tax. The publication discusses that a mixed beverage permittee must (1) pay a 6.7% mixed be...
Utah has revised its sales tax guidance for outfitter and guide services and for sales of hunting and fishing licenses and cooperative wildlife management unit (CWMU) permits. Topics covered include t...
Vermont has revised the Downtown and Village Center Program Tax Credit to increase the maximum credit from $50,000 to $100,000 for combined costs of certain qualified code improvements, and from $75,0...
Virginia has issued a bulletin regarding the one-time safe harbor for omitted and erroneously remitted retail sales and use taxes to contractors. Effective July 1, 2024, the Department of Taxation is ...
A limited liability company (taxpayer) was not subject to Washington use tax on the purchase of an aircraft because the transaction was an exempt purchase for resale. The taxpayer was specifically for...
West Virginia issued a publication that provides guidance on corporate and personal income tax credits for tax paid on the personal property of small business owners in the state. TSD 456, West Virgin...
Wisconsin released a new version of its withholding tax guide (Publication W-166) announcing that the current withholding rates continue for 2024.Updated versions of the following publications were al...
Beginning October 1, 2024, lodging vendors in Niobrara County, Wyoming within the boundaries of the town of Lusk impose a 13% tax on lodging services (6% sales tax and 7% lodging tax). Taxing Issues,...
At Sella & Martinic, LLC we are committed to helping you minimize your taxes while helping to preserve your wealth accumulation.
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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).
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