Tax Alerts
Tax Briefing(s)
2018 Post-Filing Season UpdateCongress Approves Sweeping Tax OverhaulTax Cuts and Jobs Act2017 Year-End Tax Planning
IRS Outlines Guidance on Business Interest Deduction
The IRS has announced initial guidance for computing the business interest expense deduction under Code Sec. 163(j) effective for tax years beginning after 2017, and aspects that will be cov...
The IRS has announced initial guidance for computing the business interest expense deduction under Code Sec. 163(j) effective for tax years beginning after 2017, and aspects that will be cov...
2018 Fiscal-Year Blended Tax Rates for Corporations
The IRS has issued guidance on the changes to the federal income tax rates for corporations under Code Sec. 11(b) and the repeal of the alternative minimum tax (AMT) for corporations by the ...
The IRS has issued guidance on the changes to the federal income tax rates for corporations under Code Sec. 11(b) and the repeal of the alternative minimum tax (AMT) for corporations by the ...
IRS Provides Guidance for Reporting Fines, Penalties
The IRS has provided transitional guidance regarding the new reporting requirements for certain fines, penalties, and other amounts under Code Sec. 6050X, which was added by the Tax Cuts and Jobs...
The IRS has provided transitional guidance regarding the new reporting requirements for certain fines, penalties, and other amounts under Code Sec. 6050X, which was added by the Tax Cuts and Jobs...
IRS Provides 2018 Luxury Auto Caps, Lease Inclusion Tables
The IRS has issued "luxury car" depreciation caps for passenger automobiles first placed in service during calendar year 2018. For purposes of this guidance, "passenger automobiles"incl...
The IRS has issued "luxury car" depreciation caps for passenger automobiles first placed in service during calendar year 2018. For purposes of this guidance, "passenger automobiles"incl...
Qualified Opportunity Zones Designated
The Treasury and the IRS have designated Opportunity Zones in 15 states and three territories. Private investments in these specific Qualified Opportunity Zones get preferential tax treatment under th...
The Treasury and the IRS have designated Opportunity Zones in 15 states and three territories. Private investments in these specific Qualified Opportunity Zones get preferential tax treatment under th...
IRS Provides Workbook for 2017TY Transition Tax; FAQs Updated
The IRS has issued Publication 5292, How to Calculate Section 965 Amounts and Elections Available to Taxpayers, which provides guidance for determining the new transition tax on untaxed fore...
The IRS has issued Publication 5292, How to Calculate Section 965 Amounts and Elections Available to Taxpayers, which provides guidance for determining the new transition tax on untaxed fore...
Additional Guidance on Foreign Earnings Transition Tax
The Treasury and IRS have issued another piece of guidance on the foreign earnings transition tax under Code Sec. 965. The new provision, which was enacted as part of the Tax Cuts and Jobs Act (&...
The Treasury and IRS have issued another piece of guidance on the foreign earnings transition tax under Code Sec. 965. The new provision, which was enacted as part of the Tax Cuts and Jobs Act (&...
Withholding on Partnership Interest Transfers by Foreign Persons Addressed
The Treasury Department and the IRS have announced their intention to issue regulations, rules, and procedures on how to qualify for exemptions from withholding, or reductions in the amount of withhol...
The Treasury Department and the IRS have announced their intention to issue regulations, rules, and procedures on how to qualify for exemptions from withholding, or reductions in the amount of withhol...
Proposed Regs Would Expand ACA-Exempt Short-Term Insurance
In response to President Trump’s Executive Order 13813, the Departments Health and Human Services, Labor and the Treasury (the Departments) are proposing regulations to expand the availability o...
In response to President Trump’s Executive Order 13813, the Departments Health and Human Services, Labor and the Treasury (the Departments) are proposing regulations to expand the availability o...
AL - Alabama tax amnesty application period opens July 1
The 2018 Alabama tax amnesty application period opens on July 1, 2018. It runs through September 30, 2018. The Department of Revenue has launched a websitededicated to the program. As previously ...
The 2018 Alabama tax amnesty application period opens on July 1, 2018. It runs through September 30, 2018. The Department of Revenue has launched a websitededicated to the program. As previously ...
AK - Bill that would limit federal credits passes house
Corporate income tax legislation that has passed the House of Representatives would, if enacted:limit federal credits to the portion earned by Alaskan operations;disallow the exclusion of foreign roya...
Corporate income tax legislation that has passed the House of Representatives would, if enacted:limit federal credits to the portion earned by Alaskan operations;disallow the exclusion of foreign roya...
AZ - Deduction for uniformed services retirement or retainer pay increased
Arizona increases the deduction for uniformed services retirement or retainer pay from $2,500 to $3,500 beginning in tax year 2019.Items Covered by the DeductionThe income tax deduction applies to any...
Arizona increases the deduction for uniformed services retirement or retainer pay from $2,500 to $3,500 beginning in tax year 2019.Items Covered by the DeductionThe income tax deduction applies to any...
AR - Border city exemption properly denied
Arkansas personal income taxpayers were properly denied border city exemption as the taxpayers’ tax returns showed an address in another city that was not on the border. Generally, only bona fid...
Arkansas personal income taxpayers were properly denied border city exemption as the taxpayers’ tax returns showed an address in another city that was not on the border. Generally, only bona fid...
CA - FAQs relating to California competes tax credit discussed
For corporate and personal income tax purposes, the California Governor’s Office of Business and Economic Development (GO-Biz) has issued a press release discussing frequently asked questions (F...
For corporate and personal income tax purposes, the California Governor’s Office of Business and Economic Development (GO-Biz) has issued a press release discussing frequently asked questions (F...
CO - Colorado creates check-off for young Americans center for financial education fund
Taxpayers now have the option designate an amount on their Colorado personal income tax returns as a voluntary contribution to the Young Americans Center for Financial Education Fund. The Young Americ...
Taxpayers now have the option designate an amount on their Colorado personal income tax returns as a voluntary contribution to the Young Americans Center for Financial Education Fund. The Young Americ...
CT - Connecticut legislature approves pass-through entity tax
The Connecticut General Assembly approved legislation that would impose an income tax on pass-through entities effective for tax years beginning after 2017.What pass-throughs pay the tax?The legislati...
The Connecticut General Assembly approved legislation that would impose an income tax on pass-through entities effective for tax years beginning after 2017.What pass-throughs pay the tax?The legislati...
DE - Delaware bill goes around SALT deduction limits
A Delaware bill would go around the new $10,000 limit on the IRC Sec. 164 state and local tax (SALT) deduction for tax years after 2017. Delaware would allow residents an itemized deduction from perso...
A Delaware bill would go around the new $10,000 limit on the IRC Sec. 164 state and local tax (SALT) deduction for tax years after 2017. Delaware would allow residents an itemized deduction from perso...
DC - New transient lodgings tax finally enacted
Hotels in the District of Columbia must pay a new 0.3% transient lodgings tax as of October 1, 2017. The new tax is paid in addition to existing District taxes on hotels and other transient lodgings. ...
Hotels in the District of Columbia must pay a new 0.3% transient lodgings tax as of October 1, 2017. The new tax is paid in addition to existing District taxes on hotels and other transient lodgings. ...
FL - Sales of prefabricated panels installed into realty are not fixtures and are subject to tax
The taxpayer’s sales of prefabricated panel sections that are installed into realty are retail sales of tangible personal property subject to Florida sales tax.Prefabricated Panel SectionsThe pa...
The taxpayer’s sales of prefabricated panel sections that are installed into realty are retail sales of tangible personal property subject to Florida sales tax.Prefabricated Panel SectionsThe pa...
GA - Georgia enacts partnership adjustment reporting requirements
Georgia enacted requirements for reporting federal partnership and pass-through entity adjustments. Partnerships and their direct and indirect partners must report final federal adjustments.Reporting ...
Georgia enacted requirements for reporting federal partnership and pass-through entity adjustments. Partnerships and their direct and indirect partners must report final federal adjustments.Reporting ...
HI - IRC conformity bill sent to Governor
Hawaii’s Internal Revenue Code (IRC) tie-in date would move to February 9, 2018, under a bill passed by the Legislature. The date change would apply to corporate and personal income taxes for ta...
Hawaii’s Internal Revenue Code (IRC) tie-in date would move to February 9, 2018, under a bill passed by the Legislature. The date change would apply to corporate and personal income taxes for ta...
ID - Updated tax withholding guide issued
The Idaho State Tax Commission has released an updated version of its personal income tax withholding guide, with revised tables for 2018. The guide notes that the state now uses an Idaho allowance co...
The Idaho State Tax Commission has released an updated version of its personal income tax withholding guide, with revised tables for 2018. The guide notes that the state now uses an Idaho allowance co...
IL - Guidance on pass-through entity income updated
For corporate income tax purposes, the Illinois Department of Revenue has updated its publication on pass-through entity income explaining the tax obligations involved with distributions from partners...
For corporate income tax purposes, the Illinois Department of Revenue has updated its publication on pass-through entity income explaining the tax obligations involved with distributions from partners...
IN - Special session considers IRC conformity
Indiana began a special session on May 14. The session is considering an income tax bill addressing:IRC conformity;IRC Sec. 965 income;carry forward of tax credits; andthe 529 education savings plan t...
Indiana began a special session on May 14. The session is considering an income tax bill addressing:IRC conformity;IRC Sec. 965 income;carry forward of tax credits; andthe 529 education savings plan t...
IA - Iowa tax reform legislation sent to Governor
The Iowa House and Senate passed significant tax reform legislation. The bill now goes to Iowa Gov. Kim Reynolds. The bill incorporates some provisions of the previously passed senate bill, while maki...
The Iowa House and Senate passed significant tax reform legislation. The bill now goes to Iowa Gov. Kim Reynolds. The bill incorporates some provisions of the previously passed senate bill, while maki...
KS - Local rate changes revised
A Kansas Department of Revenue has revised the local sales and use tax rates in effect for the quarter beginning July 1, 2018. Revisions reflect:The new Westwood South Woodside Community Improvement D...
A Kansas Department of Revenue has revised the local sales and use tax rates in effect for the quarter beginning July 1, 2018. Revisions reflect:The new Westwood South Woodside Community Improvement D...
KY - Kentucky STABLE accounts get favorable tax treatment
Kentucky enacted legislation that provides individuals who contribute to a STABLE savings account with favorable income tax treatment on:earnings; anddistributions.What is a STABLE account?IRC Sec. 52...
Kentucky enacted legislation that provides individuals who contribute to a STABLE savings account with favorable income tax treatment on:earnings; anddistributions.What is a STABLE account?IRC Sec. 52...
LA - Checkoff for coalition against domestic violence created
Louisiana added a new personal income tax “checkoff” for contributions to the state’s Coalition Against Domestic Violence. This allows taxpayers to donate all or a part of their tax ...
Louisiana added a new personal income tax “checkoff” for contributions to the state’s Coalition Against Domestic Violence. This allows taxpayers to donate all or a part of their tax ...
ME - Sales to heating assistance organizations exempt
Effective October 1, 2018, Maine sales and use tax does not apply to sales to organizations that are:exempt under IRC Sec. 501(c)(3); andprovide residential heating assistance to low-income individual...
Effective October 1, 2018, Maine sales and use tax does not apply to sales to organizations that are:exempt under IRC Sec. 501(c)(3); andprovide residential heating assistance to low-income individual...
MD - Classroom supplies deduction enacted
Maryland enacted legislation creating a personal income tax deduction for classroom supplies purchased by a teacher. The deduction is available for tax years beginning after 2017.Teachers Who Can Clai...
Maryland enacted legislation creating a personal income tax deduction for classroom supplies purchased by a teacher. The deduction is available for tax years beginning after 2017.Teachers Who Can Clai...
MA - Taxpayer’s stock sales qualified for investment tax credit
For corporate income tax purposes, the Massachusetts Department of Revenue (DOR) issued a letter ruling determining that a federal election to treat a stock sale as an asset sale, would be considered ...
For corporate income tax purposes, the Massachusetts Department of Revenue (DOR) issued a letter ruling determining that a federal election to treat a stock sale as an asset sale, would be considered ...
MI - Prepaid fuel rates announced
Michigan’s monthly prepaid sales tax rates for fuel have been announced for the period of June 1, 2018 through June 30, 2018.Gasoline rateThe prepaid rate for gasoline increases from 13.2 cents ...
Michigan’s monthly prepaid sales tax rates for fuel have been announced for the period of June 1, 2018 through June 30, 2018.Gasoline rateThe prepaid rate for gasoline increases from 13.2 cents ...
MN - Reminder issued regarding military service credit
The Minnesota Department of Revenue is informing eligible personal income taxpayers that the credit for military service in a combat zone for service in 2014 will expire for most qualifying service me...
The Minnesota Department of Revenue is informing eligible personal income taxpayers that the credit for military service in a combat zone for service in 2014 will expire for most qualifying service me...
MS - Charitable and foster care organization credit enacted, adoption credit expanded
Mississippi two new charitable donation credits and increased the adoption tax credit. The two new enacted income tax credits are for donations to:qualifying charitable organizations; andqualifying fo...
Mississippi two new charitable donation credits and increased the adoption tax credit. The two new enacted income tax credits are for donations to:qualifying charitable organizations; andqualifying fo...
MO - Writ of prohibition was appropriate because commission cannot modify assessments
The Missouri Court of Appeals affirmed the trial court decision issuing a permanent writ prohibiting the State Tax Commission (Commission) from exercising jurisdiction over the taxpayers' property tax...
The Missouri Court of Appeals affirmed the trial court decision issuing a permanent writ prohibiting the State Tax Commission (Commission) from exercising jurisdiction over the taxpayers' property tax...
MT - 529 withdrawals for K-12 tuition may be taxable
A withdrawal from a Montana 529 plan to pay for K-12 tuition is a nonqualified withdrawal under Montana law. A recent federal change exempts up to $10,000 in 529 distributions for elementary or second...
A withdrawal from a Montana 529 plan to pay for K-12 tuition is a nonqualified withdrawal under Montana law. A recent federal change exempts up to $10,000 in 529 distributions for elementary or second...
NE - Assessment of grassland properties upheld
For Nebraska property tax purposes, valuation of several grassland parcels by the Morrill County assessor was upheld.Valuation by Property OwnersThe property owners attempted to rebut the assessor and...
For Nebraska property tax purposes, valuation of several grassland parcels by the Morrill County assessor was upheld.Valuation by Property OwnersThe property owners attempted to rebut the assessor and...
NV - Additional credit amount authorized for scholarship organization donations
Recently enacted Nevada legislation authorizes the Department of Taxation to allow additional credit amounts to be claimed against the modified business tax and the financial institution modified busi...
Recently enacted Nevada legislation authorizes the Department of Taxation to allow additional credit amounts to be claimed against the modified business tax and the financial institution modified busi...
NH - New Hampshire BPT and BET rate reduction effective dates amended
New Hampshire amended the effective dates of previously enacted rate reductions for the business profits tax (BPT) and business enterprise tax (BET). Future reductions that were going to take effect o...
New Hampshire amended the effective dates of previously enacted rate reductions for the business profits tax (BPT) and business enterprise tax (BET). Future reductions that were going to take effect o...
NJ - Bulletin on taxability of health care products revised
The New Jersey Division of Taxation has revised a bulletin regarding the sales and use tax treatment of health care products, including drugs, grooming and hygiene products, prosthetic devices, durabl...
The New Jersey Division of Taxation has revised a bulletin regarding the sales and use tax treatment of health care products, including drugs, grooming and hygiene products, prosthetic devices, durabl...
NM - Denial of high-wage job tax credit using replacement analysis method upheld
For corporate income tax purposes, the New Mexico Taxation and Revenue Department’s use of the "replacement analysis" method in denying a taxpayer's application for the high-wage jobs ...
For corporate income tax purposes, the New Mexico Taxation and Revenue Department’s use of the "replacement analysis" method in denying a taxpayer's application for the high-wage jobs ...
NY - Components of brownfield redevelopment tax credit discussed
The New York Department of Taxation and Finance issued an advisory opinion on Brownfield redevelopment corporate and personal income tax credit. In this matter, a taxpayer inquired (1) about circumsta...
The New York Department of Taxation and Finance issued an advisory opinion on Brownfield redevelopment corporate and personal income tax credit. In this matter, a taxpayer inquired (1) about circumsta...
NC - North Carolina budget proposes rate and other changes
North Carolina Gov. Roy Cooper’s budget for fiscal year 2018-19 proposes to:freeze the corporate income tax rate;reduce the personal income tax rate on income below a certain threshold...
North Carolina Gov. Roy Cooper’s budget for fiscal year 2018-19 proposes to:freeze the corporate income tax rate;reduce the personal income tax rate on income below a certain threshold...
ND - Local tax changes announced
The following North Dakota local sales and use tax changes are effective July 1, 2018.KenmareThe city of Kenmare will continue its 2% local sales, use, and gross receipts tax. The city will also conti...
The following North Dakota local sales and use tax changes are effective July 1, 2018.KenmareThe city of Kenmare will continue its 2% local sales, use, and gross receipts tax. The city will also conti...
OH - Texas manufacturer subject to CAT
A Texas based manufacturer was subject to the Ohio Commercial Activity Tax (CAT). The taxpayer met the CAT statutory requirements for "substantial nexus" with Ohio.The taxpayer argued the re...
A Texas based manufacturer was subject to the Ohio Commercial Activity Tax (CAT). The taxpayer met the CAT statutory requirements for "substantial nexus" with Ohio.The taxpayer argued the re...
OK - Oklahoma allows transition tax installment payment election
Recently enacted Oklahoma legislation allows any taxpayer that elects to make installment payments of federal tax under IRC Sec. 965(h) to also pay any state income taxes due on such income in install...
Recently enacted Oklahoma legislation allows any taxpayer that elects to make installment payments of federal tax under IRC Sec. 965(h) to also pay any state income taxes due on such income in install...
OR - Taxpayer failed to timely apply for special assessment
An Oregon taxpayer’s property tax complaint requesting that the tax court find good and sufficient cause to grant the taxpayer's Multi-Unit Rental Housing (Low Income Housing) special assessment...
An Oregon taxpayer’s property tax complaint requesting that the tax court find good and sufficient cause to grant the taxpayer's Multi-Unit Rental Housing (Low Income Housing) special assessment...
PA - Reassessment petition dismissed as untimely
A Pennsylvania taxpayer’s personal income tax reassessment petition was properly denied because the petition was filed beyond the statutory deadline. Generally, a taxpayer must either pay tax or...
A Pennsylvania taxpayer’s personal income tax reassessment petition was properly denied because the petition was filed beyond the statutory deadline. Generally, a taxpayer must either pay tax or...
RI - Recovery of excess taxes granted
A Rhode Island Superior court’s decision allowing the taxpayers appeal for recovery of property taxes paid in excess of their properties’ fair market value was affirmed because the taxpaye...
A Rhode Island Superior court’s decision allowing the taxpayers appeal for recovery of property taxes paid in excess of their properties’ fair market value was affirmed because the taxpaye...
SC - Purchased or leased jet ski subject to maximum tax
The South Carolina Department of Revenue has updated a ruling to state that a purchased or leased personal watercraft, such as a jet ski, qualifies as a "boat" and therefore is subject to th...
The South Carolina Department of Revenue has updated a ruling to state that a purchased or leased personal watercraft, such as a jet ski, qualifies as a "boat" and therefore is subject to th...
SD - Guidance on foreign dividend recapture provided
South Dakota is allowing bank franchise taxpayers to subtract some foreign dividends. South Dakota has always required that foreign dividends be added to taxable income. Federal tax law now requires t...
South Dakota is allowing bank franchise taxpayers to subtract some foreign dividends. South Dakota has always required that foreign dividends be added to taxable income. Federal tax law now requires t...
TN - Angel investor credit modified
A Tennessee angel investor credit amendment allows investments to be direct or indirect. Ch. 892 (H.B. 2217), Laws 2018, effective May 3, 2018, applicable to tax years beginning on or after January 1,...
A Tennessee angel investor credit amendment allows investments to be direct or indirect. Ch. 892 (H.B. 2217), Laws 2018, effective May 3, 2018, applicable to tax years beginning on or after January 1,...
TX - Labor costs for repairing automobiles not included in COGS deduction
A Texas corporate income taxpayer was not allowed to include labor costs for repairing automobiles or costs of items related to providing labor to repair the automobiles as part of its cost of goods s...
A Texas corporate income taxpayer was not allowed to include labor costs for repairing automobiles or costs of items related to providing labor to repair the automobiles as part of its cost of goods s...
UT - New sample client letter on rate reduction, single-sales factor formula, and more now available
Utah recently enacted legislation that lowers income tax rates, phases in use of a single-sales factor apportionment formula, and makes other changes. A sample client letter has been created that assi...
Utah recently enacted legislation that lowers income tax rates, phases in use of a single-sales factor apportionment formula, and makes other changes. A sample client letter has been created that assi...
VT - Limitation period for action against grantee in possession reduced
Recently enacted Vermont legislation amends the statute relating to the statute of limitations for recovery and possession of property actions against the grantee of a tax collector's deed. The amendm...
Recently enacted Vermont legislation amends the statute relating to the statute of limitations for recovery and possession of property actions against the grantee of a tax collector's deed. The amendm...
VA - Additional tax imposed in “Historic Triangle” region discussed
The previously enacted additional 1% Virginia retail sales and use tax imposed in the "Historic Triangle" is discussed. The additional tax is effective July 1, 2018. The Historic Triangle co...
The previously enacted additional 1% Virginia retail sales and use tax imposed in the "Historic Triangle" is discussed. The additional tax is effective July 1, 2018. The Historic Triangle co...
WA - Municipal annexations announced
The Washington Department of Revenue has announced that the following cities have imposed annexations for sales tax purposes: Leavenworth, Le Center, Washougal, Mattawa, Quincy, Montesano (three annex...
The Washington Department of Revenue has announced that the following cities have imposed annexations for sales tax purposes: Leavenworth, Le Center, Washougal, Mattawa, Quincy, Montesano (three annex...
WV - Tax sale notice requirements not satisfied
The West Virginia Supreme Court of Appeals reversed a circuit court’s decision which granted summary judgment to a tax sale purchaser of property in an action to set aside the tax deed, because ...
The West Virginia Supreme Court of Appeals reversed a circuit court’s decision which granted summary judgment to a tax sale purchaser of property in an action to set aside the tax deed, because ...
WI - Department’s audit was timely; Tax debt nondischargeable
For personal income tax purposes, the Wisconsin Department of Revenue was granted a summary determination because its performance of an audit and issuance of a deficiency notice to a taxpayer was time...
For personal income tax purposes, the Wisconsin Department of Revenue was granted a summary determination because its performance of an audit and issuance of a deficiency notice to a taxpayer was time...
WY - Transfer of title not a taxable vehicle sale
When the taxpayer transferred title to his motor vehicle, no sale occurred for purposes of the Wyoming sales tax because there was no transfer of possession. The taxpayer transferred title to the moto...
When the taxpayer transferred title to his motor vehicle, no sale occurred for purposes of the Wyoming sales tax because there was no transfer of possession. The taxpayer transferred title to the moto...
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