2019 Required Amendments List for Employee PlansThe IRS has issued its 2019 Required Amendments List (2019 RA List) for individually designed employee retirement plans. Beginning with the 2019 list, all RA Lists will apply to both Code Sec. 401(a) ...
Date Extended for Applying Foreign Branch RulesA one-year extension has been granted for applying the Code Sec. 987 final regulations, and certain related final and temporary regulations covering foreign branch transactions of U.S. corporations. T...
Guidance Updated for Making Adequate DisclosureThe IRS has updated its guidance that identifies circumstances under which a disclosure on a taxpayer’s income tax return with respect to an item or position is "adequate" for reducing the under...
Accounting Method Change Procedures UpdatedThe IRS has released guidance listing the specific changes in accounting method to which the automatic change procedures in Rev. Proc. 2015-13, I.R.B. 2015-5, 419, apply. This guidance updates and sup...
Proposed Updated RMD Tables IssuedThe IRS has proposed updated life expectancy and distribution period tables under the required minimum distribution (RMD) rules. The proposed tables reflect the general increase in life expectancy, an...
New LB&I Campaign on Deferred Foreign IncomeThe IRS Large Business and International (LB&I) has added a new active campaign to the IRS website called "IRC 965." The campaign’s goal is to promote compliance with Code Sec. 965, Treatmen...
AZ - Unused tax credits set for repeal For taxable years 2020 and after, Arizona will not allow corporate taxpayers to claim income tax credits for:employment by a healthy forest enterprise (Form 332)agricultural pollution control equipmen...
CA - Taxpayer’s petition for rehearing dismissedFor California sales and use tax purposes, a taxpayer’s petition for rehearing was dismissed because the grounds set forth by the taxpayer did not constitute good cause for a new hearing. Genera...
FL - 2020 motor fuel tax rates announcedFor calendar year 2020, Florida state motor fuel (gasoline) and diesel fuel tax rates are increased while the aviation fuel tax rate remains at its current rate.2020 Motor Fuel Tax RateEffective Janua...
GA - Title Ad valorem tax rate reducedThe Georgia title ad valorem tax rate (TAVT) is reduced.Title Ad Valorem Tax Rate ChangesThe following changes apply to vehicles purchased or sold on or after January 1, 2020:the TAVT rate is reduced ...
ID - W-2 E-filing guide updatedFor corporate and personal income tax purposes, Idaho State Tax Commission issued W-2 E-Filing Guide clarifying that the state does not make changes to taxpayers’ record layouts or other require...
NV - Clark county tax increase comingNevada’s most populated county, Clark County, will soon see a sales and use tax increase.Sales Tax Rate IncreaseEffective January 1, 2020, Clark County’s sales and use tax rate will be 8.3...
UT - Local rate changes announcedUtah announced the following local sales and use tax rate changes, effective January 1, 2020.Local Option TaxBrighton Town (newly incorporated town in Salt Lake County) imposes a 1% local option tax.T...
