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Tax Briefing(s)

2018 Post-Filing Season Update Congress Approves Sweeping Tax Overhaul Tax Cuts and Jobs Act

Exempt Organizations May Not Need to Include Donor Information on Returns
Tax-exempt organizations, other than charities exempt under Code Sec. 501(c)(3), will soon be able to stop reporting the names and addresses of contributors on Schedule B when filing their inform...

IRS Unveils Draft Form 1040
Taxpayers will be able to file federal income taxes starting next filing season on a new postcard-sized Form 1040. The IRS officially released the draft 2018 Form 1040 on June 29.Draft Form 1040The ne...

Preparer Due Diligence Rules Include Head of Household Eligibility
The IRS has proposed amendments to the tax preparer due diligence regulations to reflect a recent law change. The Tax Cuts and Jobs Act ( P.L. 115-97) expanded the scope of the due diligence pena...

IRS Clarifies Estate and Trust Expenses Not Subject to Miscellaneous Itemized Deduction Suspension
The Treasury Department and the IRS plan to issue regulations clarifying that certain estate and nongrantor trust expenses remain deductible and are not subject to the miscellaneous itemized deduction...

Veterans Urged to Claim Refund for Tax Overpayments on Disability Severance Payments
The IRS has urged certain veterans who received disability severance payments after January 17, 1991, and included that payment as income that they should file Form 1040X, Amended U.S. Individual Inco...

IRS Highlights “Security Six” Safeguards
The IRS, along with Security Summit partners, offered important tips dubbed "Security Six"protections to help tax professionals protect their computers and email as well as safeguard sensitive ta...

AZ - Publication discussing nexus in Arizona updated
The Arizona Department of Revenue has updated its publication that discusses how nexus affects the imposition of corporate income tax and sales and use tax. The publication defines nexus and explains ...

CA - Third-quarter estimated tax payment, application for California competes tax credit, and others discussed
In its August 2018 issue of Tax News, the California Franchise Tax Board (FTB) provides information on a variety of corporation franchise and income and personal income tax issues. In this issue, the ...

CO - Vacant parcel reclassified as residential land
For property tax purposes, the Colorado Court of Appeals (court) held that the Board of Assessment Appeals (Board) erred in declining to reclassify the taxpayer's land as residential because the taxpa...

FL - Entitlement to surplus to be decided at the tax sale
For Florida property tax purposes, the mortgagee was entitled to the surplus proceeds of the tax sale because the mortgagee had a lien and mortgage interest in the subject property at the time of the ...

GA - SST taxability matrix and certificate of compliance updated
Georgia has updated its Streamlined Sales and Use Tax (SST) Agreement taxability matrix and certificate of compliance. The changes are effective August 1, 2018. The state’s matrix and certificat...

HI - 2018 standard mileage rates announced
The 2018 standard mileage rates for Hawaii income tax deductions for using vehicles for designated purposes are:business—54.5 cents per mile;medical or moving—18 cents per mile; andcharita...

ID - Guidance issued regarding click-through nexus and out-of-state retailers
The Idaho State Tax Commission has issued guidance on the presumption that certain out-of-state retailers making sales to customers located in Idaho are retailers engaged in business in the state. The...

IL - Illinois enacts historic preservation tax credit act
Illinois enacted the Historic Preservation Tax Credit Act. It provides a tax credit for rehabilitation of historic structures in the state.Taxpayers can claim the credit in tax years beginning after 2...

IA - DOR offers wayfair guidance
Iowa issued guidance regarding how the U.S. Supreme Court’s decision in South Dakota v. Wayfair, Inc., Docket No. 17-494 affects Iowa and online retailers, remote sellers, and marketplace p...

MD - Maryland issues wayfair guidance
Maryland issued guidance for online sellers after the recent decision in South Dakota v. Wayfair, Inc., U.S. Supreme Court, Dkt. No. 17-494, June 21, 2018. Wayfair struck down the requi...

MA - Abatement denied for failure to prove over-assessment
The Massachusetts Board of Assessors’ decision denying a taxpayer’s request to abate property taxes on certain real estate property consisting of a contemporary-style dwelling was upheld b...

NV - Regulations adopted on credit for new or expanding businesses
Nevada adopted regulations on the transferable credit available to new or expanding businesses. Taxpayers can apply the credit against:the modified business tax;the financial institution modified busi...

NM - Assessment upheld because taxpayer was successor in business
A taxpayer was liable for New Mexico gross receipts taxes owed by the previous owner of a restaurant because the taxpayer met the criteria for being a successor in business to the restaurant. A busine...

NY - Protest denied as taxpayers were ineligible for public pension exclusion
New York State personal income taxpayers were properly not entitled to the public pension exclusion with respect to a lump-sum distribution from a federal (IRC Section 457) deferred compensation plan ...

NC - Economic nexus threshold issued post-wayfair
The North Carolina Department of Revenue provides sales and use tax guidance in the wake of the decision in Wayfair v. South Dakota. The department will require remote sellers to collect and remi...

ND - North Dakota in compliance with terms of streamlined sales and use tax agreement
The North Dakota Office of State Tax Commissioner has certified that North Dakota is in substantial compliance with the terms of the Streamlined Sales and Use Tax Agreement as of August 1, 2018. Furth...

OH - Penalty for employer’s failure to remit withheld income taxes amended
Ohio modified the penalty for an employer’s failure to remit state income taxes withheld from an employee.New PenaltyThe penalty is now:a fine between $100 and $1,000, or imprisonment for under ...

OR - Protest upheld because business energy tax credit did not generate taxable income
For Oregon personal income tax purposes, taxpayers’ protest was sustained because their purchase of a business energy tax credit (BETC) did not generate gains from dealing in property and, there...

PA - Philadelphia will follow state bonus depreciation treatment
Philadelphia informs taxpayers that it will follow Pennsylvania’s income tax treatment of the federal bonus depreciation deduction. Taxpayers will need to addback any bonus depreciation. They wi...

TN - Appeal dismissed for lack of jurisdiction
For Tennessee property tax purposes, the Court of Appeals dismissed the taxpayer's lienholders appeal from the trial court’s order for lack of jurisdiction because the trial court's order was no...

TX - Denial of attorney fees reversed due to abuse of discretion
For Texas property tax purposes, a trial court’s order denying a tax lien transferee’s request for attorney fees and expenses, as well as other fees was reversed because it abused its disc...

UT - Utah enacts economic nexus provisions
Enacted Utah legislation imposes economic nexus and expands certain sales and use tax exemptions.Economic NexusA seller not otherwise obligated to pay or collect and remit sales and use tax is so obli...

VA - Department properly adjusted NOLD carryforward
The Virginia Department of Taxation properly adjusted a corporate income taxpayer’s 2011 net operating loss deduction (NOLD) carryforward to reflect the balance of the fixed date conformity adju...

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