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Tax Alerts
June 11, 2021
Tax Briefing(s)
First Monthly Child Tax Credit Payment Coming in July
The IRS and the Treasury Department have announced that the first monthly payment of the new refundable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. The increased CTC ...
The IRS and the Treasury Department have announced that the first monthly payment of the new refundable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. The increased CTC ...
Late Filers Should File to Limit Penalties
The IRS reminded taxpayers who missed the recent tax-filing deadline but are due a refund that there is no penalty for filing late if a refund is due. Those who owe and missed the deadline without req...
The IRS reminded taxpayers who missed the recent tax-filing deadline but are due a refund that there is no penalty for filing late if a refund is due. Those who owe and missed the deadline without req...
Groups Urged to Share Tax Information With Those Without Permanent Addresses
In an ongoing effort to help those experiencing homelessness, the IRS has reminded people who do not have a permanent address or a bank account that they may still qualify for stimulus payments and ot...
In an ongoing effort to help those experiencing homelessness, the IRS has reminded people who do not have a permanent address or a bank account that they may still qualify for stimulus payments and ot...
IRS Updates Plug-In Credit for 2022 Vehicles
The IRS has added new 2022 models to the list of vehicles for which the plug-in vehicle credit would be available. The vehicles added include BMW and Mini vehicles. The BMW 745e XDrive has a credit am...
The IRS has added new 2022 models to the list of vehicles for which the plug-in vehicle credit would be available. The vehicles added include BMW and Mini vehicles. The BMW 745e XDrive has a credit am...
Adjustments for CTC, EITC, PTC Table
The IRS has modified inflation-adjusted amounts for the child tax credit (CTC), the earned income tax credit (EITC/EIC), and the applicable percentage table for Code Sec. 36B for calculating a taxpaye...
The IRS has modified inflation-adjusted amounts for the child tax credit (CTC), the earned income tax credit (EITC/EIC), and the applicable percentage table for Code Sec. 36B for calculating a taxpaye...
2022 HSA Amounts Released
The IRS has released the 2022 inflation-adjusted amounts for health savings accounts (HSAs) under Code Sec. 223. For calendar year 2022, the annual limitation on deductions under Code Sec. 223(b)(2) f...
The IRS has released the 2022 inflation-adjusted amounts for health savings accounts (HSAs) under Code Sec. 223. For calendar year 2022, the annual limitation on deductions under Code Sec. 223(b)(2) f...
Drafts of New Schedules K-2 and K-3 Released
The IRS and Treasury have released updated early drafts of new Schedule K-2 and Schedule K-3 for Form 1065, U.S. Return of Partnership Income, Form 1120-S, U.S. Income Tax Return for an S Corporation,...
The IRS and Treasury have released updated early drafts of new Schedule K-2 and Schedule K-3 for Form 1065, U.S. Return of Partnership Income, Form 1120-S, U.S. Income Tax Return for an S Corporation,...
Temporary Use of Digital Signatures Extended
The IRS has extended the list of federal tax forms that cannot be filed electronically for which it is temporarily allowing digital signatures. The IRS has also extended filing period for which digita...
The IRS has extended the list of federal tax forms that cannot be filed electronically for which it is temporarily allowing digital signatures. The IRS has also extended filing period for which digita...
AZ - IRC conformity updated
Arizona has updated its conformity to the Internal Revenue Code (IRC) for income tax purposes. For tax years beginning after 2020, Arizona now conforms to the IRC as amended and in effect on March 11,...
Arizona has updated its conformity to the Internal Revenue Code (IRC) for income tax purposes. For tax years beginning after 2020, Arizona now conforms to the IRC as amended and in effect on March 11,...
CA - Deadline for claiming 2016 tax refunds postponed to May 17
The California State Controller and Franchise Tax Board (FTB) announced that the date for individual income taxpayers to claim a refund for tax year 2016 has been extended to May 17, 2021. Generally, ...
The California State Controller and Franchise Tax Board (FTB) announced that the date for individual income taxpayers to claim a refund for tax year 2016 has been extended to May 17, 2021. Generally, ...
CO - Expiring tax checkoffs extended
Enacted Colorado legislation maintains indefinitely six voluntary contribution options that currently appear on personal income tax returns, unless contributions for a program fall below $50,000 annua...
Enacted Colorado legislation maintains indefinitely six voluntary contribution options that currently appear on personal income tax returns, unless contributions for a program fall below $50,000 annua...
FL - Florida enacts economic nexus for sales and use tax
Florida has enacted economic nexus for sales and use tax purposes. Out-of-state retailers and marketplace providers with no physical presence in Florida are required to collect Florida’s sales and u...
Florida has enacted economic nexus for sales and use tax purposes. Out-of-state retailers and marketplace providers with no physical presence in Florida are required to collect Florida’s sales and u...
GA - Federally excluded unemployment must be added back
Georgia released updated income tax guidance stating that unemployment income remains taxable at the state level and must be included in a taxpayer’s income on their Georgia return.Federal LawGeorgi...
Georgia released updated income tax guidance stating that unemployment income remains taxable at the state level and must be included in a taxpayer’s income on their Georgia return.Federal LawGeorgi...
HI - Kauai county property tax reminder
The Kauai County, Hawaii, Department of Finance reminds Kauai property owners that the second installment of real property taxes for the 2020-2021 tax year are due Friday, April 23. The extended deadl...
The Kauai County, Hawaii, Department of Finance reminds Kauai property owners that the second installment of real property taxes for the 2020-2021 tax year are due Friday, April 23. The extended deadl...
ID - Provision regarding applicability of tax to nonresidents purchasing vehicles amended
Idaho amended an existing law revising provisions regarding the applicability of sales and use tax to certain nonresidents and nonresident business entities purchasing vehicles in Idaho. Ch. 205 (H.B....
Idaho amended an existing law revising provisions regarding the applicability of sales and use tax to certain nonresidents and nonresident business entities purchasing vehicles in Idaho. Ch. 205 (H.B....
IL - Guidance on personal income tax filing and payment extension issued
The Illinois Department of Revenue issued guidance on the personal income tax filing and payment extension for the 2020 tax year. Informational Bulletin FY 2021-16, Illinois Department of Revenue, Ma...
The Illinois Department of Revenue issued guidance on the personal income tax filing and payment extension for the 2020 tax year. Informational Bulletin FY 2021-16, Illinois Department of Revenue, Ma...
IA - Filing extension, unemployment compensation discussed
Iowa has released information about:the personal income tax filing extension; andthe state unemployment compensation exclusion.Filing ExtensionIowa extended the personal income tax filing and payment ...
Iowa has released information about:the personal income tax filing extension; andthe state unemployment compensation exclusion.Filing ExtensionIowa extended the personal income tax filing and payment ...
MD - Research and development credit extended, amended
Enacted Maryland legislation amends the research and development income tax credit by:extending the termination date;adding definitions;eliminating the basic credit;increasing the amount of growth tax...
Enacted Maryland legislation amends the research and development income tax credit by:extending the termination date;adding definitions;eliminating the basic credit;increasing the amount of growth tax...
MA - Tax filing season FAQs updated
Massachusetts updated frequently asked questions on a variety of personal income tax topics for the filing season, including:the May 17, 2021 filing and payment deadline for 2020 tax returns andthe ne...
Massachusetts updated frequently asked questions on a variety of personal income tax topics for the filing season, including:the May 17, 2021 filing and payment deadline for 2020 tax returns andthe ne...
NV - Home office credit ended December 31; tax treatment of credit discussed
Nevada taxpayers previously issued a 2020 estimated Home Office credit amount based on the previous year’s Ad Valorem may apply the Home Office Credit to the 2020 Insurance Premium Tax Reconciliatio...
Nevada taxpayers previously issued a 2020 estimated Home Office credit amount based on the previous year’s Ad Valorem may apply the Home Office Credit to the 2020 Insurance Premium Tax Reconciliatio...
NM - Exclusion from base income enacted for marijuana business expenditures
Enacted New Mexico income tax legislation creates an exclusion from base income for marijuana business expenditures eligible to be claimed as a federal income tax deduction, but that are disallowed by...
Enacted New Mexico income tax legislation creates an exclusion from base income for marijuana business expenditures eligible to be claimed as a federal income tax deduction, but that are disallowed by...
NY - Penalty for taxpayer's possession of unstamped cigarettes affirmed
The New York Tax Appeals Tribunal (TAT) affirmed the determination of an administrative law judge (ALJ) sustaining the Division of Taxation’s cigarette tax penalty because the taxpayer had possessio...
The New York Tax Appeals Tribunal (TAT) affirmed the determination of an administrative law judge (ALJ) sustaining the Division of Taxation’s cigarette tax penalty because the taxpayer had possessio...
NC - SST boundary database updated
North Carolina has updated the boundary database under the Streamlined Sales and Use Tax (SST) Agreement.Effective Date of Boundary DatabaseThe database is updated to include changes effective April 1...
North Carolina has updated the boundary database under the Streamlined Sales and Use Tax (SST) Agreement.Effective Date of Boundary DatabaseThe database is updated to include changes effective April 1...
ND - Reporting requirements for special event organizers amended
A special event organizer or promoter must provide a list of all participating vendors to the North Dakota State Tax Commissioner for sales and use tax purposes if there are at least 25 vendors at an ...
A special event organizer or promoter must provide a list of all participating vendors to the North Dakota State Tax Commissioner for sales and use tax purposes if there are at least 25 vendors at an ...
OH - Tax holiday dates announced
The Ohio sales tax holiday will take place from Friday, August 6, 2021 through Sunday, August 8, 2021. During this period, the following items will be exempt:An item of clothing priced at $75 or less;...
The Ohio sales tax holiday will take place from Friday, August 6, 2021 through Sunday, August 8, 2021. During this period, the following items will be exempt:An item of clothing priced at $75 or less;...
OR - Schedule or-529 instructions for college savings plan direct deposit issued
Oregon issued instructions discussing Schedule OR-529 for Oregon College Savings Plan direct deposit and account creation election for personal income tax purposes. Taxpayers may use Schedule OR-529 t...
Oregon issued instructions discussing Schedule OR-529 for Oregon College Savings Plan direct deposit and account creation election for personal income tax purposes. Taxpayers may use Schedule OR-529 t...
PA - Pennsylvania amends corporate filing deadline and enacts filing relief
Pennsylvania has enacted legislation amending the state corporate tax deadline and giving the Departments of Revenue (DOR) and Community and Economic Development (DCED) the ability to deal with state ...
Pennsylvania has enacted legislation amending the state corporate tax deadline and giving the Departments of Revenue (DOR) and Community and Economic Development (DCED) the ability to deal with state ...
TN - Deduction allowed for covid-19 relief payments
A Tennessee excise tax deduction is allowed for payments received between March 1, 2020, and December 31, 2021, through the following Tennessee economic relief programs funded by federal CARES Act fun...
A Tennessee excise tax deduction is allowed for payments received between March 1, 2020, and December 31, 2021, through the following Tennessee economic relief programs funded by federal CARES Act fun...
TX - Local tax collection guide for sellers issued
The Texas Comptroller has issued a guide for sellers on collecting local sales and use taxes. The state rate (6.25%) and any appropriate local rate must be collected on sales of taxable goods or servi...
The Texas Comptroller has issued a guide for sellers on collecting local sales and use taxes. The state rate (6.25%) and any appropriate local rate must be collected on sales of taxable goods or servi...
UT - Taxpayer properly issued assessment against additional income protest denied
An Utah taxpayer failed to substantiate that his 401(k) distributions were non taxable for personal income tax purposes. In this matter, the taxpayer filed a resident personal income tax return with a...
An Utah taxpayer failed to substantiate that his 401(k) distributions were non taxable for personal income tax purposes. In this matter, the taxpayer filed a resident personal income tax return with a...
VA - Local tax rate increases in various counties
Effective July 1, 2021, the local Virginia general sales tax rate increases to 6.3% in:Charlotte County;Gloucester County;Northampton County; andPatrick County.Sales Tax Rates, Virginia Department of ...
Effective July 1, 2021, the local Virginia general sales tax rate increases to 6.3% in:Charlotte County;Gloucester County;Northampton County; andPatrick County.Sales Tax Rates, Virginia Department of ...
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