- Home

Home

Tax Alerts

April 30, 2021

Tax Briefing(s)

American Rescue Plan Act of 2021 2020 Tax Year-In-Review Consolidated Appropriations Act, 2021 (revised)2020 Post-Election Tax Policy Update

Window Closing on Nonfilers’ 2017 Refunds
The IRS announced that unclaimed income tax refunds worth more than $1.3 billion await an estimated 1.3 million taxpayers who did not file a 2017 Form 1040. Most of these taxpayers must file by May 17...

IRS Announces Issuance of Refunds and Recalculation of Taxes
The IRS has announced steps to automatically refund money this spring and summer to taxpayers who filed their tax returns reporting unemployment compensation before the recent changes made by the Amer...

Child Tax Credit Advance Payments to Begin in July
Speaking before the Senate Finance Committee at an April 13 hearing on the 2021 Filing Season and the 21st Century IRS, IRS Commissioner Charles “Chuck” Rettig said that the IRS fully anticipates ...

Updated Instructions on Reporting Unemployment Exclusion
The IRS has updated its instructions for reporting unemployment exclusions for 2020. If an individual taxpayer’s modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan ...

IRS Answers FAQs on RRCs
The IRS has been mailing letters to some taxpayers who claimed the 2020 recovery rebate credit (RRC) and may be getting a different amount than they expected.The IRS reminders taxpayers that the first...

IRS Issues FAQs on Reporting of COVID-19 Emergency Financial Aid Grants by Students and Higher Education Institutions
The IRS has issued FAQs on how students and higher education institutions should report pandemic-related emergency financial aid grants. Emergency financial aid grants made by a federal agency, stat...

IRS Updates Audit Techniques Guide on Retail Industry Examinations
The IRS has updated an Audit Techniques Guide (ATG) on its website that addresses conducting income tax examinations in the retail industry. An ATG focuses on developing highly trained examiners for p...

AZ - Estimated tax payments not required in 2021 to account for new surcharge tax
Taxpayers do not have to make Arizona estimated individual income tax payments in 2021 to account for the new 3.5% surcharge tax added by Proposition 208. Taxpayers will not incur a penalty for the un...

CA - Proposition 19 intergenerational transfer exclusion questions and answers provided
The California State Board of Equalization (BOE) provides answers to a number of property tax questions regarding Proposition 19. According to the BOE, there are a number of significant questions left...

CO - Department issues guidance on taxable unemployment benefits
The Colorado Department of Revenue has issued guidance on the state’s conformity to the federal American Rescue Plan Act, which exempts a portion of unemployment benefits received in 2020 from feder...

FL - Guidance on 1099-K reporting requirements issued
Florida issued guidance on 1099-K income tax reporting requirements for:credit companies; andthird-party settlement organizations (TPSOs).Reporting RequirementsEffective January 1, 2021, credit card c...

GA - IRC conformity bill signed
Georgia has enacted legislation updating its corporate and personal income tax Internal Revenue Code (IRC) conformity date.IRC Conformity DateThe new IRC conformity date incorporates federal tax law c...

HI - New long-term rental exemption and classification
The County of Maui, Hawaii has announced that a new long-term rental classification and exemption have been established as part of the Maui County Code. Effective January 1, 2022, real property occupi...

ID - Grocery sales tax credit and refund discussed
The Idaho State Tax Commission has issued a press release informing personal income taxpayers that they can claim a credit against their income tax for a portion of the sales tax they paid on grocerie...

IL - Taxpayer was the officer responsible to file and pay corporation's tax liability
A taxpayer was liable for a corporation’s Illinois sales and withholding taxes because she had check-signing authority, was responsible for paying all the creditors and making bank deposits, and was...

IA - Withholding filing clarified
Iowa is adopting a rule for income tax filers to clarify withholding electronic filing requirements and clarifying a filing deadline.Due DateIowa adopted a rule in 2019 to move the annual deadline for...

MD - Maryland subjects digital products to tax
The Maryland Legislature voted to override Gov. Larry Hogan’s veto of a bill that subjects digital products to sales and use tax. The legislation was vetoed by Gov. Hogan on May 7, 2020.A digital pr...

MA - Covid-19 telecommuting rules finalized
Massachusetts adopted final personal income tax sourcing rules that apply to wage income of employees working remotely during the COVID-19 emergency. 830 CMR 62.5A.3, Massachusetts Department of Reve...

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...

NM - Guidance issued on 2020 income rebate and temporary gross receipts tax deduction for prepared food
The New Mexico Taxation and Revenue Department has issued guidance on the personal income tax rebate of $600 and the temporary gross receipts tax (GRT) deduction for food and beverage establishments.2...

NY - Taxpayer whose property straddled border was Yonkers resident
The Department of Taxation and Finance issued an advisory opinion stating that a taxpayer and his wife were residents of Yonkers, as opposed to New York City, for purposes of paying personal income ta...

NC - 2021 withholding tables and instructions released
The North Carolina Department of Revenue (department) has released the 2021 personal income tax withholding tables and instructions for employers. The tables and instructions have been updated to ref...

ND - Annual oil trigger price adjustment for 2021 announced
North Dakota has announced the annual oil trigger price adjustment for oil extraction tax purposes.Oil Trigger PriceThe oil trigger price is $89.65 for the calendar year January 1, 2021, through Decem...

OH - Valuation upheld due to insufficient evidence
An Ohio Board of Revision’s property tax valuation of a taxpayer’s property was upheld because the taxpayer’s reduction claim was not supported by sufficient evidence. The taxpayer argued that t...

OR - Unemployment tax relief discussed
Oregon has recommended that personal income taxpayers impacted by the federal unemployment tax relief wait for further information from the IRS and Oregon before taking action. This includes those who...

PA - Governor commits to phasing out gas tax
Pennsylvania Gov. Tom Wolf has reiterated his commitment to phase out Pennsylvania’s gas tax, which is becoming an unreliable source for funding Pennsylvania’s vast transportation network. To make...

TN - Taxpayer's sale of individual membership not subject to tax
A taxpayer was not required to pay Tennessee sales and use tax on the fees it charged for individual memberships in its professional membership organization because professional memberships are not li...

TX - Publication discussing manufacturing exemptions issued
For Texas sales and use tax purposes, the Comptroller of Public Accounts issued a publication discussing manufacturing exemptions. Generally, state sales and use tax exemptions are available to taxpay...

UT - Protest denied as taxpayers were domiciled in Utah
A married couple (taxpayers) was properly assessed Utah personal income tax for the 2015 tax year because they were domiciled in Utah and thus were Utah full-year residents during that period. General...

VA - IRC conformity updated
Virginia enacted legislation advancing the IRC conformity date under the corporate and personal income taxes from December 31, 2019, to December 31, 2020. Accordingly, Virginia generally conforms to t...

Welcome and thank you for visiting our Website. In addition to providing you with a profile of our firm and the services we provide, this Website has been designed to become a helpful resource tool to you, our valued clients and visitors. Our dedication to superior client service has brought us to the Internet as we endeavor to continue to provide the highest quality professional service and guidance.

As you browse through our Website, you will see that we have highlighted background information on our firm and the services we provide. We have also included useful resources such as informative articles (in our Newsletter section) and interactive financial calculators (in our Financial Tools section). In addition, we have taken the time to gather many links to external Websites that we think would be of interest to our clients and visitors (in our Internet Links section).

Please feel free to contact us with any questions or comments you may have - we'd love to hear from you. We pride ourselves on being proactive and responsive to our clients' inquiries and suggestions.