On March 17, the IRS, Treasury, and the Bureau of the Fiscal Service announced that they had disbursed approximately 90 million Economic Impact Payments (EIPs) from the American Rescue Plan. EIPs are ...
On its website, the IRS has provided instructions on reporting 2020 unemployment compensation following the enactment of the American Rescue Plan Act.For taxpayers with modified adjusted gross income ...
The Small Business Administration has introduced new Paycheck Protection Program (PPP) loan application forms for borrowers that are Schedule C filers. These new applications reflect new rules that al...
The IRS has issued guidance for employers claiming the COVID-19 employee retention credit under Act Sec. 2301 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) ( P.L. 116-136), as ...
The IRS has issued an alert concerning amended returns and claims for the domestic production activities deduction (DPAD) under Code Sec. 199, which was repealed as part of the Tax Cuts and Jobs Act f...
The IRS has reminded businesses of their responsibility to file Form 8300, Report of Cash Payments Over $10,000. Generally, any person in a trade or business who receives more than $10,000 in cash in ...
The IRS has said that it continues its efforts to expand ways to communicate to taxpayers who prefer to get information in other languages. For the first time ever, the IRS has posted a Spanish langua...
The IRS has provided the foreign housing expense exclusion/deduction amounts for tax year 2021. Generally, a qualified individual whose entire tax year is within the applicable period is limited to ma...
Arizona has begun providing guidance on the adult use (recreational) marijuana excise tax. Adult use marijuana dispensaries must remit transaction privilege tax (TPT) and marijuana excise tax (MET) to...
California will provide stimulus payments to millions of low-income Californians under the Golden State Stimulus plan. The one-time payments provide financial relief to households who have been advers...
The Colorado Department of Revenue has updated its guidance regarding the corporate and personal income tax subtraction allowed for certain qualified capital gain income if it is included in federal t...
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...
The Georgia senate passed legislation to update the state’s income tax Internal Revenue Code (IRC) conformity date. The bill incorporates federal tax law changes enacted on or before January 1, 2021...
The Hawaii Department of Taxation has updated its Tax Facts publication that discusses the sales and use tax applicability to agricultural and aquacultural producers. An agricultural or aquacultural p...
Idaho Governor Brad Little has signed legislation updating the state’s Internal Revenue Code (IRC) conformity date from January 1, 2020, to January 1, 2021, for personal and corporate income tax pur...
Illinois again revised sales and use tax frequently asked questions (FAQs) for marketplace facilitators, marketplace sellers, and remote retailers. Previous revisions to the FAQs were discussed in a s...
Purchases of tangible personal property (TPP) by a municipal corporation (taxpayer) were exempt from Iowa sales and use tax because the taxpayer was an instrumentality of the counties that formed it. ...
For personal income tax purposes, the Comptroller of Maryland issued a news release informing farmers and fishermen who are impacted by provisions of the Recovery for the Economy, Livelihoods, Industr...
The Massachusetts Department of Revenue issued updated administrative procedure guidelines on requirements to pay estimated corporate excise tax. The guidelines provide information on:Requirement to m...
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...
The New Mexico Taxation and Revenue Department will hold a public hearing on February 25, 2021, on proposed corporate income tax regulations related to mandatory combined reporting and market based so...
A limited liability company’s (taxpayer's) purchase of a one-half interest in a painting that was subsequently leased was not exempt from New York sales and use tax because the taxpayer failed to sh...
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...
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...
For corporate income tax purposes, the Ohio Department of Taxation (department) reminds all municipal net profit tax (MNPT) practitioners and taxpayers that the return for taxpayers with a November fi...
Corporate income taxpayers may now access FAQs related to corporate activity tax (CAT) grouped together in a single page at Oregon Department of Revenue’s CAT webpage. The FAQs are grouped together...
A corporate income taxpayer's review petition was untimely filed and was remanded to the Pennsylvania Department of Revenue (department) as the department’s letter misled the taxpayer to appeal in t...
The Tennessee Department of Revenue issued a letter ruling discussing the applicability of sales and use tax to a taxpayer’s provision of data analytics services. In this matter, the taxpayer provid...
Texas has extended the due date for 2021 franchise tax reports from May 15 to June 15. The Comptroller announced the extension in response to the recent winter storm and power outages in the state. Th...
The Utah State Tax Commission (commission) waived personal income tax penalties assessed against part-year state residents as the Auditing Division (division) improperly included penalties in its amen...
In a letter ruling, the Virginia tax commissioner determined that a taxpayer’s appeal against sales and use tax assessment was "not necessary" as the assessments at issue were cancelled and revers...
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