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Tax Alerts
April 07, 2021
Tax Briefing(s)
American Rescue Plan Act of 20212020 Tax Year-In-ReviewConsolidated Appropriations Act, 2021 (revised)2020 Post-Election Tax Policy Update
IRS Update on Economic Impact Payments
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 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 ...
IRS Clarifies 2020 Unemployment Payment Treatment
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 ...
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 ...
SBA Introduces New PPP Loan Application Forms
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 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...
Guidance on Employee Retention Credit for 2020
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 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 ...
Alert on Improper DPAD Refund Claims
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amended returns and claims for the domestic production activities deduction (DPAD) under Code Sec. 199, which was repealed as part of the Tax Cuts and Jobs Act f...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 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amended returns and claims for the domestic production activities deduction (DPAD) under Code Sec. 199, which was repealed as part of the Tax Cuts and Jobs Act f...
Large Cash Transaction Reporting Reminder
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 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 ...
IRS Resources Available in Multiple Languages
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 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...
2021 Foreign Housing Expense Amounts
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...
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...
AZ - Guidance provided on sales of adult use marijuana
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...
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...
CA - California authorizes golden state stimulus payments authorized
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...
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...
CO - Revised guidance on capital gain subtraction issued
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...
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...
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...
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 goes to governor
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 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...
HI - Publication discussing taxation of agricultural and aquacultural producers updated
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...
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...
ID - IRC conformity updated
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...
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...
IL - FAQs for marketplace facilitators, marketplace sellers, and remote retailers revised again
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...
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...
IA - Municipal corporation's purchases of TPP exempt from tax
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. ...
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. ...
MD - Temporary waiver of estimated tax interest for farmers and fishermen announced
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...
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...
MA - Guidance on corporate estimated tax payments updated
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...
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...
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 - Hearing scheduled on combined reporting regulations
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...
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...
NY - Exemption denied for failure to show painting was purchased for resale
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...
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...
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...
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...
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 - Municipal net profit tax return is due march 15
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...
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...
OR - Corporate activity tax webpage updated
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...
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...
PA - Untimely petition remanded as department's information was misleading
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...
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...
TN - Taxability of data analytics services discussed
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...
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...
TX - Texas franchise tax deadline extended
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...
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...
UT - Income tax penalties improperly assessed against part-year residents
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...
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...
VA - Assessment at issue was cancelled and reversed; appeal denied
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...
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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