- Home

Home

Tax Alerts

Tax Briefing(s)

2025 Year-End Tax Planning One Big Beautiful Bill Act (Signed Into Law July 4, 2025)2025 Post-Filing Season Update

IRS-CI Annual Report Highlights Significant Increase in Financial Crime Detection for FY25 (IR 2025-120)
IRS Criminal Investigation released its Fiscal Year 2025 Annual Report highlighting significant gains in identifying global financial crime. The agency reported a substantial increase in investigative...

IRS Seeks Public Comment on Proposed Voluntary Disclosure Practice Updates (IR 2025-124)
The IRS opened a 90-day public comment period to seek input on proposed updates to its Voluntary Disclosure Practice intended to simplify compliance requirements and standardize penalties. The proposa...

Information Letters Released by IRS (INFO 2025-0006—2025-0008)
IRS information letters have been released by the IRS National Office in response to a request for general information by taxpayers or by government officials on behalf of constituents or on their own...

Applicable Dollar Amount for Health Insurance Plan Fees Announced (Notice 2025-61)
The IRS has announced that the applicable dollar amount used to calculate the fees imposed by Code Secs. 4375 and 4376 for policy and plan years that end on or after October 1, 2025, and before Oc...

Partnership Claimed Deduction for Wrong Year, Penalties Imposed (Corning Place Ohio LLC., CA-6)
A partnership (taxpayer) was denied a deduction for an easement donation related to a property (P1). The taxpayer claimed the deduction for the wrong year. Additionally, the taxpayer (1) substantially...

AZ - Local tax rate table released
Arizona's Department of Revenue released the transaction privilege tax (TPT) rate chart effective January 1, 2026. There are noted changes for previously announced tax rates changes for Holbrook, Phoe...

CA - Low-income housing tax credit regulation changes adopted
The California Tax Credit Allocation Committee adopted changes to its low-income housing tax credit regulations. The changes relate to definitions, reservations of tax credits, set-asides, eligibility...

CO - Changes to tax rates effective from January 1, 2026
The Colorado Department of Revenue announced changes to sales and use tax rates for various jurisdictions, effective January 1, 2026.State Tax ChangesThe state sales and use tax rate remains at 2.9% w...

FL - Dealers must continue to calculate sales tax on sales price after end of penny production
Dealers must continue to calculate Florida sales tax and any applicable discretionary sales surtax (local sales tax) under current state law regardless of the customer's method of payment, after the U...

GA - Updated chart of local sales and use tax rate history issued
The Georgia Department of Revenue published a local sales and use tax history that provides local tax by jurisdiction and tax type from 1972 forward, including rates effective January 1, 2026. Local ...

HI - Court declines to halt implementation of new tax on cruise ship accommodations
The U.S. District Court for the District of Hawaii denied preliminary injunctions sought by cruise ship operators, local businesses, and the federal government to prevent enforcement of Hawaii's trans...

ID: Reminder issued on exemption for small sellers
daho residents are reminded about previously enacted legislation that provides a sales and use tax exemption for certain small sellers with annual sales of $5,000 or less. The exemption is effective J...

IL - Pass through entity guidance updated
Illinois updated an income tax publication that provides comprehensive guidance on the tax obligations involving distributions from partnerships, S corporations, fiduciaries, and other pass-through en...

IA - Rules related to BIG program adopted
The Iowa Economic Development Authority has adopted a new Iowa Administrative Code Chapter 69, “Business Incentives for Growth (BIG) Program.” The new chapter describes the policies and procedures...

MD - Legislative changes to rates, deductions summarized
The Maryland Comptroller has issued a Tax Alert summarizing personal income tax rate and standard deduction amount changes made during the 2025 legislative session.Beginning after 2025, the maximum lo...

MA - Transportation benefit exclusion amounts updated
Massachusetts issued guidance on personal income tax exclusions for employer-provided transportation benefits for taxable years beginning in 2026. Monthly exclusion amounts are capped at $335 for park...

NV - Tax exemption criteria tightened for nonprofit organizations
Nevada's Department of Taxation has revised the criteria for nonprofit organizations to qualify for sales and use tax exemptions, requiring compliance with enhanced standards. In determining whether a...

NM - Hospital equipment council tax exemption denied
The New Mexico Attorney General issued a new opinion addressing property tax exemptions claimed under the hospital equipment loan act (HELA). The attorney general determined that the HELA council does...

NY - Group not eligible for special QETC rates
A New York appellate court affirmed a decision holding that an affiliated group of companies did not meet the definition of a qualified emerging technology company (QETC) and, accordingly, could not c...

NC: Guidance issued on weight-based snuff tax, alternative nicotine products tax, and inventory tax
Guidance is issued regarding recently enacted legislation, effective July 1, 2025, that changed the North Carolina excise tax rate methodology for snuff, imposed a new excise tax on alternative nicoti...

ND - Guidance issued on exempt organizations
North Dakota issued a guideline on the sales tax treatment of exempt organizations. The guideline addresses sales made to exempt organizations, including government units, Native American tribal gover...

OH - Withholding rate for bonuses and supplemental compensation decreases
Ohio reminds employers that the personal income tax withholding rate for bonuses and supplemental compensation decreases effective January 1, 2026. The withholding rate decreases from 3.5% to 2.75%, a...

OR - Oral nicotine products tax begins January 2026
The Oregon Department of Revenue (DOR) is encouraging businesses that distribute and sell oral nicotine products to plan ahead for a new tax that applies to all oral nicotine products sold and distrib...

PA - Retailer cost percentage increased
Pennsylvania has updated the law regarding cigarette and tobacco sales and licensing. The law amends the presumed cost of doing business for retailers, increasing the rate from 7% to 8.5% starting Mar...

TN - Various tax manuals updated
Tennessee released updated versions of a number of its tax manuals, including those outlined below.Business tax. The business tax manual was updated to specify that vapor products fall under Classi...

TX - Federal conformity policy change
Texas issued guidance on changes to the Texas Comptroller's policy regarding franchise tax conformity with the Internal Revenue Code (IRC), effective for the 2026 franchise tax report. Taxable entitie...

UT - Governor’s budget proposal includes expanding the child tax credit
Utah Gov. Spencer J. Cox released his Fiscal Year 2027 budget proposal that includes:expanding the state child tax credit to provide an additional average benefit of $200 to families with children age...

VA - Interest rates unchanged for first quarter of 2026
The Virginia interest rates for the first quarter of 2026 remain at 9% for tax underpayments (assessments) and 9% for tax overpayments (refunds).Taxpayers whose taxable year ends on September 30, 2025...

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.

Login to ShareFile