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IRS Offers Checklist of Reminders as Taxpayers Prepare to File 2024 Tax Returns, IR-2024-297
The IRS has offered a checklist of reminders for taxpayers as they prepare to file their 2024 tax returns. Following are some steps that will make tax preparation smoother for taxpayers in 2025:Create...
The IRS has offered a checklist of reminders for taxpayers as they prepare to file their 2024 tax returns. Following are some steps that will make tax preparation smoother for taxpayers in 2025:Create...
IRS Implements Measures to Prevent Refund Delays by Accepting Duplicate Dependent Returns with IP PIN, IR-2024-294
The IRS implemented measure to avoid refund delays and enhanced taxpayer protection by accepting e-filed tax returns with dependents already claimed on another return, provided an Identity Protection ...
The IRS implemented measure to avoid refund delays and enhanced taxpayer protection by accepting e-filed tax returns with dependents already claimed on another return, provided an Identity Protection ...
IRSAC Issues 2024 Annual Report with Key Recommendations for Tax Administration, IR-2024-293
The IRS Advisory Council (IRSAC) released its 2024 annual report, offering recommendations on emerging and ongoing tax administration issues. As a federal advisory committee to the IRS commissioner, ...
The IRS Advisory Council (IRSAC) released its 2024 annual report, offering recommendations on emerging and ongoing tax administration issues. As a federal advisory committee to the IRS commissioner, ...
IRS Announces Second Remedial Amendment Cycle For Code Sec. 403(b) Pre-Approved Plans, Announcement 2024-38
The IRS announced details for the second remedial amendment cycle (Cycle 2) for Code Sec. 403(b) pre-approved plans. The IRS also addressed a procedural rule that applies to all pre-approved plans a...
The IRS announced details for the second remedial amendment cycle (Cycle 2) for Code Sec. 403(b) pre-approved plans. The IRS also addressed a procedural rule that applies to all pre-approved plans a...
IRS Publishes Fiscal Year 2024 Financial Report and Receives Award for 2023 Report, IR-2024-286
The IRS has published its latest Financial Report, providing insights into the Service's current financial status and addressing key financial matters. The report emphasizes the IRS's programs, achiev...
The IRS has published its latest Financial Report, providing insights into the Service's current financial status and addressing key financial matters. The report emphasizes the IRS's programs, achiev...
IRS Allocates Unused Low-Income Housing Credits, Rev. Proc. 2024-41
The IRS has published the amounts of unused housing credit carryovers allocated to qualified states under Code Sec. 42(h)(3)(D) for calendar year 2024. The IRS allocates the national pool of unused ...
The IRS has published the amounts of unused housing credit carryovers allocated to qualified states under Code Sec. 42(h)(3)(D) for calendar year 2024. The IRS allocates the national pool of unused ...
AZ - Local rate changes announced
The Arizona Department of Revenue has announced local transaction privilege tax (TPT) rate changes.GilbertEffective January 1, 2025, Gilbert will:increase the general transaction privilege tax rate to...
The Arizona Department of Revenue has announced local transaction privilege tax (TPT) rate changes.GilbertEffective January 1, 2025, Gilbert will:increase the general transaction privilege tax rate to...
CA - Extensions available for ventura employers affected by mountain fire
Employers in Ventura County who are directly affected by the Mountain Fire may request up to a two-month extension to file their state payroll reports and/or deposit payroll taxes without penalty or i...
Employers in Ventura County who are directly affected by the Mountain Fire may request up to a two-month extension to file their state payroll reports and/or deposit payroll taxes without penalty or i...
CO - Voters approve expansion of exemption for veterans with a disability
Colorado voters at the November 5, 2024 general election approved a constitutional amendment to expand eligibility for the property tax exemption for veterans with a disability to include veterans who...
Colorado voters at the November 5, 2024 general election approved a constitutional amendment to expand eligibility for the property tax exemption for veterans with a disability to include veterans who...
FL - Guidance issued on approval of constitutional amendment 5, annual inflation adjustment to homestead exemption value
Amendment 5 was approved by Florida voters in the November 5, 2024, general election for property tax purposes.This amendment:changes section 6 of Article VII, and creates a new section in Article XII...
Amendment 5 was approved by Florida voters in the November 5, 2024, general election for property tax purposes.This amendment:changes section 6 of Article VII, and creates a new section in Article XII...
GA - Local Rate Changes Announced for Q1
A Georgia county has a sales and use tax rate change for first quarter. Clay County's sales tax rate will be 8% effective January 1, 2025. Important Bulletins - County Tax Rate Changes, Georgia Depar...
A Georgia county has a sales and use tax rate change for first quarter. Clay County's sales tax rate will be 8% effective January 1, 2025. Important Bulletins - County Tax Rate Changes, Georgia Depar...
HI - Tax appeal court acted outside its jurisdiction increasing taxpayers' tax liability
The Hawaii Tax Appeal Court acted outside its jurisdiction increasing taxpayers' income tax liability to more than the amount in the Department of Taxation's notice of final assessment. The taxpayers ...
The Hawaii Tax Appeal Court acted outside its jurisdiction increasing taxpayers' income tax liability to more than the amount in the Department of Taxation's notice of final assessment. The taxpayers ...
ID - Disabled veterans are eligible to apply for property tax benefit; deadline is April 15
The Idaho State Tax Commission has issued a release announcing that veterans with disabilities are eligible to have their property tax bill reduced by as much as $1,500 on their Idaho residence and up...
The Idaho State Tax Commission has issued a release announcing that veterans with disabilities are eligible to have their property tax bill reduced by as much as $1,500 on their Idaho residence and up...
IL - Guidance on retailers' discount cap for vehicle dealers issued
Illinois issued guidance discussing the cap on the retailers' discount for motor vehicle dealers who file sales and use tax returns and pay tax liability on or before the due date. A $1,000 monthly ca...
Illinois issued guidance discussing the cap on the retailers' discount for motor vehicle dealers who file sales and use tax returns and pay tax liability on or before the due date. A $1,000 monthly ca...
IA - 2025 individual income tax rate announced
The Iowa Department of Revenue announced the 2025 tax year individual income tax rate. Since the enactment of Iowa S.F. 2442 in May, 2024, Iowa law provides for a flat tax rate of 3.8 percent for all ...
The Iowa Department of Revenue announced the 2025 tax year individual income tax rate. Since the enactment of Iowa S.F. 2442 in May, 2024, Iowa law provides for a flat tax rate of 3.8 percent for all ...
MD - Tax court could not decide foreign income exclusion since refund had been made
Despite confusion as to whether Maryland taxpayers may claim the Foreign Earned Income Exclusion on personal income tax returns, the Maryland Tax Court could not decide the issue in this case because ...
Despite confusion as to whether Maryland taxpayers may claim the Foreign Earned Income Exclusion on personal income tax returns, the Maryland Tax Court could not decide the issue in this case because ...
MA - Changes to child and dependent care credit qualification and estate tax calculations explained
Massachusetts issued guidance explaining tax changes contained in the 2024 supplemental budget legislation including:clarification on the noncustodial parent's ability to claim the child and family ta...
Massachusetts issued guidance explaining tax changes contained in the 2024 supplemental budget legislation including:clarification on the noncustodial parent's ability to claim the child and family ta...
NV - Exemption for diapers approved by voters
Nevada voters have approved Ballot Question 5, a sales and use tax exemption for child and adult diapers. The exemption is set to take effect January 1, 2025. State Ballot Question No. 5, Nevada Secr...
Nevada voters have approved Ballot Question 5, a sales and use tax exemption for child and adult diapers. The exemption is set to take effect January 1, 2025. State Ballot Question No. 5, Nevada Secr...
NM - Extensions available for flood-affected taxpayers
New Mexico's Taxation and Revenue Department has announced that it will grant filing extensions to taxpayers in Chaves County who have been affected by recent flooding. Taxpayers who live in or own bu...
New Mexico's Taxation and Revenue Department has announced that it will grant filing extensions to taxpayers in Chaves County who have been affected by recent flooding. Taxpayers who live in or own bu...
NY - Severance payment received by nonresident individual was taxable as state source income
A severance payment paid to a nonresident individual (taxpayer) employed by a New York corporation, in connection with the termination of her employment was New York source income subject to personal ...
A severance payment paid to a nonresident individual (taxpayer) employed by a New York corporation, in connection with the termination of her employment was New York source income subject to personal ...
NC - Taxpayer’s petition barred by state’s sovereign immunity
A taxpayer’s petition challenging a North Carolina sales and use tax assessment was barred by the doctrine of sovereign immunity because the petition was untimely filed. In this matter, the taxpayer...
A taxpayer’s petition challenging a North Carolina sales and use tax assessment was barred by the doctrine of sovereign immunity because the petition was untimely filed. In this matter, the taxpayer...
ND - Local tax changes announced for upcoming year
North Dakota local tax changes effective from January 1, 2025, have been announced for several cities. The City of Ashley will increase its sales, use, and gross receipts tax to 2%, while Mandan's tax...
North Dakota local tax changes effective from January 1, 2025, have been announced for several cities. The City of Ashley will increase its sales, use, and gross receipts tax to 2%, while Mandan's tax...
OH - 2024 fourth quarter PAT average wholesale prices released
Ohio has released the petroleum activity tax (PAT) statewide average wholesale prices for the fourth quarter of 2024.The average prices per gallon for the third quarter are:$2.365 for unleaded regular...
Ohio has released the petroleum activity tax (PAT) statewide average wholesale prices for the fourth quarter of 2024.The average prices per gallon for the third quarter are:$2.365 for unleaded regular...
OR - Repatriation amount included in sales factor
The Oregon tax court has concluded that deemed dividends arising under Subpart F of IRC Sec. 951 through IRC Sec. 965 must be reincluded in the sales factor for a corporation excise (corporate) taxpay...
The Oregon tax court has concluded that deemed dividends arising under Subpart F of IRC Sec. 951 through IRC Sec. 965 must be reincluded in the sales factor for a corporation excise (corporate) taxpay...
PA - Medical cannabis business deduction clarified
Pennsylvania has clarified the corporate income tax deduction for ordinary and necessary business expenses allowed to medical cannabis businesses. The deduction now specifically includes an entity tha...
Pennsylvania has clarified the corporate income tax deduction for ordinary and necessary business expenses allowed to medical cannabis businesses. The deduction now specifically includes an entity tha...
TN - Taxpayer's purchase of streetlights and related equipment on behalf of public utility was exempt
A taxpayer’s purchase and installation of streetlights, photocells, smart nodes, and poles on behalf of public power authorities was not subject to Tennessee sales and use tax.Component Part of Elec...
A taxpayer’s purchase and installation of streetlights, photocells, smart nodes, and poles on behalf of public power authorities was not subject to Tennessee sales and use tax.Component Part of Elec...
TX - Private letter ruling treats dealers selling extended warranties as marketplace providers
The Texas Comptroller issued a private letter ruling in which it held that dealers who sold certain extended warranties/service polices on behalf of a particular equipment manufacturer were "marketpla...
The Texas Comptroller issued a private letter ruling in which it held that dealers who sold certain extended warranties/service polices on behalf of a particular equipment manufacturer were "marketpla...
UT - Guidance on cannabinoid product tax issued
Utah has issued a publication that provides information on cannabinoid product tax. The publication discusses the definition of cannabinoid product; what cannabinoid products are legal to sell; licens...
Utah has issued a publication that provides information on cannabinoid product tax. The publication discusses the definition of cannabinoid product; what cannabinoid products are legal to sell; licens...
VA - Hotel property assessments upheld for failure to overcome presumption of correctness
For Virginia property tax purposes, the dismissal of the taxpayer’s challenge to the county’s assessments for 2018-2020 because the taxpayer failed to rebut the assessments’ presumptive correctn...
For Virginia property tax purposes, the dismissal of the taxpayer’s challenge to the county’s assessments for 2018-2020 because the taxpayer failed to rebut the assessments’ presumptive correctn...
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