IRS Increases User Fee for Offers in CompromiseThe IRS has released final regulations that increase the user fee for processing an offer in compromise from $186 to $205, effective for offers in compromise submitted on or after April 27, 2020.The f...
IRS Encourages Taxpayers to Save for RetirementHighlighting the tax provisions of the newly enacted Further Consolidated Appropriations Act, 2020 (the Act), the IRS has encouraged taxpayers to save for retirement. The Act includes a number of tax ...
IRS to Increase Visits to High-Income NonfilersThe IRS has announced that it will step up efforts to visit high-income taxpayers who in prior years have failed to timely file one or more of their tax returns. With the recent and ongoing hiring of ...
2020 Foreign Housing Expense Limitations ReleasedThe IRS has provided the adjustments to the limitation on foreign housing expenses for specific locations for tax year 2020. Generally, a qualified individual whose entire tax year is within the appli...
2020 Standard Mileage Rates ReleasedThe IRS has released the optional standard mileage rates for 2020. Most taxpayers may use these rates to compute deductible costs of operating vehicles for business, medical, and charitable purposes.2...
Closed School Student Loan Relief ExtendedThe IRS has established a safe harbor that extends relief to certain taxpayers who took out federal or private student loans to finance attendance at certain nonprofit or for-profit schools. Under the...
IRS Launches Gig Economy Tax CenterThe IRS has announced the launch of the new Gig Economy Tax Center on its website, to help individuals in this growing area meet their tax obligations through more streamlined information. I...
2019 Required Amendments List for Employee PlansThe IRS has issued its 2019 Required Amendments List (2019 RA List) for individually designed employee retirement plans. Beginning with the 2019 list, all RA Lists will apply to both Code Sec. 401(a) ...
Date Extended for Applying Foreign Branch RulesA one-year extension has been granted for applying the Code Sec. 987 final regulations, and certain related final and temporary regulations covering foreign branch transactions of U.S. corporations. T...
Guidance Updated for Making Adequate DisclosureThe IRS has updated its guidance that identifies circumstances under which a disclosure on a taxpayer’s income tax return with respect to an item or position is "adequate" for reducing the under...
Accounting Method Change Procedures UpdatedThe IRS has released guidance listing the specific changes in accounting method to which the automatic change procedures in Rev. Proc. 2015-13, I.R.B. 2015-5, 419, apply. This guidance updates and sup...
Proposed Updated RMD Tables IssuedThe IRS has proposed updated life expectancy and distribution period tables under the required minimum distribution (RMD) rules. The proposed tables reflect the general increase in life expectancy, an...
New LB&I Campaign on Deferred Foreign IncomeThe IRS Large Business and International (LB&I) has added a new active campaign to the IRS website called "IRC 965." The campaign’s goal is to promote compliance with Code Sec. 965, Treatmen...
AZ - Free personal income tax assistance discussedArizona personal income tax filers needing additional assistance this tax filing season can take advantage of the following free tax filing services:Free File Alliance: the program offers a free file ...
FL - Legislature passes IRC conformity updateThe Florida legislature passed legislation that would update the IRC conformity tie-in date for computing corporate income tax liability. H.B. 7095, as passed by the Florida Senate on March 11, 2...
GA - IRC conformity bill passes houseThe Georgia House passed legislation updating Georgia’s income tax Internal Revenue Code (IRC) conformity. The new conformity date would be January 1, 2020, with certain exceptions.The bill now ...
IN - IRC conformity bill goes to governorThe Indiana Senate and House have adopted the conference committee report for a bill that:updates the Indiana’s Internal Revenue Code (IRC) conformity date to January 1, 2020;clarifies state inc...
KS - Interest rates unchangedThe Kansas interest rate on overpayments and underpayments of taxes, other than property taxes and insurance taxes, remains 6% through December 31, 2020. The notice can be viewed on the Department&rsq...
KY - Withholding return adjustment rule expiresA Kentucky rule that explained procedures for correcting personal income tax withholding for employees expired by operation of law. 103 KAR 18:020, Kentucky Department of Revenue, expired effective Ma...
MI - Income tax payment methods discussedTaxpayers who owe corporate an personal income taxes to the state of Michigan should make payments online directly to the Michigan Department of Treasury. Taxpayers must ensure that the departmen...
MO - Local tax rate changes announcedThe following local Missouri sales and use tax rate changes take effect April 1, 2020. Also, new rates are listed for each county, city, and special district affected by the rate changes.County Change...
NE - Municipal boundary changes announcedCertain Nebraska cities have modified their boundaries for purposes of city sales and use taxes, effective July 1, 2020.Municipal BoundariesThe following cities’ boundaries will change: Beatrice...
NJ - Petition properly denied as untimelyA corporate income taxpayer’s appeal against New Jersey Division of Taxation’s (division’s) notice of assessment was properly denied as untimely. In this matter, the division audited...
OK - Additional Q2 local rate changes announcedAdditional Oklahoma local sales and use tax rate changes have been announced effective April 1, 2020.City Rate ChangesCherokee imposes a new lodging tax of 5%.Eufaula imposes a new lodging tax at a ra...
PA - Philadelphia enacts poverty income ratesPhiladelphia has revised the reduced rate on salaries and wages and net profits for low income residents and non-residents. Philadelphia’s existing poverty income rate that was 0.5% less than th...
RI - Division of Taxation Opens Filing SeasonThe Rhode Island Division of Taxation (Division) has officially begun accepting and processing electronically filed Rhode Island resident and nonresident personal income tax returns for the 2019 tax y...
SC - Casual excise tax guidance updatedGuidance relating to the South Carolina casual excise tax has been amended to reflect. As of July 1, 2017, the sale of motor vehicles and motor cycles are no longer subject to sales tax or casual exci...
SD - Assessment freeze program discussedFor South Dakota property tax purposes, the Department of Revenue reminds disabled and elderly taxpayers that they have until April 1, 2020, to apply for relief under the state’s assessment free...
WA - Services taxed at two rates based on incomeBeginning April 1, 2020, the Washington service and other activities business and occupation (B&O) tax will be imposed at two separate rates.Tax RatesIf a taxpayer had taxable income of $1 million...
