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 - Unused tax credits set for repeal For taxable years 2020 and after, Arizona will not allow corporate taxpayers to claim income tax credits for:employment by a healthy forest enterprise (Form 332)agricultural pollution control equipmen...
CA - Taxpayer’s petition for rehearing dismissedFor California sales and use tax purposes, a taxpayer’s petition for rehearing was dismissed because the grounds set forth by the taxpayer did not constitute good cause for a new hearing. Genera...
DE - Withholding tax due dates for 2020 announcedThe Delaware Division of Revenue has released the withholding tax due dates for the 2020 eighth-monthly, monthly, and quarterly filers. Taxpayers filing electronically must initiate the transactions a...
DC - 2020 tax filing season changes discussedThe District of Columbia reminds personal income taxpayers of changes in effect for the 2020 tax year. Some of the issues discussed include:the tax filing deadline is April 15, 2020;discontinuation of...
FL - 2020 motor fuel tax rates announcedFor calendar year 2020, Florida state motor fuel (gasoline) and diesel fuel tax rates are increased while the aviation fuel tax rate remains at its current rate.2020 Motor Fuel Tax RateEffective Janua...
GA - Title Ad valorem tax rate reducedThe Georgia title ad valorem tax rate (TAVT) is reduced.Title Ad Valorem Tax Rate ChangesThe following changes apply to vehicles purchased or sold on or after January 1, 2020:the TAVT rate is reduced ...
ID - W-2 E-filing guide updatedFor corporate and personal income tax purposes, Idaho State Tax Commission issued W-2 E-Filing Guide clarifying that the state does not make changes to taxpayers’ record layouts or other require...
KS - Rule on coins and bullion revoked As a result of the exemption for coins and bullion applicable as of July 1, 2019, the Kansas sales and use tax regulation on the taxability of coins and bullion has been revoked.The revocation can be ...
KY - Selling farmers tax credit program launchedKentucky has launched Kentucky Selling Farmer Tax Credit (KSFTC) program that offers farmers incentives for selling their property to beginning farmers. The state will begin accepting credit applicati...
ME - 2020 withholding tables publishedMaine Revenue Services (MRS) has issued a Tax Alert stating that the 2020 individual income tax withholding tables are available at its website. Further, the alert informs taxpayers that Form W-4ME ha...
MN - 2020 Minnesota withholding materials issuedFor corporate and personal income taxpayer purposes, the Minnesota Department of Revenue (department) has issued a press release discussing withholding tax material for 2020 tax year. Starting 2020 ta...
OK - Q2 local rate changes announcedAdditional Oklahoma local sales and use tax rate changes have been announced effective April 1, 2020.City Rate ChangesMoore increases its sales and use tax rate from 3.75% to 3.875%.Noble increases it...
RI - Pass-through entity level tax FAQs issuedRhode Island provides answers to some frequently asked questions (FAQs) about the entity-level income tax that pass-through entities can elect to pay for tax years beginning after 2018.The entity-leve...
WA - Taxability of firearms transfers explainedLicensed out-of-state firearms dealers with nexus with Washington must collect sales and use tax and retailing business and occupation (B&O) tax.Out-of-state DealersNexus is established by a physi...
