Tax Alerts
Tax Briefing(s)
2023 Year-end Tax PlanningConsolidated Appropriations Act, 2023Inflation Reduction Act of 2022, Signed Aug. 16
FBAR Relief Available for Filers Affected by Terroristic Action in Israel, FinCEN Notice FIN-2023-NTC4
The Financial Crimes Enforcement Network (FinCEN) is providing filing relief to taxpayers affected by the terroristic action in the State of Israel. Certain individuals and businesses affec...
The Financial Crimes Enforcement Network (FinCEN) is providing filing relief to taxpayers affected by the terroristic action in the State of Israel. Certain individuals and businesses affec...
IRS Introduces Expanded Chatbot Technology to Assist Taxpayers with Underreporting Notices, IR-2023-78
The Service has introduced an expanded chatbot to promptly address inquiries of taxpayers receiving notices about possible underreporting of taxes. The new chatbot feature will assist taxpaye...
The Service has introduced an expanded chatbot to promptly address inquiries of taxpayers receiving notices about possible underreporting of taxes. The new chatbot feature will assist taxpaye...
Applicable Terminal Charge and SIFL Rates for Determining Value of Noncommercial Flights on Employer-Provided Aircraft Issued, Rev. Rul. 2023-19
The IRS has released the applicable terminal charge and the Standard Industry Fare Level (SIFL) mileage rate for determining the value of noncommercial flights on employer-provided airc...
The IRS has released the applicable terminal charge and the Standard Industry Fare Level (SIFL) mileage rate for determining the value of noncommercial flights on employer-provided airc...
IRS Addresses Money Market Fund Exception to Wash Sale Rule, Rev. Proc. 2023-35
The IRS issued guidance providing that a redemption of money market fund (MMF) shares will not be treated as part of a wash sale under Code Sec. 1091. In response to final rules adopted by ...
The IRS issued guidance providing that a redemption of money market fund (MMF) shares will not be treated as part of a wash sale under Code Sec. 1091. In response to final rules adopted by ...
IRS, Treasury Release 2023-2024 Priority Guidance Plan, 2023–2024 Priority Guidance Plan Initial Version
The Treasury and IRS have released their 2023-2024 Priority Guidance Plan. The plan continues to prioritize taxpayer engagement with the Treasury Department and the Service through a variety o...
The Treasury and IRS have released their 2023-2024 Priority Guidance Plan. The plan continues to prioritize taxpayer engagement with the Treasury Department and the Service through a variety o...
AL - Assessment upheld for failure to maintain adequate records
A convenience store operator (taxpayer) and its sole member were properly assessed Alabama sales and use tax and personal income tax, respectively, because the taxpayer failed to maintain adequate boo...
A convenience store operator (taxpayer) and its sole member were properly assessed Alabama sales and use tax and personal income tax, respectively, because the taxpayer failed to maintain adequate boo...
AZ - No tax rate changes effective December 1st
Arizona has announced that there are no transaction privilege tax(TPT) rate changes effective December 1, 2023. Transaction Privilege and Other Tax Rate Tables, Arizona Department of Revenue, November...
Arizona has announced that there are no transaction privilege tax(TPT) rate changes effective December 1, 2023. Transaction Privilege and Other Tax Rate Tables, Arizona Department of Revenue, November...
AR - Local tax rate changes announced
The following Arkansas local sales tax rate changes are effective January 1, 2024:Local RatesThe city of Sulphur Springs increases its sales and use tax from 1.0% to 2.0%.The city of Alma increases it...
The following Arkansas local sales tax rate changes are effective January 1, 2024:Local RatesThe city of Sulphur Springs increases its sales and use tax from 1.0% to 2.0%.The city of Alma increases it...
CA - Exemption for specified fuel and petroleum products sold to water common carriers discussed
Legislation enacted this year (Ch. 442 (A.B. 543), Laws 2023) extended the sunset date of the California sales and use tax exemption for specified fuel and petroleum products sold to a water common ca...
Legislation enacted this year (Ch. 442 (A.B. 543), Laws 2023) extended the sunset date of the California sales and use tax exemption for specified fuel and petroleum products sold to a water common ca...
CO - Governor calls for special session
Colorado Gov. Jared Polis has called for a special session of the legislature to convene to discuss providing property tax relief for taxpayers. The special session is scheduled to begin November 17, ...
Colorado Gov. Jared Polis has called for a special session of the legislature to convene to discuss providing property tax relief for taxpayers. The special session is scheduled to begin November 17, ...
DC - Sales tax on additional mandatory charges as a result of initiative 82 discussed
As businesses begin to comply with Initiative 82, which phases out the District of Columbia tipped minimum wage for servers, bartenders, and other tipped workers beginning May 1, 2023, the Office of T...
As businesses begin to comply with Initiative 82, which phases out the District of Columbia tipped minimum wage for servers, bartenders, and other tipped workers beginning May 1, 2023, the Office of T...
FL - Change in Collier County local communications services tax rates announced
Effective January 1, 2024, the Florida local communications services tax (CST) rates in Collier County are as follows:2.1% in the unincorporated areas of Collier County;3.9% in Everglades City;2.1% in...
Effective January 1, 2024, the Florida local communications services tax (CST) rates in Collier County are as follows:2.1% in the unincorporated areas of Collier County;3.9% in Everglades City;2.1% in...
GA - Qualified timberland property appraisal manual for 2024 issued
For Georgia property tax purposes, the Department of Revenue updated the qualified timberland property appraisal manual used in the appraisal of qualified timberland property. Qualified Timberland Pro...
For Georgia property tax purposes, the Department of Revenue updated the qualified timberland property appraisal manual used in the appraisal of qualified timberland property. Qualified Timberland Pro...
ID - Investment tax credit on purchase of farm equipment properly denied
The Idaho Income Tax Audit Bureau (bureau) properly denied an investment tax credit claimed by taxpayers on the purchase of certain farm property, because the taxpayers failed to substantiate their cl...
The Idaho Income Tax Audit Bureau (bureau) properly denied an investment tax credit claimed by taxpayers on the purchase of certain farm property, because the taxpayers failed to substantiate their cl...
IL - Final Cook County multiplier announced for 2022
The final Cook County equalization factor (multiplier) for Illinois property tax purposes has been set for 2022 at 2.9237. The tentative 2022 multiplier was 2.7230. Release, Illinois Department of Rev...
The final Cook County equalization factor (multiplier) for Illinois property tax purposes has been set for 2022 at 2.9237. The tentative 2022 multiplier was 2.7230. Release, Illinois Department of Rev...
IN - Local tax guidance updated
Indiana has updated its information bulletin regarding the application of state and county income taxes to certain residents and nonresidents. The bulletin has been updated to reflect that pass throug...
Indiana has updated its information bulletin regarding the application of state and county income taxes to certain residents and nonresidents. The bulletin has been updated to reflect that pass throug...
KS - Amendments to credit for low-income students scholarship contributions explained
Kansas issued guidance regarding the amendments to the corporate and personal income tax credit that is available for certain contributions to a scholarship-granting organization which provides eligib...
Kansas issued guidance regarding the amendments to the corporate and personal income tax credit that is available for certain contributions to a scholarship-granting organization which provides eligib...
KY - Annual adjustment of standard deduction for 2024 tax year is $3,160
Kentucky personal income tax standard deduction for the 2024 tax year is $3,160, an increase of $180 from the last year. For 2024, the state personal income tax rate is 4.0%, a 0.5% reduction from the...
Kentucky personal income tax standard deduction for the 2024 tax year is $3,160, an increase of $180 from the last year. For 2024, the state personal income tax rate is 4.0%, a 0.5% reduction from the...
LA - Compliance with tax obligations
Louisiana has issued a revenue information bulletin providing guidance regarding recent legislation that prohibits a taxpayer from earning or using a motion picture tax credit if the taxpayer is delin...
Louisiana has issued a revenue information bulletin providing guidance regarding recent legislation that prohibits a taxpayer from earning or using a motion picture tax credit if the taxpayer is delin...
ME - Mail-order pharmacy apportionment
The Maine Supreme Judicial Court held that a nationwide mail-order prescription drug insurance business was required to apportion its receipts to the locations of the retail pharmacies from which pres...
The Maine Supreme Judicial Court held that a nationwide mail-order prescription drug insurance business was required to apportion its receipts to the locations of the retail pharmacies from which pres...
MD - Tax alert
The Maryland Comptroller's Office has issued a personal income tax alert regarding the requirement of an employer to notify employees of potential earned income tax credit (EITC) eligibility. Employer...
The Maryland Comptroller's Office has issued a personal income tax alert regarding the requirement of an employer to notify employees of potential earned income tax credit (EITC) eligibility. Employer...
MA - Withholding regulations finalized
Massachusetts finalized amendments to personal income tax regulations that clarify withholding for:income from sports wagering; andlottery winnings of more than $600.830 CMR 62B.2.1, Massachusetts Dep...
Massachusetts finalized amendments to personal income tax regulations that clarify withholding for:income from sports wagering; andlottery winnings of more than $600.830 CMR 62B.2.1, Massachusetts Dep...
MI - City income tax collection procedures modified
Michigan has modified its city income tax collection procedures.Registration to WithholdAn employer that does not do business in or maintain an establishment in any city that has entered into an agree...
Michigan has modified its city income tax collection procedures.Registration to WithholdAn employer that does not do business in or maintain an establishment in any city that has entered into an agree...
MN - Motions for summary judgment denied due to insufficient evidence
For Minnesota property tax purposes, the tax court denied the taxpayer’s and the county’s motions for summary judgments because although both the parties stipulated certain facts in their motions,...
For Minnesota property tax purposes, the tax court denied the taxpayer’s and the county’s motions for summary judgments because although both the parties stipulated certain facts in their motions,...
MO - Candy sales qualified for reduced tax rate
A taxpayer’s sales of bulk candy, in-house-made fudge, and individual in-house-made chocolate were subject to Missouri sales and use tax at the reduced food sales tax rate because the majority of th...
A taxpayer’s sales of bulk candy, in-house-made fudge, and individual in-house-made chocolate were subject to Missouri sales and use tax at the reduced food sales tax rate because the majority of th...
NJ - Banking corporation reporting guidance updated
New Jersey has released updated corporation business tax guidance regarding reporting and returns for banking corporations. The guidance was updated to add a link to the notice posted on the New Jerse...
New Jersey has released updated corporation business tax guidance regarding reporting and returns for banking corporations. The guidance was updated to add a link to the notice posted on the New Jerse...
NC - Omnibus local room occupancy tax bill enacted
North Carolina legislation is enacted that: (1) authorizes a number of municipalities to levy a local room occupancy tax; and (2) amends existing occupancy tax provisions.Authority of Municipalities t...
North Carolina legislation is enacted that: (1) authorizes a number of municipalities to levy a local room occupancy tax; and (2) amends existing occupancy tax provisions.Authority of Municipalities t...
ND - 2023 legislative recap issued
North Dakota issued a newsletter summarizing legislation enacted in 2023 affecting the corporate and personal income taxes. Among the topics covered are individual income tax rate reductions, deductio...
North Dakota issued a newsletter summarizing legislation enacted in 2023 affecting the corporate and personal income taxes. Among the topics covered are individual income tax rate reductions, deductio...
OH - W-2 and 1099-R electronic filing threshold updated
Ohio is now requiring all employers and retirement system payers who file employer withholding returns (IT 501) electronically to upload their W-2/1099 information electronically through the Ohio Busi...
Ohio is now requiring all employers and retirement system payers who file employer withholding returns (IT 501) electronically to upload their W-2/1099 information electronically through the Ohio Busi...
OK - Local rate changes announced
Oklahoma local sales and use tax rate changes have been announced effective January 1, 2024.City Rate ChangesChickasha increases its rate from 3.75% to 4.25%.Wewoka increases its rate from 4.0% to 5.2...
Oklahoma local sales and use tax rate changes have been announced effective January 1, 2024.City Rate ChangesChickasha increases its rate from 3.75% to 4.25%.Wewoka increases its rate from 4.0% to 5.2...
PA - Philadelphia real estate tax credit program
The Philadelphia Department of Revenue reminds taxpayers that the City Council has opened a special fund to help people who own a home in Philadelphia and now have a higher real estate tax bill. If th...
The Philadelphia Department of Revenue reminds taxpayers that the City Council has opened a special fund to help people who own a home in Philadelphia and now have a higher real estate tax bill. If th...
RI - Refund rates increase for 2024, underpayment rates remain
The Rhode Island Department of Revenue, Division of Taxation, has issued an advisory announcing the interest rates that will apply to tax overpayments and underpayments in 2024. The interest rate on o...
The Rhode Island Department of Revenue, Division of Taxation, has issued an advisory announcing the interest rates that will apply to tax overpayments and underpayments in 2024. The interest rate on o...
WA - Taxation of roll-your-own cigarettes explained
Roll-your-own (RYO) cigarettes are subject to Washington cigarette tax when produced by a commercial cigarette-making machine. Retailers also are liable for sales tax and must report and pay retailing...
Roll-your-own (RYO) cigarettes are subject to Washington cigarette tax when produced by a commercial cigarette-making machine. Retailers also are liable for sales tax and must report and pay retailing...
WV - Pension income exemption for federal law enforcement and firefighters discussed
West Virginia updated a personal income tax publication discussing the pension income exemption for retired federal law enforcement and firefighter employees. Federal law enforcement and firefighter r...
West Virginia updated a personal income tax publication discussing the pension income exemption for retired federal law enforcement and firefighter employees. Federal law enforcement and firefighter r...
WI - New motor vehicles guidance issued
The Wisconsin Department of Revenue issued a new fact sheet explaining the state sales and use tax treatment of sales of used motor vehicles, boats, snowmobiles, certain recreational vehicles, trailer...
The Wisconsin Department of Revenue issued a new fact sheet explaining the state sales and use tax treatment of sales of used motor vehicles, boats, snowmobiles, certain recreational vehicles, trailer...
WY - Regulations updated
The Wyoming Department of Revenue has updated certain sales and use tax regulations in order to conform to current law. The amended rules include:Ch. 2 Section 2 (Definitions);Ch. 2 Section 3 (Adminis...
The Wyoming Department of Revenue has updated certain sales and use tax regulations in order to conform to current law. The amended rules include:Ch. 2 Section 2 (Definitions);Ch. 2 Section 3 (Adminis...