The IRS has reminded taxpayers to report digital asset income on 2023 federal tax returns, with an updated question now on Forms 1040, Individual Income Tax Return; 1040-SR, U.S. Tax Return...
For purposes of the new clean vehicle credit and the used clean vehicle credit, the IRS has extended the deadlines for submitting seller reports for vehicles placed in service in 2023 and ea...
For purposes of the low-income housing credit, the IRS concluded that additional housing credit dollar amounts (HCDAs) for 2021 and 2022 that are returned to a state housing agency may be realloca...
The IRS has underscored the vital importance of selecting a tax professional carefully to safeguard personal and financial information. Taxpayers bear legal responsibility for their income tax...
The Financial Crimes Enforcement Network (FinCEN) issued guidance on inflation adjustments to its civil monetary penalties as mandated by the Federal Civil Penalties Inflation AdjustmentÂ...
Effective March 1, 2024, the city of Selma increases its local Alabama general lodgings tax rate from 6% to 9%. Local Tax Notice, Alabama Department of Revenue, February 27, 2024...
Alaska Gov. Mike Dunleavy announced he is sponsoring legislation that will create a corporation income tax credit for:employer-provided childcare or employer childcare expense reimbursements; andcontr...
The Arizona Senate has passed a bill that would update the state's IRC conformity date for income tax purposes to January 1, 2024, for tax years beginning after 2023. The House of Representives previo...
A taxpayer was properly assessed Arkansas sales tax on the purchase price of a motorcycle. Generally, delivery and installation charges are included in the taxable sales price. Further, charges by a s...
California has released updated guidance on the procedures to request a change in accounting period or method for California corporation franchise (income) and personal income tax purposes. The guidan...
The Colorado Department of Revenue (DOR) has announced that taxpayers eligible for a Property Tax, Rent, Heat (PTC) Rebate must apply before April 15, 2024, to ensure they also receive a Taxpayer's Bi...
For Connecticut property tax purposes, the Supreme Court upheld property tax assessments on two motor vehicles owned by the taxpayer because the motor vehicle property tax authorized by § 12-71 (f) i...
Delaware adopted rules that provide guidance on tax refund intercept requests from other states, including:access to information contained in a taxpayer's Delaware and federal personal income tax retu...
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...
Florida House of Representatives passed a bill with a provision that modifies the IRC conformity tie-in date for determining corporate income tax liability. H.B. 7073, as passed by the Florida House o...
Effective December 1, 2023, owners of multipurpose off-highway vehicles (MPOHVs) may voluntarily register their vehicles so they may be driven on county roads. For vehicles that qualify as MPOHVs, own...
The Hawaii Department of Taxation has adopted temporary rules relating to the elective pass-through entity (PTE) tax and its accompanying income tax credit. The temporary rules cover the following top...
The Idaho House passed a bill that, if enacted, would reduce the personal and corporate income tax rates from 5.8% to 5.695%. The bill now goes to the Idaho Senate. H.B. 521, as passed by the Idaho Ho...
The Illinois Department of Revenue has updated its chart showing whether nonresidents may claim an out-of-state buyer exemption from retailers’ occupation (sales) tax when they purchase a motor vehi...
An Indiana taxpayer did have to add-back certain out-of-state gambling payments when filing its corporate income tax return. The taxpayer was a Pennsylvania company that operated a casino in Indiana t...
The Iowa Department of Revenue adopted a new rule that provides definitions that apply across other sales tax rules chapters. These terms are used throughout other Iowa Administrative Code chapters, b...
The Kansas DOR announces the local sales and use tax rate changes below for the quarter beginning April 1, 2024.The notice can be viewed on the department's website.City Rate ChangesBlue Rapids increa...
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...
The Louisiana Department of Revenue has issued a revenue information bulletin providing guidance regarding the firearm safety device credit against Louisiana's individual income tax. Taxpayers may cla...
Maine Revenue Services issued a tax alert reminding taxpayers that pass-through entities filing Maine composite income tax returns on behalf of nonresident partners or shareholders must use the new Fo...
For Maryland property tax purposes, the circuit court did not err in denying the tax sale certificate holder’s petitions for surplus proceeds because it did not qualify as a "person entitled" to the...
For personal income tax purposes, Massachusetts clarified that when determining whether a taxpayer qualifies for no tax status and limited income credit, Massachusetts adjusted gross income should not...
From April 1, 2024 through April 30, 2024, the Michigan prepaid tax rate for gasoline increases to 16.3 cents per gallon. The prepaid rate for diesel fuel increases to 20.9 cents per gallon. Revenue A...
Minnesota has updated its guidance on the personal income tax obligations of military personnel to address residency, filing requirements, and the Military Spouses Residency Relief Act. Members of the...
Mississippi enacted legislation that expands definition of projects eligible for the major economic impact credit against Mississippi corporate income tax to include certain data processing projects f...
The interest rate on all qualifying Missouri tax refunds is 3% for the period from April 1, 2024 to June 30, 2024. The interest rate is 2.7% for the period from January 1, 2024, to March 31, 2024. Sta...
The Department of Revenue issued a notice discussing whether Montana income tax rebates or property tax rebates received in 2023 are taxable on an individual's 2023 return. For Montana purposes, the r...
Nebraska issued guidance on:the corporate income and personal income tax credits for qualifying contributions to eligible child care programs; andthe personal income tax credit for parents and legal g...
In the 2024 general election, Nevada voters will decide if diapers will be exempt from all sales and use taxes effective January 1, 2025. If approved by the voters, the exemption would be in effect un...
Interest rates on underpayments and refunds will increase for 2024.For 2024, rates are:9% for underpayments; and6% for refunds.Technical Information Release TIR 2023-002, New Hampshire Department of R...
The New Jersey petroleum products gross receipt tax rates on the following remain as indicated for the period April 1 through June 30, 2024:gasoline and LPG—31.8 cents per gallon;diesel—35.8 cents...
The New Mexico Taxation and Revenue Department properly assessed penalties and interest against a taxpayer for negligent failure to timely make payment of gross receipts tax. In this matter, the taxpa...
A corporation engaged in manufacturing wine and other beverages was permitted to use the preferential qualified New York manufacturer (QNYM) franchise tax rates after it purchased a vineyard in the st...
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...
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...
Ohio has released the petroleum activity tax (PAT) statewide average wholesale prices for the second quarter of 2024.The average prices per gallon for the second quarter are:$2.087 for unleaded regula...
Oklahoma has authorized a state sales tax exemption for the sale of food and food ingredients sold for human consumption off the premises. H.B. 1955, Laws 2024, effective 90 days after adjournment of ...
An Oregon corporation excise (income) taxpayer did not have to include certain sales of an affiliate in its apportionment factor because the affiliate lacked the necessary contacts with Oregon. The ta...
The Philadelphia Department of Revenue reminds taxpayers that March 31 is the last day to pay current Philadelphia real estate taxes. Payments may be made in-person at the Municipal Services Building,...
The Rhode Island Division of Taxation has issued guidance regarding electronic filing of the Rhode Island Pass-Through Entity Election Tax Return (RI-PTE). The guidance comes after some users encounte...
South Carolina issued a draft revenue ruling concerning the solar energy credit, which is allowed against a taxpayer's income tax liability for the purchase and installation of a qualifying solar ener...
South Dakota has amended the partners in eduction tax credit available against the insurance premiums tax. In order to be eligible for a premium tax credit for contributions, a scholarship granting or...
For Tennessee property tax purposes, the trial court did not err in its determination that the city and county could proceed with the delinquent tax sale and enforce their statutory lien to recover pr...
The Texas Comptroller of Public Accounts issued guidance on the applicability of sales and use tax to flowback and water transfer services provided at an oil or gas well site. Flowback and water trans...
The Utah Legislature has passed a bill that would reduce the state income tax rate from 4.65% to 4.55% for tax years beginning on or after January 1, 2024. The bill now awaits action from Gov. Spencer...
There is a clean water surcharge imposed on the value of transfers of property in Vermont that are subject to the property transfer tax.Clean Water Surcharge RateCurrently, a 0.2% clean water surcharg...
Subject to voter approval, the Virginia Constitution is amended to expand the current property tax exemption for real property available to the surviving spouses of soldiers killed in action to the su...
A provider of concrete pumping services failed in its challenge to Washington Rule 211 as the department of revenue did not exceed its statutory authority nor was it arbitrary or capricious when it ma...
The West Virginia health care provider tax rate on certain eligible acute care hospitals will be increased, as needed, to provide non-federal share funding up to the maximum amount allowed by the Cent...
Wisconsin expanded its child and dependent care credit from 50% to 100% of the federal credit, applicable to tax years beginning after 2023. In addition, the maximum amount of expenses allowed in dete...
The interest rate for underpayment of Wyoming taxes is 12.15% as of January 1, 2024. The notice can be viewed on the department’s website. News Release Wyoming Department of Revenue, January 4, 2024...
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