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2024 Year-End Tax Planning2024 Post-Election Tax Policy Update2024 Post-Filing Season UpdateInflation Reduction Act of 2022
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 ...
AL - Town of riverview increases certain local tax rates
Effective December 1, 2024, the town of Goodwater increases certain local Alabama sales and use tax rates.Increased Tax RatesThe sales and use tax rates for the following increase as indicated:general...
Effective December 1, 2024, the town of Goodwater increases certain local Alabama sales and use tax rates.Increased Tax RatesThe sales and use tax rates for the following increase as indicated:general...
AK - Integrated transmission systems legislation enacted
Alaska has enacted legislation creating new energy incentives by extending tax-exempt statutes to independent power producers. An electricity generation facility or electricity storage facility that i...
Alaska has enacted legislation creating new energy incentives by extending tax-exempt statutes to independent power producers. An electricity generation facility or electricity storage facility that i...
AZ - Guidance on tax treatment of spouses of active duty military members revised
The Arizona Department of Revenue has revised its publication providing general information regarding the Arizona income tax treatment of spouses of active duty military members. The revised publicati...
The Arizona Department of Revenue has revised its publication providing general information regarding the Arizona income tax treatment of spouses of active duty military members. The revised publicati...
AR - Local tax rate change announced
The Barling, Arkansas, 2% local sales tax rate is rescinded effective January 1, 2025: Local Sales & Use Tax Rate Changes, Arkansas Department of Finance and Administration, October 9, 2024...
The Barling, Arkansas, 2% local sales tax rate is rescinded effective January 1, 2025: Local Sales & Use Tax Rate Changes, Arkansas Department of Finance and Administration, October 9, 2024...
CA - Former affiliate's qualified research expenses included in credit calculation
A taxpayer had to include the qualified research expenses (QREs) of a former affiliate, which were incurred in a prior tax year, in computing the taxpayer's fixed-base percentage for purposes of the C...
A taxpayer had to include the qualified research expenses (QREs) of a former affiliate, which were incurred in a prior tax year, in computing the taxpayer's fixed-base percentage for purposes of the C...
CO - New portal for reporting/paying surplus lines premium taxes beginning in 2025
Colorado licensed surplus lines agents and direct procurement filers must use a new Surplus Lines Information Portal (SLIP) for the reporting and payment of Colorado surplus lines premium taxes, effec...
Colorado licensed surplus lines agents and direct procurement filers must use a new Surplus Lines Information Portal (SLIP) for the reporting and payment of Colorado surplus lines premium taxes, effec...
CT - Change in withholding requirements for nonpayroll amounts
Effective January 1, 2025, payers of nonpayroll amounts are no longer required to withhold Connecticut personal income tax from certain retirement income distributions. Payers of nonpayroll amounts ar...
Effective January 1, 2025, payers of nonpayroll amounts are no longer required to withhold Connecticut personal income tax from certain retirement income distributions. Payers of nonpayroll amounts ar...
DE - Guidance provided on short-term rental tax
Delaware provided guidance for the new lodging tax on businesses or individuals who facilitate or arrange short-term rentals through a website or other method. The tax applies to rental agreements sig...
Delaware provided guidance for the new lodging tax on businesses or individuals who facilitate or arrange short-term rentals through a website or other method. The tax applies to rental agreements sig...
DC - Landscape architect services exempted from sales tax
The District of Columbia has exempted landscape architecture services performed by a licensed landscape architect in the District, or by a professional design firm employing a landscape architect, fro...
The District of Columbia has exempted landscape architecture services performed by a licensed landscape architect in the District, or by a professional design firm employing a landscape architect, fro...
FL - Seminole County local government infrastructure surtax rate continues at 1%
On November 5, 2024, voters in Seminole County approved a ballot referendum extending the expiration date of Seminole County’s 1% Local Government Infrastructure Surtax from December 31, 2024, to De...
On November 5, 2024, voters in Seminole County approved a ballot referendum extending the expiration date of Seminole County’s 1% Local Government Infrastructure Surtax from December 31, 2024, to De...
GA - New tax rate chart released for sales exempt from certain local taxes
The Georgia Department of Revenue has released a sales and use tax chart for sales exempt from certain local taxes. The rates are effective January 1, 2025. Sales Exempt from Certain Local Taxes, Geor...
The Georgia Department of Revenue has released a sales and use tax chart for sales exempt from certain local taxes. The rates are effective January 1, 2025. Sales Exempt from Certain Local Taxes, Geor...
HI - Revised employer’s tax guide released
The Hawaii Department of Taxation has released a revised version of Booklet A, Employer’s Tax Guide, that provides the income tax withholding rates, methods, and tax tables that are effective for wi...
The Hawaii Department of Taxation has released a revised version of Booklet A, Employer’s Tax Guide, that provides the income tax withholding rates, methods, and tax tables that are effective for wi...
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 - Electricity excise tax regulations amended
Illinois amended electricity excise tax regulations to update and clarify:estimated tax payment and electronic funds transfer requirements;exemptions for enterprise zone or high impact businesses, Rei...
Illinois amended electricity excise tax regulations to update and clarify:estimated tax payment and electronic funds transfer requirements;exemptions for enterprise zone or high impact businesses, Rei...
IN - December 2024 gasoline use tax rate announced
The Indiana gasoline use tax rate for the month of December 2024, is $0.166 per gallon. Departmental Notice #2, Indiana Department of Revenue, December 2024...
The Indiana gasoline use tax rate for the month of December 2024, is $0.166 per gallon. Departmental Notice #2, Indiana Department of Revenue, December 2024...
IA - Rhodium bullion bar taxable
An administrative law judge agreed with the Iowa Department of Revenue and determined a bullion bar made of rhodium is not exempt from sales tax. The taxpayer requested a refund of the sales tax that ...
An administrative law judge agreed with the Iowa Department of Revenue and determined a bullion bar made of rhodium is not exempt from sales tax. The taxpayer requested a refund of the sales tax that ...
KS - Guidance issued on used car deduction
Kansas issued guidance on the sales tax deduction, effective beginning with the 2025 tax year, for the price of a used car sold within 120 days before or after the purchase of a new or used vehicle. T...
Kansas issued guidance on the sales tax deduction, effective beginning with the 2025 tax year, for the price of a used car sold within 120 days before or after the purchase of a new or used vehicle. T...
KY - Homestead exemption for seniors and disabled individuals announced
Kentucky announced the amount of the homestead exemption for residential property owners who are 65 years of age or older or classified as totally disabled. The exemption for eligible taxpayers is $49...
Kentucky announced the amount of the homestead exemption for residential property owners who are 65 years of age or older or classified as totally disabled. The exemption for eligible taxpayers is $49...
LA - Louisiana legislature passes tax reform bills, await governor's approval
Both houses of the Louisiana Legislature have passed bills that implement tax reform proposed by Governor Jeff Landry. The bills are awaiting gubernatorial approval.Among other things, the bills:impos...
Both houses of the Louisiana Legislature have passed bills that implement tax reform proposed by Governor Jeff Landry. The bills are awaiting gubernatorial approval.Among other things, the bills:impos...
ME - Certain services exempt from provider tax in 2025
Maine Revenue Services reminders taxpayer that starting in 2025, the following services are exempt from service provider tax:private nonmedical institution services;community support services for pers...
Maine Revenue Services reminders taxpayer that starting in 2025, the following services are exempt from service provider tax:private nonmedical institution services;community support services for pers...
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 - Interest rates decreased for first quarter of 2025
The interest rates on the underpayment and overpayment of Massachusetts taxes are decreased for the period January 1, 2025, through March 31, 2025.The rate for overpayments is 6% (previously, 7%).The ...
The interest rates on the underpayment and overpayment of Massachusetts taxes are decreased for the period January 1, 2025, through March 31, 2025.The rate for overpayments is 6% (previously, 7%).The ...
MI - Prepaid fuel tax rates announced
The Michigan prepaid sales tax rate for fuel is decreased to 15.8 cents per gallon for the period of January 1, 2025 through January 31, 2025. The rate for diesel fuel is increased to 19.5 cents per g...
The Michigan prepaid sales tax rate for fuel is decreased to 15.8 cents per gallon for the period of January 1, 2025 through January 31, 2025. The rate for diesel fuel is increased to 19.5 cents per g...
MN - New renter’s credit coming in 2025
When filing returns for tax year 2024 in 2025, Minnesota renters eligible for a property tax refund will use the new Schedule M1RENT to claim the renter's credit on their income tax returns. They will...
When filing returns for tax year 2024 in 2025, Minnesota renters eligible for a property tax refund will use the new Schedule M1RENT to claim the renter's credit on their income tax returns. They will...
MS - Disaster relief for taxpayers explained
Massachusetts updated guidance that explains tax relief resulting from a federal disaster declaration for areas in the state, including automatic return filing and payment extensions for:personal inco...
Massachusetts updated guidance that explains tax relief resulting from a federal disaster declaration for areas in the state, including automatic return filing and payment extensions for:personal inco...
MO - Local tax rate changes announced
The following local Missouri sales and use tax rate changes take effect January 1, 2025. Also, new rates are listed for each county, city, and special district affected by the rate changes.County Chan...
The following local Missouri sales and use tax rate changes take effect January 1, 2025. Also, new rates are listed for each county, city, and special district affected by the rate changes.County Chan...
MT - Budget proposal includes income tax cuts, property tax reduction
Montana Gov. Greg Gianforte announced his budget plan for the next biennium. The governor’s budget proposal includes:an income tax cut, reducing the income tax rate most Montanans pay from 5.9% to 4...
Montana Gov. Greg Gianforte announced his budget plan for the next biennium. The governor’s budget proposal includes:an income tax cut, reducing the income tax rate most Montanans pay from 5.9% to 4...
NE - Local sales tax rates for Q1 released
The Nebraska Department of Revenue has released a table of local sales and use tax rates effective January 1, 2025. It includes the new 1% local sales and use tax imposed by the city of Minatare. Loca...
The Nebraska Department of Revenue has released a table of local sales and use tax rates effective January 1, 2025. It includes the new 1% local sales and use tax imposed by the city of Minatare. Loca...
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...
NH - Meals and rentals tax regulations amended, renumbered
The New Hampshire Department of Revenue Administration has amended, renumbered, and readopted regulations concering meals, catering, and food products: hotels and accomodations; services; and procedur...
The New Hampshire Department of Revenue Administration has amended, renumbered, and readopted regulations concering meals, catering, and food products: hotels and accomodations; services; and procedur...
NJ - Assessed interest rate on outstanding balances for 2025 announced
New Jersey has issued a technical bulletin stating that the assessed interest rate on outstanding tax balances for the period January 1, 2025, to December 31, 2025, is 10.75%. The rate is calculated b...
New Jersey has issued a technical bulletin stating that the assessed interest rate on outstanding tax balances for the period January 1, 2025, to December 31, 2025, is 10.75%. The rate is calculated b...
NM - Interest rate decreases for first quarter of 2025
The interest rate charged on an underpayment or paid on an overpayment of New Mexico tax will decrease to 7% for the first quarter of 2025. The rates can be viewed on the New Mexico Department of Reve...
The interest rate charged on an underpayment or paid on an overpayment of New Mexico tax will decrease to 7% for the first quarter of 2025. The rates can be viewed on the New Mexico Department of Reve...
NY - Carry over of excess charitable contributions to subsequent tax years discussed
The New York Department of Taxation and Finance has issued a personal income tax advisory opinion on the carry over of charitable deductions that exceed limits based on the New York State adjusted gro...
The New York Department of Taxation and Finance has issued a personal income tax advisory opinion on the carry over of charitable deductions that exceed limits based on the New York State adjusted gro...
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 - 2025 first quarter pat average wholesale prices released
Ohio has released the petroleum activity tax (PAT) statewide average wholesale prices for the first quarter of 2025.The average prices per gallon for the first quarter are:$2.212 for unleaded gasoline...
Ohio has released the petroleum activity tax (PAT) statewide average wholesale prices for the first quarter of 2025.The average prices per gallon for the first quarter are:$2.212 for unleaded gasoline...
OK - Employer’s withholding guide updated
The Oklahoma Tax Commission has updated its withholding guide for employers withholding personal income tax from their employees’ wages in 2025. The guide contains general information regarding regi...
The Oklahoma Tax Commission has updated its withholding guide for employers withholding personal income tax from their employees’ wages in 2025. The guide contains general information regarding regi...
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 - Ready to drink cocktail (RTDC) permit discussed
For sales and use tax purposes, Pennsylvania discusses ready to drink cocktail (RTDC) permit. A RTDC permit holder may purchase RTDC from the Pennsylvania Liquor Control Board (PLCB) or from a license...
For sales and use tax purposes, Pennsylvania discusses ready to drink cocktail (RTDC) permit. A RTDC permit holder may purchase RTDC from the Pennsylvania Liquor Control Board (PLCB) or from a license...
RI - Annual MeF shutdown announced
The Rhode Island Department of Revenue, Division of Taxation announced that the annual MeF electonic filing shutdown and switchover will take place on November 30, 2024, for personal income tax 1040 r...
The Rhode Island Department of Revenue, Division of Taxation announced that the annual MeF electonic filing shutdown and switchover will take place on November 30, 2024, for personal income tax 1040 r...
SC - Interest rates on underpayments and overpayments announced
From January 1, 2025, through March 31, 2025, the South Carolina interest rate on underpayments of taxes is 7%. The refund rate for overpayments is 4%. Information Letter 24-19, South Carolina Depart...
From January 1, 2025, through March 31, 2025, the South Carolina interest rate on underpayments of taxes is 7%. The refund rate for overpayments is 4%. Information Letter 24-19, South Carolina Depart...
SD - Guidance on taxability of motor vehicle leases and rentals updated
The South Dakota Department of Revenue has updated a tax facts sheet discussing the applicability of state and local sales and use tax to motor vehicle leases and rentals. The facts sheet discusses, a...
The South Dakota Department of Revenue has updated a tax facts sheet discussing the applicability of state and local sales and use tax to motor vehicle leases and rentals. The facts sheet discusses, a...
TN - Surcharge announced for Davidson County
Tennessee announced that voters in Davidson County approved a 0.5% surcharge on the local option sales tax, effectively increasing the local sales tax rate to 2.75% beginning February 1, 2025. The new...
Tennessee announced that voters in Davidson County approved a 0.5% surcharge on the local option sales tax, effectively increasing the local sales tax rate to 2.75% beginning February 1, 2025. The new...
TX - October 2024 certification of the average closing price of gas and oil released
The Texas Comptroller of Public Accounts has determined the average taxable price of crude oil for the reporting period October 2024 is $46.61 per barrel for the three-month period beginning on July 1...
The Texas Comptroller of Public Accounts has determined the average taxable price of crude oil for the reporting period October 2024 is $46.61 per barrel for the three-month period beginning on July 1...
UT - Taxpayer’s appeal was granted as application was filed within the extended filing deadline
For Utah property tax purposes, the County Board of Equalization erred in denying the taxpayer’s application for circuit breaker tax relief for the tax year 2023 because the application was timely f...
For Utah property tax purposes, the County Board of Equalization erred in denying the taxpayer’s application for circuit breaker tax relief for the tax year 2023 because the application was timely f...
VT - Projected increase in tax bills announced
Vermont announced the release of the education tax rate letter, which forecasts the education tax yields for resident homeowners and the non-homestead tax rate for upcoming fiscal year 2026. The lette...
Vermont announced the release of the education tax rate letter, which forecasts the education tax yields for resident homeowners and the non-homestead tax rate for upcoming fiscal year 2026. The lette...
VA - Tax assessed on combined delivery and installation charges upheld
For Virginia sales and use tax purposes, the combined delivery and installation charges constituted services provided in connection with the sale of home furnishings and were taxable as part of the sa...
For Virginia sales and use tax purposes, the combined delivery and installation charges constituted services provided in connection with the sale of home furnishings and were taxable as part of the sa...
WA - Local tax rate chart for Q1 of 2025 released
The Washington Department of Revenue has issued a local sales and use tax rate chart that shows the rate changes taking effect on January 1, 2025. Local Sales and Use Tax Rates and Changes, Washingto...
The Washington Department of Revenue has issued a local sales and use tax rate chart that shows the rate changes taking effect on January 1, 2025. Local Sales and Use Tax Rates and Changes, Washingto...
WV - Variable and combined motor excise tax rates announced for 2025
West Virginia issued a notice announcing the variable and combined motor excise fuel tax rates for the 2025 calendar year. The excise tax consists of a flat rate and variable rate based on the average...
West Virginia issued a notice announcing the variable and combined motor excise fuel tax rates for the 2025 calendar year. The excise tax consists of a flat rate and variable rate based on the average...
WI - Racine County new sales and use tax
The Wisconsin Department of Revenue (DOR) has noted that Racine County will impose a new 0.5% sales and use tax beginning April 1, 2025. Post, Wisconsin Department of Revenue, December 3, 2024...
The Wisconsin Department of Revenue (DOR) has noted that Racine County will impose a new 0.5% sales and use tax beginning April 1, 2025. Post, Wisconsin Department of Revenue, December 3, 2024...
WY - SST taxability matrix and certificate of compliance updated
Wyoming updated its Streamlined Sales and Use Tax (SST) Agreement taxability matrix and certificate of compliance. The changes are effective August 1, 2024. Taxability Matrix: Tax Administration Pract...
Wyoming updated its Streamlined Sales and Use Tax (SST) Agreement taxability matrix and certificate of compliance. The changes are effective August 1, 2024. Taxability Matrix: Tax Administration Pract...
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