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The Treasury Department's Office of Payment Integrity (OPI) deployed Artificial Intelligence(AI)-based fraud detection at the onset of Fiscal Year 2023, resulting in the recovery of over $375 ...
The IRS announced that compliance efforts around erroneous Employee Retention Credit (ERC) claims have topped more than $1 billion within six months. "We are encouraged by the results so fa...
The IRS has announced the federal income tax treatment of certain lead service line replacement programs for residential property owners. It is required by the federal and many state governmen...
The IRS has released guidance to help taxpayers understand what to do with Form 1099-K. Responding to feedback from taxpayers, tax professionals and payment processors, the agency had announced b...
The IRS has provided a waiver for any individual who failed to meet the foreign earned income or deduction eligibility requirements of Code Sec. 911(d)(1) because adverse conditions in a f...
The chart listing the counties and municipalities that will participate in Alabama’s back-to-school sales tax holiday has been updated. The holiday is being held from July 19 through July 21, 2024.L...
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...
Arizona has modified provisions relating to the administration of local excise taxes. The Department may reject a city or town's request to audit a taxpayer engaging in business across multiple cities...
The following Arkansas local sales tax rate changes are effective July 1, 2024:Local RatesCalhoun County increases its sales and use tax from 2.5% to 2.625%.The city of Gassville increases its sales a...
California updated its list of counties impacted by the winter storm, eligible for tax relief. The counties eligible for relief are: Humboldt, Imperial, Monterey, San Diego, San Mateo, Santa Cruz, Ven...
The Colorado Department of Revenue has adopted the following new individual income tax rules:Rule 39-22-104(3)(d), relating to the addback for state income taxes deducted in determining federal taxabl...
For Connecticut property tax purposes, the trial court erred in determining that it lacked subject matter jurisdiction over the taxpayer’s appeal on the basis that the taxpayer’s petition to the t...
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...
The District of Columbia (DC) Mayor Muriel Bowser testified in support of her Fiscal Year 2025 budget. The proposed budget includes tax increases to the:Paid Family Leave tax on businesses; and911 fee...
Effective June 1, 2024, the Florida sales tax rate imposed on the total rent charged for renting, leasing, letting, or granting a license to use real property (also known as "business rent tax" or "co...
Georgia adopted revised regulations regarding the Qualified Education Donation Tax Credit against personal and business income tax. The regulations are largely identical to those currently in effect, ...
The Hawaii House of Representatives and Senate approved identical, companion bills introduced in their own chambers that would update Hawaii’s Internal Revenue Code tie-in date for computing corpora...
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 tentative Cass County equalization factor (multiplier) for Illinois property tax purposes has been set for 2023 at 1.0000. The final 2022 multiplier was 1.0000. Release, Illinois Department of Rev...
The Indiana Department of Revenue has released guidelines for Indiana residents on filing of their 2023 state and federal income taxes electronically. Emphasis is placed on how e-filing is secure and ...
The Iowa Senate passed a joint resolution approving an amendment to the Iowa Constitution that would require a single rate for individual income taxes. The resolution has now gone to the Iowa House.Th...
The Kansas House of Representatives passed a tax package that proposes to:replace the three-bracket graduated personal income tax rate schedule with a two-bracket schedule and provide a small rate red...
For property tax purposes, the circuit court did not err in upholding the Kentucky Board of Tax Appeals rulings because the undervaluation of the parcels was due to the failure of the former property ...
Louisiana could not impose sales tax on video-on-demand (VOD) and pay-per-view (PPV) programming provided by a satellite television company that charged monthly subscription fees for services. The tra...
Maine enacted legislation updating its Internal Revenue Code conformity date to December 31, 2023 for tax years beginning on or after January 1, 2023. This means that all references to the Internal Re...
Maryland enacted legislation increasing the amount of the Maryland income tax subtraction from gross income for certain volunteer police officers to $7,000 beginning in tax year 2024. The legislation ...
The interest rates on the underpayment and overpayment of Massachusetts taxes are unchanged for the period April 1, 2024, through June 30, 2024.The rate for overpayments is 7%.The rate for underpaymen...
The interest rate applicable to amounts of Michigan tax determined by the Michigan Tax Tribunal to be unlawfully paid or underpaid increases to 9.50% for the period July 1, 2024 through December 31, 2...
Minnesota taxpayers' losses associated with residential property they owned on Bainbridge Island in the State of Washington were passive activity losses that they could not use to offset their nonpass...
The Mississippi legislature has enacted legislation changing the reporting deadline and making other technical changes to the Mississippi Flexible (mFlex) Tax Incentive. Annual reports for businesses ...
Missouri corporate income tax, bank franchise tax, and withholding tax rules have been amended or rescinded, as follows:12 CSR 10-2.090, Computation of Federal Income Tax Deduction for Consolidated Gr...
Montana announced the creation of a resource hub for the personal income tax simplification that went into effect on January 1, 2024. The hub provides information about the new law and addresses commo...
The Nebraska Department of Revenue has reminded taxpayers who have signed agreements under the Nebraska Advantage Act or the ImagiNE Act and want to claim an exemption from personal property taxes, th...
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...
New Hampshire has provided annual guidance for the credit for donations to scholarship organizations that may be claimed against the business profits tax and the business enterprise tax. The allowable...
The New Jersey Department of the Treasury encourages eligible taxpayers to take advantage of earned income tax credit. For 2023tax year, eligible taxpayers could receive a refundable credit up to USD ...
New Mexico enacted legislation making various changes to the state's personal and business income tax laws. These changes include:Changes effective in tax year 2024:Angel investor credit:Qualified inv...
New York announced that, in some cases, pass-through entity tax payments have been incorrectly reported on lines 24a and 24b of Form IT-112-R, New York State Resident Credit. On line 24a, taxpayers sh...
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...
A federal law change effective 2023 impacts the residency status of military servicemembers and their civilian spouses for state income tax purposes. These individuals can now elect to use the service...
Additional Oklahoma local sales and use tax rate changes have been announced effective July 1, 2024.City Rate ChangesCanton increases its rate from 3.0% to 4.0%.Perkins increases its rate from 3.375% ...
Oregon enacted legislation updating the state’s IRC conformity date for computing the corporate activity, corporate and personal income taxes.What is the new conformity date?Oregon’s new IRC confo...
The Pennsylvania Department of Revenue has released a Tax Update that includes details on the expanded Property Tax/Rent Rebate Program which is now open for application for eligible older Pennsylvani...
Rhode Island has announced that it has extended the deadlines for taxpayers to file returns and pay tax due on April 15, 2024 to July 15, 2024. Taxpayers do not need to file any additional forms or ot...
The taxpayer's sale and rental of digital textbooks (eTextbooks) was exempt from South Carolina sales tax because such transactions fell within the exemption for textbooks. The eTextbooks could be rea...
South Dakota may adjust the assessed value of agricultural land based on the presence of shelterbelts. Shelterbelts include the following items placed specifically for conservation purposes:field shel...
Recently enacted Tennessee legislation provides that the Commissioner may approve an alternative date for filing and paying the premium tax due for captive insurance companies on a fiscal year end. Th...
The Texas Comptroller of Public Accounts has determined the average taxable price of crude oil for the reporting period February 2024 is $47.12 per barrel for the three-month period beginning on Novem...
Utah has revised guidance it provides on reporting instructions for holders of unclaimed property. The revised guidance discusses Utah’s 2024 unclaimed property laws concerning the reporting require...
Vermont has updated its publication providing guidance on the property tax Current Use Program, also known as the Use Value Appraisal Program. The program allows the assessed value for a property to b...
Under the Virginia firearm safety device tax credit, the definition of "firearm safety device" has been expanded for taxable years beginning on and after January 1, 2024, to include any device that, w...
Medical tattoo services are subject to Washington business and occupation (B&O) tax under the service and other activities classification. The service provider must retain documentation, including...
West Virginia enacted legislation that provides a personal income tax exemption to private trust companies licensed in the state. A private trust company is a corporation or limited liability company ...
Wisconsin amended its law to provide that a person eligible to claim an angel investment tax credit may sell or otherwise transfer the credit. The provision applies to an angel investment tax credit t...
A Wyoming property tax exemption has been authorized for long-term homeowners. An exemption in an amount of 50% of the assessed value is available to an owner of residential real property used as a pr...
At Sella & Martinic, LLC we are committed to helping you minimize your taxes while helping to preserve your wealth accumulation.
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