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The IRS has urged taxpayers to conduct an end-of-summer tax checkup to avoid unexpected tax bills in the upcoming year. The agency emphasized that many taxpayers, particularly those engaged in the gig...
The IRS has reminded businesses that starting in tax year 2023 changes under the SECURE 2.0 Act may affect the amounts they need to report on their Forms W-2. The provisions potentially affecting Form...
The IRS and the Security Summit concluded their eight-week summer awareness campaign by urging tax professionals to implement stronger security measures to protect themselves and their clients from es...
The IRS has reminded employers that educational assistance programs can be used to help employees pay off student loans until December 31, 2025. This option, available since March 27, 2020, allows fun...
The IRS has updated the applicable percentage table used to calculate an individual’s premium tax credit and required contribution percentage for plan years beginning in calendar year 2025. This per...
Effective October 1, 2024, the town of Jackson's Gap imposes a new local Alabama lodgings tax at a rate of 5 percent within its police jurisdiction. For the taxes levied outside the corporate limits o...
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...
The Arizona Commerce Authority has updated a rule providing guidelines for the Research and Development (R&D) Refundable Tax Credit Program which provides an income tax credit for increased resear...
The following Arkansas local sales tax rate changes are effective October 1, 2024:The city of Carthage imposes a sales and use tax at a rate of 1.5%.The city of Pine Bluff decreases its sales and use ...
California has enacted a new exclusion from gross income for payments received by property owners for wildfire loss mitigation through the California Wildfire Mitigation Financial Assistance Program. ...
For Colorado property for tax purposes, the Board of Assessment Appeals’ (Board’s) order was reversed and remanded with directions to include the $197,407 in resort fees in the taxpayer’s valuat...
Updated guidance is provided, in light of guidance issued by the Internal Revenue Service (IRS), on relief available to taxpayers who are unable to timely file certain returns or make certain payments...
Delaware enacted legislation that amends unclaimed property reporting requirements to:clarify enforcement actions by the Attorney General, including a 120-day notice period and other conditions before...
The District of Columbia has announced upcoming tax rate changes for cigarettes and other tobacco products.What are the rate changes?Effective October 1, 2024, the total tax on a package of 20 cigaret...
Beginning October 1, 2024, taxpayers that wish to participate in the child care tax credit program must apply to the Florida Department of Revenue to receive a tax credit allocation against the follow...
For Georgia property tax purposes, the tax assessors must not use the income approach in determining the fair market value of section 42 properties and the low-income housing tax credits must not be e...
The Hawaii Department of Taxation has issued updated guidance on the Hawaii pass-through entity (PTE) tax to reflect changes made by Act 50 (S.B. 2725), Laws 2024. The guidance replaces and supersedes...
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...
Illinois issued guidance on the new prepaid wireless E911 surcharge rate imposed by Chicago on sales of prepaid wireless telecommunications services. Effective November 1, 2024, the rate will increase...
Updated guidance is issued regarding the determination of the correct amount of Indiana county income tax to withhold from an employee's wages. The updated rates in the notice are effective for withho...
The Iowa Department of Revenue discusses eligibility for data center business tax exemptions. The update offers clarification on how lease agreements factor into the eligibility criteria. Specifically...
Kansas issued guidance to clarify, support, and provide instruction to both counties and taxpayers on the property tax exemption for renewable energy resources and technologies. The guidance includes ...
Kentucky announced that the personal income tax standard deduction for the 2025 tax year is $3,270. Press Release, Kentucky Department of Revenue, August 20, 2024...
For Louisiana sales tax purposes, the casinos and gaming establishments are not subject to sales and use tax for discounted items and/or complimentary items they give to patrons as incentives. The sal...
Maine Revenue Services has revised its instructional bulletin on the sales and use tax obligations for florists. The bulletin provides that for purchases of tangible personal property made by a floris...
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 ...
A bank holding company under the Bank Holding Company Act of 1956 properly claimed Massachusetts research tax credits, as the applicable Massachusetts state tax law does not prohibit bank holding comp...
The Michigan Supreme Court has allowed a court of appeals decision to stand that concluded that the 2023 reduction to the income tax rate was temporary. The Attorney General had previously held that t...
The research tax credit for hospitals and health care providers subject to the MinnesotaCare tax will be 0.5% of revenues for patient services used to fund expenditures for qualifying research conduct...
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...
The following local Missouri sales and use tax rate changes take effect October 1, 2024. Also, new rates are listed for each county, city, and special district affected by the rate changes.County Chan...
Montana Gov. Greg Gianforte encourages Montana homeowners to apply for their property tax rebate. Between August 15 and October 1, 2024, eligible Montana homeowners may claim their property tax rebate...
The Nebraska Department of Revenue reminds property owners that the Property Tax Credit Act provides a tax credit based on the credit allocation valuation of each parcel of real property compared to t...
The Nevada regulation pertaining to the taxation of tobacco products, other than cigarettes, has been updated. Changes include revisions to provisions governing the payment of tax imposed on these tob...
Interest rates on underpayments and refunds will increase for 2025.For 2025, rates are:10% for underpayments; and7% for refunds.Technical Information Release TIR #2024-02, New Hampshire Department of ...
New Jersey recently exempted sales of qualifying investment metal bullion and investment coins beginning on and after January 1, 2025. The guidance provides an overview of the new law. Exemption for ...
New Mexico has adopted regulations regarding the newly-created clean car income tax credits against its personal and corporate income taxes. The regulations state the application procedures for the cr...
A New York personal income taxpayer’s request for a conciliation conference with the Bureau of Conciliation and Mediation Services (BCMS) was untimely because the request was not filed within 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 has announced upcoming sales and use tax rate changes that are effective October 1, 2024.Burleigh CountyBurleigh County will increase its sales, use and gross receipts tax to 1% (currentl...
Ohio has released the petroleum activity tax (PAT) statewide average wholesale prices for the fourth quarter of 2024.The average prices per gallon for the third quarter are:$2.365 for unleaded regular...
The Oklahoma Tax Commission is preparing to conduct the Parental Choice Tax Credit program for the 2025-2026 school year. Pursuant to H.B. 3388, laws 2024, the program's rules are amended as follows:t...
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...
Pennsylvania has provided notice that the Public Utility Realty Tax Act (PURTA) surcharge calculation for tax years beginning January 1, 2025 is 0 mills. No PURTA surcharge will be imposed for the tax...
Rhode Island has issued an advisory to remind farmers of their sales tax responsibilities. The advisory notes that farms that make retail sales of taxable items must collect and remit Rhode Island sal...
On reconsideration following a previous decision that upheld a South Carolina bank tax assessment, the administrative law court concluded that certain credit card company stock was not connected to th...
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...
A taxpayer’s purchase and installation of streetlights, photocells, smart nodes, and poles on behalf of public power authorities was not subject to Tennessee sales and use tax.Component Part of Elec...
The Texas Comptroller of Public Accounts has determined the average taxable price of crude oil for the reporting period August 2024 is $49.14 per barrel for the three-month period beginning on May 1, ...
A Utah taxpayer’s property was not entitled to exclusive use property tax exemption because the use of the property by the taxpayer’s representative’s family as their residence was more than de ...
Vermont has revised a fact sheet explaining the correct procedures to use when taxpayers are required to pay real estate withholding tax on the sale of Vermont real property. Generally, capital gains ...
The Virginia interest rates for the fourth quarter of 2024 will be 10% for tax underpayments (assessments) and 10% for tax overpayments (refunds). For the purpose of computing, the addition for underp...
The Washington excise tax rule on the business and occupation (B&O) and public utility tax credit for ride sharing and public transportation has been amended to reflect that qualifying employers m...
West Virginia issued a publication that provides guidance on corporate and personal income tax credits for property tax paid on motor vehicles. TSD 454, West Virginia Tax Division, September 2024...
In a Wisconsin income tax case, the Tax Appeals Commission found that where a taxpayer and her family are approved by United States Citizenship and Immigration Services for refugee status in one year,...
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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