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On February 11, the House Ways and Means Committee finished marking up draft legislative text in the Fiscal 2021 budget resolution reconciliation, which contains tax law proposals based on President J...
The IRS urges taxpayers who receive Forms 1099-G, Certain Government Payments, for unemployment benefits they did not actually get because of identity theft to contact their appropriate state agency f...
The IRS has reminded taxpayers to avoid "ghost" tax return preparers whose refusal to sign returns can cause an array of problems. Filing a valid and accurate tax return is important because the taxpa...
The IRS has reminded taxpayers that they can securely access their IRS account information through their individual online account.Information that taxpayers can view online includes:the amount they o...
The IRS has warned individuals who live outside of the United States and receive Social Security benefits that they may not receive Form SSA-1099, due to the temporary suspension of international mail...
The Alabama Tax Tribunal (tribunal) upheld a sales tax assessment against an authorized dealer (taxpayer) of a telecommunications company because the sale of prepaid wireless monthly phone plans by th...
The Alaska interest rate for delinquent taxes and overpayment of taxes is set at 5.50%, compounded quarterly, for the period January 1, 2021, through March 31, 2021. Subscribers can view the Departmen...
There are no local Arizona transaction privilege tax (TPT) changes effective February 1, 2021. The TPT rate chart can be viewed at: https://azdor.gov/sites/default/files/media/TPT_RATETABLE_02012021....
A taxpayer was not entitled to an exemption from Arkansas sales and use tax because it did not meet the definition of a charitable organization. Under Arkansas law, "charitable organization" is define...
A California trial court’s postjudgment order awarding attorney fees to a taxpayer who successfully contested the property tax valuation of his property was reversed because the trial court had rema...
Enacted Colorado legislation creates a deduction from corporate and personal income taxes related to the state’s decoupling with certain CARES Act provisions for:net operating losses;excess business...
For corporate and personal income tax purposes, the Connecticut Department of Revenue Services (DRS) has updated an informational publication that contains specifications and instructions for electron...
The City of Wilmington issued guidance that explains how changes to earned income tax regulations apply to employees telecommuting during the COVID-19 emergency.Earned Income TaxNonresident employees ...
The District of Columbia Office of Tax and Revenue (office) has added the real property tax suite to its online tax portal, MyTax.DC.gov. The implementation of real property to MyTax.DC.gov supports ...
Florida provides motor vehicle sales tax rates by state as of December 16, 2020. The chart indicates, for each state, the Florida tax rate to be imposed and whether credit for a trade-in is allowed by...
For 2021, the interest rate applied to Georgia tax overpayments and underpayments is 6.25% (accruing monthly). The rate was 7.75% for 2020. Policy Bulletin ADMIN-2021-01, Georgia Department of Revenu...
The Hawaii Department of Taxation has announced the issuance of a new Form D-160. The form is intended to be used by taxpayers who are contesting an assessment of additional tax, but who otherwise wis...
The Idaho State Tax Commission has issued its 2020 business and individual e-file (MeF) handbook for taxpayers e-filing their personal and corporate income tax returns. The publication includes an Ida...
The Illinois Department of Revenue issued a general information letter discussing the applicability of sales and use tax to a construction contractor’s (taxpayer’s) purchase of equipment and mater...
For Indiana property tax purposes, the Board of Tax Review’s final determination increasing the assessed property tax value of the taxpayer’s retail store was affirmed because it was supported by ...
Iowa has released guidance regarding the Iowa Small Business Relief Grant Program income and franchise tax exemption. Eligible small businesses include those:employing between 2-25 employees prior to ...
A Kansas bill proposes several corporate and personal income tax adjustments, including deductions for:net operating loss carrybacks for tax years 2018, 2019, and 2020;IRC Sec. 951A global intangible ...
The Kentucky Department of Revenue has notified taxpayers that the maximum homestead exemption from property tax applicable to real estate owned by qualified taxpayers is increased by $1,200, from $39...
The Louisiana Department of Revenue has announced that it will begin accepting and processing 2020 state individual income tax returns on Friday, February 12, 2021. The 2020 individual state returns a...
Introduced legislation would change Maine’s income tax Internal Revenue Code conformity date to December 31, 2020 (currently, December 31, 2019). The conformity date would be applicable to tax years...
The Maryland Comptroller has announced that processing of personal income tax returns for Tax Year 2020 will begin on February 12, 2021. Corporate income tax returns will be accepted beginning on Febr...
A technical information release has been issued to explain the Massachusetts personal income tax tie-in to the federal personal income tax exclusion for employer-provided parking, transit pass, and co...
The Michigan Department of Treasury is automatically waiving penalty and interest on the late reporting or payment of sales, use, and withholding tax for any non-accelerated return or payment due on J...
The Minnesota Department of Revenue has revised its guidance pertaining to the personal income tax responsibilities of Minnesota residents. The updated guidance discusses domicile, the 183-day rule, s...
The Mississippi Court of Appeals affirmed the chancery court’s decision that a taxpayer’s sale and installation of roofing materials were subject to sales tax. In this case, the chancery court gra...
Missouri has adopted new regulations governing the allocation and apportionment of income for tax purposes beginning January 1, 2020. The regulations cover:general allocation and apportionment;allocat...
Montana announced that COVID business grant income is taxable in the state. Montana adjusted gross income is derived from federal adjusted gross income. Unless exempted, grant income to businesses i...
A Nebraska bill would allow corporate and personal income taxpayers to claim a dividends received deduction for IRC Sec. 951A global intangible low-taxed income (GILTI). L.B. 347, as introduced in th...
Nevada has a tax amnesty program for businesses and individuals that will begin February 1, 2021, and end May 1, 2021.Amnesty Program DetailsThe amnesty program allows penalty and interest from Nevada...
New Hampshire has released guidance discussing the taxability of certain COVID-19 financial relief programs under the business profits tax (BPT) and business enterprise tax (BET).State ReliefAll state...
New Jersey provides guidance regarding a combined group being considered a taxpayer for the corporation business tax.Members with Independent OperationsFor privilege periods ending on and after July 3...
A private prison company (taxpayer) that operated correctional facilities under agreements with New Mexico counties was liable for gross receipts tax on receipts it received from the counties for mana...
A taxpayer was properly subject New York State and City personal income tax assessment as the taxpayer failed to establish change in domicile. In this matter, although the taxpayer contended that he w...
For corporate income tax purposes, the North Carolina Department of Revenue (department) has issued an important notice regarding the abrogation of a prior final agency decision due to an amendment cl...
North Dakota has announced the annual oil trigger price adjustment for oil extraction tax purposes.Oil Trigger PriceThe oil trigger price is $89.65 for the calendar year January 1, 2021, through Decem...
Ohio Department of Taxation reminds financial institutions tax (FIT) practitioners and taxpayers that the first estimated tax payment for the 2021 FIT tax year is due by February 1, 2021. Release, Oh...
A taxpayer was entitled to a refund of Oklahoma sales and use taxes erroneously paid by it, because a right to a refund erroneously paid is a substantive right which accrues when an erroneous tax is p...
Bills were introduced in the Oregon Senate and House to update Oregon’s Internal Revenue Code (IRC) conformity date to December 31, 2020. H.B. 2457, H.B. 2577, S.B. 137, and S.B. 138, as introdu...
The Pennsylvania Department of Revenue has issued guidance regarding the taxability of non-medical masks and face coverings. Medical supplies, including medical and disposable surgical masks, are exem...
The Rhode Island Division of Taxation has announced that it will begin accepting and processing both electronically filed and paper personal income tax returns on February 12, 2021. The Division has a...
South Carolina is seeking comments on draft revenue rulings concerning charitable contributions and common-law marriage.The first ruling is intended to advise taxpayers of the South Carolina impact of...
In her 2021 State of the State Address, South Dakota Gov. Kristi Noem stated that she has no plans for any tax increases. 2021 State of the State (as prepared), South Dakota State News, January 13, 2...
A taxpayer who operates an online forum that connects sellers of certain taxable foods and beverages with potential customers would be considered a delivery network company, not required to collect an...
For corporate income tax and sales and use tax purposes, Texas published information on out-of-state wineries. An out-of-state winery can sell and ship wine directly to the state’s customers, even t...
Utah has updated its publication on business personal property taxes. Topics covered include definitions, assessment, valuation, taxation, appeals, and audits. Publication 20, Utah State Tax Commissi...
Vermont has issued a fact sheet that provides guidance on the taxation of the transfers (sales) of mobile homes. Taxation in Vermont on mobile home transfers depends on whether the mobile home is trea...
For Virginia sales and use tax purposes, marine prototype engines that a taxpayer designed qualified as exempt research and development because the engines were used in a one-time demonstration and co...
A corporation (taxpayer) failed to maintain sufficient records and, therefore, was not entitled to a correction of an assessment of Washington business and occupation tax and sales and use tax. Genera...
West Virginia has reissued a publication that provides general information concerning interest and additions to tax and tax underpayments. The publication was revised to reflect the interest rates eff...
For personal income tax purposes, the Wisconsin Department of Revenue (department) has updated a fact sheet on health savings accounts (HSAs). An HSA is a special account owned by an individual and us...
Local rate changes in Wyoming have been announced effective April 1, 2021.County Rate ChangesCampbell County increases its lodging tax rate to 4%.Fremont County increases its sales and use tax rate to...
Thomas Craig & Company, LLP is one of the most enterprising CPA firms in the Greater Tampa Bay Area.
Since 1924 our clients have considered us more than accountants. To them, we are consultants and strategists, deeply involved in their business and dedicated to there successes. Our approach is to initiate recommendations that we believe can help a business grow and succeed. If we see a problem, or think there is a way to improve, we will tell our clients - before they ask.
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