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 April 1, 2024, the town of Eldridge increases certain local Alabama sales and use tax rates.Increased Tax RatesThe sales and use tax rates for the following increase from 2% to 3%:general it...
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 updated its conformity to the Internal Revenue Code (IRC) for income tax purposes. For tax years beginning after 2023, Arizona now conforms to the IRC as amended and in effect on January 1...
The Supreme Court of Arkansas held that Arkansas law required a nonresident taxpayer to apply a historic preservation tax credit it received to its total tax liability amount, not just the amount appo...
Subcomponents of a taxpayer's project may qualify as pilot models for research expense deduction purposes under California corporate tax law. Responding to the taxpayer's request for a ruling, the Chi...
Colorado amended its rule on the income tax credits allowed for purchasing or leasing an innovative motor vehicle or innovative truck. The amendments provide additional guidance and clarification rega...
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...
The Florida Senate approved a tax bill that changes the corporate income tax IRC conformity tie-in date. H.B. 7073, as approved by the Florida Senate on March 8, 2024...
The Georgia Department of Revenue has released a local sales and use tax rate chart for the quarter beginning April 1, 2024. Georgia Sales and Use Tax Rate Chart, Georgia Department of Revenue, March ...
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 Lee 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 Reve...
Indiana has clarified how pass-through entity (PTE) tax payments are treated in certain circumstances. Under current law, a PTE that makes tax payments during the year has those payments credited as t...
The Iowa Department of Revenue adopted a new rule that establishes necessary processes for adjudication of contested case appeals before the Property Assessment Appeal Board (PAAB). The current rule i...
The Kansas Senate voted to approve by a wide margin a bill that includes a proposal for a flat personal income tax rate. It also amended the bill originally introduced on March 7, 2024 to:eliminate th...
The Kentucky Department of Revenue has released a document listing the 2023 state and local ad valorem property tax rates. Commonwealth of Kentucky Property Tax Rates 2023, Kentucky Department of Reve...
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 has enacted legislation making the following changes to the state's income tax laws:The subtractions from individual income tax gross income for military retirement plan benefits, military annui...
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...
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 Michigan Department of Treasury has released additional information on the extensions of time to file state returns and remit tax, and waivers from penalty and interest, that it will grant in conf...
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...
The Mississippi Department of Revenue has updated the list of frequently asked questions and answers regarding Electing Pass-Through Entity Tax on its web site. Among other minor changes, the revised ...
The following local Missouri sales and use tax rate changes take effect April 1, 2024. Also, new rates are listed for each county, city, and special district affected by the rate changes.County Change...
Montana issued a notice discussing common errors that taxpayers should try to avoid when filing Form PTE. For example, a pass-through entity making an election to pay pass-through entity tax (PTET) mu...
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...
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 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...
For New York personal income tax purposes, a taxpayer’s petition challenging a notice of disallowance (notice) of a 2021 School Tax Relief (STAR) credit was dismissed because the petition was not fi...
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 municipal net profit tax guidance to address legislative changes, including the:new extended tax return due date; andnew apportionment election for remote workers;Municipal Net Profi...
The Oklahoma House has passed bills that would reduce the personal income tax rate. Both bills would reduce the rate beginning in 2024 as follows:H.B. 2949 would replace the bracket system with a flat...
For Oregon property tax purposes, the taxpayer’s property did not qualify for exemption for the tax year 2023-24 because the taxpayer did not own the property as of July 1, 2023, and had not put the...
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 Form 1065 for tax year 2023 (RI-1065). This guidance states that for tax year 2023 only, singl...
Through June 30, 2024, the South Carolina interest rate on underpayments of taxes remains 8%. The refund rate for overpayments is 5%. Information Letter 24-2, South Carolina Department of Revenue, Mar...
South Dakota has increased the amount of education scholarship credits that can be claimed on annual premium tax returns. A taxpayer may claim up to $5 million (previously $3.5 million) in fiscal year...
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 has determined the average taxable price of crude oil for the reporting period January 2024 is $49.85 per barrel for the three-month period beginning on Octobe...
The Utah income tax rate will drop from 4.65% to 4.55% for tax years beginning on or after January 1, 2024. Gov. Spencer Cox has signed legislation enacting the tax rate cut. S.B. 69, Laws 2024, effec...
Vermont has revised a fact sheet providing information to individual taxpayers regarding the calculation, filing, and payment of use tax. Furthermore, the fact sheet provides examples regarding the ca...
Enacted Virginia legislation provides that in certain localities, in the event that the overall total assessed value of real property in the locality, excluding certain additional assessments, would r...
Legislative authorities may designate an exemption to Washington's Tourism Promotion Area lodging charge to any lodging business, lodging unit, or lodging guest. H.B. 2137, Laws 2024, effective 90 day...
The definition of "small arms," for purposes of the West Virginia consumers sales and service tax exemption applicable to the sale of small arms and small arms ammunition, is amended to include the re...
Wisconsin has adopted an emergency rule to clarify the commercial loan income exemption, which was enacted in 2023 as part of the biennial budget.The exemption was created for the income of a financia...
The Wyoming Department of Revenue has announced that beginning July 1, 2024, a vendor need not be physically located within a resort district in order to be subject to that tax. All retail sales made ...
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