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2021 Post-Filing Season Update American Rescue Plan Act of 2021 2020 Tax Year-In-Review

Unemployment Compensation Refunds Continue
The IRS announced that another 1.5 million taxpayers would receive refunds averaging more than $1,600 as it continues to adjust unemployment compensation from previously filed income tax returns. The ...

IRS Updates Accounting Methods for Credit Card Fees
The IRS updated Rev. Proc. 2013-26, 2013-22 I.R.B. 1160, to reflect amendments to Code Sec. 451(b) made by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97) and related Reg. §§1.451-3 and 1.127...

Security Summit Highlights Identity Theft Risk Related to Unemployment
The IRS Security Summit partners outlined how tax professionals can assist clients who were victims of unemployment compensation fraud schemes that targeted state workforce agencies in 2020 and 2021. ...

Entities Must Update EIN Information Within 60 Days of Change
The IRS urged entities with Employer Identification Numbers (EINs) to update their applications if there has been a change in the responsible party or contact information. The Service called this a ke...

Accounting Method Change Consent Procedures for Code Sec. 451 Amendments
The IRS updated automatic consent procedures for taxpayers to change their method of accounting to comply with final regulations under Reg. §§1.451-3, 1.451-8, and 1.1275-2(l); and for certain in...

Individual Entitled to Exclude Wages as Foreign Earned Income; Additions to Tax Not Imposed
An individual, who was employed as a contractor on a US military base in Afghanistan, was entitled to exclude wages from gross income which she earned as "foreign earned income" under Code Sec. 911...

AZ - New affordable housing tax credit and other tax changes enacted
Arizona enacted a new tax credit to support the construction of affordable housing projects in the state. In addition, Arizona extended the tax credit for investment in a qualified small business and ...

CA - EDD extends deadlines for employers in various counties affected by fires
For corporate and personal income tax purposes, the California Employment Development Department (EDD) is extending deadlines for employers in Trinity, Tehama, and Shasta counties directly affected by...

CO - Publication on cares act tax law changes revised
The Colorado Department of Revenue has revised a publication addressing how recent retroactive federal tax provisions under the Coronavirus Aid, Relief and Economic Security Act (CARES Act) and the su...

FL - Lease or rental of a car by a peer-to-peer car-sharing program is subject to tax
The lease or rental of a motor vehicle by a peer-to-peer car-sharing program is subject to Florida sales and use tax. Moreover, a $1 per day rental car surcharge applies to a peer-to-peer car-sharing ...

HI - Guidance regarding general excise tax treatment of software released
The Hawaii Department of Taxation has released guidance on the general excise tax (GET) treatment of sales of software.Types of SoftwareThe Department considers the sale of prewritten or canned softwa...

IL - Management of abandoned, unclaimed property changed
Enacted Illinois legislation amends the State Treasurer Act and the Revised Uniform Unclaimed Property Act changing the management requirements for abandoned or unclaimed property for corporate income...

IN - Taxpayer entitled to waiver of late filing penalty and interest
For Indiana motor carrier fuel tax purposes, a motor carrier’s (taxpayer’s) protest against an assessment of late filing penalty and interest was sustained because the taxpayer provided sufficient...

KY - 2021 property tax rate announced
For 2021, the Kentucky state real property tax rate is 11.9¢ per $100 of assessed value. The rate was 12.2¢ in 2020. This is the first time the rate has decreased since 2008. Release, Kentucky Depa...

LA - Board of tax appeals has jurisdiction over state or local taxes or fees; taxpayer’s petition denied prematurely
For corporate income tax purposes, the Lousiana Board of Tax Appeals (BTA), in an appeal, determined that BTA has jurisdiction on all subject matter relating to state or local taxes or fees and the ta...

MI - List of certified community foundations for tax year 2021
The Michigan Department of Treasury released a list of certified community foundations for tax year 2021 for purposes of the Michigan business tax credit for contributions to community foundations. R...

MN - Legislative bulletin covering sales and use tax changes in 2021 issued
The Minnesota Department of Revenue has issued a legislative bulletin outlining sales and use tax, and miscellaneous tax changes made during the 1st Special Session of 2021. Legislative Bulletin, Min...

NY - Taxpayer's driver license suspended as preparer penalties
A taxpayer was properly subject to suspension of driver’s license as preparer penalties because the taxpayer failed to prove that the assessed tax preparer penalties do not fall within the definitio...

ND - Tax incentives for businesses in 2021-22 discussed
An updated brochure was published by the North Dakota Office of Tax Commissioner describing various corporate income tax, property tax and sales and use tax incentives for businesses and notes that in...

TN - Tennessee enacts tax holiday for food, food ingredients, and prepared food
A Tennessee sales and use tax holiday is enacted for food, food ingredients, and prepared food sold from July 30, 2021 through August 5, 2021.Food and Food Ingredients Tax HolidayA sales and use tax e...

TX - Guidance on motor vehicle rental tax issued
For sales and use tax purposes, the Texas Comptroller of Public Accounts issued a motor vehicle rental tax guide for taxpayers who rent motor vehicles in Texas. The guide discusses the taxpayers’ pe...

VA - Virginia Guidelines Issued on Change in Application of Tax on Sales of Accommodations Facilitated by Accommodations Intermediaries
Virginia issued guidelines on the change in application of the retail sales and use tax to sales of accommodations facilitated by accommodations intermediaries as a result of previously enacted legisl...

WI - SST taxability matrix and certificate of compliance updated
Wisconsin updated its Streamlined Sales and Use Tax (SST) Agreement taxability matrix and certificate of compliance. The changes are effective August 1, 2021. Taxability Matrix, Wisconsin Department ...

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