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Tax Alerts

June 18, 2021

Tax Briefing(s)

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

First Monthly Child Tax Credit Payment Coming in July
The IRS and the Treasury Department have announced that the first monthly payment of the new refundable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. The increased CTC ...

Late Filers Should File to Limit Penalties
The IRS reminded taxpayers who missed the recent tax-filing deadline but are due a refund that there is no penalty for filing late if a refund is due. Those who owe and missed the deadline without req...

Groups Urged to Share Tax Information With Those Without Permanent Addresses
In an ongoing effort to help those experiencing homelessness, the IRS has reminded people who do not have a permanent address or a bank account that they may still qualify for stimulus payments and ot...

IRS Updates Plug-In Credit for 2022 Vehicles
The IRS has added new 2022 models to the list of vehicles for which the plug-in vehicle credit would be available. The vehicles added include BMW and Mini vehicles. The BMW 745e XDrive has a credit am...

Adjustments for CTC, EITC, PTC Table
The IRS has modified inflation-adjusted amounts for the child tax credit (CTC), the earned income tax credit (EITC/EIC), and the applicable percentage table for Code Sec. 36B for calculating a taxpaye...

2022 HSA Amounts Released
The IRS has released the 2022 inflation-adjusted amounts for health savings accounts (HSAs) under Code Sec. 223. For calendar year 2022, the annual limitation on deductions under Code Sec. 223(b)(2) f...

Drafts of New Schedules K-2 and K-3 Released
The IRS and Treasury have released updated early drafts of new Schedule K-2 and Schedule K-3 for Form 1065, U.S. Return of Partnership Income, Form 1120-S, U.S. Income Tax Return for an S Corporation,...

Temporary Use of Digital Signatures Extended
The IRS has extended the list of federal tax forms that cannot be filed electronically for which it is temporarily allowing digital signatures. The IRS has also extended filing period for which digita...

AZ - IRC conformity updated
Arizona has updated its conformity to the Internal Revenue Code (IRC) for income tax purposes. For tax years beginning after 2020, Arizona now conforms to the IRC as amended and in effect on March 11,...

CA - California further conforms to federal treatment of PPP loans and EIDL advance grants
California has enacted legislation generally conforming to federal law that:excludes both forgiven Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loan (EIDL) advance grants from ...

CO - Expiring tax checkoffs extended
Enacted Colorado legislation maintains indefinitely six voluntary contribution options that currently appear on personal income tax returns, unless contributions for a program fall below $50,000 annua...

FL - IRC conformity bill heads to governor
The Florida Senate approved a bill that would modify the IRC conformity tie-in date for computing corporate income tax liability and require certain income tax adjustments. H.B. 7059, as passed by th...

HI - Legislature approves IRC conformity update
A bill awaiting the governor’s signature would update Hawaii’s Internal Revenue Code tie-in date for computing corporate and individual income tax liability. The bill approved by the Legislature w...

IL - Film production services credit rules amended
Illinois amended rules covering its film production services credit. Eligible taxpayers can claim the credit against:Illinois corporate income tax liability; andIllinois personal income tax liabilit...

IN - Partnership audit procedures enacted
Indiana has enacted partnership audit procedures for corporate and personal income tax and financial institutions tax purposes to bring the state into conformity with federal partnership audit require...

KY - Kentucky education opportunity account credit created
Kentucky created a credit for contributions to accounting granting organizations (AGOs) that fund education opportunity accounts (EOAs). Effective for tax years beginning after January 1, 2021, taxpay...

LA - Bill permitting indefinite NOL carryover period passes senate
The Louisiana Senate has passed income tax legislation that, if enacted, would eliminate the 20-year maximum carryover period for corporation net operating losses. The bill would allow a corporate net...

MI - Detroit individual income tax due date extended to May 17
Individuals now have until May 17, 2021, to file City of Detroit income tax returns and pay the tax due for 2020 without incurring penalty or interest. The Michigan Department of Treasury previously i...

MN - Unrelated business income taxpayers must deduct net operating losses consistent with corporate treatment
Exempt entities subject to the Minnesota unrelated business income (UBI) tax must add back any net operating losses (NOLs) claimed under IRC Sec. 172. They may then calculate and deduct Minnesota NOLs...

NY - Subtractions of royalties from foreign affiliates properly denied
A New York state based corporation (including its combined affiliates) was not allowed to exclude royalties received from foreign affiliates in the computation of its combines entire net income (ENI) ...

ND - Reporting requirements for special event organizers amended
A special event organizer or promoter must provide a list of all participating vendors to the North Dakota State Tax Commissioner for sales and use tax purposes if there are at least 25 vendors at an ...

TN - Deduction allowed for covid-19 relief payments
A Tennessee excise tax deduction is allowed for payments received between March 1, 2020, and December 31, 2021, through the following Tennessee economic relief programs funded by federal CARES Act fun...

TX - February 2021 certification of the average closing price of gas and oil released
The Texas Comptroller of Public Accounts has determined the average taxable price of crude oil for the reporting period February 2021 is $33.36 per barrel for the three-month period beginning on Novem...

VA - Taxpayer required to provide financial audit to renew nonprofit exemption
For Virginia sales and use tax purposes, a taxpayer was required to provide the requested financial audit for review in order to renew its nonprofit exemption. Generally, if the entity's gross annual ...

WI - DOR bulletin issued
The Wisconsin Department of Revenue has issued Wisconsin Tax Bulletin Number 213 (April 2021). The Bulletin includes:General Updates and Reminders.Income and Franchise Tax Updates and Reminders.Sales ...

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