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Tax Alerts

October 20, 2020

Tax Briefing(s)

2020 Tax Policies of the Major Presidential Candidates 2020 Payroll Tax Deferral Order 2020 Post-Filing Season Update CARES Act Coronavirus Tax Relief

Senate Fails to Pass “Skinny” COVID-19 Relief Bill
On September 10, 2020, the Senate failed to pass the Delivering Immediate Relief to America’s Families, Schools and Small Businesses Act. This bill was described as a targeted proposal, and included...

Higher Penalties on 2019 Returns Filed After September 14
The IRS has warned taxpayers who have not yet filed their 2019 tax returns that higher penalties will be imposed if they file after September 14. Taxpayers who submitted an extension of time to file t...

E-Signatures Temporarily Approved for Certain Forms
The IRS has announced that it is temporarily allowing the use of digital signatures on certain forms that normally require a handwritten signature. The following forms can be submitted with digital ...

Digital Signatures Allowed on More Forms
The IRS had announced that it would temporarily allow the use of digital signatures on certain forms that cannot be filed electronically; the Service has now added several additional forms to that...

IRS Suspends Mailing Notices to Taxpayers with Balances Due
The IRS has temporarily suspended the mailing of three notices—CP501, CP503, and CP504—to taxpayers who have a balance due on their taxes. The IRS is taking this step to avoid confusion for taxpay...

IRS Launches Partnership Audit Website
The IRS announced the launch of the Bi-Partisan Budget Act (BBA) Centralized Partnership Audit Regime website. The website intends to be a one-stop location for anything BBA-related including regulat...

Form 1040 Now Available in Spanish
The IRS will be providing Form 1040 in Spanish for the first time as part of a larger effort to reach underserved communities. The IRS’s newly expanded multilingual initiative is a key part of helpi...

AZ - Interest rates unchanged for fourth quarter of 2020
The interest rates on underpayments and overpayments of Arizona taxes are unchanged at 3% for the fourth quarter of 2020.Previous Interest RatesThe interest rates from previous quarters and years may ...

CA - Taxpayer was doing business in state, subject to limited liability company tax
A limited liability company (taxpayer) was doing business in California and, thus, was required to pay LLC tax. Generally, a taxpayer is considered doing business in California if it satisfies certain...

CO - Condominium net income incorrectly excluded from tax assessment
For Colorado property for tax purposes, the Board of Assessment Appeals (Board) erred in excluding the additional income generated from rentals of individually owned condominium units from the taxpaye...

FL - Tax information on adoption of 2020 internal revenue code published
The Florida Income Tax Code was amended to adopt the Internal Revenue Code (IRC) retroactively to January 1, 2020. As a result, Florida will follow the computation of federal taxable income. However, ...

HI - Renewable energy technologies credit amended
Hawaii’s requirements for solar energy systems to claim the renewable energy technologies income tax credit are amended. For each solar energy system, a tax credit of 35% of the actual cost or the c...

IL - Tentative Winnebago County multiplier announced for 2020
The tentative Winnebago County equalization factor (multiplier) for Illinois property tax purposes has been set for 2020 at 1.0000. The final 2019 multiplier was 1.0000.The full text of the release is...

IN - County income rates adjusted
Indiana has announced county income tax rates that are effective October 1, 2020.Which Counties Decreased the Rate?The counties decreasing their rate include:Pulaski County: 0.0285, decreased from 0.0...

KY - Taxpayers affected by Oregon wildfires may file returns by January 15, 2021
Kentucky corporate and personal income taxpayers affected by Oregon wildfires, in any area designated by the Federal Emergency Management Agency (FEMA), may file their returns until January 15, 2021. ...

LA - Taxpayer had no wrongful seizure cause of action against department
A taxpayer had no wrongful seizure cause of action against the Louisiana Department of Revenue (department) under general tort law because the dispute at issue pertained to a sales and use tax assessm...

MI - List of education foundations for tax credit released
The Michigan Department of Treasury has announced that there are no certified education foundations for tax year 2020 for purposes of the Michigan business tax credit for contributions to education fo...

MN - Taxpayer failed to serve notice of appeal to commissioner of revenue; appeal denied
A personal income taxpayer’s appeal was dismissed for want of jurisdiction because the taxpayer failed to provide a copy of his Notice of Appeal to the Minnesota Commissioner of Revenue (commissione...

NY - Draft regulations on MTA surcharge updated
New York has updated its draft regulations on the Metropolitan Transportation Business Tax Surcharge. Among other changes, the new version adds activities that are typically engaged in by banking corp...

ND - Local tax change announced
North Dakota has announced an upcoming local sales and use tax rate change that is effective October 1, 2020.ThompsonThompson will impose a city sales, use, and alcohol gross receipts tax of 2%. Rele...

TN - Rossville local sales tax rate hike imposed
The Tennessee local sales tax rate in the town of Rossville is increased from 2.25% to 2.75% effective October 1, 2020.Approval of Tax Rate HikeVoters in the town approved a measure on August 6, 2020,...

TX - Taxpayer properly denied cost of good sold deduction
A broadband communications service provider, was not entitled to a Texas franchise tax refund claim as the taxpayer did not qualify to cost-of-goods-sold (COGS) deductions. Generally, the COGS deducti...

VA - Tax rate changes for central Virginia region starting October 1, 2020, announced
Effective October 1, 2020, the sales and use tax rate will increase by 0.7% in several cities and counties of Central Virginia. The increase applies to sales made in the city of Richmond and the count...

WI - Machinery, tools, and patterns used in manufacturing not entitled to exemption
For Wisconsin personal property tax purposes, any machinery, tools, and patterns (MTP) used in any way in manufacturing are not exempt. In this case, the Wisconsin Department of Revenue found that the...

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