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Tax Briefing(s)

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

IRS Issues Refunds for Taxes Paid on Unemployment Compensation
The IRS has planned to issue over 2.8 million refunds to taxpayers who paid taxes on unemployment compensation, that the American Rescue Plan Act (ARP) ( P.L. 117-2) has recently excluded as taxable ...

Online Child Tax Credit Payment Tool
The IRS and Treasury have unveiled an online non-filer sign-up tool designed to help families who do not normally file tax returns and register for monthly Child Tax Credit (CTC) payments. The tool wo...

IRS Collection and Enforcement Update
Due to the recent progress the U.S. has made in controlling the COVID-19 pandemic and returning to normal economic activity, the IRS plans to return to its normal casework processes later this summer....

IRS Announces Shift in Procedure to Resolve Collection Issues
The IRS has announced that the Small Business/ Self Employed (SB/SE's) Automated Collection System (ACS) would now exclusively resolve collection issues. Under this new shift in procedure, Practitione...

Applicable Terminal Charge and SIFL Rates for First Half of 2021
The IRS has released the applicable terminal charge and the Standard Industry Fare Level (SIFL) mileage rates for determining the value of noncommercial flights on employer-provided aircraft in effect...

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 - Taxpayer's purchases qualified as exempt prosthetic appliances
A medical provider’s (taxpayer’s) purchases of items used in medical practice were exempt from Arizona sales and use tax because the items qualified as exempt prosthetic appliances. In this matter...

CA - Taxpayer failed to provide resale certificates for claimed nontaxable sales for resale
For California sales and use tax purposes, a corporation’s (taxpayer’s) redetermination petition was denied because the taxpayer failed to provide resale certificates for its claimed nontaxable sa...

CO - Legislation that would make numerous tax changes passes house
The Colorado House of Representatives has passed legislation that, if enacted, would make multiple changes to corporate and personal income taxes, including:extending through 2025 the addback requirem...

FL - Cap on voluntary cleanup credit increased
Florida increased the cap on total corporate income tax credits for voluntary cleanup of brownfield and other contaminated sites, from $10 million to $27.5 million for the 2021-2022 fiscal year. Ch. ...

HI - Hawaii follows IRS requirements for reporting capital accounts to partners
Partnerships that are required to report capital accounts to partners for tax years beginning after 2019 must calculate the accounts using the transactional method for Hawaii income tax purposes. This...

IL - Local sales tax rate changes issued
The Illinois Department of Revenue has issued a local sales tax rate change summary, noting local rate changes effective July 1, 2021. Taxes that are affected include:business district sales tax;home ...

IN - Gasoline use tax rate for June 2021 announced
The Indiana gasoline use tax rate for the month of June 2021 is $0.160 per gallon. Departmental Notice #2, Indiana Department of Revenue, June 2021...

KY - Information bulletin on local government premium taxes updated
The Kentucky Department of Insurance has updated a bulletin that contains information on local government premium taxes (LGPT) for insurance companies and surplus lines brokers, including the 2021-202...

LA - Legislation to temporarily increase NOL deduction amount passes house
The Louisiana House of Representatives has passed a bill that, if enacted, would increase the amount of the corporate income tax deduction for net operating losses from 72% of the net operating loss c...

MI - Guidance for taxpayers who missed May 17 deadline issued
Michigan taxpayers who missed the May 17 state personal income tax filing deadline have options for filing a late return. Taxpayers who missed deadline have following options:Filing a return to claim ...

MN - Tax exclusion for veterans with disability discussed
The Minnesota Department of Revenue has issued a release on the property tax exclusion for veterans with disabilities. The veterans may qualify for the exclusion if they own and occupy a homestead pro...

NY - Certain estimated payment forms for nonresidents updated
New York has updated Forms IT-2663 and IT-2664, which nonresidents use to pay estimated personal income tax on the sale or transfer of real property or a cooperative unit located in New York. The esti...

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 - 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 - Texas offers tax relief in disaster areas
Texas businesses in state-declared disaster areas affected by recent flooding, tornadoes, hail and damaging wind will be granted a filing extension. Tax reports due May 20, 2021 and May 25, 2021, can ...

VA - More guidance issued on informational combined reporting requirement
Virginia has released additional guidance for corporations needing to file a one-time report by July 1, 2021, showing the difference between the amount of tax the corporation would pay if it filed as ...

WI - Virtual currency and other topics discussed
Wisconsin issued a tax bulletin noting that virtual currency, such as digital currency and cryptocurrency, is treated for tax purposes similar to other types of intangible property, and taxpayers must...

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