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Tax Alerts

May 01, 2021

Tax Briefing(s)

American Rescue Plan Act of 2021 2020 Tax Year-In-Review Consolidated Appropriations Act, 2021 (revised)2020 Post-Election Tax Policy Update

Window Closing on Nonfilers’ 2017 Refunds
The IRS announced that unclaimed income tax refunds worth more than $1.3 billion await an estimated 1.3 million taxpayers who did not file a 2017 Form 1040. Most of these taxpayers must file by May 17...

IRS Announces Issuance of Refunds and Recalculation of Taxes
The IRS has announced steps to automatically refund money this spring and summer to taxpayers who filed their tax returns reporting unemployment compensation before the recent changes made by the Amer...

Child Tax Credit Advance Payments to Begin in July
Speaking before the Senate Finance Committee at an April 13 hearing on the 2021 Filing Season and the 21st Century IRS, IRS Commissioner Charles “Chuck” Rettig said that the IRS fully anticipates ...

Updated Instructions on Reporting Unemployment Exclusion
The IRS has updated its instructions for reporting unemployment exclusions for 2020. If an individual taxpayer’s modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan ...

IRS Answers FAQs on RRCs
The IRS has been mailing letters to some taxpayers who claimed the 2020 recovery rebate credit (RRC) and may be getting a different amount than they expected.The IRS reminders taxpayers that the first...

IRS Issues FAQs on Reporting of COVID-19 Emergency Financial Aid Grants by Students and Higher Education Institutions
The IRS has issued FAQs on how students and higher education institutions should report pandemic-related emergency financial aid grants. Emergency financial aid grants made by a federal agency, stat...

IRS Updates Audit Techniques Guide on Retail Industry Examinations
The IRS has updated an Audit Techniques Guide (ATG) on its website that addresses conducting income tax examinations in the retail industry. An ATG focuses on developing highly trained examiners for p...

AZ - Estimated tax payments not required in 2021 to account for new surcharge tax
Taxpayers do not have to make Arizona estimated individual income tax payments in 2021 to account for the new 3.5% surcharge tax added by Proposition 208. Taxpayers will not incur a penalty for the un...

CA - Proposition 19 intergenerational transfer exclusion questions and answers provided
The California State Board of Equalization (BOE) provides answers to a number of property tax questions regarding Proposition 19. According to the BOE, there are a number of significant questions left...

CO - Department issues guidance on taxable unemployment benefits
The Colorado Department of Revenue has issued guidance on the state’s conformity to the federal American Rescue Plan Act, which exempts a portion of unemployment benefits received in 2020 from feder...

FL - Guidance on 1099-K reporting requirements issued
Florida issued guidance on 1099-K income tax reporting requirements for:credit companies; andthird-party settlement organizations (TPSOs).Reporting RequirementsEffective January 1, 2021, credit card c...

HI - New long-term rental exemption and classification
The County of Maui, Hawaii has announced that a new long-term rental classification and exemption have been established as part of the Maui County Code. Effective January 1, 2022, real property occupi...

IL - Taxpayer was the officer responsible to file and pay corporation's tax liability
A taxpayer was liable for a corporation’s Illinois sales and withholding taxes because she had check-signing authority, was responsible for paying all the creditors and making bank deposits, and was...

IN - Department incorrectly assessed tax on out-of-state taxpayer's sales
An out-of-state taxpayer’s protest against Indiana sales and use tax assessment was sustained because the taxpayer met its burden of establishing that the Department of Revenue’s (department) asse...

KY - Guidance issued on assessment of motor vehicles
Kentucky has issued guidance on the property tax assessment of motor vehicles. Motor vehicles are assessed utilizing a mass appraisal process. The guidance provides information on the assessment proce...

LA - Exemption for charitable, educational assistance provided to entrepreneurs discussed
For Louisiana property tax purposes, the Attorney General has opined that the real estate owned by two separate organizations for charitable or educational assistance provided to entrepreneurs may qua...

MI - Tax tribunal correctly denied taxpayer's petition for lack of jurisdiction
The Michigan tax tribunal did not err by dismissing the taxpayer’s petition because the Board of Review did not have jurisdiction over the taxpayer’s eligible manufacturing personal property (EMPP...

MN - Information provided on filing for homestead credit refund
The Minnesota Department of Revenue has issued a release informing tax professionals to use the taxpayers’ Statement of Property Taxes Payable in 2021 when filing the Homestead Credit Refund (for Ho...

NY - Taxpayer whose property straddled border was Yonkers resident
The Department of Taxation and Finance issued an advisory opinion stating that a taxpayer and his wife were residents of Yonkers, as opposed to New York City, for purposes of paying personal income ta...

ND - Annual oil trigger price adjustment for 2021 announced
North Dakota has announced the annual oil trigger price adjustment for oil extraction tax purposes.Oil Trigger PriceThe oil trigger price is $89.65 for the calendar year January 1, 2021, through Decem...

TN - Taxpayer's sale of individual membership not subject to tax
A taxpayer was not required to pay Tennessee sales and use tax on the fees it charged for individual memberships in its professional membership organization because professional memberships are not li...

TX - Publication discussing manufacturing exemptions issued
For Texas sales and use tax purposes, the Comptroller of Public Accounts issued a publication discussing manufacturing exemptions. Generally, state sales and use tax exemptions are available to taxpay...

VA - IRC conformity updated
Virginia enacted legislation advancing the IRC conformity date under the corporate and personal income taxes from December 31, 2019, to December 31, 2020. Accordingly, Virginia generally conforms to t...

WI - Taxpayer failed to establish nonresident status
For personal income tax purposes a taxpayer was not a nonresident of the state because he failed to show that he resided anywhere other than Wisconsin and also has a valid Wisconsin driver’s license...

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