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Tax Alerts

September 28, 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

IRS Reminds Taxpayers Who Missed July 15 Deadline to File Now to Avoid Penalties
The IRS has reminded taxpayers who missed the July 15 deadline without requesting an extension about some important tips, including filing electronically as soon as possible to reduce potential penalt...

Interest Payments Coming to Timely Filers
The Treasury and IRS announced on August 18 that they were to start sending interest payments to about 13.9 million individual taxpayers who timely filed their 2019 federal income tax returns and are ...

Processing Pending Payments During COVID-19
The IRS has warned taxpayers that if they mailed checks (either with or without tax returns), the checks may still be unopened in the backlog of mail that it is processing due to COVID-19. Any payment...

IRS Reopens Registration Period for Economic Impact Payments for Certain Federal Beneficiaries
The IRS has announced that it will reopen the registration period for federal beneficiaries who did not receive $500 per child payments earlier this year, as it continues to look for ways to look for ...

Taxpayers Can File Form 1040-X Electronically
The IRS has announced that taxpayers can now submit Form 1040-X electronically with commercial tax filing software. Until now, taxpayers were required to mail a completed Form 1040-X to the IRS for pr...

IRS Reminds Individuals: Unemployment Compensation Taxable
The IRS has reminded individuals receiving unemployment compensation (beneficiaries) that they can have tax withheld from their benefits now to help avoid owing taxes on this income when they file the...

Taxpayers Urged to Renew Expiring ITINs
The IRS announced that more than one million Individual Taxpayer Identification Numbers (ITINs) will expire at the end of 2020. ITINs are used by people who have tax filing or payment obligations unde...

IRS Reminds Employers of Payroll Service Provider Options
The IRS has reminded employers of their options when it comes to choosing payroll service providers. The IRS also summarized the different types of third party providers available, including:payroll s...

AZ - No local rate changes effective September 1
There are no local Arizona transaction privilege tax (TPT) changes effective September 1, 2020. The TPT rate chart can be viewed at: https://azdor.gov/sites/default/files/media/TPT_RATETABLE_09012020...

CA - California rate schedules, filing thresholds, other adjusted figures released
California has released 2020 indexed income tax figures, based on a 1.4% inflation rate for June 2019 through June 2020. The Franchise Tax Board (FTB) provides indexed values for the following:persona...

CO - Tax rate reduction initiative qualifies for 2020 ballot
A proposed initiative to decrease the Colorado income tax rate has received enough signatures to appear on the state’s November 3, 2020, ballot.Tax Rate ReductionIf approved by voters, Initiative No...

FL - Publication on information to update address/jurisdiction database issued
For sales and use tax purposes, the Florida Department of Revenue (department) has issued a tax information publication discussing the time and manner in which counties are required to submit informat...

HI - Hawaii updates federal conformity, decouples from some cares act provisions
Hawaii updated its IRC conformity date for computing corporate and individual income tax liability. The new general conformity date is March 27, 2020, for tax years beginning after December 31, 2019. ...

IL - Retailer's sale, installation of appliances not exempt from tax
The Illinois Appellate Court affirmed the decision of the circuit court finding that a retailer’s (taxpayer’s) sale of certain appliances was not exempt from the retail occupancy tax despite its s...

IN - Refund of sales tax on vehicle purchase properly denied
An Indiana business (taxpayer) was not entitled to a refund of sales tax paid on a vehicle purchase as it was its lender, and not the taxpayer, that actually paid the tax under the financing arrangeme...

KY - Guidance on payment of quarterly surplus lines premium taxes issued
For personal income tax purposes, the Kentucky Department of Insurance (department) has issued a bulletin clarifying the process for remittance of surplus lines taxes to the department. The bulletin c...

LA - Louisiana requests notices for disaster and emergency-related services rendered by nonresidents
The Louisiana Department of Revenue has requested that state registered businesses provide written notices concerning disaster or emergency-related services rendered by nonresident personal and corpor...

MI - Prepaid fuel rates announced
Beginning October 1, 2020, Michigan’s prepaid sales tax rate on fuel will change. From October 1, 2020 through October 31, 2020, the prepaid rate for gasoline decreases from 10.9 cents per gallon to...

MN - Subtraction for parents saving back-to-school shopping receipts; k-12 education income tax credit
The Minnesota Department of Revenue (department) has issued a press release informing parents who save receipts for school supply purchases that they can claim valuable K-12 tax benefits on their pers...

NY - Taxpayer allowed partial child and dependent care credit
A New York personal income taxpayer established that he was entitled to a partial child and dependent care credit for the tax years at issue. In this matter, the taxpayer claimed a child and dependent...

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 - Effect of cares act provisions in Tennessee discussed
The federal CARES Act amended IRC Sec. 168 to reduce the MACRS recovery period of qualified improvement property from 39 years to 15 years, thereby making such property eligible for federal bonus depr...

TX - Second extension for filing franchise tax and other matters discussed
In its August 2020 tax policy newsletter, Texas clarified that entities that properly secure a second extension (after filing a first extension by July 15) will have until January 15, 2021, to file th...

VA - Ratio of vehicles miles traveled in Virginia used in calculating trucking company’s tax
For Virginia corporate income tax purposes, an out of state trucking company would calculate its Virginia source income by allocating the relevant percentage of their total taxable income based on a r...

WI - Cleaning equipment not used directly in manufacturing not entitled to exemption
A dairy company’s (taxpayer’s) cleaning equipment used in its cheese plants did not qualify for Wisconsin personal property tax exemption because the equipment was not directly used in the product...

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