2020 Standard Mileage Rates ReleasedThe IRS has released the optional standard mileage rates for 2020. Most taxpayers may use these rates to compute deductible costs of operating vehicles for business, medical, and charitable purposes.2...
Closed School Student Loan Relief ExtendedThe IRS has established a safe harbor that extends relief to certain taxpayers who took out federal or private student loans to finance attendance at certain nonprofit or for-profit schools. Under the...
IRS Launches Gig Economy Tax CenterThe IRS has announced the launch of the new Gig Economy Tax Center on its website, to help individuals in this growing area meet their tax obligations through more streamlined information. I...
2019 Required Amendments List for Employee PlansThe IRS has issued its 2019 Required Amendments List (2019 RA List) for individually designed employee retirement plans. Beginning with the 2019 list, all RA Lists will apply to both Code Sec. 401(a) ...
Date Extended for Applying Foreign Branch RulesA one-year extension has been granted for applying the Code Sec. 987 final regulations, and certain related final and temporary regulations covering foreign branch transactions of U.S. corporations. T...
Guidance Updated for Making Adequate DisclosureThe IRS has updated its guidance that identifies circumstances under which a disclosure on a taxpayer’s income tax return with respect to an item or position is "adequate" for reducing the under...
Accounting Method Change Procedures UpdatedThe IRS has released guidance listing the specific changes in accounting method to which the automatic change procedures in Rev. Proc. 2015-13, I.R.B. 2015-5, 419, apply. This guidance updates and sup...
Proposed Updated RMD Tables IssuedThe IRS has proposed updated life expectancy and distribution period tables under the required minimum distribution (RMD) rules. The proposed tables reflect the general increase in life expectancy, an...
New LB&I Campaign on Deferred Foreign IncomeThe IRS Large Business and International (LB&I) has added a new active campaign to the IRS website called "IRC 965." The campaign’s goal is to promote compliance with Code Sec. 965, Treatmen...
AK - Interest rate announced for Q1 of 2020The Alaska interest rate for delinquent taxes and overpayment of taxes is set at 7.50%, compounded quarterly, for the period January 1, 2020, through March 31, 2020. The Department of Revenue posting ...
AZ - No local rate changes for FebruaryArizona does not have any local transaction privilege tax (TPT) changes for February 2020. The TPT rate chart can be viewed at: https://azdor.gov/sites/default/files/media/TPT_RATETABLE_022020.pd...
DE - Withholding tax due dates for 2020 announcedThe Delaware Division of Revenue has released the withholding tax due dates for the 2020 eighth-monthly, monthly, and quarterly filers. Taxpayers filing electronically must initiate the transactions a...
ID - Form 967 filing changes discussedFor corporate and personal income tax purposes, the Idaho State Tax Commission (commission) clarified that taxpayers will no longer receive paper Form 967s, Idaho Annual Withholding Report Instru...
KS - Economic nexus legislation introducedLegislation has been introduced in the Kansas House of Representative that would require certain remote sellers to collect sales tax. Retailers would be presumed to have nexus if it met the following ...
KY - K-5 due date extended until February 15, 2020The Kentucky Department of Revenue (department) has extended the due date to submit wage and tax statements to the department until February 15, 2020, because it is experiencing intermittent issues wi...
MA - 2021 state budget proposal announcedIn his fiscal year 2021 state budget proposal to the Massachusetts Legislature, Gov. Charles D. Baker has announced his plans to:enact a corporate excise and personal income tax credit to encourage th...
MO - Taxpayer not entitled to casualty loss refundA taxpayer was not entitled to a Missouri sales tax casualty loss refund due to the total loss of a motor vehicle because the taxpayer did not own the motor vehicle that was declared a total loss. In ...
NM - Tips for filing tax returns issuedFor corporate and personal income tax purposes, the New Mexico Department of Revenue (department) issued tips for the taxpayers filing 2019 tax returns. The department advises taxpayers to:keep a fold...
ND - Legislative changes summarizedNorth Dakota has issued a newsletter summarizing corporate and personal income tax changes enacted by the 2019 legislature, such as a new automation credit and a new military retirement pay exclusion....
OK - Additional Q2 local rate changes announcedAdditional Oklahoma local sales and use tax rate changes have been announced effective April 1, 2020.City Rate ChangesCherokee imposes a new lodging tax of 5%.Eufaula imposes a new lodging tax at a ra...
PA - Taxability of membership fees discussedA Pennsylvania letter ruling provides guidance on the sales and use taxability of membership fees for a professional association. The taxability of a membership fee depends upon what a member receives...
SD - IRC conformity bill goes to senateThe South Dakota House passed legislation to update the bank franchise (income) tax Internal Revenue Code conformity. The legislation now goes to the Senate. H.B. 1019, as passed by the South Dak...
WA - Local rate changes announcedCertain Washington counties and cities will impose local sales and use tax rate changes effective April 1, 2020.Local Rate ChangesAsotin County increases its local rate by 0.3%. The rate in Asotin Cit...
