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Budget Reconciliation Bill (Released by House May 12, 2025)2025 Post-Filing Season Update 2024 Post-Election Tax Policy Update 2019 Year-End Tax Planning

Earned Income Tax Credit Marks 50th Year Aiding Working Families (IR-2025-38)
The IRS acknowledged the 50th anniversary of the Earned Income Tax Credit (EITC), which has helped lift millions of working families out of poverty since its inception. Signed into law by President ...

Applicable Terminal Charge and SIFL Rates for Determining Value of Noncommercial Flights on Employer-Provided Aircraft Issued (Rev. Rul. 2025-09)
The IRS has released the applicable terminal charge and the Standard Industry Fare Level (SIFL) mileage rate for determining the value of noncommercial flights on employer-provided aircraft in effect ...

IRS Urges Taxpayers To Review Withholding Early To Avoid Surprises Next Filing Season (IR-2025-52)
The IRS is encouraging individuals to review their tax withholding now to avoid unexpected bills or large refunds when filing their 2025 returns next year. Because income tax operates on a pay-as-you-...

IRS Whistleblower Office Unveils First Multi-Year Operating Plan To Strengthen Program Oversight (IR 2025-40)
The IRS has reminded individual taxpayers that they do not need to wait until April 15 to file their 2024 tax returns. Those who owe but cannot pay in full should still file by the deadline to avoid t...

CA - Cannabis excise tax rate hike announced
Effective July 1, 2025, the California cannabis excise tax rate is increased from 15% to 19% of gross receipts from retail sales of cannabis or cannabis products. The California Department of Tax and ...

CO - SALT parity act guidance updated
Colorado issued updated guidance on the state's SALT Parity Act, which allows electing pass-through entities (PTEs) to pay Colorado income tax at the entity level. The updated guidance clarifies that ...

CT - Tobacco products manufacturers notified of annual revision of required forms
Connecticut notifies tobacco products manufacturers of the annual revision of required forms that must be completed and filed with either the Connecticut Department of Revenue Services or the Office o...

DE - Budget proposes rate cuts, new brackets, tobacco tax increase
Delaware Gov. Matt Meyer released his budget for fiscal year 2026 that includes proposals to cut personal income taxes and create 3 new tax brackets. The budget also includes a proposal to increase th...

DC - Reclassification process for commercial properties amended
The District of Columbia temporarily amended the property tax reclassification process for commercial properties. The act provides for more timely classification changes for a commercial property that...

FL - All Hillsborough County surtax collection resumes June 2025
Beginning June 1, 2025, dealers must resume collection of the following Hillsborough County discretionary sales surtaxes for Florida sales and use tax purposes:the 0.5% indigent care surtax; andthe 0....

GA - Local rate changes announced for Q3
Multiple Georgia counties have sales and use tax rate change that take effect on July 1, 2025.County Tax Rate ChangesThe following counties will have tax rate changes:Clinch, 7%;Stewart, 8%;Telfair, 8...

HI - Legislature approves IRC conformity update
The Hawaii Legislature has approved a bill that would update Hawaii’s Internal Revenue Code tie-in date for computing corporate and individual income tax liability. If signed by the governor, the bi...

MA - Interest rates hold steady for the second quarter of 2025
The interest rates on the underpayment and overpayment of Massachusetts taxes are unchanged for the period April 1, 2025, through June 30, 2025.The rate for overpayments is 6%; andThe rate for underpa...

MN - Cannabis income tax subtraction guidance issued
The Minnesota Department of Revenue has issued guidance on the income tax subtraction available to licensed cannabis or hemp businesses for certain expenses not allowed on federal returns. For tax yea...

MT - Personal income tax revisions enacted
For Montana tax years beginning January 1, 2026, and ending December 31, 2026, the rate of 4.7% is imposed on taxable income up to $95,000 (increased from $41,000; for joint filers and surviving spous...

NJ - Retroactive amendment resolves dormant commerce clause violation
The Superior Court of New Jersey affirmed a tax court decision finding that while the pre-2020 version of a corporation business tax regulation violated the Dormant Commerce Clause of the United State...

NY - Aunt wins dispute on qualifying child credits
A New York administrative law judge ruled in favor of a petitioner disputing a personal income tax issue that hinged on the question of whether she could claim her nephew as a qualifying child for pur...

NC: Interest rate remains at 7% for second half of 2025
The interest rate on North Carolina tax assessments (underpayments) and refunds (overpayments) for the period July 1, 2025, through December 31, 2025, remains at 7%. Interest Rate, North Carolina Dep...

PA - Administration launches online petition center for taxpayers to file appeals
Pennsylvania launched a new online platform to provide an improved tax appeals process for taxpayers. The new Board of Appeals Online Petition Center offers an improved user interface, a feature to ...

TX - Restaurant marketing subscription bundles
The Texas Comptroller’s office has issued a private letter ruling determining that a taxpayer's bundled marketing services provided to bars and restaurants—offered through subscription packages—...

VT - New local option taxes announced
Vermont announced that the following seven towns will have new local option taxes, effective July 1, 2025.Hartford is adding Local Option Sales Tax (the town already has Local Option Meals and Rooms T...

VA - Extension of due dates for tax returns and payments for winter storm and flooding victims announced
The Virginia Department of Taxation announced that it will provide relief to taxpayers affected by the severe winter storms and flooding that began February 10, 2025.Relief for Late Individual and Fid...

WA - Application of tax assistance programs to ADUs explained
The Washington Department of Revenue provides guidance on the expansion of property tax assistance programs to accessory dwelling units (ADUs). The definition of"residence" includes an ADU, resulting...

WY - Order of application of property tax exemptions provided
Wyoming has enacted legislation specifying the order in which a taxpayer should apply property tax exemptions when multiple property tax exemptions apply to the same property. The legislation states t...

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