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Tax Alerts

Tax Briefing(s)

2023 Year-end Tax Planning Consolidated Appropriations Act, 2023 Inflation Reduction Act of 2022, Signed Aug. 16 2019 Year-End Tax Planning

FBAR Relief Available for Filers Affected by Terroristic Action in Israel, FinCEN Notice FIN-2023-NTC4
The Financial Crimes Enforcement Network (FinCEN) is providing filing relief to taxpayers affected by the terroristic action in the State of Israel. Certain individuals and businesses affec...

IRS Introduces Expanded Chatbot Technology to Assist Taxpayers with Underreporting Notices, IR-2023-78
The Service has introduced an expanded chatbot to promptly address inquiries of taxpayers receiving notices about possible underreporting of taxes. The new chatbot feature will assist taxpaye...

Applicable Terminal Charge and SIFL Rates for Determining Value of Noncommercial Flights on Employer-Provided Aircraft Issued, Rev. Rul. 2023-19
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 airc...

IRS Addresses Money Market Fund Exception to Wash Sale Rule, Rev. Proc. 2023-35
The IRS issued guidance providing that a redemption of money market fund (MMF) shares will not be treated as part of a wash sale under Code Sec. 1091. In response to final rules adopted by ...

IRS, Treasury Release 2023-2024 Priority Guidance Plan, 2023–2024 Priority Guidance Plan Initial Version
The Treasury and IRS have released their 2023-2024 Priority Guidance Plan. The plan continues to prioritize taxpayer engagement with the Treasury Department and the Service through a variety o...

CA - Exemption for specified fuel and petroleum products sold to water common carriers discussed
Legislation enacted this year (Ch. 442 (A.B. 543), Laws 2023) extended the sunset date of the California sales and use tax exemption for specified fuel and petroleum products sold to a water common ca...

CO - Governor calls for special session
Colorado Gov. Jared Polis has called for a special session of the legislature to convene to discuss providing property tax relief for taxpayers. The special session is scheduled to begin November 17, ...

CT - Guidance on net deferred tax liability deduction updated
The Connecticut Department of Revenue Services has updated its guidance on the calculation of the net deferred tax liability (DTL) deduction to reflect legislation that extended the installment period...

DE - Rules adopted on refund intercept claims from other states
Delaware adopted rules that provide guidance on tax refund intercept requests from other states, including:access to information contained in a taxpayer's Delaware and federal personal income tax retu...

DC - Sales tax on additional mandatory charges as a result of initiative 82 discussed
As businesses begin to comply with Initiative 82, which phases out the District of Columbia tipped minimum wage for servers, bartenders, and other tipped workers beginning May 1, 2023, the Office of T...

FL - Change in Collier County local communications services tax rates announced
Effective January 1, 2024, the Florida local communications services tax (CST) rates in Collier County are as follows:2.1% in the unincorporated areas of Collier County;3.9% in Everglades City;2.1% in...

GA - Qualified timberland property appraisal manual for 2024 issued
For Georgia property tax purposes, the Department of Revenue updated the qualified timberland property appraisal manual used in the appraisal of qualified timberland property. Qualified Timberland Pro...

HI - New pass-through entity tax guidance provided
Hawaii has released new guidance on the pass-through entity (PTE) tax enacted by Act 50 (S.B. 1437), Laws 2023. The new guidance replaces and supersedes Tax Information Release 2023-01, which was publ...

MA - Withholding regulations finalized
Massachusetts finalized amendments to personal income tax regulations that clarify withholding for:income from sports wagering; andlottery winnings of more than $600.830 CMR 62B.2.1, Massachusetts Dep...

MN - Motions for summary judgment denied due to insufficient evidence
For Minnesota property tax purposes, the tax court denied the taxpayer’s and the county’s motions for summary judgments because although both the parties stipulated certain facts in their motions,...

MT - Tax simplification beginning in 2024 discussed
Montana has issued guidance discussing 2021 legislation that significantly revised the state's personal income tax, applicable beginning in tax year 2024. The guidance covers a change in the tax compu...

NJ - Banking corporation reporting guidance updated
New Jersey has released updated corporation business tax guidance regarding reporting and returns for banking corporations. The guidance was updated to add a link to the notice posted on the New Jerse...

NY - Publication on local tax rates on qualified motor fuel, highway diesel motor fuel, and B20 biodiesel revised
The publication listing the local New York sales and use tax rates on qualified motor fuel, highway diesel motor fuel, and B20 biodiesel has been revised, effective December 1, 2023.The New York state...

NC - Omnibus local room occupancy tax bill enacted
North Carolina legislation is enacted that: (1) authorizes a number of municipalities to levy a local room occupancy tax; and (2) amends existing occupancy tax provisions.Authority of Municipalities t...

PA - Philadelphia real estate tax credit program
The Philadelphia Department of Revenue reminds taxpayers that the City Council has opened a special fund to help people who own a home in Philadelphia and now have a higher real estate tax bill. If th...

TX - No tax due reporting guidance
The Texas Comptroller issued guidance regarding recent legislation that prohibited the Texas Comptroller from requiring certain entities to file No Tax Due Reports when the entities have no Texas fran...

VT - Guidance for assessing officials on property ownership issued
Vermont has issued a publication providing answers to common questions regarding ownership. The publication discusses date of ownership, grand list ownership codes, common types of deeds, common deed-...

VA - Food donation credit guidelines updated
Virginia has updated the food donation tax credit guidelines to reflect 2023 legislation that extended and expanded the credit. In addition to providing a general overview of the credit provisions, th...

WA - Taxation of roll-your-own cigarettes explained
Roll-your-own (RYO) cigarettes are subject to Washington cigarette tax when produced by a commercial cigarette-making machine. Retailers also are liable for sales tax and must report and pay retailing...

WY - Regulations updated
The Wyoming Department of Revenue has updated certain sales and use tax regulations in order to conform to current law. The amended rules include:Ch. 2 Section 2 (Definitions);Ch. 2 Section 3 (Adminis...

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