William P Cook

Tax Alerts

Tax Briefing(s)

2018 Year-End Tax Planning Tax Reform 2.0 2018 Post-Filing Season Update Congress Approves Sweeping Tax Overhaul

2019 Inflation Adjustment Amounts Released
The IRS has released new inflation-adjusted amounts for 2019. These inflation-adjusted figures generally apply to tax years beginning in 2019 or transactions or events occurring in calendar year 2019....

2019 Inflation Amounts for Pension Plans, Retirement Accounts Released
The IRS has released the 2019 cost-of-living adjustments (COLAs) for:pension plan dollar limitations, andother retirement-related provisions.Inflation AdjustmentsThe contribution limit has increased f...

Final Rules Expand Contraception Coverage Exemption
The government has released a joint agency rule finalizing and expanding the exemption from the contraceptive coverage mandate under the Patient Protection and Affordable Care Act (ACA) ( P.L. 11...

Exemptions Under ACA for Various Entities Holding Moral Convictions
The government has released a joint agency rule finalizing and expanding exemptions for various entities and individuals with sincerely held moral convictions opposed to coverage of some or all contra...

UNICAP Regs Finalize Modified Simplified Production Method
Final regulations issued under the uniform capitalization (UNICAP) rules adopt a new simplified method—the "modified simplified production method"—for determining additional Code...

Leave-Based Donation Programs Allowed for Victims of Hurricane Michael
The IRS has extended leave-based donation programs to victims of Hurricane Michael. These programs allow employees to forgo vacation, sick, or personal leave. In return, the employer makes cash donati...

Final Regulations Issued on Return Preparer Due Diligence
Amendments to the return preparer regulations expand the scope of preparer due diligence. The regulations apply to the due diligence penalty as it applies to:the child tax credit;the additional child ...

Enrolled Agent Application, Renewal Fees to Double
Becoming and remaining an enrolled agent or enrolled retirement plan agent will soon cost more. The IRS is proposing to increase the fees for becoming and renewing as an enrolled agent to $67. The fee...

Adjusted Applicable Dollar Amount for Fee Imposed on Health Insurance Plans Announced
The IRS has announced that the applicable dollar amount used to calculate the fees imposed by Code Secs. 4375 and 4376 for policy and plan years that end on or after October 1, 201...

AK - DOR adopts and files oil and gas regulations
The Alaska Department of Revenue (DOR) has adopted changes to regulations regarding the treatment of carried-forward annual losses for the oil and gas production tax. The proposed changes were publicl...

AR - Sale of aircraft for out-of-state use not taxable
A taxpayer’s sale of an aircraft to a resident of a foreign country qualified for an Arkansas gross receipts (sales) tax exemption because the buyer purchased the aircraft exclusively for use ou...

CA - Sales by out-of-state internet retailer properly subject to California use tax
The California Court of Appeals upheld a trial court decision that a Brisbane-based internet retailer’s sales of goods to California customers were properly subject to California local use tax, ...

CO - Colorado voters reject tax increase to fund education
Colorado voters rejected a ballot measure that would have established personal income tax brackets and raised taxes to fund public education. The ballot measure proposed amendments to the Colorado Con...

DE - Delaware amends historic preservation credit regulation
Delaware amended its historic preservation credit regulation. Taxpayers can apply the credit for historic property rehabilitation expenses against:corporate income tax liability;bank franchise tax lia...

FL - Discretionary sales surtax rate changes for calendar year 2019 announced
Florida has announced discretionary sales surtax rate changes for calendar year 2019.A new 0.5% school capital outlay surtax begins in Alachua County on January 1, 2019, and expires December 31, 2030....

GA - Timber producer tax credit enacted
Georgia enacted an income tax credit for timber producers with losses related to Hurricane Michael. The tax credit is available to taxpayers that have suffered losses and that will have to incur signi...

HI - DOT amends summary of 2018 tax legislation
The Hawaii Department of Taxation (DOT) has amended its previous announcement listing laws enacted as part of the 2018 legislative session that amended or affected tax laws administered by the DOT, wh...

IL - Illinois adopts invest in kids credit regulations
Illinois adopted permanent regulations for the Invest in Kids credit. Taxpayers can apply the credit against Illinois:corporate income tax liability; andpersonal income tax liability.The regulation re...

IN - Warning about tax transcript email scam issued
The Indiana Department of Revenue Services (DOR) has issued a press release warning tax preparers and taxpayers of scam emails claiming to be from the Internal Revenue Service (IRS) and the DOR. These...

IA - DOR offers sales tax guidance
The Iowa Department of Revenue has issued guidance regarding remote sellers and marketplace facilitators. The guidance comes in response to SF 2417, the extensive state tax reform bill, which was sign...

LA - Tax credit regulations adopted
The Louisiana Department of Revenue has adopted income tax regulations governing the Motion Picture Production Tax Credit Program and the Rehabilitation of Historic Structures Tax Credit.Qualified Ent...

ME - Assessment recomputed because income from sale of property was overstated
A taxpayer’s Maine personal income tax assessment recomputed because the assessment overstated the income the taxpayer received from the sale of a property. The taxpayer argued that the assessme...

MD - Information for 2018 season announced
The Maryland Comptroller’s Office has reminded corporate and personal income taxpayers of several changes for the upcoming 2018 filing season. Some of the changes involve tax credits, subtractio...

MS - Local tax changes in grenada announced
The City of Grenada, Mississippi, imposes a tourist and convention tax beginning December 1, 2018.Tax RateThe new tax is imposed at a rate of 1% of the gross proceeds from:hotels and motels; andrestau...

MO - Benefits paid under pension plans deductible because they were not from privately funded sources
For Missouri corporate income tax purposes, benefits paid under pension plans of a publicly funded agency (taxpayer), created by state law under a compact approved by Congress, were "retirement b...

NE - Wage and investment levels for Nebraska advantage act announced
The average annual wage and investment requirements for the Nebraska Advantage Acts have been announced.Nebraska Advantage ActAn applicant must meet the following average annual wage (wage) and invest...

NV - Two sales tax exemptions approved by voters
Nevada voters approved two separate sales tax exemptions in the midterm election.Exemption for Feminine Hygiene ProductsA sales tax exemption for feminine hygiene products was approved by the voters. ...

NH - Governors responds further to wayfair
Following the decision in South Dakota v. Wayfair, Inc., U.S. Supreme Court, Dkt. No. 17-494, June 21, 2018, New Hampshire Governor Chris Sununu joined Attorney General Gordon MacDonald and Busin...

NM - Tax amnesty program gives New Mexico taxpayers a fresh start
Individual taxpayers and small businesses may qualify for forgiveness of penalties and interest on overdue taxes with New Mexico’s Fresh Start Program. Taxpayers must enroll by December 31....

NY - Taxpayer not entitled to credit for taxes paid to another state because income was not derived from that state
For New York personal income tax purposes, taxpayers were not entitled to credit for taxes paid to another state because their income was not derived from that state. In this matter, the taxpayers mai...

NC - Notice regarding prohibited uses for general direct pay permit issued
For sales and use tax purposes, the North Carolina Department of Revenue has issued a notice informing taxpayers that effective June 12, 2018, as per an amended statute, a general direct pay permit &l...

OK - Oklahoma addresses treatment of IRC Secs. 965 and 951(A) income
Oklahoma has issued guidance on the treatment of:foreign earnings subject to the federal IRC Sec. 965 repatriation transition tax; andglobal intangible low-taxed income (GILTI) included in federal inc...

OR - Assessment upheld as taxpayer failed to prove reduction claim
An Oregon taxpayer’s property tax appeal was denied because the taxpayer failed to provide sufficient evidence to substantiate his real market value reduction claim. The taxpayer argued that he ...

PA - Withholding regulation amended
Pennsylvania reduced the threshold requirement for 250 to 10 or more for the electronic transmission of the annual personal income tax withholding reconciliation statement. In addition, "magnetic...

SC - Protest denied for failure to refute assessment
A taxpayer’s protest against a South Carolina corporate income tax assessment was denied because the taxpayer failed to prove that the assessment was erroneous. In this matter, the taxpayer rais...

TN - Fees charged by nonprofit organization in its transportation vehicle share programme subject to tax
Membership fees, single-use fees, usage fees and other fees charged by a nonprofit organization (taxpayer) in its transportation vehicle share programme were subject to Tennessee sales tax because the...

TX - September 2018 certification of the average closing price of gas and oil released
The Texas Comptroller of Public Accounts has determined the average taxable price of crude oil for the reporting period September 2018 is $49.64 per barrel for the three-month period beginning on June...

UT - Utah local rate schedules updated
The Utah State Tax Commission has updated its local sales and use tax rate schedules to reflect rate changes that are effective, January 1, 2019. The rate schedules are not intended for use ...

VA - Loss from foreign limited partnership incorrectly included in sales factor
The Virginia Tax Commissioner remanded the taxpayer's appeal regarding the correction to the corporate income tax assessment because the taxpayer incorrectly included the ordinary loss passed through ...

WY - Wyoming updates remote seller nexus guidelines
In light of the U.S. Supreme Court’s South Dakota v. Wayfair decision, Wyoming will require remote and on-line sellers that meet certain economic thresholds to collect sales tax beginn...