William P Cook

Tax Alerts

Tax Briefing(s)

Tax Increase Prevention Act of 2014/ABLE Act/Omnibus Funding Agreement 2014 Year-End Planning Fiscal Year (FY) 2015 Budget Proposals

Final FATCA regulations focus on individuals required to report foreign assets
Treasury and the IRS issued final regulations under the Foreign Account Tax Compliance Act (FATCA) that require individual U.S. taxpayers to report specified financial foreign assets. The final regula...

Treasury clarifies more details for myRA plan for small-dollar savers
Treasury has issued a final rule clarifying details of the new myRA retirement savings vehicle created by President Obama, via executive order, on January 29, 2014. The President intended the myRA pla...

IRS updates safe harbor explanations on eligible rollovers from retirement plans
The IRS has updated two safe harbor explanations for retirement plans to provide to participants who receive an eligible rollover distribution, that is, a distribution that can be rolled over from one...

Over- and underpayment interest rates remain same for first quarter 2015
The IRS has announced that the rates at which interest accrues on tax overpayments and underpayments of tax for the calendar quarter beginning January 1, 2015, will remain unchanged from the previous ...

60-days for strict IRA rollover deadline counts calendar, not business days
A taxpayer was not entitled to a waiver of the Code Sec. 408(d)(3) requirement that an IRA rollover be made within 60 days. The taxpayer’s explanation—that she had believed the 6...

IRS releases official 2015 inflation-adjusted tax brackets, other amounts
The IRS has released its list of 2015 inflation-adjusted tax amounts, based on recent CPI-U indices that have only recently been finalized. The Tax Code requires that federal income tax brackets and c...

IRS revises policy on structuring of cash transactions after reports of overreaching
Lawmakers and the media recently have questioned the reach of the IRS's policy on asset forfeiture by taxpayers suspecting of structuring cash transactions. In response, the IRS indicated it would cha...

Tax Court finds profit motive for horse racing/breeding activity despite lengthy history of losses
Despite earning a profit for only five of the past 30 years, a married couple successfully persuaded the Tax Court that they engaged in horse racing and breeding activity for profit. The court found t...

Many who contribute to retirement savings may still get Saver's Credit
The IRS recently issued a reminder that there is still time left for low- and moderate-income workers to save for retirement and earn a tax credit for 2014. Eligible taxpayers, including new college g...

IRA's acquisition of shares in gold trust not treated as collectible
The IRS has determined that an individual retirement account (IRA) could acquire shares in a trust invested in gold and the acquisition would not be treated as a collectible. As a result, the amount t...

IRS releases 2015 inflation adjustments to retirement-related amounts; SSA publishes 2015 wage base
The IRS recently issued a long list of cost of living adjustments (COLAs) for various Tax Code provisions related to retirement savings. These COLAs are for the 2015 tax year and are dependent upon th...

IRS finalizes rules on deductible local lodging expenses
The IRS has issued final rules under Code Secs. 162 and 262 for when employees may deduct their expenses for local lodging that are required in their trade or business. The final regulations also prov...

IRS announces per diem rates for post-September 30 travel
The IRS has released the simplified per diem rates that taxpayers can use to calculate reimbursements to employees for ordinary and necessary expenses incurred during business-related travel after Sep...

IRS describes tax benefits of van pooling; highlights "80/50" rule
In a recently-released information letter to a taxpayer, the IRS outlined the rules for excluding the costs of van pooling, which is one type of qualified transportation fringe benefit. Code Sec. 132(...

Senators seek action on tax refund fraud relief for victims
Tax refund fraud is a growing problem, 15 senators told the IRS in October. The senators urged the IRS to improve its oversight of refunds and reach out to victims of refund fraud and identity theft.R...

AK - Interest rate unchanged for first quarter of 2015
The Alaska interest rate for delinquent taxes and overpayment of taxes remains at 3.75% for the period January 1, 2015, through March 31, 2015. Quarterly Interest Rate, Alaska Department of Revenue, J...

AR - 2015 withholding tables available
The Arkansas Department of Finance and Administration has announced that the 2015 personal income withholding tax tables are available to calculate the appropriate withholding amounts. Withholding Tax...

CA - Dismissal of action challenging constitutionality of license suspensions for delinquent taxpayers reversed
In an action challenging the constitutionality of a provision under which the taxpayers’ driver’s licenses and professional licenses were suspended following the appearance of their names ...

CO - Taxpayers cautioned against substituting pay stubs for W-2s
The Colorado Department of Revenue is cautioning taxpayers against using their pay stubs as substitute W-2s for personal income tax filing because they do not usually include the employer’s fede...

DE - 2014 return processing date announced
The Delaware Division of Revenue has announced in a press release that the processing of personal income tax returns for the 2014 tax year will begin on January 23, 2015. The tax return filing and pay...

FL - Governor proposes cell phone and television tax cuts
For communications services tax purposes, Florida Gov. Rick Scott has proposed cutting $470 million in state cell phone and television taxes that Florida families and businesses pay as part of his 201...

GA - Electric company’s transmission and distribution system equipment was not exempt manufacturing machinery
The Georgia Tax Tribunal has ruled that the exemption in effect in 2009 and 2010 under O.C.G.A. §48-8-3(34) for machinery and equipment necessary and integral to the manufacture of tangible perso...

HI - Standard mileage rates for 2015 announced
Hawaii conforms to the federal standard mileage rates for computing personal income tax deductions for operating an automobile for business, charitable, medical, or moving expense purposes. The rates ...

IL - Retaliatory tax provisions amended
Legislation has been enacted that amends the definition provisions relating to the Illinois retaliatory tax that is imposed on certain out-of-state insurance companies doing business in Illinois. The ...

IN - February 2015 gasoline use tax rate announced
The Indiana gasoline use tax rate for February 2015 is 10.9 cents per gallon. Departmental Notice #2, Indiana Department of Revenue, February 2015...

IA - Brownfield and grayfield redevelopment tax credits amended
The Iowa Economic Development Authority has amended the regulations regarding the brownfield and grayfield redevelopment tax credits program available against the corporate and personal income, franch...

LA - Cleaning services provided wth rentals of portable toilets not taxable
Cleaning and waste removal services provided by a lessor of portable toilets to lessees who requested the services in conjunction with a rental were not subject to the city of Baton Rouge, Louisiana, ...

ME - Governor’s budget proposal changes tax rates
In his 2016-2017 biennial budget briefing, Maine Gov. Paul LePage outlined major changes to individual, corporate and sales and use taxes.Regarding Maine individual income tax, the governor proposes r...

MD - Business personal property forms released
The Maryland Department of Assessments and Taxation has released 2015 business personal property tax forms for domestic and foreign corporations, limited liability companies, limited liability partner...

MS - Assessment and collection procedures for newly annexed property discussed
The Mississippi Attorney General has stated that where city annexation of property was finalized in September of 2014, property taxes for the newly annexed area will be due in the 2015 tax year and pa...

MO - Sales of rock aggregate and hot mix asphalt to paving contractors for creating asphalt pavement not exempt
In reversing a decision of the Administrative Hearing Commission (AHC), the Missouri Supreme Court held that a taxpayer that operated manufacturing facilities, quarries, and asphalt plants was not ent...

NE - Legislation to increase tax rate introduced
Legislation has been introduced that would increase the Nebraska sales and use tax rate from 5.5% to 6% beginning October 1, 2015. L.B. 256, introduced in the Nebraska Legislature on January 14, 2015...

NV - Exemption violated Commerce Clause; tax still constitutional
A Nevada energy company was denied a use tax refund for the consumption of coal that was purchased in another state for use in Nevada. The company owned and operated electricity-generating plants in N...

NH - Developers lacked standing to seek refund of impact fees
The New Hampshire Supreme Court affirmed a trial court holding that a town was within its authority to enact an ordinance directing that any refund of impact fees be paid to the current property owner...

NM - Exemptions for single member LLCs solely owned by nonprofit organizations
A limited liability company (LLC) whose sole member is a §501(c)(3) organization is exempt from New Mexico gross receipts tax, governmental gross receipts tax and compensating tax, effective Janu...

NY - Governor proposes property tax relief program
As part of his “2015 Opportunity Agenda,” New York Gov. Andrew M. Cuomo has proposed a $1.66 billion property tax credit program that would provide relief to homeowners and renters. Under ...

NC - Impact of federal TIPA discussed
The North Carolina Department of Revenue has provided guidance regarding the impact of the federal Tax Increase Prevention Act of 2014 (TIPA) for state corporate and personal income tax purposes. Curr...

OK - Taxability of discount membership club fees discussed
A letter ruling issued to a taxpayer by the Oklahoma Tax Commission examines the sales tax treatment of dues or fees paid for the opportunity to buy items and services at a discount. The Commission fo...

OR - Nonresident aircraft dispatcher's wages not exempt
The income of a nonresident aircraft dispatcher who worked in Oregon was not exempt from Oregon personal income tax because the taxpayer did not perform regularly assigned duties on aircraft in two or...

PA - DOR Discusses bonus depreciation, desk review for filers, other items
The Pennsylvania Department of Revenue (DOR) has issued a newsletter discussing, among other matters, bonus depreciation for corporate income tax and a new desk review program for sales and use tax bu...

SC - Click-Through nexus legislation introduced
Legislation has been introduced in the South Carolina Senate that would add a click-through nexus provision to the sales and use tax laws. The legislation would provide that a retailer is presumed to ...

TN - Increased reporting requirements rescinded
The Tennessee Department of Revenue has issued a notice rescinding a prior notice that provided information about increased reporting requirements for tobacco tax purposes. Notice #14-15, reported in ...

TX - Natural gas stored in reservoir held not exempt
Under the dormant Commerce Clause of the U.S. Constitution, a taxpayer that owned natural gas stored in a Texas gas reservoir was subject to local property taxes. The taxpayer argued that the natural ...

UT - Special needs adoption credit not allowed
Taxpayers who were residents of Utah and who adopted special needs children from another country in 2009 and 2010 were not entitled to the Utah individual income tax credit for adopting a special need...

VA - New online payment option available for fiduciaries, estates and trusts, and unified nonresident filers
The Virginia Department of Taxation has announced that fiduciaries, estates and trusts, and unified nonresident filers may now make payments electronically using Web Upload with the following forms:77...

WY - Local rate changes and 2015 interest rate announced
A Wyoming Department of Revenue newsletter announces the following local sales, use, and lodging tax rate changes taking effect April 1, 2015.County Rate ChangesCampbell County’s sales/use tax r...

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