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 ...
AR - Local tax rate changes announcedThe following Arkansas local sales tax rate changes are effective April 1, 2020:Local Rate ChangesSevier County increases its rate from to 2.125% 3.125%.St. Francis County increases its rate from 2.0%...
CA - OTA allows inclusion of VAT in sales factorThe California Office of Tax Appeals (OTA) has held that value-added tax (VAT) imposed on the provision of services should be included in the state apportionment formula sales factor. In a precedentia...
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...
GA - 2020 interest rate announcedThe interest rate applied to Georgia tax overpayments and underpayments for 2020 is 7.75% (accruing monthly).Interest RatesThe interest rate for 2019 was 8.50%. The interest rates from previous years ...
ME - Maine IRC conformity bill introducedIntroduced legislation would change Maine’s income tax Internal Revenue Code conformity date to December 31, 2019 (currently, December 31, 2018). The introduced legislation can be viewed on the ...
MD - Combined reporting legislation introducedThe Maryland Senate has introduced legislation that would require mandatory combined reporting of corporate income taxes for retail trade and food and beverage establishments, beginning in 2021.The te...
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 ...
NE - Aircraft information reports dueFor Nebraska property tax purposes, owners, lessees, and managers of any aircraft hangar or land upon which an aircraft is located, must file the Nebraska Aircraft Information report with the local as...
NV - Clark county tax increase comingNevada’s most populated county, Clark County, will soon see a sales and use tax increase.Sales Tax Rate IncreaseEffective January 1, 2020, Clark County’s sales and use tax rate will be 8.3...
OK - Q2 local rate changes announcedAdditional Oklahoma local sales and use tax rate changes have been announced effective April 1, 2020.City Rate ChangesMoore increases its sales and use tax rate from 3.75% to 3.875%.Noble increases it...
TX - 2020 Interest rates announcedFor 2020, the Texas interest rate on overpayments and underpayments is 5.75%.Interest RatesThe interest rate for 2019 was 6.50%. Prior years’ interest rates may be viewed at https://comptro...
UT - Local rate changes announcedUtah announced the following local sales and use tax rate changes, effective January 1, 2020.Local Option TaxBrighton Town (newly incorporated town in Salt Lake County) imposes a 1% local option tax.T...
