Porter & Company

Tax Alerts

Tax Briefing(s)

2022 Post-Filing Season Update SECURE Act 2.0 2021 Tax Year-In-Review IRS Releases Comprehensive Repair/Capitalization Final Regulations IRS Guidance on Same-Sex Marriage

2023 Health Savings Account Inflation Adjustments Released, Rev. Proc. 2022-24
The IRS has released the 2023 inflation-adjusted amounts for health savings accounts under Code Sec. 223. For calendar year 2023, the annual limitation on deductions under Code Sec. 223(b)(2) for a...

2022 Allowable Living Expense Standards Provided
The IRS has updated its website to provide the Allowable Living Expense (ALE) standards for 2022. These standards are used to help determine a taxpayer's ability to pay a delinquent tax liability. ALE...

U.S. Bans Accounting Services to Russia
The Treasury Department announced on May 8, 2022, that the exportation, reexportation, sale, or supply, directly or indirectly, from the United States, or by a United States person, wherever located, ...

2022 Marginal Production Percentage Depletion Rates Announced, Notice 2022-24
The IRS has announced the applicable percentage under Code Sec. 613A to be used in determining percentage depletion for marginal properties for the 2022 calendar year. Code Sec. 613A(c)(6)(C) defi...

GAO Examines Federal COVID-19 Response, GAO-22-105397
The Government Accountability Office (GAO) has issued a report examining the federal government’s continued efforts to respond to and recover from the COVID-19 pandemic. In conducting its examinatio...

FAQs for Payment by Indian Tribal Governments and Alaska Native Corporations to Individuals Finalized, FS-2022-23; IR-2022-68
The IRS has issued final frequently asked questions (FAQs) for payments by Indian Tribal Governments and Alaska Native Corporations to individuals under COVID- Relief Legislation. These reflect update...

IRS Reminds Tax-Exempt Organizations about May 16 Filing Deadline, IR-2022-93
The IRS reminded tax-exempt organizations about the May 16, 2022, filing deadline for many of them. Those tax-exempt organizations that operate on a calendar-year basis have to file the following retu...

AL - Appeal from nonfinal judgment dismissed for lack for jurisdiction
The Alabama Department of Revenue’s (department’s) appeal from a judgment of the Circuit Court was dismissed for lack of jurisdiction because it arose from a nonfinal judgment. In this matter, the...

FL - IRC conformity legislation sent to governor
The Florida Senate approved and sent to Gov. Ron DeSantis legislation that would modify the IRC conformity tie-date for computing corporate income tax liability. H.B. 7071, as approved by the Florida...

GA - New tax rate chart released for sales exempt from certain local taxes
The Georgia Department of Revenue has released a sales and use tax rate chart for sales exempt from certain local taxes. The rates are effective April 1, 2022. Georgia Sales and Use Tax Rates - Sal...

LA - Interest rate on unpaid taxes remains unchanged
The interest rate on unpaid Louisiana taxes remains 6.5% for 2022. Revenue Information Bulletin No. 22-001, Louisiana Department of Revenue, December 29, 2021...

NC - Taxpayer meets the definition of "marketplace facilitator"
Taxpayer, an affiliate of original equipment manufacturers (OEMs) that sell parts through their network, is a marketplace facilitator who makes marketplace facilitated sales in North Carolina for sale...

SC - Reporting issues for active trade or business income discussed
South Carolina released an information letter discussing 2021 tax forms and reporting issues related to active trade or business income (ATBI). As previously reported, beginning with tax year 2021, So...

TN - State decouples from TCJA changes to research deduction
Tennessee has decoupled from the federal Tax Cuts and Jobs Act changes affecting the deduction under IRC Sec. 174 for research and experimental expenditures. Accordingly, for tax years beginning after...

VA - Expiration of exemption for covid-19 PPE effective march 24, 2022, discussed
The Virginia Department of Taxation issued a bulletin regarding the expiration of the retail sales and use tax exemption for personal protective equipment (PPE) related to COVID-19. Effective March 24...

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Backlog and severe understaffing at IRS portend delays this tax season: "It's a huge headache" - CBS News

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