Porter & Company

Tax Alerts

Tax Briefing(s)

2018 Year-End Tax Planning Tax Reform 2.0 2018 Post-Filing Season Update Congress Approves Sweeping Tax Overhaul IRS Releases Comprehensive Repair/Capitalization Final Regulations IRS Guidance on Same-Sex Marriage

Estimated Tax Penalty Waived for Farmer and Fisherman Returns Filed by April 15
The IRS will waive the estimated tax penalty for any qualifying farmer or fisherman who files their 2018 federal income tax return and pays any tax due by Monday, April 15, 2019. The deadline is Wedne...

JCT Issues Overview of Section 199A QBI Deduction
The nonpartisan Joint Committee on Taxation (JCT) on March 13 released a slideshow overview of the Code Sec. 199A deduction for qualified business income (QBI). The deduction was enacted und...

IRS Issues FAQs on FATCA Procedures
The IRS has updated its Frequently Asked Questions (FAQs) on FATCA (Foreign Account Tax Compliance Act) General Compliance.Updated Q/A #23 addresses whether a withholding agent can be subjec...

Acquiescence in Result Only in Meals as De Minimis Fringe Benefits Case
The IRS has acquiesced in result only in J.M Jacobs,148 TC No. 24, Dec. 60,947, relating to whether the taxpayer’s expenses for provision of pregame meals at away city hotels to profes...

IRS Issues FAQ on Deduction of Attorney Fees
The IRS has issued a Frequently Asked Question (FAQ) on Code Sec. 162(q). The FAQ addressed whether taxpayers are not allowed to deduct their attorney’s fees related to the settlement of a ...

AL - Town of Goldville repeals local sales tax
Effective April 1, 2019, the town of Goldville repeals its local Alabama sales tax. Sales made in the town of Goldville on or after April 1, 2019, will continue to be subject to county and state sales...

FL - Assessment for back taxes on taxpayer’s property was erroneous
For Florida property tax purposes, the assessment of the taxpayer’s property for back taxes was erroneous because the property did not escape taxation. The taxpayer contended that the trial cour...

GA - Senate passes IRC conformity bill
The Georgia Senate passed a bill that updates the IRC conformity date for computing corporate and personal income tax.Bill StatusThe bill previously passed the Georgia House and is now eligible for th...

LA - Constitutional challenge to cap on solar tax credits rendered moot
The Louisiana Supreme Court held that a constitutional challenge to a cap on available solar electric system income tax credits was moot because the challenged statute was subsequently amended, and th...

NC - IRC conformity updated
North Carolina enacted legislation that updates the IRC conformity date for computing corporate and personal income tax liability.IRC Conformity DateThe legislation changes the IRC conformity date fro...

SC - State tax addback explained for individuals who itemize
South Carolina has explained how individuals calculate the state tax addback in light of the new federal limit on itemized deductions for state and local taxes.State Tax Addback CalculationFor a taxpa...

TN - Classification of business as seller of glass affirmed
The trial court did not err in determining that the taxpayer should be classified under Classification 1(B) for Tennessee business tax purposes because the majority of gross sales for the taxpayer wer...

VA - Virginia enacts economic nexus standard
Virginia enacts an economic nexus standard requiring remote sellers and marketplace facilitators to collect retail sales and use tax if they meet certain economic thresholds. The provisions are effect...

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Porter & Company

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ANNOUNCEMENTS

Porter & Company will be attending the
AutoCPA Convention in Carmel, CA in May!

We had a great time in January at the
National Automobile Dealers Association Convention in San Francisco!

Thank you to Bob Glaser, Petrina Lawrence and the North Carolina Automobile Dealers Association for inviting C. Gregory Porter to present to the Executive Forum in Cary, NC on December 12, 2017! Great turnout and response!

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