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

IRS Lists Population Census Tracts Designated as Qualified Opportunity Zones
The IRS has provided an official list of population census tracts designated as Qualified Opportunity Zones (QOZs), that now includes two additional census tracts in Puerto Rico. The chief executive o...

Inflation Adjustment and Credit for Renewable Energy Production Credit Provided
The IRS has published inflation adjustment factor and reference prices for determining the availability of the credit for renewable electricity production and refined coal production for calendar year...

Veterans Urged to Claim Refund for Tax Overpayments on Disability Severance
The IRS has urged veterans who received disability severance payments after January 17, 1991, and reported it as taxable income, to file Form 1040X, Amended U.S. Individual Income Tax Return, to ...

Obsolete Advance Payment Regulations Removed
The IRS has removed existing regulations regarding advance payments for goods and long-term contracts. These final regulations affect accrual method taxpayers who receive advance payments for goods, i...

Additional Information on Transition Tax for Untaxed Foreign Earnings Provided
The IRS provided additional information for taxpayers seeking guidance on the Code Sec. 965transition tax on untaxed foreign earnings. The Tax Cuts and Jobs Act ( P.L. 115-97) (TCJA) require...

Nina Olson Releases Report Intended to Improve EITC Administration
National Taxpayer Advocate Nina E. Olson has released a special report on the earned income tax credit (EITC), with recommendations designed to increase the participation rate of eligible taxpayers an...

AL - Paper refund petitions required for July, August, and September 2019
The Alabama Department of Revenue has issued a notice informing taxpayers that all quarterly gasoline and/or diesel fuel excise tax refunds will have to be filed manually for the third quarter of 2019...

FL - TCJA information reporting explained
Florida explains how certain Internal Revenue Code sections amended by the federal Tax Cuts and Jobs Act (TCJA) affect information required on state corporate income and franchise tax returns.Informat...

GA - Comments sought on proposed amendments to pollution machinery rule
The Georgia DOR proposes to amend sales and use tax rule 560-12-2-.87 ("Machinery, Air or Water Pollution") to conform to current law. The law at issue exempts the sale of machinery and equipment (and...

LA - Bulletin announces horizontal well exemption availability through June 2020
The Louisiana Department of Revenue has announced that for the fiscal year beginning July 1, 2019, and ending June 30, 2020, the prices applicable to the Louisiana horizontal severance tax exemption a...

NC - Travel insurers must pay premiums tax
North Carolina enacted legislation that:allows the sale of travel insurance in the state; andimposes a 1.9% tax on travel insurance premiums paid.Ch. 2019-128 (H.B. 755), Laws 2019, effective January ...

SC - Department policy regarding residential electricity and fuel exemption changes
The application of the South Carolina sales tax exemption for electricity and fuel to residential purposes changes October 1, 2019.Residences Converted to Business UseThe sale of electricity or fuel f...

TN - Purchaser reimbursed expenses incurred before order confirming tax sale
For Tennessee property tax purposes, a tax sale purchaser was entitled to recover expenses incurred to preserve property value despite occurring prior to the trial court’s entry of the order con...

VA - Taxpayer was given time to submit documentation to support her argument
For Virginia sales and use tax purposes, a taxpayer was given 30 days to submit documentation to establish that she was not individually liable for taxes assessed against a corporation. In this matter...

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IRS concludes "Dirty Dozen" list of tax scams for 2019:
Agency encourages taxpayers to remain vigilant year-round!
2019 IRS "Dirty Dozen" tax scams

Porter & Company will be attending the AutoCPA Convention!
Carmel, CA - May 2019!

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

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IRS concludes "Dirty Dozen" list of tax scams for 2019:Agency encourages taxpayers to remain vigilant year-round!2019 IRS "Dirty Dozen" tax scams

IRS concludes "Dirty Dozen" list of tax scams for 2019:
Agency encourages taxpayers to remain vigilant year-round!
2019 IRS "Dirty Dozen" tax scams