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

Safe Harbor for Taxpayers Claiming 100 Percent Bonus Depreciation on Vehicles Subject to Luxury Car Depreciation Caps
A long-expected safe harbor allows the owner of a vehicle that is subject to the annual luxury car depreciation caps to claim depreciation deductions during each year of the vehicle’s regular re...

Senate Approves Bipartisan IRS, Treasury Funding Bill; Grassley Pushes for Tax Extenders
The Senate approved a bipartisan government spending bill on February 14 by an 83-to-16 vote to avert another partial government shutdown. The "minibus" spending package, which will keep the...

Tax Reform Benefits Seen in Larger Paychecks, Not Refunds, Treasury Says
The average refund amount at the beginning of the 2019 tax filing season was smaller than this time period last year, a new IRS report shows. However, most taxpayers are seeing tax reform’s bene...

IRS Recommends Acquiescence In Result in Case Holding Meals as De Minimis Fringe Benefits
The IRS has recommended acquiescence in result only to a Tax Court decision. In J.M Jacobs, 148 TC No. 24, Dec. 60,947, the Tax Court allowed a professional hockey team, organized as an...

IRS Issues Update on Enrolled Agent Renewal Processing
The processing of renewals for enrolled agents (EA) whose enrollment expires on March 31, 2019 will be delayed due to the government shutdown. Therefore, the IRS is automatically extending enrollment ...

AL - Deadline extended for return filing for taxpayers affected by severe storms
The Alabama Department of Revenue (department) has granted filing extensions to taxpayers directly affected by the severe storms. As a result, Alabama taxpayers residing in areas designated as disaste...

FL - Florida issues tax cuts and jobs act impact report
Florida issued a comprehensive 288-page report on how the federal Tax Cuts and Jobs Act (TCJA) impacts the state corporate income tax. State legislation enacted in 2018 directed the Florida Department...

GA - Filing deadline for farmers and fishermen extended; UET penalty waived
For personal income tax purposes, the Georgia Department of Revenue (department) has issued a press release informing farmers and fishermen who missed the March 1, 2019, filing deadline that they can ...

LA - Research and development credit regulations amended
The Louisiana Department of Economic Development has amended regulations governing research and development tax credits against corporate and personal income taxes.Recent Legislative Changes to Resear...

NC - Senate passes IRC conformity update
The North Carolina Senate passed a bill that:updates the IRC conformity date for computing corporate and personal income tax liability; andmakes other technical changes.S.B. 56, as passed by the North...

SC - Interest rate remains unchanged
The interest rate on tax underpayments remains 6% through June 30, 2019.Reduced Rate on RefundsThe refund rate for overpayments is 3% because of 2018-2019 budget bill provisions. Information Lett...

TN - Governor proposes to repeal amusement tax on gym memberships
Tennessee Gov. Bill Lee has proposed to repeal the amusement tax on gym memberships. The proposal will be part of the governor’s upcoming budget.The Amusement TaxThe amusement tax is placed on m...

VA - Virginia’s use of costs of performance method was not unconstitutional
The Virginia Supreme Court has determined that the state’s apportionment method was not unconstitutional when applied to a corporate taxpayer headquartered in Virginia. The state uses the costs ...

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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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