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 Updates 2018 Schedule D Instructions to Correct Worksheet Error
The IRS posted updated instructions for 2018 Schedule D (Form 1040), Capital Gains and Losses, that include a corrected worksheet. The revised worksheet corrects a rate error that may have calculated ...

IRS Finalizes Rules Increasing Enrolled Agent Application and Renewal Fees
The IRS has finalized regulations that increase both the enrollment and renewal user fee for enrolled agents from $30 to $67. The rules also increase the renewal user fee for enrolled retirement plan ...

Indian Tribal Casino Distributions Taxable to Members
A married couple had unreported taxable income in the form of distributions received from casino revenue. However, the IRS did not obtain written supervisory approval before the first formal communica...

IRS Allowed to Treat Partnership as Aggregate of its Partners
The IRS was allowed to assert its authority under the abuse of entity rule of Reg. §1.701-2(e) to treat a partnership as an aggregate of its partners. Treating the partnership as an agg...

IRS Issues Nonconventional Source Fuel Reference Price for 2018
The IRS has published the reference price under Code Sec. 45K(d)(2)(C). The credit period for the nonconventional source production credit under Code Sec. 45K ended on December 31, 2013...

Comments Sought on Carbon Oxide Sequestration Credit
The Treasury Department and the IRS have requested general comments on issues arising from the Bipartisan Budget Act of 2018 (BBA) ( P.L. 115-123) amendments to the Code Sec. 45Q credit...

IRS Clarifies Treatment of Refunds with New SALT Limits
The IRS has provided four examples of the interaction of the new limit on the deduction on state and local taxes (SALT) under Code Sec. 164(b)(6) with the tax benefit rule for refunds under&...

Plug-In Electric Vehicle Credit to Phase Out for GM Vehicles
The tax credit for new qualified plug-in electric drive motor vehicles sold by General Motors, LLC, will begin to phase out April 1, 2019. The credit begins to phase out in the second calendar quarter...

2019 Foreign Housing Expense Limitations Released
The IRS has provided the adjustments to the limitation on foreign housing expenses for specific locations for tax year 2019. Generally, a qualified individual whose entire tax year is within the appli...

2018 Waivers of 911 Eligibility Requirements Due to Adverse Conditions
The IRS has provided a waiver for any individual who, for the 2018 tax year, failed to meet the eligibility requirements of Code Sec. 911(d)(1) due to war, civil unrest, or similar adverse c...

IRS Revises EIN Application Process
As part of its ongoing security review, the IRS is revising the application process for obtaining an employer identification number (EIN). Starting May 13, 2019, only individuals with social security ...

IRS Issues 2018 Nonconventional Source Fuel Reference Price
The IRS has published the nonconventional source fuel reference price for calendar year 2018. The credit period for the nonconventional source production credit under Code Sec. 45K ended on ...

AL - Sale of computer software taxable in Alabama even if customized
The Alabama Supreme Court held that the taxpayers’ sale of computer software is subject to Alabama sales or use tax, even if the software is customized in whole or in part for a particular user....

FL - Gross receipts tax index prices for July 1, 2019 through June 30, 2020 issued
Florida has issued the gross receipts tax natural or manufactured gas index prices for July 1, 2019 through June 30, 2020.Natural or Manufactured Gas Index PricesEvery year on July 1, the index prices...

GA - Two exemptions for nonprofit volunteer heath organizations extended
Enacted Georgia legislation extends by five years two sales and use tax exemptions for nonprofit volunteer health organizations.Exemptions ExtendedThe legislation extends by five years (to June 30, 20...

LA - Demonstrators will be exempt starting July 1
The following are exempt from Louisiana sales tax starting July 1, 2019, when used as demonstrators:new and used trucks and cars;new aircraft; andnew boats and other watercraft.Act 102 (H.B. 102), Law...

NC - Budget adopts market-based sourcing rules, reduces franchise tax rates
The North Carolina legislature passed a budget bill that would:adopt market-based sourcing rules for determining corporate income tax liability and apportioning business income after the 2019 tax year...

SC - Interest rate on overpayments and underpayments decreases
From July 1, 2019 through September 30, 2019, the South Carolina interest rate on underpayments of taxes is 5%. The refund rate for overpayments is 2% because of 2019-2020 budget bill (H.B. 4000) prov...

TN - Headquarters relocation and job credits modified
Tennessee repealed provisions that had allowed certain job tax credits and headquarters facility relocation credits to be awarded based on a reduced job-creation requirement. Ch. 451 (H.B. 1265), Laws...

VA - Virginia enacts multiple tax changes in budget legislation
Virginia Gov. Ralph Northam has signed a budget bill that contains a number of corporate and personal income tax provisions.Intangible Holding Company Addback ExceptionsUncodified limitations on the s...

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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
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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