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

2019 Luxury Auto Depreciation Caps and Lease Inclusion Amounts Issued
The IRS has issued the luxury car depreciation limits for business vehicles placed in service in 2019, and the lease inclusion amounts for business vehicles first leased in 2019.Luxury Passenger Car D...

2020 Inflation Adjustments for HSAs Released
The IRS has released the 2020 inflation-adjusted amounts for health savings accounts (HSAs) under Code Sec. 223. For calendar year 2020, the annual limitation on deductions under Code Sec. 2...

IRS Unveils New Draft 2020 Form W-4
The IRS on May 31 unveiled a new preliminary draft of the 2020 Form W-4, Employee’s Withholding Allowance Certificate. Although an earlier version of the Form W-4 had been released last June, Tr...

IRS Discontinues Certain Faxing and Third-Party Mailing Service
The IRS will be ceasing its tax transcript faxing service, and will also amend the Form 4506, Request for Copy or Transcript of Tax Form, series to end third-party mailing of tax returns and transcrip...

New Actuarial Tables Delayed, IRS Tells Wolters Kluwer
The new actuarial tables are delayed, the IRS told Wolters Kluwer on May 30. "We are currently working on new actuarial tables, but we cannot predict when they will be published."Generally, the I...

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 - Expiration of additional coal tax levies discussed
The Alabama Department of Revenue has issued a notice to taxpayers severing coal within the state about the expiration of an additional coal severance tax. The additional excise and privilege tax, whi...

FL - IRC conformity update, GILTI deduction, and TCJA information reporting enacted
Florida enacted corporate income and bank franchise tax legislation that:updates the IRC conformity tie-in date for computing tax liability;allows a deduction for IRC Sec. 951A global intangible low-t...

GA - Updated guidance on nonprofit health organizations LOAs issued
The Georgia DOR has updated guidance on sales and use tax exemptions for nonprofit volunteer health clinics and nonprofit health centers. The updated guidance on letters of authorization (LOAs) was is...

LA - Sound recording investment credit amended, sunset date extended
The Louisiana sound recording investor credit against corporate and personal income taxes is amended to:authorize an increase in the base investment credit for resident copyright recordings;change eli...

NC - Taxpayers who believe kaestner facts apply and filed notice of contingent event must file amended return
The North Carolina Department of Revenue (department) clarifies that personal income taxpayers who believe that the Kaestner decision is applicable to their particular facts and circumstance...

SC - Motor fuel rate increases
South Carolina’s motor fuel user fee is 22 cents per gallon from July 1, 2019 through June 30, 2020. Information on future rate increases can be viewed on the department’s website at ...

TN - Question remained as to whether sale of blow-in cards occurred in Tennessee
A dispute of material fact remained regarding whether the taxpayer’s sale of blow-in cards to its customer was consummated in Tennessee, and was exempt from sales and use tax. As such, the trial...

VA - Taxpayer allowed 30 days to file return
The Virginia Department of Revenue (department) granted a taxpayer 30 days to file his 2015 resident Virginia individual income tax return since the taxpayer would have information that better represe...

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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
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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