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 Inflation Adjustment Amounts Released
The IRS has released new inflation-adjusted amounts for 2019. These inflation-adjusted figures generally apply to tax years beginning in 2019 or transactions or events occurring in calendar year 2019....

2019 Inflation Amounts for Pension Plans, Retirement Accounts Released
The IRS has released the 2019 cost-of-living adjustments (COLAs) for:pension plan dollar limitations, andother retirement-related provisions.Inflation AdjustmentsThe contribution limit has increased f...

Final Rules Expand Contraception Coverage Exemption
The government has released a joint agency rule finalizing and expanding the exemption from the contraceptive coverage mandate under the Patient Protection and Affordable Care Act (ACA) ( P.L. 11...

Exemptions Under ACA for Various Entities Holding Moral Convictions
The government has released a joint agency rule finalizing and expanding exemptions for various entities and individuals with sincerely held moral convictions opposed to coverage of some or all contra...

UNICAP Regs Finalize Modified Simplified Production Method
Final regulations issued under the uniform capitalization (UNICAP) rules adopt a new simplified method—the "modified simplified production method"—for determining additional Code...

Leave-Based Donation Programs Allowed for Victims of Hurricane Michael
The IRS has extended leave-based donation programs to victims of Hurricane Michael. These programs allow employees to forgo vacation, sick, or personal leave. In return, the employer makes cash donati...

Final Regulations Issued on Return Preparer Due Diligence
Amendments to the return preparer regulations expand the scope of preparer due diligence. The regulations apply to the due diligence penalty as it applies to:the child tax credit;the additional child ...

Enrolled Agent Application, Renewal Fees to Double
Becoming and remaining an enrolled agent or enrolled retirement plan agent will soon cost more. The IRS is proposing to increase the fees for becoming and renewing as an enrolled agent to $67. The fee...

Adjusted Applicable Dollar Amount for Fee Imposed on Health Insurance Plans Announced
The IRS has announced that the applicable dollar amount used to calculate the fees imposed by Code Secs. 4375 and 4376 for policy and plan years that end on or after October 1, 201...

AL - City of Elba stops using department to administer, collect taxes
The city of Elba stops using the Alabama Department of Revenue in the administration and collection of its sales/use and any other additional taxes, effective December 1, 2018.New AdministratorEffecti...

FL - Discretionary sales surtax rate changes for calendar year 2019 announced
Florida has announced discretionary sales surtax rate changes for calendar year 2019.A new 0.5% school capital outlay surtax begins in Alachua County on January 1, 2019, and expires December 31, 2030....

GA - Timber producer tax credit enacted
Georgia enacted an income tax credit for timber producers with losses related to Hurricane Michael. The tax credit is available to taxpayers that have suffered losses and that will have to incur signi...

LA - Tax credit regulations adopted
The Louisiana Department of Revenue has adopted income tax regulations governing the Motion Picture Production Tax Credit Program and the Rehabilitation of Historic Structures Tax Credit.Qualified Ent...

NC - Notice regarding prohibited uses for general direct pay permit issued
For sales and use tax purposes, the North Carolina Department of Revenue has issued a notice informing taxpayers that effective June 12, 2018, as per an amended statute, a general direct pay permit &l...

SC - Protest denied for failure to refute assessment
A taxpayer’s protest against a South Carolina corporate income tax assessment was denied because the taxpayer failed to prove that the assessment was erroneous. In this matter, the taxpayer rais...

TN - Fees charged by nonprofit organization in its transportation vehicle share programme subject to tax
Membership fees, single-use fees, usage fees and other fees charged by a nonprofit organization (taxpayer) in its transportation vehicle share programme were subject to Tennessee sales tax because the...

VA - Loss from foreign limited partnership incorrectly included in sales factor
The Virginia Tax Commissioner remanded the taxpayer's appeal regarding the correction to the corporate income tax assessment because the taxpayer incorrectly included the ordinary loss passed through ...

Welcome to

Porter & Company

Accountants and Consultants

Thank you for visiting.

ANNOUNCEMENTS

C. Gregory Porter will be attending the AutoCPA Group semi-annual conference in Sun Valley, ID October 1-2, 2018!

Porter & Company will be attending the National Automobile Dealers Association Convention January 24-27, 2019 in San Francisco, CA. Please come visit us at the AutoCPA Booth!

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!

Click here to make secure online payment on your account.

Home