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

Some Individuals Get 2018 Estimated Tax Penalty Waiver
The IRS announced that it is waiving the estimated tax penalty in certain circumstances. The waiver applies to certain individual taxpayers whose 2018 estimated tax payments did not meet the penalty&r...

IRS Will Process Tax Returns, Refunds Despite Government Shutdown
The IRS has announced that it will begin processing tax returns on January 28, 2019, despite the partial federal government shutdown. Taxpayer refunds will also be processed as scheduled."We are commi...

IRS Updates 2019 Tax Filing Season Shutdown Plan
The IRS released its much anticipated revised Fiscal Year (FY) 2019 Lapsed Appropriations Contingency Plan on January 15. The IRS’s updated plan for agency operations during the 2019 t...

IRS Reopens Backlogged Income Verification Service
The IRS has reopened its Income Verification Express Service (IVES) program during the partial federal government shutdown. IVES is a user fee-based program that enables mortgage lenders and others wi...

Proposed Regs Provided for Code Sec. 163(j) Limit
The IRS has proposed regulations on the limitation on the business interest expense deduction under Code Sec. 163(j), as amended by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). The IRS also has is...

Brady Introduces Revised Tax, IRS Reform Package
The House’s top Republican tax writer has introduced a revised tax and IRS oversight package. The “tweaked” 253-page package addresses retirement savings, disaster relief, IRS reform...

New Tax Reform-Related Regs May Appear Soon
A top Senate tax writer has said additional proposed regulations for the new tax code are expected to be released soon. Treasury Secretary Steven Mnuchin provided Republican senators with an update on...

Tax Court Adopts Amended, New Practice Rules
The Tax Court adopted amendments to its electronic filing and paying rule. The adopted rules cover petitions and other documents that are currently not filed electronically. These rules were first pro...

Senate Confirms Key Tax Reform Architect for Top Treasury Role
A key figure in shaping last year’s tax reform has been confirmed as the Treasury’s second-highest ranking official. The Senate confirmed Justin Muzinich as deputy Treasury secretary on De...

TIGTA Presents Semiannual Report to Congress
The Treasury Inspector General for Tax Administration (TIGTA) has released its semiannual report to Congress, highlighting its audits, investigations, inspections and evaluations. The report includes ...

Proposed Regulations Intend to Reduce FATCA Withholding Compliance Burden
Proposed regulations address and intend to reduce taxpayer burden in complying with certain withholding requirements under the Foreign Account Tax Compliance Act (FATCA), Chapter 4 ( Code Secs. 1471 -...

Regulations to be Issued on Controlled Foreign Corporations’ Previously Taxed Earnings and Profits
The IRS and the Treasury intend to provide regulations that will address issues affecting foreign corporations with previously taxed earnings and profits (PTEP). The regulations are in response to cha...

IRS Extends Filing Deadlines, Penalty Relief for Health Insurance Forms
Insurers, self-insuring employers, other coverage providers, and applicable large employers now have until March 4, 2019, to provide individuals with Forms 1095-B, Health Coverage, or Forms 1095-C, Em...

Eligibility for Allocation of Deduction for Energy Efficient Commercial Building Property Clarified
The IRS has issued a memo that sets forth guidelines for determining various factual scenarios such as whether a taxpayer may qualify as a designer of energy efficient commercial building property und...

AL - Forest products severance, manufacturers tax rule and rate adjustment discussed
The Alabama Department of Revenue has issued a notice providing the severance tax rate and application information to taxpayers liable for forest products severance tax and forest products manufacture...

FL - Florida governor proposes two tax holidays and reduction in millage rate
Florida Gov. Ron DeSantis has proposed the following in his 2019-2020 budget:a three-day back to school sales tax holiday on clothing up to $60, school supplies up to $15, and the first $1,000 on comp...

GA - Georgia bill would lower economic nexus threshold
Introduced Georgia sales tax legislation would lower the monetary economic nexus threshold and eliminate the notice and reporting election.Potential Threshold ChangeCurrently, a "dealer" req...

LA - Updated calculation methods for form 1099-G discussed
The Louisiana Department of Revenue (department) issued an information bulletin informing corporate and personal income taxpayers about the updated calculation methods for preparing Form 1099-G, ...

NC - Corporate income, franchise, and insurance tax bulletin published
The North Carolina Department of Revenue has published a corporate income, franchise, and insurance tax bulletin reflecting the changes made in the 2018 regular session of the North Carolina General A...

SC - Lexington county school district tax extended
The 1% school district tax in Lexington County, South Carolina, is extended for seven years starting March 1, 2019. Information Letter 19-5, South Carolina Department of Revenue, March 1, 2019...

TN - Failure to exhaust administrative remedies barred judicial review
The Tennessee Court of Appeals (Court) upheld the trial court's decision dismissing a taxpayer’s complaint alleging an improper assessment of property tax due to reclassification of the property...

VA - Taxpayers not entitled to low-income credit
For personal income tax purposes, part-year Virginia residents (taxpayers) were not entitled to the low-income individual credit. Generally, income earned outside the period of Virginia residency is i...

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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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