Porter & Company

Tax Alerts

Tax Briefing(s)

2019 Year-End Tax Planning 2019 Post-Filing Season Update 2018 Year-End Tax Planning IRS Releases Comprehensive Repair/Capitalization Final Regulations IRS Guidance on Same-Sex Marriage

IRS Releases 2020 Inflation-Adjusted Tax Tables, Other Amounts
The IRS has released the annual inflation adjustments for 2020 for over 60 tax provisions, including the income tax rate tables. The IRS issues these cost-of-living adjustments (COLAs) each year to re...

2020 Inflation Adjustments for Pension Plans, Retirement Accounts
The IRS has released the 2020 cost-of-living adjustments (COLAs) for pension plan dollar limitations, and other retirement-related provisions.Highlights of 2020 ChangesThe contribution limit for emplo...

IRS Updates Guidance on Computing Deductions for Operating a Vehicle
The IRS has released guidance that updates Rev. Proc. 2010-51, I.R.B. 2010-51, 883 to reflect changes made to Code Secs. 67 and 217 by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). Rev. Proc. 2010-...

Accounting Method Change Procedures Updated
The IRS has released guidance listing the specific changes in accounting method to which the automatic change procedures in Rev. Proc. 2015-13, I.R.B. 2015-5, 419, apply. This guidance updates and sup...

Proposed Updated RMD Tables Issued
The IRS has proposed updated life expectancy and distribution period tables under the required minimum distribution (RMD) rules. The proposed tables reflect the general increase in life expectancy, an...

Joint Directive on Work Opportunity Tax Credit Issued
The IRS Large Business and International Division (LB&I) and Small Business/Self-Employed Division (SBSE) have issued a joint directive to provide instructions to LB&I and SBSE examiners on th...

New LB&I Campaign on Deferred Foreign Income
The IRS Large Business and International (LB&I) has added a new active campaign to the IRS website called "IRC 965." The campaign’s goal is to promote compliance with Code Sec. 965, Treatmen...

IRS Highlights Steps For Smooth Processing of Taxpayers' 2019 Federal Tax Returns
The IRS urged taxpayers to act now to ensure the smooth processing of their 2019 federal tax return. This reminder, first in a series, was aimed to help taxpayers get ready for the upcoming tax filing...

AL - Date Bullock County stopped using department to administer, collect taxes corrected
Effective October 1, 2019, Bullock County stopped using the Alabama Department of Revenue in the administration and collection of its sales/use taxes and any other additional taxes. Previously, the de...

FL - Commercial rental tax rate decrease discussed
Florida reminds taxpayers that, effective January 1, 2020, the sales tax rate on commercial rentals is decreased from 5.7% to 5.5%.Application of Tax RateThe tax rate applies to the total rent charged...

GA - Sovereign immunity had no application to current litigation
The Georgia Supreme Court partly reversed the decision of the trial court because it was found that sovereign immunity had no application to the current litigation. In this matter, City of College Par...

LA - Increase in millage rates addressed
The Louisiana Attorney General has opined that to increase the general ad valorem alimony tax millage, a parish would have to submit the increase to a vote of the electors. The Attorney General noted ...

NC - North Carolina standard deduction increased, holding company definition expanded
North Carolina enacted legislation that:increases the standard deduction for personal income taxpayers; andexpands the definition of "holding company" for franchise tax purposes.How Much Is ...

SC - Taxpayer eligible for legal residence special assessment
The South Carolina Administrative Law Court reversed the property tax assessment issued by the county assessor denying the taxpayer’s application for a legal residence special assessment because...

TN - Sale and installation of modular cleanroom subject to tax
The sale and installation of a modular cleanroom was subject to Tennessee sales and use tax because the cleanroom remained tangible personal property (TPP) after installation. Generally, the sale and ...

VA - Trial court wrongly excluded taxpayer’s appraiser’s testimony
For Virginia property tax purposes, the trial court abused its discretion when it excluded testimony from the taxpayer’s appraiser because a real estate appraiser is not required to have an acti...

Welcome to

Porter & Company

Accountants and Consultants

Thank you for visiting.

ANNOUNCEMENTS

IRS concludes "Dirty Dozen" list of tax scams for 2019:
Agency encourages taxpayers to remain vigilant year-round!
2019 IRS "Dirty Dozen" tax scams

We had a great time in Newport, Rhode Island at the
Fall 2019 AutoCPA Group Convention!

Our Spring 2020 meeting will be in Hawaii
and
We are excited to announce that Porter & Company
will be hosting the Fall 2020 AutoCPA Group
in Asheville, North Carolina!

Stay tuned for more updates!

Click below to make a secure online payment on your account.

Home

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