Porter & Company

Tax Alerts

Tax Briefing(s)

2021 Tax Year-In-Review Build Back Better Act Infrastructure Investment and Jobs Act 2021 Year-End Tax Planning IRS Releases Comprehensive Repair/Capitalization Final Regulations IRS Guidance on Same-Sex Marriage

Automatic Consent Procedures Updated for Certain Accounting Method Changes
The IRS has updated automatic consent procedures for taxpayers to change their method of accounting to comply with final regulations under Code Secs. 263A, 448, 460 and 471 issued on January 5, ...

Form-Related Guidance on Early Termination of Employee Retention Credit Provided
The IRS has informed that taxpayers who are not recovery startup businesses are not eligible for the employee retention credit for wages paid after September 30, 2021 due to the amendments by the Infr...

IRS Releases New Form 8918, Material Advisor Disclosure Statement
The IRS has released a new version of Form 8918, Material Advisor Disclosure Statement, to include 2D barcodes. After June 1, 2022, the IRS will accept only the latest version of Form 8918 (Rev. Nove...

IRS Revises Form 1024 to Allow Electronic Submission
The IRS has revised Form 1024, Application for Recognition of Exemption Under Section 501(a), and its instructions to allow electronic filing for the first time. This development is the part of an ong...

IRS Criminal Investigation Releases Annual Report
The IRS-Criminal Investigation (IRS-CI) has released its Fiscal Year 2021 Annual Report. The report details statistics, important partnerships and significant criminal enforcement actions from IRS-CI,...

AL - Updated chart shows local participation in 2022 severe weather preparedness tax holiday
The chart listing the counties and municipalities that will participate in Alabama’s severe weather preparedness sales tax holiday has been updated. The holiday is being held from February 25 throug...

FL - Solar panels on federal air base taxable
A Florida taxpayer’s tangible personal property used in connection with a solar energy generating facility within the federal Air Force base was taxable because once leased, the property is no longe...

GA - Guidance on life sciences manufacturing job tax credit issued
For corporate and personal income tax purposes, the Georgia Department of Revenue issued a regulation concerning the implementation and administration of the life sciences manufacturing job tax credit...

LA - Consolidated filers required to file electronically
Beginning in December 2021, Louisiana sales tax consolidated filers are required to electronically file returns and remit taxes. Consolidated filers are approved by the Louisiana Department of Revenue...

NC - Updates to North Carolina withholding tax discussed
North Carolina Department of Revenue (department) issued a notice discussing updates to personal income tax withholding requirements. The notice, among other information, states that:All employers, pe...

SC - Nexus relief for covid-19 telecommuting extended again
South Carolina has extended through March 31, 2022, relief that it previously announced regarding the establishment of income and sales tax nexus solely because an employee is temporarily working in a...

TN - Extension announced for taxpayers affected by storms, tornadoes, and flooding
Tennessee announced an extension of franchise and excise tax filing and payment deadlines to May 16, 2022. This follows the IRS decision to extend federal deadlines for those located in a designated d...

VA - Sales of security systems qualified as non-taxable services
A taxpayer’s sales of security systems and services were not subject to Virginia sales and use tax because the true object of the transaction was to secure a service. The taxpayer provided to its cu...

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