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

2019-2020 Per Diem Rates Released for Business Travel
The IRS has released the 2019-2020 special per diem rates. Taxpayers use the per diem rates to substantiate certain business expenses incurred while traveling away from home for the period October 1, ...

Social Security Wage Cap and Benefit Amounts Increase for 2020
For 2020, the Social Security wage cap will be $137,700, and social security and Supplemental Security Income (SSI) benefits will increase by 1.6 percent. These changes reflect cost-of-living adjustme...

IRS Will Not Exempt Individuals with Open TAS Cases from Passport Certification
The IRS has changed how it handles passport certifications for people with significant tax debt. Following a review of relevant considerations regarding passport certification procedures, the IRS has ...

IRS Identifies Drought-Stricken Areas for Tax Relief After Involuntary Sale of Livestock
The IRS identified drought-stricken areas where tax relief is available to taxpayers that sold or exchanged livestock because of drought. The relief extends the deadlines for taxpayers to replace the ...

New Payment Option for Taxpayers in Private Debt Collection Program
The IRS has announced a new payment option to the private debt collection program. Taxpayers can now choose a pre-authorized direct debit option to make one payment or a series of payments toward thei...

IRS Announces Nonacquiescence in Service Contracts Case
The IRS has announced that it will not acquiesce to the holding of the Tax Court in GreenTeam Materials Recovery Facility PN, 113 TCM 1540, Dec. 60,945(M) that the transfer of a noncapital asset is tr...

AL - Town of section imposed lodgings tax
The town of Section imposed a local Alabama lodgings tax of 5%, effective February 18, 2019.This tax was first announced by the Department of Revenue on October 23, 2019. Local Tax Notice, Alabam...

FL - Firefighters' and police officers’ pension trust fund address/jurisdiction database updated
For insurance premium tax purposes, the Florida Department of Revenue has issued a tax information publication updating the electronic address/jurisdiction database. The insurers may use this database...

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 - Regulation governing pass-through entity level election proposed
The Louisiana Department of Revenue has proposed a new corporate income tax regulation that provides procedures for pass-through entities to elect to be taxed as C corporations. The proposed regulatio...

NC - Withholding requirements for nonwage compensation discussed
Effective January 1, 2020, a payer must deduct and withhold North Carolina income tax from nonwage compensation paid to a payee.Who Is a Payee?A payee is any:nonresident contractor;contractor who hold...

SC - Dwelling on property contiguous with legal residence did not qualify for reduced assessment rate
For South Carolina property tax purposes, the county assessor’s refusal to assess a house on property contiguous with the taxpayer’s legal residence at 4% of the fair market value of the p...

TN - Eligibility of housing entity for community investment tax credit discussed
For corporate and personal income tax purposes, the Tennessee Department of Revenue issued a letter ruling discussing whether a housing entity (taxpayer) would be eligible for the community investment...

VA - Department erroneously reduced taxpayer’s refund
A taxpayer’s protest against the Virginia Department of Taxation’s personal income tax assessment was sustained because the department erroneously reduced the taxpayer’s refund. In t...

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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!

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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