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

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 - Town of Oakman increased local rates
The town of Oakman increased the local Alabama sales and use tax rates for the following from 3% to 4%, effective December 1, 2018:general items;admissions to places of amusement and entertainment;ret...

FL - Florida amends rule to reflect AMT, bonus depreciation changes
Florida amended a corporate income tax rule to reflect:the repeal of its alternative minimum tax (AMT); andchanges to the its bonus depreciation addback statute.AMT RepealFlorida imposed an AMT at a r...

GA - 2019 interest rate announced
For 2019, the interest rate applied to Georgia tax overpayments and underpayments is 8.5% (accruing monthly), up from 7.5% for 2018. Policy Bulletin ADMIN-2019-01, Georgia Department of Revenue, ...

LA - Louisiana adopts market-based sourcing regulations
The Louisiana Department of Revenue has adopted corporate income tax regulations governing market-based sourcing for the purpose of attributing sales other than sales of tangible personal propertyImpl...

NC - Notice regarding revisions to alcoholic beverages tax forms issued
The Excise Tax Division of the North Carolina Department of Revenue (department) has issued an important notice to alcoholic beverage excise taxpayers regarding revisions to several of its alcoholic b...

SC - County rankings released for job credit, tax moratorium purposes
The South Carolina Department of Revenue has issued an information letter to provide the county rankings for purposes of the job tax credit, counties qualifying for the tax moratorium, and counties qu...

TN - Pallets used to package tangible personal property sold to consumers and sellers for resale exempt from tax
The Tennessee Department of Revenue (department) has issued a sales tax notice informing taxpayers that sales tax is not due on pallets used to package tangible personal property being sold (1) direct...

VA - Interest rates increased for first quarter of 2019
The Virginia interest rates for the first quarter of 2018 that begins on January 1, 2019, will be 8% for tax underpayments (assessments) and 8% for tax overpayments (refunds). For the purpose of compu...

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ANNOUNCEMENTS

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!

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