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Tax Alerts

Tax Briefing(s)

2018 Year-End Tax Planning Tax Reform 2.0 2018 Post-Filing Season Update

2019 Luxury Auto Depreciation Caps and Lease Inclusion Amounts Issued
The IRS has issued the luxury car depreciation limits for business vehicles placed in service in 2019, and the lease inclusion amounts for business vehicles first leased in 2019.Luxury Passenger Car D...

2020 Inflation Adjustments for HSAs Released
The IRS has released the 2020 inflation-adjusted amounts for health savings accounts (HSAs) under Code Sec. 223. For calendar year 2020, the annual limitation on deductions under Code Sec. 2...

IRS Unveils New Draft 2020 Form W-4
The IRS on May 31 unveiled a new preliminary draft of the 2020 Form W-4, Employee’s Withholding Allowance Certificate. Although an earlier version of the Form W-4 had been released last June, Tr...

IRS Discontinues Certain Faxing and Third-Party Mailing Service
The IRS will be ceasing its tax transcript faxing service, and will also amend the Form 4506, Request for Copy or Transcript of Tax Form, series to end third-party mailing of tax returns and transcrip...

New Actuarial Tables Delayed, IRS Tells Wolters Kluwer
The new actuarial tables are delayed, the IRS told Wolters Kluwer on May 30. "We are currently working on new actuarial tables, but we cannot predict when they will be published."Generally, the I...

IRS Updates 2018 Schedule D Instructions to Correct Worksheet Error
The IRS posted updated instructions for 2018 Schedule D (Form 1040), Capital Gains and Losses, that include a corrected worksheet. The revised worksheet corrects a rate error that may have calculated ...

IRS Allowed to Treat Partnership as Aggregate of its Partners
The IRS was allowed to assert its authority under the abuse of entity rule of Reg. §1.701-2(e) to treat a partnership as an aggregate of its partners. Treating the partnership as an agg...

Plug-In Electric Vehicle Credit to Phase Out for GM Vehicles
The tax credit for new qualified plug-in electric drive motor vehicles sold by General Motors, LLC, will begin to phase out April 1, 2019. The credit begins to phase out in the second calendar quarter...

2019 Foreign Housing Expense Limitations Released
The IRS has provided the adjustments to the limitation on foreign housing expenses for specific locations for tax year 2019. Generally, a qualified individual whose entire tax year is within the appli...

2018 Waivers of 911 Eligibility Requirements Due to Adverse Conditions
The IRS has provided a waiver for any individual who, for the 2018 tax year, failed to meet the eligibility requirements of Code Sec. 911(d)(1) due to war, civil unrest, or similar adverse c...

IRS Revises EIN Application Process
As part of its ongoing security review, the IRS is revising the application process for obtaining an employer identification number (EIN). Starting May 13, 2019, only individuals with social security ...

AL - Expiration of additional coal tax levies discussed
The Alabama Department of Revenue has issued a notice to taxpayers severing coal within the state about the expiration of an additional coal severance tax. The additional excise and privilege tax, whi...

FL - Guidance provided on 2019 back-to-school sales tax holiday
The Florida sales tax holiday begins on Friday, August 2, 2019, and ends on Tuesday, August 6, 2019.Application of HolidayDuring the holiday, sales tax and local option tax, also known as "discre...

GA - Updated guidance on nonprofit health organizations LOAs issued
The Georgia DOR has updated guidance on sales and use tax exemptions for nonprofit volunteer health clinics and nonprofit health centers. The updated guidance on letters of authorization (LOAs) was is...

SC - Changes to energy efficient manufactured home incentives explained
The South Carolina sales tax and income tax incentives for the purchase of certain energy efficient manufactured homes are amended.Income Tax CreditThe $750 nonrefundable credit for purchases of manuf...

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