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Tax Briefing(s)

Build Back Better Act Infrastructure Investment and Jobs Act 2021 Year-End Tax Planning

IRS Reminds Taxpayers of Special $600 Donation Tax Deduction
The IRS has reminded taxpayers that a special tax provision will permit more individuals to easily deduct donations of up to $600 to qualifying charities on their 2021 federal income tax return. Gener...

IRS Announces Launch of New Feature in CTC UP for Taxpayers to Revise Their Income
The IRS will launch a new feature on November 1, 2021, allowing any family receiving monthly Child Tax Credit (CTC) payments to update their income using the Child Tax Credit Update Portal (CTC UP). T...

FAQs on 2020 Unemployment Compensation Exclusion Updated
The IRS has updated its frequently-asked-questions (FAQs) on 2020 Unemployment Compensation Exclusion. These updated FAQs are: (1) Question 2, Topic D: Amended Return (Form 1040-X); (2) Questions 8...

IRS Issues New CP256V Notice on Repayment of Deferred Social Security Taxes
In October and November of 2021, the IRS is sending informational-only CP256V Notices to self-employed individuals and household employers that chose to defer paying certain Social Security taxes unde...

IRS Issues FAQs on Coronavirus State and Local Fiscal Recovery Funds
The IRS has provided FAQs regarding Coronavirus State and Local Fiscal Recovery Funds (SLFR Funds). The FAQs detail the tax consequences for individual recipients and the reporting requirements for th...

IRS FAQs on Reporting Guidance for Carried Interests
The IRS has released frequently asked questions (FAQs) detailing reporting directions for certain passthrough entities and taxpayers partnership interests reporting held in connection with the perfo...

IRS Launches New Verification Process for Certain Online Services
The IRS has updated how users sign in and verify their identity for certain IRS online services with a mobile-friendly platform. The platform relies on trusted third parties and provides an improved u...

AL - Guidance on Alabama annual tax account license renewal issued
Alabama issued a notice informing sales and use taxpayers that the applicable administrative rule requires annual renewals of the following tax account licenses:Sales tax;Rental tax;Sales use tax;Lodg...

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 - Sales and use tax treatment of fundraising activities conducted by organizations exempt from federal income discussed
For sales and use tax purposes, Georgia issued a policy bulletin providing guidance to organizations exempt from federal income tax under Internal Revenue Code (IRC) 501(c)(3) ("501(c)(3) organization...

SC - Exemptions for veterans discussed
The South Carolina Department of Revenue has reminded veterans and military personnel that they may be eligible for certain property tax exemptions.Service-connected DisabilitiesVeterans with permanen...

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