SHARON L. ROMA

Tax Alerts

Tax Briefing(s)

2021 Post-Filing Season Update American Rescue Plan Act of 2021 2020 Tax Year-In-Review

IRS Issues Refunds for Taxes Paid on Unemployment Compensation
The IRS has planned to issue over 2.8 million refunds to taxpayers who paid taxes on unemployment compensation, that the American Rescue Plan Act (ARP) ( P.L. 117-2) has recently excluded as taxable ...

Online Child Tax Credit Payment Tool
The IRS and Treasury have unveiled an online non-filer sign-up tool designed to help families who do not normally file tax returns and register for monthly Child Tax Credit (CTC) payments. The tool wo...

IRS Collection and Enforcement Update
Due to the recent progress the U.S. has made in controlling the COVID-19 pandemic and returning to normal economic activity, the IRS plans to return to its normal casework processes later this summer....

IRS Announces Shift in Procedure to Resolve Collection Issues
The IRS has announced that the Small Business/ Self Employed (SB/SE's) Automated Collection System (ACS) would now exclusively resolve collection issues. Under this new shift in procedure, Practitione...

Applicable Terminal Charge and SIFL Rates for First Half of 2021
The IRS has released the applicable terminal charge and the Standard Industry Fare Level (SIFL) mileage rates for determining the value of noncommercial flights on employer-provided aircraft in effect...

First Monthly Child Tax Credit Payment Coming in July
The IRS and the Treasury Department have announced that the first monthly payment of the new refundable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. The increased CTC ...

Late Filers Should File to Limit Penalties
The IRS reminded taxpayers who missed the recent tax-filing deadline but are due a refund that there is no penalty for filing late if a refund is due. Those who owe and missed the deadline without req...

Groups Urged to Share Tax Information With Those Without Permanent Addresses
In an ongoing effort to help those experiencing homelessness, the IRS has reminded people who do not have a permanent address or a bank account that they may still qualify for stimulus payments and ot...

IRS Updates Plug-In Credit for 2022 Vehicles
The IRS has added new 2022 models to the list of vehicles for which the plug-in vehicle credit would be available. The vehicles added include BMW and Mini vehicles. The BMW 745e XDrive has a credit am...

Adjustments for CTC, EITC, PTC Table
The IRS has modified inflation-adjusted amounts for the child tax credit (CTC), the earned income tax credit (EITC/EIC), and the applicable percentage table for Code Sec. 36B for calculating a taxpaye...

2022 HSA Amounts Released
The IRS has released the 2022 inflation-adjusted amounts for health savings accounts (HSAs) under Code Sec. 223. For calendar year 2022, the annual limitation on deductions under Code Sec. 223(b)(2) f...

Drafts of New Schedules K-2 and K-3 Released
The IRS and Treasury have released updated early drafts of new Schedule K-2 and Schedule K-3 for Form 1065, U.S. Return of Partnership Income, Form 1120-S, U.S. Income Tax Return for an S Corporation,...

Temporary Use of Digital Signatures Extended
The IRS has extended the list of federal tax forms that cannot be filed electronically for which it is temporarily allowing digital signatures. The IRS has also extended filing period for which digita...

CA - Taxpayer failed to provide resale certificates for claimed nontaxable sales for resale
For California sales and use tax purposes, a corporation’s (taxpayer’s) redetermination petition was denied because the taxpayer failed to provide resale certificates for its claimed nontaxable sa...

CO - Legislation that would make numerous tax changes passes house
The Colorado House of Representatives has passed legislation that, if enacted, would make multiple changes to corporate and personal income taxes, including:extending through 2025 the addback requirem...

FL - Cap on voluntary cleanup credit increased
Florida increased the cap on total corporate income tax credits for voluntary cleanup of brownfield and other contaminated sites, from $10 million to $27.5 million for the 2021-2022 fiscal year. Ch. ...

GA - Definition of innkeeper amended to include marketplace facilitators
Effective July 1, 2021, Georgia innkeepers acting as marketplace facilitators are required to collect and remit the local excise taxes on rooms, lodgings, and accommodations. The state expanded the de...

NJ - Corporation business tax standardized return for certain filers effective 2022 tax year
For corporate Business Tax (CBT) purposes, New Jersey, in a release, clarifies that creation of a new simplified standardized return for combined groups, banking corporations, financial business corpo...

NY - Certain estimated payment forms for nonresidents updated
New York has updated Forms IT-2663 and IT-2664, which nonresidents use to pay estimated personal income tax on the sale or transfer of real property or a cooperative unit located in New York. The esti...

NC - Penalty waiver information and extended deadline discussed
North Carolina Department of Revenue (department) reminds taxpayers that the extended personal income tax filing and payment deadline is May 17, 2021. The department clarified that it will not impose ...

PA - Denial of tax abatement on condominium units affirmed
A Pennsylvania trial court did not err in determining that the taxpayers were not entitled to property tax abatement on their condominium units for the tax years 2014 and 2015 because the 10-year tax ...

SC - South Carolina enacts entity-level tax election
South Carolina enacted a law allowing qualified pass-through entities an annual election to pay taxes on active trade or business income at the entity level at a rate of 3%, applicable to tax years be...

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