SHARON L. ROMA

Tax Alerts

Tax Briefing(s)

2019 Tax Year in Review Consolidated Appropriations Act, 2020 2019 Year-End Tax Planning 2019 Post-Filing Season Update

IRS Updates Rules on Using Per Diem Rates to Substantiate Expenses Incurred Away from Home
The IRS has updated Rev. Proc. 2011-47 to reflect changes made by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97).The guidance provides the rules for determining the amount of an employee's ordinary a...

Electronic Filing Now Required for Requesting Unused Low-Income Housing Credit Carryover
The IRS has released guidance to qualified states regarding how to request an allocation of unused housing credit carryover under Code Sec. 42(h)(3)(D)(iii). The new guidance requires allocation reque...

IRS Extends Certain Deadlines, Penalty Relief for Health Coverage Forms
Health insurance providers (including employers and health insurance companies) now have until March 2, 2020, to furnish to individuals Form 1095-B, Health Coverage, and Form 1095-C, Employer-Provided...

Interim Amendments for Hardship Distributions Clarified and Deadline Extended
The IRS has clarified which amendments are integral to a plan provision that fails to satisfy the qualification requirements by reason of a change made by the final hardship distribution regulations. ...

2019 Required Amendments List for Employee Plans
The IRS has issued its 2019 Required Amendments List (2019 RA List) for individually designed employee retirement plans. Beginning with the 2019 list, all RA Lists will apply to both Code Sec. 401(a) ...

Date Extended for Applying Foreign Branch Rules
A one-year extension has been granted for applying the Code Sec. 987 final regulations, and certain related final and temporary regulations covering foreign branch transactions of U.S. corporations. T...

Guidance Updated for Making Adequate Disclosure
The IRS has updated its guidance that identifies circumstances under which a disclosure on a taxpayer’s income tax return with respect to an item or position is "adequate" for reducing the under...

IRS Releases 2020 Inflation-Adjusted Tax Tables, Other Amounts
The IRS has released the annual inflation adjustments for 2020 for over 60 tax provisions, including the income tax rate tables. The IRS issues these cost-of-living adjustments (COLAs) each year to re...

2020 Inflation Adjustments for Pension Plans, Retirement Accounts
The IRS has released the 2020 cost-of-living adjustments (COLAs) for pension plan dollar limitations, and other retirement-related provisions.Highlights of 2020 ChangesThe contribution limit for emplo...

IRS Updates Guidance on Computing Deductions for Operating a Vehicle
The IRS has released guidance that updates Rev. Proc. 2010-51, I.R.B. 2010-51, 883 to reflect changes made to Code Secs. 67 and 217 by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). Rev. Proc. 2010-...

Accounting Method Change Procedures Updated
The IRS has released guidance listing the specific changes in accounting method to which the automatic change procedures in Rev. Proc. 2015-13, I.R.B. 2015-5, 419, apply. This guidance updates and sup...

Proposed Updated RMD Tables Issued
The IRS has proposed updated life expectancy and distribution period tables under the required minimum distribution (RMD) rules. The proposed tables reflect the general increase in life expectancy, an...

Joint Directive on Work Opportunity Tax Credit Issued
The IRS Large Business and International Division (LB&I) and Small Business/Self-Employed Division (SBSE) have issued a joint directive to provide instructions to LB&I and SBSE examiners on th...

New LB&I Campaign on Deferred Foreign Income
The IRS Large Business and International (LB&I) has added a new active campaign to the IRS website called "IRC 965." The campaign’s goal is to promote compliance with Code Sec. 965, Treatmen...

IRS Highlights Steps For Smooth Processing of Taxpayers' 2019 Federal Tax Returns
The IRS urged taxpayers to act now to ensure the smooth processing of their 2019 federal tax return. This reminder, first in a series, was aimed to help taxpayers get ready for the upcoming tax filing...

CA - OTA allows inclusion of VAT in sales factor
The California Office of Tax Appeals (OTA) has held that value-added tax (VAT) imposed on the provision of services should be included in the state apportionment formula sales factor. In a precedentia...

CO - State and local sales and use tax rate changes announced
The Colorado Department of Revenue has announced state and local sales and use tax rate changes that are effective January 1, 2020.State Sales and Use Tax ChangeColorado’s service fee is set at ...

FL - Walton County increases local option tourist development tax rate
Effective January 1, 2020, the Florida local option tourist development tax in Walton County is increased from 4% to 5%. History of Local Sales Tax and Current Rates, Florida Department of Revenu...

GA - 2020 interest rate announced
The interest rate applied to Georgia tax overpayments and underpayments for 2020 is 7.75% (accruing monthly).Interest RatesThe interest rate for 2019 was 8.50%. The interest rates from previous years ...

NJ - New Jersey pass-through business alternative income tax enacted
New Jersey has enacted legislation creating:an elective entity-level alternative income tax for pass-through businesses; andan offsetting credit to taxpayers who receive income from a pass-through bus...

NY - Deficiency notice sustained for failure to prove change of domicile
A personal income taxpayer was properly issued a notice of deficiency asserting additional New York City (City) and State personal income taxes because the taxpayer failed to establish that he was dom...

NC - Adjustment of values in non-revaluation year reversed
For property tax purposes, a decision of the North Carolina Property Tax Commission reversing the County Board of Equalization and Review’s (Board’s) 2017 revaluation was affirmed because ...

PA - Taxpayers may submit community development corporation lottery application on January 14, 2020
For corporate income tax purposes, the Philadelphia Department of Revenue (department) has announced that taxpayers who want to participate in community development corporation (CDC) tax credit lotter...

SC - Increased job tax credit for tier III and IV counties discussed
For corporate, personal, trust, and excise tax purposes, the South Carolina Department of Revenue issued a revenue ruling on the increased job tax credit amount for Tier III or IV counties. The ruling...

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