SHARON L. ROMA

Tax Alerts

Tax Briefing(s)

2018 Year-End Tax Planning Tax Reform 2.0 2018 Post-Filing Season Update Congress Approves Sweeping Tax Overhaul

Some Individuals Get 2018 Estimated Tax Penalty Waiver
The IRS announced that it is waiving the estimated tax penalty in certain circumstances. The waiver applies to certain individual taxpayers whose 2018 estimated tax payments did not meet the penalty&r...

IRS Will Process Tax Returns, Refunds Despite Government Shutdown
The IRS has announced that it will begin processing tax returns on January 28, 2019, despite the partial federal government shutdown. Taxpayer refunds will also be processed as scheduled."We are commi...

IRS Updates 2019 Tax Filing Season Shutdown Plan
The IRS released its much anticipated revised Fiscal Year (FY) 2019 Lapsed Appropriations Contingency Plan on January 15. The IRS’s updated plan for agency operations during the 2019 t...

IRS Reopens Backlogged Income Verification Service
The IRS has reopened its Income Verification Express Service (IVES) program during the partial federal government shutdown. IVES is a user fee-based program that enables mortgage lenders and others wi...

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...

CA - Guidance on disaster loss claims issued
The California Franchise Tax Board has issued publication informing taxpayers about disaster claims against their corporate and personal income tax liabilities. The publication explains who is eligibl...

CO - Governor proposes income tax reduction, vendor fee cap
Colorado Gov. Jared Polis has proposed amending the state’s tax code in order to reduce income tax rates for families and small business. The proposal came in the governor’s State of ...

FL - Florida governor proposes two tax holidays and reduction in millage rate
Florida Gov. Ron DeSantis has proposed the following in his 2019-2020 budget:a three-day back to school sales tax holiday on clothing up to $60, school supplies up to $15, and the first $1,000 on comp...

GA - Date for processing individual income tax returns announced
The Georgia Department of Revenue (DOR) has issued a press release announcing that it will begin processing individual income tax returns on February 1, 2019. The filing deadline to submit 2018 indivi...

NJ - New Jersey increases hourly minimum wage, enacts credits
New Jersey enacted two income tax credits for employers in conjunction with a minimum wage increase. The credits will be available to employers of employees with impairments whose wages are changed by...

NY - Petition for redetermination of deficiency denied
A New York State personal income taxpayer’s protest of a deficiency determination was denied because the taxpayer failed to establish that the tax court overlooked or misapprehended relevant fac...

NC - Four counties adopt additional 0.25% local tax
Effective April 1, 2019, the following North Carolina counties levy an additional 0.25% local sales and use tax:Graham;Moore;Stanly; andSwain.Total Tax RateAs of that date, the local sales and use tax...

PA - Pennsylvania tax filing season opens
The Pennsylvania Department of Revenue (department) has announced that the personal income tax filing season for tax year 2018 has opened. All taxpayers who received more than $33 in total gross taxab...

SC - Protest denied because proceeds from waivers given to customers were statutorily taxable
For South Carolina sales and use tax purposes, the Administrative Law Court (ALC) properly held that retail store operators’ (taxpayers’) proceeds from waivers given to their customers wer...

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