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

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 Finalizes Rules Increasing Enrolled Agent Application and Renewal Fees
The IRS has finalized regulations that increase both the enrollment and renewal user fee for enrolled agents from $30 to $67. The rules also increase the renewal user fee for enrolled retirement plan ...

Indian Tribal Casino Distributions Taxable to Members
A married couple had unreported taxable income in the form of distributions received from casino revenue. However, the IRS did not obtain written supervisory approval before the first formal communica...

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...

IRS Issues Nonconventional Source Fuel Reference Price for 2018
The IRS has published the reference price under Code Sec. 45K(d)(2)(C). The credit period for the nonconventional source production credit under Code Sec. 45K ended on December 31, 2013...

Comments Sought on Carbon Oxide Sequestration Credit
The Treasury Department and the IRS have requested general comments on issues arising from the Bipartisan Budget Act of 2018 (BBA) ( P.L. 115-123) amendments to the Code Sec. 45Q credit...

IRS Clarifies Treatment of Refunds with New SALT Limits
The IRS has provided four examples of the interaction of the new limit on the deduction on state and local taxes (SALT) under Code Sec. 164(b)(6) with the tax benefit rule for refunds under&...

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 ...

IRS Issues 2018 Nonconventional Source Fuel Reference Price
The IRS has published the nonconventional source fuel reference price for calendar year 2018. The credit period for the nonconventional source production credit under Code Sec. 45K ended on ...

CA - California eliminates NOL carrybacks, conforms to TCJA provisions
Recently enacted California legislation makes a number of changes to corporate and personal income tax law, including:conforming to a number of federal Tax Cuts and Jobs Act (Public Law 115-97) (TCJA)...

CO - Contributions to club’s expansion project did not qualify for child care contribution credit
For corporate and personal income tax purposes, the Colorado Department of Revenue has issued a private letter ruling stating that a taxpayer’s contributions to a tax-exempt club’s expansi...

FL - IRC conformity update, GILTI deduction, and TCJA information reporting enacted
Florida enacted corporate income and bank franchise tax legislation that:updates the IRC conformity tie-in date for computing tax liability;allows a deduction for IRC Sec. 951A global intangible low-t...

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...

NJ - Tax deduction for veterans increased
New Jersey increases the gross income tax deduction for taxpayers who are veterans honorably discharged or released from active duty in the U.S. military or National Guard from $3,000 to $6,000. (A.B....

NY - Film credits reduced to fund diversity job training
New York’s film production and post-production credits will be reduced beginning in 2020 to fund job creation and training programs that promote a diverse workforce. Specifically, for certificat...

NC - Taxpayers who believe kaestner facts apply and filed notice of contingent event must file amended return
The North Carolina Department of Revenue (department) clarifies that personal income taxpayers who believe that the Kaestner decision is applicable to their particular facts and circumstance...

PA - Beginning farmer tax credit enacted
Pennsylvania enacted a personal income tax credit for landowners who lease or sell their land, buildings and equipment to beginning farmers.Beginning FarmerA beginning farmer is:a Pennsylvania residen...

SC - Motor fuel rate increases
South Carolina’s motor fuel user fee is 22 cents per gallon from July 1, 2019 through June 30, 2020. Information on future rate increases can be viewed on the department’s website at ...

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