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2024 Year-End Tax Planning 2024 Post-Election Tax Policy Update 2024 Post-Filing Season Update Consolidated Appropriations Act, 2021 (revised)2020 Payroll Tax Deferral Order CARES Act Coronavirus Tax Relief

IRS Offers Checklist of Reminders as Taxpayers Prepare to File 2024 Tax Returns, IR-2024-297
The IRS has offered a checklist of reminders for taxpayers as they prepare to file their 2024 tax returns. Following are some steps that will make tax preparation smoother for taxpayers in 2025:Create...

IRS Implements Measures to Prevent Refund Delays by Accepting Duplicate Dependent Returns with IP PIN, IR-2024-294
The IRS implemented measure to avoid refund delays and enhanced taxpayer protection by accepting e-filed tax returns with dependents already claimed on another return, provided an Identity Protection ...

IRSAC Issues 2024 Annual Report with Key Recommendations for Tax Administration, IR-2024-293
The IRS Advisory Council (IRSAC) released its 2024 annual report, offering recommendations on emerging and ongoing tax administration issues. As a federal advisory committee to the IRS commissioner, ...

IRS Announces Second Remedial Amendment Cycle For Code Sec. 403(b) Pre-Approved Plans, Announcement 2024-38
The IRS announced details for the second remedial amendment cycle (Cycle 2) for Code Sec. 403(b) pre-approved plans. The IRS also addressed a procedural rule that applies to all pre-approved plans a...

IRS Publishes Fiscal Year 2024 Financial Report and Receives Award for 2023 Report, IR-2024-286
The IRS has published its latest Financial Report, providing insights into the Service's current financial status and addressing key financial matters. The report emphasizes the IRS's programs, achiev...

IRS Allocates Unused Low-Income Housing Credits, Rev. Proc. 2024-41
The IRS has published the amounts of unused housing credit carryovers allocated to qualified states under Code Sec. 42(h)(3)(D) for calendar year 2024. The IRS allocates the national pool of unused ...

AL - Town of riverview increases certain local tax rates
Effective December 1, 2024, the town of Goodwater increases certain local Alabama sales and use tax rates.Increased Tax RatesThe sales and use tax rates for the following increase as indicated:general...

AR - Local tax rate change announced
The Barling, Arkansas, 2% local sales tax rate is rescinded effective January 1, 2025: Local Sales & Use Tax Rate Changes, Arkansas Department of Finance and Administration, October 9, 2024...

CA - Former affiliate's qualified research expenses included in credit calculation
A taxpayer had to include the qualified research expenses (QREs) of a former affiliate, which were incurred in a prior tax year, in computing the taxpayer's fixed-base percentage for purposes of the C...

CO - New portal for reporting/paying surplus lines premium taxes beginning in 2025
Colorado licensed surplus lines agents and direct procurement filers must use a new Surplus Lines Information Portal (SLIP) for the reporting and payment of Colorado surplus lines premium taxes, effec...

FL - Seminole County local government infrastructure surtax rate continues at 1%
On November 5, 2024, voters in Seminole County approved a ballot referendum extending the expiration date of Seminole County’s 1% Local Government Infrastructure Surtax from December 31, 2024, to De...

GA - New tax rate chart released for sales exempt from certain local taxes
The Georgia Department of Revenue has released a sales and use tax chart for sales exempt from certain local taxes. The rates are effective January 1, 2025. Sales Exempt from Certain Local Taxes, Geor...

IL - Electricity excise tax regulations amended
Illinois amended electricity excise tax regulations to update and clarify:estimated tax payment and electronic funds transfer requirements;exemptions for enterprise zone or high impact businesses, Rei...

IN - December 2024 gasoline use tax rate announced
The Indiana gasoline use tax rate for the month of December 2024, is $0.166 per gallon. Departmental Notice #2, Indiana Department of Revenue, December 2024...

KS - Guidance issued on used car deduction
Kansas issued guidance on the sales tax deduction, effective beginning with the 2025 tax year, for the price of a used car sold within 120 days before or after the purchase of a new or used vehicle. T...

KY - Homestead exemption for seniors and disabled individuals announced
Kentucky announced the amount of the homestead exemption for residential property owners who are 65 years of age or older or classified as totally disabled. The exemption for eligible taxpayers is $49...

MI - Prepaid fuel tax rates announced
The Michigan prepaid sales tax rate for fuel is decreased to 15.8 cents per gallon for the period of January 1, 2025 through January 31, 2025. The rate for diesel fuel is increased to 19.5 cents per g...

MO - Local tax rate changes announced
The following local Missouri sales and use tax rate changes take effect January 1, 2025. Also, new rates are listed for each county, city, and special district affected by the rate changes.County Chan...

NH - Meals and rentals tax regulations amended, renumbered
The New Hampshire Department of Revenue Administration has amended, renumbered, and readopted regulations concering meals, catering, and food products: hotels and accomodations; services; and procedur...

NJ - Assessed interest rate on outstanding balances for 2025 announced
New Jersey has issued a technical bulletin stating that the assessed interest rate on outstanding tax balances for the period January 1, 2025, to December 31, 2025, is 10.75%. The rate is calculated b...

NM - Interest rate decreases for first quarter of 2025
The interest rate charged on an underpayment or paid on an overpayment of New Mexico tax will decrease to 7% for the first quarter of 2025. The rates can be viewed on the New Mexico Department of Reve...

NY - Carry over of excess charitable contributions to subsequent tax years discussed
The New York Department of Taxation and Finance has issued a personal income tax advisory opinion on the carry over of charitable deductions that exceed limits based on the New York State adjusted gro...

NC - Taxpayer’s petition barred by state’s sovereign immunity
A taxpayer’s petition challenging a North Carolina sales and use tax assessment was barred by the doctrine of sovereign immunity because the petition was untimely filed. In this matter, the taxpayer...

OK - Employer’s withholding guide updated
The Oklahoma Tax Commission has updated its withholding guide for employers withholding personal income tax from their employees’ wages in 2025. The guide contains general information regarding regi...

PA - Ready to drink cocktail (RTDC) permit discussed
For sales and use tax purposes, Pennsylvania discusses ready to drink cocktail (RTDC) permit. A RTDC permit holder may purchase RTDC from the Pennsylvania Liquor Control Board (PLCB) or from a license...

SC - Interest rates on underpayments and overpayments announced
From January 1, 2025, through March 31, 2025, the South Carolina interest rate on underpayments of taxes is 7%. The refund rate for overpayments is 4%. Information Letter 24-19, South Carolina Depart...

TN - Surcharge announced for Davidson County
Tennessee announced that voters in Davidson County approved a 0.5% surcharge on the local option sales tax, effectively increasing the local sales tax rate to 2.75% beginning February 1, 2025. The new...

TX - October 2024 certification of the average closing price of gas and oil released
The Texas Comptroller of Public Accounts has determined the average taxable price of crude oil for the reporting period October 2024 is $46.61 per barrel for the three-month period beginning on July 1...

WV - Variable and combined motor excise tax rates announced for 2025
West Virginia issued a notice announcing the variable and combined motor excise fuel tax rates for the 2025 calendar year. The excise tax consists of a flat rate and variable rate based on the average...

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