Tax Alerts

Tax Briefing(s)

Middle Class Tax Relief and Job Creation Act of 2012

2011 Tax Year In Review

AL - Diesel fuel sold to charter fishing boats exempt
An Alabama administrative law judge (ALJ) held that sales of diesel fuel by two marinas to charter fishing boat operators were exempt from Alabama sales tax pursuant to Code of Ala...

AK - Native corporation’s properties qualified for charitable exemption
The Alaska Supreme Court ruled that four properties of a Native corporation qualified for the property tax charitable exemption because they were used exclusively for charitable pu...

AZ - Procedures specified for requesting extensions to file withholding returns
The Arizona Department of Revenue has released information on the current procedures for requesting extensions for filing annual withholding tax returns. Previously, the department...

AR - Standard mileage rate revised for second half of 2011
The Arkansas optional standard mileage rate used by individuals in computing personal income tax business deductions is 51 cents per mile for expenses paid or incurred during Janua...

CA - Independent contractor withholding webinar announced
The California Franchise Tax Board (FTB) is holding a free webinar on December 20, 2011, at 10 a.m. PST, for those who must withhold personal income tax on California source income...

CO - Time adjustment required when using comparative sales data
The Colorado appellate court reversed an order by a county board of assessment appeals that reduced the property tax assessment of vacant land because statutory assessment provisio...

CT - DRS addresses worker misclassification problem
The Connecticut Department of Revenue Services (DRS) has issued a notice encouraging employers that have misclassified their workers (e.g., as independent contractors rath...

DE - Governor proposes credit for hiring veterans
Delaware Gov. Jack Markell proposed to expand tax credits to Delaware businesses that hire veterans in his 2012 State of the State address. The governor made no additional tax prop...

DC - All retirement account distributions taxed at highest rate
Emergency legislation enacted by the District of Columbia amends the income withholding tax rules for retirement distributions. A distribution from a retirement account will be tax...

FL - Floating interest rate remains at 7% for first half of 2012
The floating interest rate on Florida underpayments (deficiencies), late payments, and overpayments for the period from January 1, 2012, through June 30, 2012, remains at 7% for, a...

GA - Corporation not devoted entirely to charitable pursuits denied exemption
An exempt nonprofit corporation that built and rented apartments to low-income persons did not qualify for a local Georgia charitable property tax exemption because the corporation...

HI - 2011 electronic filing handbook released
The Hawaii Department of Taxation has released its Handbook for Electronic Filers of Hawaii Individual Income Tax Returns for tax year 2011. The handbook is designed as a companion...

ID - Forestland tax redesignations may be made in 2012
Since the current 10-year Idaho forestland (property) tax designation period will expire at the end of 2012, during the coming year a forest landowner may change from the productiv...

IL - Credit not applicable to deferred property tax payments
The property tax credit against Illinois personal income tax does not apply to taxpayers who participate in the state’s senior citizens real estate tax deferral program. Unde...

IN - Extension guidance updated
The Indiana Department of Revenue has released an updated personal income tax information bulletin that outlines the procedures for obtaining an extension of time to file. Specific...

IA - Military pay exclusion rules and other provisions amended
The Iowa Department of Revenue has adopted a number of rules and rule amendments relating to personal income. The amendments reflect legislative changes made by the Iowa General As...

KS - Taxability of multistate direct mail transactions examined
An opinion letter issued by the Kansas Department of Revenue examines the sales and use tax implications of a Missouri-based direct mail advertising company soliciting Kansas custo...

KY - Interest rates set for 2012
The Kentucky Department of Revenue has announced the tax interest rates for 2012. For unpaid taxes, the interest rate will increase to 6% (currently, 5%). For interest due on a ref...

The owner, Chuck Posey is an Enrolled Agent and can represent individuals in front of the IRS. He is an Accredited Business Accountant (ABA) and a Certified QuickBooks Professional Advisor. We offer a full range accounting services including write up, financial statements, QuickBooks training, Notary services, tax planning and full payroll services. We handle individual, partnership, corporate, estate and fiduciary tax preparation and planning. We specialize in small businesses.

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