Catalano, Caboor & Co.
Tax Alerts
Tax Briefing(s)
2023 Health Savings Account Inflation Adjustments Released, Rev. Proc. 2022-24
The IRS has released the 2023 inflation-adjusted amounts for health savings accounts under Code Sec. 223. For calendar year 2023, the annual limitation on deductions under Code Sec. 223(b)(2) for a...
The IRS has released the 2023 inflation-adjusted amounts for health savings accounts under Code Sec. 223. For calendar year 2023, the annual limitation on deductions under Code Sec. 223(b)(2) for a...
2022 Allowable Living Expense Standards Provided
The IRS has updated its website to provide the Allowable Living Expense (ALE) standards for 2022. These standards are used to help determine a taxpayer's ability to pay a delinquent tax liability. ALE...
The IRS has updated its website to provide the Allowable Living Expense (ALE) standards for 2022. These standards are used to help determine a taxpayer's ability to pay a delinquent tax liability. ALE...
U.S. Bans Accounting Services to Russia
The Treasury Department announced on May 8, 2022, that the exportation, reexportation, sale, or supply, directly or indirectly, from the United States, or by a United States person, wherever located, ...
The Treasury Department announced on May 8, 2022, that the exportation, reexportation, sale, or supply, directly or indirectly, from the United States, or by a United States person, wherever located, ...
2022 Marginal Production Percentage Depletion Rates Announced, Notice 2022-24
The IRS has announced the applicable percentage under Code Sec. 613A to be used in determining percentage depletion for marginal properties for the 2022 calendar year. Code Sec. 613A(c)(6)(C) defi...
The IRS has announced the applicable percentage under Code Sec. 613A to be used in determining percentage depletion for marginal properties for the 2022 calendar year. Code Sec. 613A(c)(6)(C) defi...
GAO Examines Federal COVID-19 Response, GAO-22-105397
The Government Accountability Office (GAO) has issued a report examining the federal government’s continued efforts to respond to and recover from the COVID-19 pandemic. In conducting its examinatio...
The Government Accountability Office (GAO) has issued a report examining the federal government’s continued efforts to respond to and recover from the COVID-19 pandemic. In conducting its examinatio...
FAQs for Payment by Indian Tribal Governments and Alaska Native Corporations to Individuals Finalized, FS-2022-23; IR-2022-68
The IRS has issued final frequently asked questions (FAQs) for payments by Indian Tribal Governments and Alaska Native Corporations to individuals under COVID- Relief Legislation. These reflect update...
The IRS has issued final frequently asked questions (FAQs) for payments by Indian Tribal Governments and Alaska Native Corporations to individuals under COVID- Relief Legislation. These reflect update...
IRS Reminds Tax-Exempt Organizations about May 16 Filing Deadline, IR-2022-93
The IRS reminded tax-exempt organizations about the May 16, 2022, filing deadline for many of them. Those tax-exempt organizations that operate on a calendar-year basis have to file the following retu...
The IRS reminded tax-exempt organizations about the May 16, 2022, filing deadline for many of them. Those tax-exempt organizations that operate on a calendar-year basis have to file the following retu...
AL - Appeal from nonfinal judgment dismissed for lack for jurisdiction
The Alabama Department of Revenue’s (department’s) appeal from a judgment of the Circuit Court was dismissed for lack of jurisdiction because it arose from a nonfinal judgment. In this matter, the...
The Alabama Department of Revenue’s (department’s) appeal from a judgment of the Circuit Court was dismissed for lack of jurisdiction because it arose from a nonfinal judgment. In this matter, the...
AK - Alaska's governor proposes fuel tax relief
Alaska Gov. Mike Dunleavy proposed an amendment to HB 104 for the immediate suspension of the collection of tax on motor and marine fuels, aviation gas, and aviation jet fuel until June 30, 2023. HB 1...
Alaska Gov. Mike Dunleavy proposed an amendment to HB 104 for the immediate suspension of the collection of tax on motor and marine fuels, aviation gas, and aviation jet fuel until June 30, 2023. HB 1...
AZ - IRC conformity updated
Arizona has updated its conformity to the Internal Revenue Code (IRC) for income tax purposes. For tax years beginning after 2021, Arizona now conforms to the IRC as amended and in effect on January 1...
Arizona has updated its conformity to the Internal Revenue Code (IRC) for income tax purposes. For tax years beginning after 2021, Arizona now conforms to the IRC as amended and in effect on January 1...
AR - Sale of kerosene for off-road use subject to tax
For sales and use tax purposes, a fuel distributor (taxpayer) would be subject to Arkansas gross receipts tax on the sale of kerosene for off-road use when sold from a terminal. Generally, dyed distil...
For sales and use tax purposes, a fuel distributor (taxpayer) would be subject to Arkansas gross receipts tax on the sale of kerosene for off-road use when sold from a terminal. Generally, dyed distil...
CA - Unreported installment sale gain properly accelerated
An out of state S corporation and its shareholders group (taxpayers) were properly subject to additional California corporate income tax assessment as the S corporation (corporation) was dissolved and...
An out of state S corporation and its shareholders group (taxpayers) were properly subject to additional California corporate income tax assessment as the S corporation (corporation) was dissolved and...
CO - Heart monitor does not qualify for medical devices exemption
The Colorado Department of Revenue (department) issued a letter ruling discussing the application of sales and use tax on the retail sale of heart monitors. In this matter a company (taxpayer) sold he...
The Colorado Department of Revenue (department) issued a letter ruling discussing the application of sales and use tax on the retail sale of heart monitors. In this matter a company (taxpayer) sold he...
CT - Governor signs legislation suspending tax on gasoline for limited time
Connecticut Gov. Ned Lamont signed emergency legislation (H.B. 5501, Laws 2022) that:suspends the imposition of motor vehicle fuels excise tax on gasoline from April 1, 2022 to June 30, 2022; andenact...
Connecticut Gov. Ned Lamont signed emergency legislation (H.B. 5501, Laws 2022) that:suspends the imposition of motor vehicle fuels excise tax on gasoline from April 1, 2022 to June 30, 2022; andenact...
DE - Hurricane IDA affected taxpayers can file returns by January 3, 2022
Delaware taxpayers located in areas affected by Hurricane Ida, that have been designated as disaster areas, will have until January 3, 2022 to file tax returns and submit tax payments. The Delaware ...
Delaware taxpayers located in areas affected by Hurricane Ida, that have been designated as disaster areas, will have until January 3, 2022 to file tax returns and submit tax payments. The Delaware ...
FL - IRC conformity legislation sent to governor
The Florida Senate approved and sent to Gov. Ron DeSantis legislation that would modify the IRC conformity tie-date for computing corporate income tax liability. H.B. 7071, as approved by the Florida...
The Florida Senate approved and sent to Gov. Ron DeSantis legislation that would modify the IRC conformity tie-date for computing corporate income tax liability. H.B. 7071, as approved by the Florida...
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 rate chart for sales exempt from certain local taxes. The rates are effective April 1, 2022. Georgia Sales and Use Tax Rates - Sal...
The Georgia Department of Revenue has released a sales and use tax rate chart for sales exempt from certain local taxes. The rates are effective April 1, 2022. Georgia Sales and Use Tax Rates - Sal...
HI - New deadline for employers to file and furnish form W-2/HW-2 discussed
For personal income tax withholding purposes, the Hawaii Department of Taxation (department) has issued a tax announcement to remind all Hawaii employers about changes to due dates for Form W-2/HW-2.E...
For personal income tax withholding purposes, the Hawaii Department of Taxation (department) has issued a tax announcement to remind all Hawaii employers about changes to due dates for Form W-2/HW-2.E...
ID - Bonus depreciation adjustment provisions revised
Idaho has amended a 2021 law originally enacted to clarify that certain federal bonus depreciation should not be added back in determining Idaho taxable income. The new amendments change the 2021 law ...
Idaho has amended a 2021 law originally enacted to clarify that certain federal bonus depreciation should not be added back in determining Idaho taxable income. The new amendments change the 2021 law ...
IL - Final boone county multiplier announced for 2021
The final Boone County equalization factor (multiplier) for Illinois property tax purposes has been set for 2021 at 1.0000. The final 2020 multiplier was also 1.0000. Release, Illinois Department of ...
The final Boone County equalization factor (multiplier) for Illinois property tax purposes has been set for 2021 at 1.0000. The final 2020 multiplier was also 1.0000. Release, Illinois Department of ...
IN - Property tax legislation enacted
Indiana property tax legislation is enacted that, among other provisions:effective January 1, 2023, provides that certain churches and religious societies are not required to file a personal property ...
Indiana property tax legislation is enacted that, among other provisions:effective January 1, 2023, provides that certain churches and religious societies are not required to file a personal property ...
IA - Economic development legislation enacted
Iowa has enacted legislation amending income tax credits including:extending the authorization of the Iowa Energy Center (IEC) and the IEC Board through the end of 2027 and requires the IEC to support...
Iowa has enacted legislation amending income tax credits including:extending the authorization of the Iowa Energy Center (IEC) and the IEC Board through the end of 2027 and requires the IEC to support...
KS - Senate approves pass-through entity tax, NOL deduction
The Kansas Senate approved amendments to legislation that include proposals to:provide an optional pass-through entity income tax to S corporations and partnerships;allow personal income taxpayers a c...
The Kansas Senate approved amendments to legislation that include proposals to:provide an optional pass-through entity income tax to S corporations and partnerships;allow personal income taxpayers a c...
KY - Financial institution apportionment rules adopted
Kentucky adopted amendments to corporate income tax apportionment rules for financial institutions. A financial institution must apportion income from business activity in Kentucky using a receipts fa...
Kentucky adopted amendments to corporate income tax apportionment rules for financial institutions. A financial institution must apportion income from business activity in Kentucky using a receipts fa...
LA - Interest rate on unpaid taxes remains unchanged
The interest rate on unpaid Louisiana taxes remains 6.5% for 2022. Revenue Information Bulletin No. 22-001, Louisiana Department of Revenue, December 29, 2021...
The interest rate on unpaid Louisiana taxes remains 6.5% for 2022. Revenue Information Bulletin No. 22-001, Louisiana Department of Revenue, December 29, 2021...
ME - Paper mill's tax abatement request was correctly denied
For Maine property tax purposes, the Supreme Court affirmed the superior court’s decision affirming the State Board of Property Tax Review’s (Review Board’s) denial of a paper mill’s tax abate...
For Maine property tax purposes, the Supreme Court affirmed the superior court’s decision affirming the State Board of Property Tax Review’s (Review Board’s) denial of a paper mill’s tax abate...
MD - Bipartisan tax relief agreement announced
Maryland Gov. Larry Hogan, Senate President Bill Ferguson, and House Speaker Adrienne A. Jones have announced they have reached a bipartisan agreement to provide $1.86 billion in tax relief over five ...
Maryland Gov. Larry Hogan, Senate President Bill Ferguson, and House Speaker Adrienne A. Jones have announced they have reached a bipartisan agreement to provide $1.86 billion in tax relief over five ...
MA - Tiered minimum tax proposed
The Massachusetts legislature is considering 2021 carryover legislation that proposes a tiered minimum corporate excise tax. The minimum tax would increase based on a corporation's total sales in Mass...
The Massachusetts legislature is considering 2021 carryover legislation that proposes a tiered minimum corporate excise tax. The minimum tax would increase based on a corporation's total sales in Mass...
MI - Qualified heavy equipment rental tax authorized
Michigan has enacted the "qualified heavy equipment rental personal property specific tax act." Beginning January 1, 2023, a 2% tax is imposed on each transaction of a qualified renter for renting q...
Michigan has enacted the "qualified heavy equipment rental personal property specific tax act." Beginning January 1, 2023, a 2% tax is imposed on each transaction of a qualified renter for renting q...
MN - No more sales tax June accelerated payments
Minnesota Department of Revenue reminds taxpayers that the June accelerated payment for sales and use tax has ended due to a 2021 law change. The taxpayers must file and pay their June 2022 sales and ...
Minnesota Department of Revenue reminds taxpayers that the June accelerated payment for sales and use tax has ended due to a 2021 law change. The taxpayers must file and pay their June 2022 sales and ...
MS - Rural economic development credit extended
The sunset date for the Mississippi rural economic development credit that may be claimed against corporate and personal income taxes is extended to October 1, 2025. The credit was previously schedule...
The sunset date for the Mississippi rural economic development credit that may be claimed against corporate and personal income taxes is extended to October 1, 2025. The credit was previously schedule...
MO - Rate table issued for upcoming 2022 show-me green tax holiday
The Missouri Department of Revenue has issued a sales and use tax rate table for the Show-Me Green Tax Holiday set for April 19 through April 25, 2022. Show Me Green Holiday Rates, Missouri Departmen...
The Missouri Department of Revenue has issued a sales and use tax rate table for the Show-Me Green Tax Holiday set for April 19 through April 25, 2022. Show Me Green Holiday Rates, Missouri Departmen...
MT - Education credit rules amended
Montana adopted amendments to its income tax rules regarding the student scholarship organization credit and the educational improvement program credit. Generally, the amendments reflect changes previ...
Montana adopted amendments to its income tax rules regarding the student scholarship organization credit and the educational improvement program credit. Generally, the amendments reflect changes previ...
NE - Cigarette regulations amended
The Nebraska Department of Revenue has revised several cigarette tax regulations. The revised regulations reflect that "cigarette" has the same meaning as in the sales and use tax provisions. Nonpar...
The Nebraska Department of Revenue has revised several cigarette tax regulations. The revised regulations reflect that "cigarette" has the same meaning as in the sales and use tax provisions. Nonpar...
NV - State high court upholds decision invalidating parts of 2019 MBT legislation
The Nevada Supreme Court affirmed a district court decision that invalidated portions of a 2019 law (S.B. 551) affecting the rates of the modified business tax. The law had resulted in Nevada continui...
The Nevada Supreme Court affirmed a district court decision that invalidated portions of a 2019 law (S.B. 551) affecting the rates of the modified business tax. The law had resulted in Nevada continui...
NH - Disaster-related nexus waiver provisions enacted
New Hampshire has enacted provisions stating that no out-of-state businesses or employees who are in the state to perform disaster-related or emergency-relate work will be deemed to have established s...
New Hampshire has enacted provisions stating that no out-of-state businesses or employees who are in the state to perform disaster-related or emergency-relate work will be deemed to have established s...
NJ - Tax relief for hurricane IDA victims extended
Individuals and corporations affected by Hurricane Ida now have until February 15, 2022, to file their New Jersey tax returns and submit payments for any return and/or payment, including estimated pay...
Individuals and corporations affected by Hurricane Ida now have until February 15, 2022, to file their New Jersey tax returns and submit payments for any return and/or payment, including estimated pay...
NY - Petition dismissed for lack of jurisdiction
A taxpayer’s petition for revision of a determination of New York State sales and use tax was dismissed as the Division of Tax Appeals (division) lacked subject matter jurisdiction. In this matter, ...
A taxpayer’s petition for revision of a determination of New York State sales and use tax was dismissed as the Division of Tax Appeals (division) lacked subject matter jurisdiction. In this matter, ...
NC - Taxpayer meets the definition of "marketplace facilitator"
Taxpayer, an affiliate of original equipment manufacturers (OEMs) that sell parts through their network, is a marketplace facilitator who makes marketplace facilitated sales in North Carolina for sale...
Taxpayer, an affiliate of original equipment manufacturers (OEMs) that sell parts through their network, is a marketplace facilitator who makes marketplace facilitated sales in North Carolina for sale...
ND - Summary of 2021 legislation released
North Dakota issued a summary containing highlights of corporate and personal income tax legislation enacted in 2021, including laws that:expanded the credits for nonprofit private school contribution...
North Dakota issued a summary containing highlights of corporate and personal income tax legislation enacted in 2021, including laws that:expanded the credits for nonprofit private school contribution...
OH - Changes for employers to report tax year 2021 W-2/1099-R discussed
Ohio informs employers that the Department of Taxation (department) is lowering the threshold for the electronic filing of W-2 and 1099-R information for calendar year 2021 information (submitted in 2...
Ohio informs employers that the Department of Taxation (department) is lowering the threshold for the electronic filing of W-2 and 1099-R information for calendar year 2021 information (submitted in 2...
OK - Legislation that removes tax on food and food ingredients passes house
The Oklahoma House of Representatives has passed a bill that would enact a 0% sales tax rate on food and food ingredients from July 1, 2022 through June 30, 2024. Local taxes would still apply.The leg...
The Oklahoma House of Representatives has passed a bill that would enact a 0% sales tax rate on food and food ingredients from July 1, 2022 through June 30, 2024. Local taxes would still apply.The leg...
OR - Funded research activities not qualified for research credit
For Oregon corporate income and personal income tax purpose, a corporation and its shareholders (taxpayers), were properly denied research tax credit as the taxpayers failed to establish whether or to...
For Oregon corporate income and personal income tax purpose, a corporation and its shareholders (taxpayers), were properly denied research tax credit as the taxpayers failed to establish whether or to...
PA - Dismissal of taxpayer’s uniformity challenge upheld
A Pennsylvania trial court did not err in determining that the taxpayer was not entitled to property tax abatement on its apartment complex because the taxpayer failed to prove that the assessment of ...
A Pennsylvania trial court did not err in determining that the taxpayer was not entitled to property tax abatement on its apartment complex because the taxpayer failed to prove that the assessment of ...
RI - Notice on change in real estate conveyance tax revised
Rhode Island has revised a notice about the change in the real estate conveyance tax. Effective January 1, 2022, an additional $2.30 will apply for each $500.00, or fractional part thereof, in conside...
Rhode Island has revised a notice about the change in the real estate conveyance tax. Effective January 1, 2022, an additional $2.30 will apply for each $500.00, or fractional part thereof, in conside...
SC - Reporting issues for active trade or business income discussed
South Carolina released an information letter discussing 2021 tax forms and reporting issues related to active trade or business income (ATBI). As previously reported, beginning with tax year 2021, So...
South Carolina released an information letter discussing 2021 tax forms and reporting issues related to active trade or business income (ATBI). As previously reported, beginning with tax year 2021, So...
SD - Exemption for youth and amateur sport coaches
Coaches of youth and amateur sports teams whose gross receipts from coaching total less than $4,000 annually are exempt from South Dakota sales and use taxes. A youth or amateur sport is considered an...
Coaches of youth and amateur sports teams whose gross receipts from coaching total less than $4,000 annually are exempt from South Dakota sales and use taxes. A youth or amateur sport is considered an...
TN - State decouples from TCJA changes to research deduction
Tennessee has decoupled from the federal Tax Cuts and Jobs Act changes affecting the deduction under IRC Sec. 174 for research and experimental expenditures. Accordingly, for tax years beginning after...
Tennessee has decoupled from the federal Tax Cuts and Jobs Act changes affecting the deduction under IRC Sec. 174 for research and experimental expenditures. Accordingly, for tax years beginning after...
TX - Audiovisual service provider was properly denied franchise tax refund
An audiovisual equipment and service provider was properly denied Texas franchise tax refund as the taxpayer's payments made to hotels that are corporations were not required to be included on Form 10...
An audiovisual equipment and service provider was properly denied Texas franchise tax refund as the taxpayer's payments made to hotels that are corporations were not required to be included on Form 10...
UT - Mobile workforce exemption created
The wages of some nonresident individuals who work in the state for 20 or fewer days will not be subject to Utah income tax, beginning in tax year 2023. To qualify for the tax exemption:the individual...
The wages of some nonresident individuals who work in the state for 20 or fewer days will not be subject to Utah income tax, beginning in tax year 2023. To qualify for the tax exemption:the individual...
VT - MFTIA and MFTA rates announced for second quarter of 2022
Vermont has announced the motor fuel transportation infrastructure assessment (MFTIA) and motor fuel tax assessment (MFTA) rates for the second quarter of 2022 (April to June 2022).MFTIA Rate Increase...
Vermont has announced the motor fuel transportation infrastructure assessment (MFTIA) and motor fuel tax assessment (MFTA) rates for the second quarter of 2022 (April to June 2022).MFTIA Rate Increase...
VA - Expiration of exemption for covid-19 PPE effective march 24, 2022, discussed
The Virginia Department of Taxation issued a bulletin regarding the expiration of the retail sales and use tax exemption for personal protective equipment (PPE) related to COVID-19. Effective March 24...
The Virginia Department of Taxation issued a bulletin regarding the expiration of the retail sales and use tax exemption for personal protective equipment (PPE) related to COVID-19. Effective March 24...
WA - Tax deferral program created for solar canopies in commercial centers
A Washington sales and use tax deferral program has been authorized for solar canopies placed on large-scale commercial parking lots.ApplicationThe department must issue a sales and use tax deferral c...
A Washington sales and use tax deferral program has been authorized for solar canopies placed on large-scale commercial parking lots.ApplicationThe department must issue a sales and use tax deferral c...
WV - Home inspection services do not qualify as exempt professional services
Home inspection services do not qualify as professional services exempt from West Virginia sales and use tax.Professional ServicesThe term "professional service" is not defined in the tax code. Howe...
Home inspection services do not qualify as professional services exempt from West Virginia sales and use tax.Professional ServicesThe term "professional service" is not defined in the tax code. Howe...
WI - Exemption enacted for restaurant revitalization grants
Wisconsin enacted an exemption for income received in the form of grants from the restaurant revitalization fund under the federal American Rescue Plan Act. In addition, otherwise deductible amounts t...
Wisconsin enacted an exemption for income received in the form of grants from the restaurant revitalization fund under the federal American Rescue Plan Act. In addition, otherwise deductible amounts t...
WY - Local rate changes announced
Wyoming has announced the following local sales and use tax rate changes:Beginning April 1, 2022, the rate in Laramie County increases to 6%.Beginning July 1, 2022, the rate in Johnson County decrease...
Wyoming has announced the following local sales and use tax rate changes:Beginning April 1, 2022, the rate in Laramie County increases to 6%.Beginning July 1, 2022, the rate in Johnson County decrease...
Catalano, Caboor & Co. is a full service Chicagoland CPA firm located in Lombard, Illinois.
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