The IRS has released the 2027 inflation-adjusted amounts for health savings accounts under Code Sec. 223. For calendar year 2027, the annual limitation on deductions under Code Sec. 223(b)(2) for a...
The IRS has introduced new online features that allow taxpayers to view and submit Trump Account elections through their IRS Individual Account. The new tools are meant to make the process easier, fa...
The IRS and its Security Summit partners have announced a new framework to better protect taxpayers from identity theft and tax fraud. The updated approach is designed to improve information sharing a...
The IRS has encouraged taxpayers to use official IRS social media accounts and e-News services to stay informed and avoid false tax information online. Social media can be a helpful way to get updates...
The IRS Electronic Tax Administration Advisory Committee released its 2026 annual report with 18 recommendations aimed at improving electronic tax administration and taxpayer service. Six recommendati...
The IRS has released the inflation adjustment factor for the credit for carbon oxide sequestration under Code Sec. 45Q for 2026. The inflation adjustment factor is 1.4639, and the credit is $29.28 p...
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, for facili...
The IRS has announced the applicable percentage under Code Sec. 613A to be used in determining percentage depletion for marginal properties for the 2026 calendar year. Code Sec. 613A(c)(6)(C) defi...
Alabama announced new sales, use, and rental tax rate changes for the City of Calera effective July 1, 2026. The general sales and use tax rate increases from 4% to 5%, while the rental tax general ra...
A dispute arose over how to calculate tax credits for the Municipality of Anchorage’s natural gas production. Alaska law taxes the production of natural gas, while also allowing gas producers to cla...
Arizona updated its personal income tax provisions related to the AZ529 Education Savings Plan by conforming key definitions to federal law, raising the allowable limit for K–12 tuition withdrawals,...
A manufacturer of chicken and food products was not eligible for an Arkansas sales tax refund on rentals of pallets used to delivery its products because such transactions were not "sales for resale"....
For the 2026-27 fiscal year, California personal income tax and corporate tax collection cost recovery fees are set at $362 for an individual, fiduciary, partnership, or limited liability company (LLC...
Colorado issued guidance on how wholesalers without a state-issued sales tax license may claim a sales tax exemption on purchases made in Colorado. Wholesalers without a state-issued sales tax license...
Effective July 1, 2026, through June 30, 2027, the Connecticut prepaid wireless E 9-1-1 fee that retailers of prepaid wireless telecommunications service are required to collect from consumers is $0.7...
Delaware Gov. Matt Meyer delivered a presentation for his fiscal year 2027 budget that includes proposals to increase taxes on cigarettes and other tobacco products and to establish a film tax credit....
The District of Columbia Attorney General issued an opinion on personal and corporate income tax liabilities for tax year 2025. The opinion states that House Joint Resolution 142, disapproving of Emer...
Effective July 1, 2026, through June 30, 2027, the indexed tax rate for the calculation of Florida use tax due on asphalt manufactured by a contractor for the contractor’s own use is $1.19 (formerly...
Georgia updated its guidance on personal income tax withholding requirements for employers in 2026. The revisions include a reduction in the state income tax rate from 5.19% to 4.99%, effective May 11...
Hawaii extended its income tax relief for taxpayers affected by the March 2026 Kona Low weather event. The Department of Taxation will waive penalties and interest for late filing of returns and late ...
daho residents are reminded about previously enacted legislation that provides a sales and use tax exemption for certain small sellers with annual sales of $5,000 or less. The exemption is effective J...
Illinois issued guidance on changes to the hotel operators’ occupation, effective July 1, 2026, that:eliminate the 200-transaction threshold for requiring re-renters of hotel rooms to collect and pa...
New guidance is issued on modifications for specific research expenditures post-OBBBA. The general treatment of 2022-2024 specific research expenditures and post-2024 foreign research expenditures is ...
An Iowa Administartive Law Judge (ALJ) ruled on whether a taxpayer was correctly assessed as a withholding agent personally liable for his LLC’s unpaid Iowa withholding taxes. The ALJ found that the...
Kansas announced local transient guest tax rate changes for the second quarter of 2026. Effective July 1, 2026, the transient guest tax rates are:6% for the City of Larned, Leavenworth County, and Mit...
Kentucky Gov. Andy Beshear announced an extension of his executive order reducing gas and special fuel tax rates by 10 cents per gallon in 33 cities and counties where local officials requested an ext...
The Louisiana Department of Revenue has announced that a preliminary fortified home evaluation is no longer required to qualify for the fortified roof tax credit against personal income tax. Revenue I...
Maine Revenue Services has issued a summary of legislation enacted during the 2026 Legislative Session. 2026 Legislation Enacted, Maine Revenue Services, June 15, 2026...
The Maryland Comptroller has issued a summary of sales and use tax legislation enacted during the 2026 regular session of the Maryland General Assembly. The alert also summarizes legislation that requ...
Massachusetts issued guidance addressing changes to corporate and personal income taxes as part of the Fiscal Year 2026 Final Mid-Year Supplemental Appropriation Bill. The guidance introduces tax cred...
The Michigan Tax Tribunal's valuation of a continuing senior care retirement center (CCRC) was reversed and remanded because it failed to consider rent restrictions under 26 USC 142 in its valuation. ...
The Minnesota Tax Court granted summary judgment in favor of the Commissioner of Revenue, affirming income tax orders after a business entity's gross receipts and deductions were found inconsistent wi...
Mississippi has revised its technical bulletin regarding sales tax applicable to purchases by farmers to reflect recent legislation. The revisions add gates and fencing for the containment of livestoc...
Hotel lodging charges are exempt from Missouri state and local sales and use tax when payment is made directly by the U.S. Government. Also, the lodging charges are exempt from state and local sales a...
Taxpayers appealed a final decision by the Montana Department of Revenue (Department) denying a deduction for interest paid on shareholder promissory notes (Subject Transactions). The Department concl...
The Nebraska motor fuels tax rate remains 31.8 cents per gallon for the period of July 1 through December 31, 2026. News Release, Nebraska Department of Revenue, June 23, 2026...
Nevada's Department of Taxation has revised the criteria for nonprofit organizations to qualify for sales and use tax exemptions, requiring compliance with enhanced standards. In determining whether a...
New Hampshire Business Profits Tax estimated tax payment credit amounts have been amended as follows.For tax periods after ending on or after December 31, 2033, the maximum credit is 350% of tax liabi...
New Jersey is temporarily capping the corporate business tax net operating loss deduction at $1 million, for privilege periods ending on or after July 31, 2026 but before July 31, 2030. For privilege ...
New Mexico has announced that its interest rate on underpaid and overpaid taxes will increase to 7% for the third quarter of 2026. Penalty & Interest Rates, New Mexico Taxation and Revenue Departm...
In a personal income tax case involving a professor who worked for a New York law school from his out-of-state home during the COVID-19 pandemic, an appellate court found that it was permissible for t...
Guidance is issued regarding recently enacted legislation, effective July 1, 2025, that changed the North Carolina excise tax rate methodology for snuff, imposed a new excise tax on alternative nicoti...
North Dakota has announced the following local sales and use tax changes effective July 1, 2026: (1) the city of Drayton will increase its city sales, use, and gross receipts tax to 3.5%; (2) the city...
Ohio has released the petroleum activity tax (PAT) statewide average wholesale prices for the third quarter of 2026.The average prices per gallon for the second quarter are:$1.956 for unleaded gasolin...
The Oklahoma Tax Commission has announced an additional local sales and use tax change for the period of July 1, 2026 through September 30, 2026. Hominy decreases its sales and use tax rate to 3.0%. R...
Portland has amended its Arts Tax to provide tax relief and enhance the sustainability of the Arts Access Fund.The tax is increased from $35 to $50 on each resident of Portland who is at least 18 in t...
Philadelphia has increased the income limits for three property tax relief programs. The increased income limits are in line with U.S. Department of Housing and Urban Development (HUD) 2026 Income Lim...
Effective July 1, 2027, certain urban and small farmers are exempt from Rhode Island personal income, sales, and property taxes. A "small farmer" is a farmer engaged in agricultural operations on fewe...
South Carolina has announced that the annual sales tax holiday will take place August 7, 2026, through August 9, 2026. The following items will be exempt:clothing and clothing accessories,footwear,sch...
South Dakota's Department of Revenue has issued updated municipal and special jurisdiction tax rate charts for sales and use taxes, effective from July to December 2026. The document outlines general ...
Under a recently enacted Tennessee property tax law, a collecting official or the division of property assessments is not required to request documentation verifying the income of an elderly person se...
Texas revised its rule regarding the cost of goods sold (COGS) deduction under the state's franchise tax to address some recent legislation, policy changes, and court cases. The amendments include:Dep...
The Utah State Tax Commission issued a bulletin on previously enacted legislation that increases the lubricating oil fee from 4 cents per quart (or 16 cents per gallon) to 8 cents per quart (or 32 cen...
The maximum Vermont sales and use tax that can be imposed on the purchase of tracked vehicles for sales that occur between July 1, 2026, and June 30, 2028, is $1,810 after adjustment for 2024 and 2025...
The Virginia Department of Taxation issued its 2026 legislative summary to reflect state and local tax legislation enacted during the 2026 Session of the General Assembly, including the 2026 Special S...
The Washington Department of Revenue has provided guidance on reporting changes for first mortgage interest for business and occupation (B&O) tax purposes. Beginning July 1, 2026, income from firs...
West Virginia revised guidance on withholding requirements for gambling winnings to reflect an increase in the threshold for federal backup withholding requirements. The minimum federal threshold amou...
The Wisconsin Tax Appeals Commission granted a Wisconsin Department of Revenue Motion to Dismiss. The taxpayer had not filed taxes since 2005. In addition to over 100 pieces of correspondence to the t...
Wyoming issued guidance implementing recent legislation making changes to the state's tax on electricity used to power motor vehicles. The legislation changed the tax rate on electricity used to power...
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The 2026 tax season will begin late January, and we are here to make the process simple, accurate, and stressfree for you. With over 36 years serving our community, our goal is to provide honest, reliable, and professional tax preparation service you can trust.
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