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...
The interest rate on underpayments and overpayments of Alabama taxes will increase to 7% for the third quarter of 2026. Quarterly Interest Rates, Alabama Department of Revenue, June 16, 2026...
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's Department of Revenue released the transaction privilege tax (TPT) rate chart effective July 1, 2026. It includes rate changes for Florence and South Tucson. Transaction Privilege and Other ...
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"....
The motor fuels tax rate that International Fuel Tax Agreement (IFTA) and Interstate User Diesel Fuel Tax (DI) licensees report and pay with their quarterly tax returns for diesel fuel purchased outsi...
Colorado has enacted legislation affecting the business personal property tax exemption and the qualified-senior primary residence classification.Business personal property tax exemptionThe business p...
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...
Guidance is provided for businesses regarding rounding to the nearest nickel for in-person cash transactions since the penny is no longer in production.Rounding MethodThe United States Treasury ended ...
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 Gov. Josh Green has issued an executive order effectively preserving renewable energy technologies income tax credits for tax year 2026. Act 24 (S.B. 3125), Laws 2026, made significant changes ...
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 adopted and amended rules on unitary combined reporting groups to implement a change in how a group determines nexus and the apportionable income of each group member. Effective for tax yea...
The Indiana gasoline use tax rate for the month of July 2026 is $0.251 per gallon. However, taxpayers should note that Indiana Gov. Mike Braun has signed an executive order that extends, through July ...
The Iowa Department of Revenue has released new tax guidance regarding estimated income tax payments for business entities. Business entities that will owe $1000 or more in Iowa income or franchise ta...
Kansas issued guidance on transient guest tax changes during the 2026 FIFA World Cup from May 15, 2026 to July 25, 2026. The state enacted legislation that temporarily changed the definition of "trans...
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...
Beginning with the 2026 tax year, no underpayment penalty is imposed if 70% (formerly, 90%) of personal income tax due for the year was made in estimated payments. Act 307 (H.B. 633), Laws 2026, effec...
Data centers beginning operation on or after August 1, 2026, are excluded from Maine's Business Equipment Tax Exemption (BETE) and Dirigo Business Incentives Program. L.D. 713 (H.P. 452), Laws 2026, e...
Maryland announced the expansion of Maryland Tax Connect, a modernized, cloud-based platform, to serve personal income tax filers. Maryland Tax Connect will be available to individual taxpayers beginn...
The Supreme Judicial Court of Massachusetts ruled that Initiative Petition 25-18, proposing a reduction in the state personal income tax rate from 5% to 4%, did not comply with the constitutional fair...
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. ...
Minnesota updated its unclaimed property laws to establish presumed abandonment periods for virtual currency and funds held for the prepayment of funeral expenses. In addition, funds held in certain t...
Mississippi increased the non-settling manufacturer fee imposed on cigarettes, which is imposed on cigarettes from manufacturers who are not parties to the tobacco settlement agreement. Effective July...
Subject to voter approval, Missouri counties authorizing a juvenile detention facility may impose a sales tax of up to 1% on all retail sales for the purpose of providing such a facility. H.B. 2637, L...
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 Department of Revenue has reminded property owners that the Nebraska Homestead Exemption Application (Form 458) is due to their county assessors by June 30, 2026. The exemption is availab...
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 revised its technical bulletin discussing nexus to clarify that when the transfer of non-fungible tokens (NFTs) solely represents a transfer of the legal ownership rights in the underlying ...
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...
New York issued a notice discussing recent amendments in the budget that decoupled from federal accelerated depreciation for qualified production property and from the federal treatment of research an...
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 approved a budget that includes changes to the Use & Occupancy (U&O) Tax calculation for properties with cell towers. The new calculation method is intended to ensure that cel...
Rhode Island prepaid sales tax on cigarettes increases to 95 cents (from 90 cents) per pack on July 1, 2026. The prepaid sales tax is calculated annually on April 1 based on the average retail price. ...
The South Carolina Court of Appeals affirmed a decision holding that it was permissible for the Department of Revenue to require a group to use combined unitary reporting because separate entity repor...
For South Dakota property taxes payable in 2027, and for each year thereafter, the maximum levy for school district general education funds the limit per $1,000 of taxable valuation is:a total of $4.8...
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 has issued a bulletin regarding previously enacted legislation decreasing the motor fuel tax rate from 37.9 cents to 31.9 cents per gallon, effective July 1, 2026. This o...
The Vermont motor fuel transportation infrastructure assessment (MFTIA) rate for the third quarter of 2026 (July to September 2026) is $0.0726, and the motor fuel tax assessment (MFTA) rate is $0.1452...
The Virginia Department of Taxation issued a corporate income tax ruling regarding the appropriate apportionment method that the taxpayer was required to use. Specifically, the Department ruled that t...
Washington denied a taxpayer’s petition seeking a waiver of penalties and interest under the sales and use tax because it failed to show that failure to make a timely payment was due to "circumstan...
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 has enacted legislation allowing the Department of Revenue to send notices related to sales and use tax electronically if a taxpayer has provided electronic contact information to the Departme...
Welcome to Figueroa's Income Tax Service
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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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To check the status of your refund, visit the official IRS website and click on "Where's My Refund?" You will need your social security number, filing status, and the exact refund amount, which can be found in the Your Copy folder we provided.
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