Tax Publications

Virginia Property Tax Changes in 2018

Posted on March 12, 2018. Category: Tax Publications

The Commonwealth of Virginia has approved several legislative changes relating to property taxes set for a July 1, 2018, effective date. The highlights are listed below and pertain to:Bedford County reassessment Computer equipment used in data centers Single member LLC exemption Merchants’ capital Agricultural productsBedford CountyLocated in the Piedmont region of the Commonwealth of Virginia and seated perfectly at the foothills of the Blue Ridge Mountains, Bedford County is home to abundant natural beauty and historical sites.As a property owner in Bedford County, you should know with legislation effective July 1, 2018, Bedford County is authorized to complete a...

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Georgia Taxpayer Bears Burden of Tax-Free Sale

Posted on March 01, 2018. Category: Tax Publications

In a letter ruling (Georgia Letter Ruling No. LR SUT-2017-16, 11/30/2017) released on 02/19/2018, the Georgia Department of Revenue has ruled that the taxpayer will bear the burden of proof when a sale is made without tax charged.  The only exception to this is if the taxpayer receives from the purchaser a properly executed exemption or resale certificate following Georgia’s good faith standard.  In this case, to meet the good faith standard, the customer needed to be engaged in the business of selling repairs or repair parts and the customer needed to have a valid Georgia sales...

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Podcast - Tax Chat: It's Accrual World

Posted on February 22, 2018. Category: Tax Publications

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Upcoming Texas Tax Amnesty

Posted on February 09, 2018. Category: Tax Publications

On December 21, 2017, the 36th Texas Comptroller of Public Accounts, Glenn Hegar, announced a Texas Tax Amnesty Program to run from May 1, 2018, through June 29, 2018. The temporary program offers relief to delinquent taxpayers in the form of absolving penalties and interest on tax due for certain taxes.The amnesty applies only to periods before January 1, 2018, and is only applicable to liabilities not previously identified as due by the Texas Comptroller. Also not included are periods currently under audit by the State of Texas, International Fuel Tax Agreement (IFTA) taxes, Public Utility Commission (PUC) of Texas gross receipts assessments, local motor vehicle taxes,...

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Tax Cuts and Jobs Act: Impact on Taxpayers

Posted on January 15, 2018. Category: Tax Publications

The most sweeping tax reform proposal in over 30 years was signed into law on December 22, 2017, by President Donald Trump after the House and Senate passed the bill. The Tax Cuts and Jobs Act (the Act) became a reality for US taxpayers beginning with tax years after December 31, 2017. The extensive tax reform of Public Law 115-97 drastically changes the tax arena for individual taxpayers and businesses. Many of the provisions affecting individual taxpayers are only applicable to tax years 2018 through 2025, while corporate provisions of the Act are indefinite and not limited to these years. We will focus on a select...

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Connecticut Tax Amnesty Program Offers a ‘Fresh Start’

Posted on December 14, 2017. Category: Tax Publications

As of October 31, 2017, Connecticut is now offering an incentive program for both individual and business taxpayers to voluntarily come forward and pay their unreported tax liabilities. Individuals and businesses may be eligible if returns were not filed, or if the returns failed to report the full amount of tax on a previously filed return for any tax return due on or before December 31, 2016.When:The Connecticut Fresh Start program began October 31, 2017, and taxpayers have until November 30, 2018, to apply through the online application. Taxpayers should apply as soon as possible because the sooner taxpayers apply, the more interest can be saved. ...

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Pennsylvania – New Economic Nexus Requirements

Posted on December 13, 2017. Category: Tax Publications

By March 1, 2018, parties identified and defined as remote sellers, marketplace facilitators, and referrers, with sales of $10,000 or more in the previous 12 month period, will be required to either collect and remit Pennsylvania sales and use tax, or comply with notice and reporting requirements based on recently enacted Pennsylvania legislation.For those electing not to collect sales and use tax, but who instead elect to comply with notice and reporting requirements, various steps will be required to ensure compliance. These steps include posting or providing written notice to Pennsylvania purchasers that sales or use tax may be due on a purchase....

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Miscellaneous Income: What You Need to Know for 2017 Reporting

Posted on December 11, 2017. Category: Tax Publications

As we are well into December 2017, we begin to prepare for upcoming 2018 deadlines. In doing so, it is important for taxpayers to note what Federal forms are due, when, and requirements exist as they pertain to the filing of Miscellaneous Income Form 1099-MISC for the 2017 tax year.When:If you are reporting non-employee compensation in box 7 for Form 1099-MISC, you are required to file either on paper or electronically on or before January 31, 2018.If you are reporting all other payments, you are required to file Form 1099-MISC by February 28, 2018, if you file on paper or by April 2, 2018, if you file...

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Oklahoma Tax Amnesty Program Ending Soon

Posted on November 30, 2017. Category: Tax Publications

Earlier this year, The Oklahoma Tax Commission began offering a limited time Voluntary Disclosure Initiative, also known as a Tax Amnesty Program. The Tax Amnesty Program was put into place to encourage the filing and payment of many types of delinquent taxes. An eligible taxpayer shall be entitled to a waiver of penalty and interest which would otherwise be due.When:An eligible taxpayer has between September 1, 2017, and November 30, 2017, to voluntarily file and pay delinquent taxes, and receive a waiver of penalty and interest. Time is quickly running out to be eligible for this limited time Tax Amnesty Program.What: ...

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Federal and State Taxing Authorities Provide Tax Relief for Taxpayers Affected by Hurricane Irma

Posted on September 18, 2017. Category: Tax Publications

On Sunday, September 10, 2017, Category 3 Hurricane Irma slammed into the state of Florida causing severe flooding, property damage, and disablement of infrastructure. Allyn International, headquartered in Fort Myers, Florida was able to continue business fully operational due to our business continuity preparations, backup systems, dedicated personnel, and high-capacity generators, allowing us to continue servicing our clients without interruption the day following the storm. However, many of the individuals and businesses impacted by the storm continue to be inactive as they are impeded by Irma’s fallout, with thousands still lacking power and communication services.The federal government along with certain...

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