Mahoney, Fiorentino & Co., P.C.

Tax Alerts

Tax Briefing(s)

2023 Post-Filing Season Update 2022 Tax Year-In-Review Consolidated Appropriations Act, 2023 Inflation Reduction Act of 2022, Signed Aug. 16

IRS Reminds Taxpayers to Protect Important Financial Documents During Natural Disasters, IR-2023-100
In recognition of National Hurricane Preparedness Week and National Wildfire Awareness month, the IRS reminded taxpayers to have a year round complete emergency preparedness plan to protect personal ...

IRS Updates Allowable Living Expense Standards for 2023
The IRS has updated the Allowable Living Expense (ALE) Standards, effective April 24, 2023.The ALE standards reduce subjectivity when determining what a taxpayer may claim as basic living ...

2024 Inflation Adjustments for Health Savings Accounts Released, Rev. Proc. 2023-23
The IRS has released the 2024 inflation-adjusted amounts for health savings accounts under Code Sec. 223. For calendar year 2024, the annual limitation on deductions under Code Sec. 223(b)(2...

Taxpayers Urged to Begin Tax Planning Now to Take Advantage of Tax Saving Opportunities, IR-2023-95
The IRS, as part of the National Small Business week initiative, has urged business taxpayers to begin planning now to take advantage of tax-saving opportunities and get ready for repor...

Energy Efficient Home Improvements Eligible for Tax Credits, IR-2023-97
The IRS has informed taxpayers who make energy improvements to their existing residence including solar, wind, geothermal, fuel cells or battery storage may be eligible for expanded home energy tax...

Bitcoin Characterized as Legal Tender by Certain Foreign Jurisdictions, Notice 2023-34
The IRS has modified Notice 2014-21 to remove Background section information stating that virtual currency does not have legal tender status in any jurisdiction, as the Department of the Treasury a...

Public Hearings for Proposed Regulations to Be Conducted In-Person, Announcement 2023-16
The IRS and Department of the Treasury announced that public hearings conducted by the Service will no longer conduct public hearings on notices of proposed rulemaking solely by telephone for...

CT - FAQs concerning IFTA filing requirements issued
Frequently asked questions (FAQs) have been issued to provide guidance for International Fuel Tax Agreement (IFTA) carriers regarding the calculation and reporting of the motor vehicle fuels tax credi...

FL - Tax relief for Florida taxpayers impacted by severe storms, tornadoes, and flooding discussed
Florida will follow the corporate income tax relief granted by the IRS regarding tax return due dates for taxpayers affected by severe storms, tornadoes, and flooding. Eligible taxpayers that file Flo...

ME - EFT, composite filing, corporate income tax nexus, and credit for educational opportunity rules amended
Maine Revenue Services announced amendments to several rules effective May 3, 2023:Rule 102, regarding Electronic Funds Transfer (EFT), was amended to remove references to outdated payment methods, su...

MA - Relief act precludes imposition of motor vehicle excise tax on vehicle leased by active duty servicemembers
An active duty servicemember (taxpayer) stationed in Massachusetts and domiciled elsewhere was not responsible for excise tax assessed on a motor vehicle leased by him because the Servicemembers’ Ci...

NH - Taxpayers' claims for proration of taxes dismissed as buildings were not damaged due to covid-19
The New Hampshire Supreme Court determined that the taxpayers’ buildings were not damaged so as to be entitled to proration of property taxes. The taxpayers owned commercial real estate on which the...

NJ - Cannabis business deductions and credits allowed
New Jersey has decoupled the corporation business tax and gross income tax from the federal provisions that prohibit tax credits and deductions for cannabis businesses. The bill also decouples S corpo...

NY - Cap amount for electronic news services exemption increases
The cap amount for the New York sales and use tax exemption for sales and uses of electronic news services that occur from June 1, 2023, to May 31, 2024, increases to $4,441. News Bulletin, New York D...

RI - Property valuation considering solar energy development sustained
For Rhode Island property tax purposes, the tax assessor of the Town of Lincoln properly increased the value of a Limited Liability Corporation's (LLC's), the taxpayer's, property in light of the deve...

VT - IRC conformity update, credit revisions passed by legislature
The Vermont Legislature has passed a bill that, if enacted, would change the state’s IRC conformity date from December 31, 2021, to December 31, 2022.The bill would also clarify the apportionment pe...

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