Gary M. Thomas, CPA

Tax Alerts

Tax Briefing(s)

2022 Year-End Tax Planning Inflation Reduction Act of 2022, Signed Aug. 16 2022 Post-Filing Season Update SECURE Act 2.0

2022 Year-End Tax Planning: Wolters Kluwer Tax Briefing Now Available
As we near the end of 2022, there are still opportunities to maximize tax savings for 2022 and into the future. As families and businesses deal with the ongoing return to a post-pandemic new normal an...

IRS Issues Fact Sheet on Hobby vs. Business Income, FS-2022-38
The IRS has issued a fact sheet related to differentiating between taxpayers’ hobbies and businesses. There are several factors that taxpayers should consider when making the determination and the I...

IRS Will Not Publish Advance Release of OID Tables for TY 2022
The IRS will not publish an Advance Release of tax year (TY) 2022 Original Issue Discount (OID) Tables. The 2022 OID Tables will be posted as a Final Release in early 2023. Further details about (1)...

IRS Reminds IRA Owners To Make Tax-Free Donations To Charities Through Qualified Charitable Distributions, IR-2022-201
The IRS has reminded taxpayers with an individual retirement accounts (IRA), who are above the age of 70 1/2, that they are eligible to transfer up to $100,000 as qualified charitable distributions (Q...

4,000 New IRS Customer Service Representatives Hired, IR-2022-191
The IRS has passed a milestone of hiring 4,000 new customer service representatives to help answer phones and provide other services in a bid to prepare for the 2023 tax filing season. This is part of...

LA - Denial of refund claim reversed
In a case involving a personal income taxpayer’s protest of the denial of its claim for a refund of overpaid taxes, the Louisiana Board of Tax Appeals (BTA) erred in ruling in favor of the Departmen...

MS - Raleigh levies 2% restaurant tax
On May 3, 2022, the Mayor and the Board of Aldermen of the Town of Raleigh, Mississippi, adopted, by resolution, their intent to levy a 2% tax on sales of prepared food and beverages at restaurants wi...

TX - Charges for workers’ compensation examinations performed by designated doctors taxable
Charges for examinations performed by designated doctors for purposes of determining workers’ compensation were subject to Texas sales and use tax because these examinations qualified as taxable ins...