Gary M. Thomas, CPA

Tax Alerts

Tax Briefing(s)

2018 Year-End Tax Planning Tax Reform 2.0 2018 Post-Filing Season Update Congress Approves Sweeping Tax Overhaul

Safe Harbor for Taxpayers Claiming 100 Percent Bonus Depreciation on Vehicles Subject to Luxury Car Depreciation Caps
A long-expected safe harbor allows the owner of a vehicle that is subject to the annual luxury car depreciation caps to claim depreciation deductions during each year of the vehicle’s regular re...

Senate Approves Bipartisan IRS, Treasury Funding Bill; Grassley Pushes for Tax Extenders
The Senate approved a bipartisan government spending bill on February 14 by an 83-to-16 vote to avert another partial government shutdown. The "minibus" spending package, which will keep the...

Tax Reform Benefits Seen in Larger Paychecks, Not Refunds, Treasury Says
The average refund amount at the beginning of the 2019 tax filing season was smaller than this time period last year, a new IRS report shows. However, most taxpayers are seeing tax reform’s bene...

IRS Recommends Acquiescence In Result in Case Holding Meals as De Minimis Fringe Benefits
The IRS has recommended acquiescence in result only to a Tax Court decision. In J.M Jacobs, 148 TC No. 24, Dec. 60,947, the Tax Court allowed a professional hockey team, organized as an...

IRS Issues Update on Enrolled Agent Renewal Processing
The processing of renewals for enrolled agents (EA) whose enrollment expires on March 31, 2019 will be delayed due to the government shutdown. Therefore, the IRS is automatically extending enrollment ...

LA - Research and development credit regulations amended
The Louisiana Department of Economic Development has amended regulations governing research and development tax credits against corporate and personal income taxes.Recent Legislative Changes to Resear...

MS - Airport-related exemption enacted
Enacted Mississippi legislation creates an ad valorem tax exemption for airport-related contracts, leases and other arrangements.Scope of ExemptionThe exemption is for:" airport-related contracts, lea...

TX - Taxpayer’s charges for consulting, start-up and website design subject to tax
The Texas Comptroller of Public Accounts issued a private letter ruling stating that a taxpayer’s charges for consulting, start-up, and website design were subject to sales and use tax. In this ...