Gary M. Thomas, CPA

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

Taxpayers Reminded of Identity Protection PINs' Importance, IR-2023-134
The IRS has reminded taxpayers about the IRS Identity Protection PIN opt in program to help protect people against tax-related identity theft. "The Identity Protection (IP) PIN is the number o...

Contractors Reminded of Expanded New Energy Efficient Homes Tax Credit, IR-2023-142
The IRS has reminded eligible contractors who build or substantially reconstruct qualified new energy efficient homes that they might qualify for a tax credit up to $5,000 per home under Code Sec...

IRS Reminds Educators About Expense Deductions in 2023, IR-2023-150
The IRS has reminded eligible educators that they will be able to deduct out of pocket classroom expenses upto $300 while filing their federal income tax returns next year. If the taxpayer is...

IRS Warns About ESOP Compliance Issues, IR-2023-144
As part of ensuring high income taxpayers pay what they owe, the IRS warned businesses and tax professionals to be alert to a range of compliance issues associated with Employee Stock Ownership ...

Rates Used in Computing Special Use Value Issued, Rev. Rul. 2023-15
The 2023 interest rates to be used in computing the special use value of farm real property for which an election is made under Code Sec. 2032A were issued by the IRS.In the ruling, the ...

LA - Government of guam retirement fund income not exempt
The Louisiana Board of Tax Appeals held that income received from the Government of Guam Retirement Fund was not exempt from personal income tax as "income received by an individual pursuant to a reti...

MS - City of Eupora levies hotel, motel, and restaurant tax
The Mayor and the Board of Aldermen of the city of Eupora in Mississippi have adopted a resolution, effective October 1, 2023, to levy a 2% tax on:the gross sales of hotels, motels, and Airbnbs derive...

TX - Local tax rate changes announced for Q4
Texas has issued a chart of sales and use tax rate changes that take effect October 1, 2023. The chart includes updated rates for cities and counties. Additionally, dozens of changes occurred to sales...