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

Guidance on Tax Treatment of Uncashed Retirement Distribution Checks
The IRS has ruled that an individual who receives a retirement distribution check from a qualified plan is taxed in the year of receipt even if the check is not cashed. In addition, the employer&rsquo...

IRS Launches New “Tax Withholding Estimator”
The IRS has launched the "Tax Withholding Estimator," an expanded, mobile-friendly online tool designed to make it easier to have the right amount of tax withheld during the year. It replace...

Estimated Tax Penalty Automatically Waived for Some Taxpayers
The IRS announced that it will automatically waive the estimated tax penalty for more than 400,000 eligible taxpayers who have already filed their 2018 federal tax returns but did not claim the waiver...

Virtual Currency Owners Sent Letters To Pay Back Taxes, File Amended Returns
The IRS has sent letters to taxpayers who may have potentially failed to report income from their virtual currency transactions, urging them to review their tax filings, amend past returns and pay bac...

IRS Advises Tax Debt Holders on Passport Revocations
The IRS has urged taxpayers to resolve their significant tax debts and avoid putting their passports in jeopardy by contacting the IRS to avoid delays in their travel plans.Under the Fixing America&rs...

IRS Updates Premium Tax Credit Table, Required Contribution Percentage
The IRS has updated the applicable percentage table used to calculate an individual’s premium tax credit and required contribution percentage for plan years beginning after 2019. The percentage ...

Rates Used in Computing Special Use Value Issued
A listing of the average annual effective interest rates on new loans under the Farm Credit System has been issued by the IRS. The rates are used in computing the special use value of farm real proper...

Draft 2019 Form 1040 and Form 1040-SR Released
The IRS has recently released an updated draft 2019 Form 1040, U.S. Individual Income Tax Return, with fewer schedules than the 2018 form. The draft of the widely-used return is the second major overh...

IRS Unveils Updated Draft 2020 Form W-4
The IRS has released an updated, newly named draft Form W-4 for 2020. Once finalized, the revised form is expected to become effective on January 1, 2020.Evolution of the W-4Following enactment of the...

LA - Louisiana's constitutional prohibition against taxation on prescription drugs included medical devices
The Louisiana Court of Appeal (court) reversed the Board of Tax Appeals’ (board’s) grant of summary judgment to the Department of Revenue (department) because it was established that the c...

MS - Notice regarding military spouses residency relief act issued
For personal income tax purposes, the Mississippi Department of Revenue issued a notice informing spouses of military personnel who moved to Mississippi due to the servicemember spouse being posted fo...

TX - Eligibility for reduced Texas franchise tax rate revised under amended rule
Texas rule changes may affect taxpayers’ eligibility for a reduced Texas franchise tax rate. Taxable entities primarily engaged in retail or wholesale trade qualify for the reduced rate. An enti...