Category Archives: State and Local Taxes

Marijuana Excise Tax Reduces Amount Realized, Despite Ban On Deducting Illegal Drug Costs

IRS Chief Counsel has determined that a state excise tax on marijuana products and that taxpayers in a marijuana-related business can treat the excise tax as a reduction in the amount realized on the sale of marijuana-related property. Code Sec. 280E’s denial … Continue reading

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Tax Notices and You

Did you receive an IRS notice and you are not sure what to do? Congratulations! You are one of the millions of taxpayers who were lucky enough to receive an IRS notice/letter this year. Please do not pull out your hair, help … Continue reading

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Georgia Passes Major Change to Depreciation for 2014!!!

I guess better late than never! On March 6, 2015 the Governor signed House Bill 292 into law which is the annual Internal Revenue code update. Consequently, for taxable years beginning on or after January 1, 2014, except as discussed … Continue reading

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Tax Credit on Electric Cars

The IRS allows taxpayers to receive a credit to those who have acquired a Qualified Plug-in Electric Motor Vehicle after December 31, 2009. This tax credit “equals $2,500 plus, for a vehicle which draws propulsion energy from a battery with … Continue reading

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New Ruling for Same-Sex Marriages

Last August, the IRS and U.S. Treasury announced their ruling on recognizing same-sex married couples for federal tax filing purposes, on the condition that the couples were legally married in states that recognize their marriages. This ruling made it clearer … Continue reading

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Tax Relief for Military Spouses

The Military Spouses Residency Relief Act has created an advantage for spouses of our military. Over simplified, but the new law states that the spouse of an active military member is treated as having the same State of Residency as the service … Continue reading

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Employers in 13 states will face higher 2013 FUTA rates

The U.S. Department of Labor (DOL) has issued the final list of states for which employers will not be eligible to claim the maximum amount of state unemployment tax credits on their 2013 federal unemployment (FUTA) tax return because the … Continue reading

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Employers in 17 states may face higher 2013 FUTA rates

Employers in 17 states (and the Virgin Islands) may not be eligible to claim the maximum amount of state unemployment tax credits on their 2013 federal unemployment (FUTA) tax return, because their state has had an outstanding federal unemployment insurance … Continue reading

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C-Corporations and Pass through corporations can contribute to the Georgia GOAL Scholarship Program and receive a much needed benefit.

Corporations can receive a tax credit for amounts contributed to the GOAL Scholarship Program and many corporations have done so. For “C” corporations, the tax credit is available up to 75% of their annual Georgia income tax liability. Owners of … Continue reading

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Sales Tax Holiday For Certain Energy Efficient Products

The State of Georgia has a sales tax holiday for certain energy efficient products on Friday, October 4 through Sunday, October 6, 2013.  The items that will qualify are certain ENERGYSTAR® or WaterSense labeled products that have a purchase price … Continue reading

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