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Tax Briefing(s)

2024 Year-End Tax Planning 2024 Post-Election Tax Policy Update 2024 Post-Filing Season Update

IRS Offers Checklist of Reminders as Taxpayers Prepare to File 2024 Tax Returns, IR-2024-297
The IRS has offered a checklist of reminders for taxpayers as they prepare to file their 2024 tax returns. Following are some steps that will make tax preparation smoother for taxpayers in 2025:Create...

IRS Implements Measures to Prevent Refund Delays by Accepting Duplicate Dependent Returns with IP PIN, IR-2024-294
The IRS implemented measure to avoid refund delays and enhanced taxpayer protection by accepting e-filed tax returns with dependents already claimed on another return, provided an Identity Protection ...

IRSAC Issues 2024 Annual Report with Key Recommendations for Tax Administration, IR-2024-293
The IRS Advisory Council (IRSAC) released its 2024 annual report, offering recommendations on emerging and ongoing tax administration issues. As a federal advisory committee to the IRS commissioner, ...

IRS Announces Second Remedial Amendment Cycle For Code Sec. 403(b) Pre-Approved Plans, Announcement 2024-38
The IRS announced details for the second remedial amendment cycle (Cycle 2) for Code Sec. 403(b) pre-approved plans. The IRS also addressed a procedural rule that applies to all pre-approved plans a...

IRS Publishes Fiscal Year 2024 Financial Report and Receives Award for 2023 Report, IR-2024-286
The IRS has published its latest Financial Report, providing insights into the Service's current financial status and addressing key financial matters. The report emphasizes the IRS's programs, achiev...

IRS Allocates Unused Low-Income Housing Credits, Rev. Proc. 2024-41
The IRS has published the amounts of unused housing credit carryovers allocated to qualified states under Code Sec. 42(h)(3)(D) for calendar year 2024. The IRS allocates the national pool of unused ...

AZ - Guidance on tax treatment of spouses of active duty military members revised
The Arizona Department of Revenue has revised its publication providing general information regarding the Arizona income tax treatment of spouses of active duty military members. The revised publicati...

CA - Former affiliate's qualified research expenses included in credit calculation
A taxpayer had to include the qualified research expenses (QREs) of a former affiliate, which were incurred in a prior tax year, in computing the taxpayer's fixed-base percentage for purposes of the C...

FL - Seminole County local government infrastructure surtax rate continues at 1%
On November 5, 2024, voters in Seminole County approved a ballot referendum extending the expiration date of Seminole County’s 1% Local Government Infrastructure Surtax from December 31, 2024, to De...

GA - New tax rate chart released for sales exempt from certain local taxes
The Georgia Department of Revenue has released a sales and use tax chart for sales exempt from certain local taxes. The rates are effective January 1, 2025. Sales Exempt from Certain Local Taxes, Geor...

IN - December 2024 gasoline use tax rate announced
The Indiana gasoline use tax rate for the month of December 2024, is $0.166 per gallon. Departmental Notice #2, Indiana Department of Revenue, December 2024...

KY - Homestead exemption for seniors and disabled individuals announced
Kentucky announced the amount of the homestead exemption for residential property owners who are 65 years of age or older or classified as totally disabled. The exemption for eligible taxpayers is $49...

MA - Interest rates decreased for first quarter of 2025
The interest rates on the underpayment and overpayment of Massachusetts taxes are decreased for the period January 1, 2025, through March 31, 2025.The rate for overpayments is 6% (previously, 7%).The ...

NY - Carry over of excess charitable contributions to subsequent tax years discussed
The New York Department of Taxation and Finance has issued a personal income tax advisory opinion on the carry over of charitable deductions that exceed limits based on the New York State adjusted gro...

PA - Ready to drink cocktail (RTDC) permit discussed
For sales and use tax purposes, Pennsylvania discusses ready to drink cocktail (RTDC) permit. A RTDC permit holder may purchase RTDC from the Pennsylvania Liquor Control Board (PLCB) or from a license...

TN - Surcharge announced for Davidson County
Tennessee announced that voters in Davidson County approved a 0.5% surcharge on the local option sales tax, effectively increasing the local sales tax rate to 2.75% beginning February 1, 2025. The new...

TX - October 2024 certification of the average closing price of gas and oil released
The Texas Comptroller of Public Accounts has determined the average taxable price of crude oil for the reporting period October 2024 is $46.61 per barrel for the three-month period beginning on July 1...

Buschermohle & Company, PSC, is a family tax and accounting firm located in Louisville, Kentucky.

Don't let the letters behind our names fool you. We are really Professional Scorekeepers. In the game of life, it's not how much you make, it's how much you keep. We've been helping individuals and entrepreneurs minimize their taxes and maximize their wealth for over forty years. If you are ready to take control of your game, contact us. We'd be happy to help you keep score!

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