Monday, October 20, 2014

Interest rates posted for 2015

The Rhode Island Division of Taxation this afternoon posted the interest rates that will apply for 2015 on overpayments and delinquencies. The rates are based on a formula set in statute.

The rates for the 2015 calendar year are the same as those that apply for the 2014 calendar year: 18% per annum on delinquent tax payments, 3.25% per annum on overpayments. Please click here for more information.

Wednesday, October 15, 2014

Regulation on paid preparer penalties

The Rhode Island Division of Taxation today posted, as final, a regulation on paid preparer penalties.

The regulation provides details on civil and criminal penalties which may be imposed on a paid tax preparer who fails to comply with due diligence requirements. 

The regulation, which was finalized after a public hearing, takes effect January 1, 2015.

Tuesday, October 14, 2014

Reminder: Filing deadline tomorrow

Tomorrow is the extended due date for filing Rhode Island personal income tax returns covering the 2013 tax year. The Rhode Island Division of Taxation's latest Advisory, posted today, includes details about the deadline, as well as new corporate e-file statistics, and some other items. Click here to view a copy.

Latest newsletter posted

The latest issue of the Rhode Island Division of Taxation's quarterly newsletter, “Rhode Island Tax News,” is now online. It has information on the following topics:

·      the Assistant Tax Administrator’s retirement;
·      an upcoming seminar for tax preparers;
·      a new chief for Field Audit;
·      a sales and use tax exemption for paddleboards;
·      tax relief ahead for employers; and
·      changes to the property-tax relief credit (Form RI-1040H)


The issue also has regular features, including “Legal Corner” and “Practioners’ Corner.” To view the issue, please click here.

Monday, August 25, 2014

Tax credit report available online

The Division of Taxation has posted on its website the annual tax credit and incentive report, as required by Rhode Island statute.

The latest report lists the recipients of more than $14.8 million in certain state tax credits and incentives for the year ended June 30, 2014.

Tuesday, August 12, 2014

Regulation on paid preparers and due diligence

The Rhode Island Division of Taxation today proposed a regulation involving penalties that may be imposed on paid tax preparers who fail to comply with due diligence requirements.

Regulation PIT 14-23 would help to implement a state law enacted in June 2013 that established specific penalties -- civil and criminal -- for paid preparers who prepare Rhode Island returns with the intent to wrongfully evade or reduce a tax obligation. (See Rhode Island General Laws Chapter 44-68.)

A public hearing on the regulation is scheduled for 9:30 a.m. on Wednesday, September 17, 2014, at the Rhode Island Division of Taxation, One Capitol Hill, Providence, R.I.  Also at that hearing, the Division of Taxation will take public comment regarding two regulations that are scheduled for repeal because the underlying statutes have been repealed: Regulation CT 88-09, “Business Corporation Tax/Net Worth Tax,” and a regulation which was related to the study of combined reporting, Regulation CT 11-15, “Combined Reporting (pro forma).”

Wednesday, July 16, 2014

Latest newsletter now online

The latest issue of the Division of Taxation's quarterly newsletter includes coverage of the following topics:

  • tax changes enacted affecting businesses;
  • tax changes enacted affecting individuals;
  • new computer system's phase one goes live;
  • a new chief revenue agent;
  • recent tax cases; and
  • questions and answers.