Tuesday, September 19, 2017

Regulatory hearing set for October

The Rhode Island Division of Taxation plans to hold a hearing on October 18, 2017, on proposed actions involving eight regulations. 

The hearing will begin at 9:30 a.m. at the Department of Administration building at One Capitol Hill in Providence, Rhode Island, diagonally across from the Smith Street entrance to the State House. 

The proposed changes – some of which involve presenting regulations in the new Rhode Island Code of Regulation format – are available for review on the Rhode Island Secretary of State website (click here). A summary of the proposed regulatory actions is in the table below.


Proposed regulatory actions
Regulation topic
Old #
Action:
New #
Reason
Access to public records
n/a
Amend
280-RICR-20-00-3
Stand-alone regulation separate from Dept. of Revenue; new format
Bank excise tax
BE 95-01
Repeal
n/a
Reg. merely restates existing statute
Compassion center surcharge
CCS 11-01
Repeal
n/a
Reg. merely restates existing statute
Taxpayer rights and responsibilities
TRR 98-01
Amend
280-RICR-20-00-4
New format
Sale of real estate by nonresidents
NRW 95-02
Repeal
n/a (see below)
Merging into new regulation
Sale of real estate by nonresident LLCs
NRW 95-03
Repeal
n/a (see below)
Merging into new regulation
Withholding on sale of real estate by nonresidents
NRW 91-01
Repeal
n/a (see below)
Merging into new regulation
Withholding tax on sale of real estate by nonresidents
n/a
Adopt
280-RICR-20-10-1
Consolidating three regulations scheduled for repeal (see above)

Monday, September 18, 2017

Final regulations

The Rhode Island Division of Taxation last week filed, as final, recent actions it has taken involving nine regulations. 

The filing -- which came after a public hearing was held on August 30 -- is part of a broader effort to streamline the agency’s regulations. The streamlining process includes eliminating some regulations, consolidating some, and changing regulations to a new standardized format. 

A summary of the finalized regulatory actions, which are effective October 3, 2017, is in the table below. To view the regulations, click here.

Regulatory actions last week
Regulation topic
Old #
Action:
New #
Reason
Administrative hearing procedures
AHP 97-01
Amended
280-RICR-20-00-2
New format; updated
Administrative rules of practice
AF 90-01
Amended
280-RICR-20-00-1
New format; new name:
Apportionment of franchise tax
FT 09-01
Repealed
n/a
Franchise tax law has been repealed
Bank deposits tax
BDT 95-01
Amended
280-RICR-20-05-1
New format; updated
Deadlines for filing sales tax
SU 87-32
Repealed
n/a (see below)
Merged into new regulation
Personal income tax filing deadlines
PIT 98-7
Repealed
n/a (see below)
Merged into new regulation
Filing deadlines (for all taxes)
n/a
Adopted
280-RICR-20-00-7
Consolidating two regulations into one
Offers in compromise
OC 98-01
Amended
280-RICR-20-00-6
New format; updated
Declaratory rulings
DR 03-01
Amended
280-RICR-20-00-5
New format; minor revisions; updated

Thursday, September 14, 2017

Calendar-year C corps on extension

The Rhode Island Division of Taxation reminds tax professionals and businesses that calendar-year C corporations are allowed a six-month extension.

Thus, for calendar-year C corporations who are filing on extension for tax year 2016, the extended due date is October 16, 2017. For more information, click here.

Deadline tomorrow

The Rhode Island Division of Taxation reminds tax professionals and taxpayers that tomorrow, September 15, is the deadline for certain payments, filings, and extensions. For more information on this and other topics, click here

Tuesday, September 12, 2017

Security Summit: Promptly report data losses

The Internal Revenue Service, state tax agencies, and the tax industry -- working together as the Security Summit -- urge practitioners to immediately report data losses.

"The IRS, the states and the nation’s tax community continue to make progress in the battle against tax-related identity theft," IRS Commissioner John Koskinen said in a statement today. "But we need the help of tax professionals across the country to help strengthen this effort. In addition to working to ensure the safety of their systems, practitioners should promptly report identity theft or data breaches to help protect their clients," he said.

For more information, click here.

Tuesday, September 5, 2017

Security Summit: Make data security a priority

The Internal Revenue Service, state tax agencies,  and the tax industry -- which are working together as the Security Summit -- today urged tax professionals to make data security an everyday priority.

The Security Summit noted that a few simple steps can go far in protecting taxpayer information from cybercriminals. To find out more, click here.


Wednesday, August 30, 2017

Draft guide - income from pensions, other sources

The Rhode Island Division of Taxation has posted a draft document for public comment. It involves the personal income tax modification for income from private pensions, government pensions, 401(k) plans, annuities, 403(b) plans, military retirement pay, and other such sources.

Public comment is invited. All comments must be submitted on or before 4:00 p.m. Eastern Time on Friday, September 15, 2017. 
  • To view the draft guide, click here
  • To comment on the draft guide, click here.