Corporate tax documents posted

The Rhode Island Division of Taxation yesterday posted two documents: 

• A draft regulation on combined reporting; and

• A draft statement of principles on the application of corporate tax changes.

 Comments on the exposure drafts should be submitted on or before December 8, 2014.

Out-of-state LLC and filing fee

The latest Administrative Decision focuses on whether, based on a particular set of facts and circumstances, an out-of-state LLC owes the annual $500 filing fee.

Seminar for tax preparers

More than 100 tax preparers attended the Rhode Island Division of Taxation's seminar for tax preparers last week at the Community College of Rhode Island campus in Newport.

The session, on November 6, focused mainly on what's new for the coming filing season and what's new for tax year 2015. (A second session, to be held in December in Warwick, is already sold out.)

Division of Taxation seminar at CCRI in Newport

Motor fuel tax; cigarette dealer's license

The Rhode Island Division of Taxation today posted two new Administrative Decisions:

• The first looks at whether a taxpayer's request for refunds of motor fuel tax was timely.
• The other focuses on whether a cigarette dealer's license should be suspended.

Tax savings for Rhode Island employers

Rhode Island Governor Lincoln D. Chafee joined Rhode Island Department of Labor and Training Director Charles J. Fogarty today in Cranston to announce repayment of the funds that the state borrowed to cover unemployment insurance (UI) benefit payments.

As a result of the repayment, six months earlier than scheduled, Rhode Island's 32,000 employers will save more than $50 million in taxes -- including taxes under the Federal Unemployment Tax Act (FUTA) and the state job development assessment - in 2015, and $45 million more (in tax savings) in 2016. "This is a big win for Rhode Islanders and our business community," Governor Chafee said. Please click here for details. 

Unemployment insurance tax; TDI

The Rhode Island Department of Labor and Training today announced the taxable wage base for 2015 for purposes of the state's unemployment insurance tax.

Also today, the DLT announced the employee contribution rate and taxable wage base for 2015 for the temporary disability insurance (TDI) program. For details, click here.