Deadline tomorrow to register for tax seminar

The Rhode Island Division of Taxation will hold a statewide seminar on Friday about taxes on short-term residential rentals, including the rental of vacation homes, beach cottages, and rooms.

The seminar is open to landlords, property owners, property managers, real estate agents, tax professionals, and others. Those who attend the seminar will receive a Certificate of Completion. (The Certificate of Completion will show 2.0 continuing education credits, based on a 50-minute hour.)

The Division of Taxation reminds stakeholders that the statewide seminar will be held in Newport and is being offered free of charge, but because seating is limited, advance registration is required. The deadline for registering is 12:00 noon tomorrow – Thursday. 

Click here for more information, including how and where to register.

Administrative decisions on refund claims, tax credit

The Division of Taxation has posted four new Administrative Decisions:

• 2016-03 -- whether a personal income tax refund claim was timely filed.
• 2016-04 -- whether a personal income tax refund claim was timely filed.
• 2016-05 -- eligibility for the statewide property-tax relief credit.
• 2016-06 -- whether a personal income tax refund claim was timely filed.

Division urges businesses to be wary of scam

The Rhode Island Division of Taxation yesterday publicly cautioned Rhode Island businesses owners about a scam in which individuals claim to be collections agents of the Rhode Island Division of Taxation and request immediate payment.

The Division of Taxation does not request cash or other payment by businesses upon demand by visiting businesses in person.

The Division of Taxation has temporarily ceased any in-person collection activity in response to this scam.

To learn more, click here.

Seminar about taxes on short-term residential rentals

The Rhode Island Division of Taxation reminds property owners, real estate agents, tax professionals, and others about a statewide seminar to be held on April 1.

The statewide seminar, which will take place in Newport, will be about taxes on short-term residential rentals. Because space is limited, pre-registration is required. To learn more, click here. 

FAQs on combined reporting and related topics

The Rhode Island Division of Taxation has posted answers to frequently asked questions (FAQs) about combined reporting and related subjects. The FAQs focus on practical issues, such as what forms and schedules to use, the new seven-month extension rule, e-filing, estimated payments, the minimum tax, and other topics. 

In addition, the agency has posted, as final, a regulation on combined reporting.

The agency has a web page which provides more detailed information about combined reporting and related topics. 

Practitioner Update: Schedule CRS

The Rhode Island Division of Taxation has finalized Schedule CRS, posted it on its website, and made it available to tax software providers.

The Division of Taxation is in the process of finalizing the instructions for Schedule CRS and hopes to post the finalized version on its website within the next week or so. A draft is available on the agency's website, providing interim guidance.

Schedule CRS is important for combined groups that are subject to Rhode Island's new mandatory unitary combined reporting regime. For those groups, Schedule CRS will be filed as an integral part of Form RI-1120C.

Combined reporting applies to tax years beginning on or after January 1, 2015. A number of tax practitioners will encounter it this year, as they prepare tax year 2015 returns.

Seminar in Newport on short-term residential rentals

The Rhode Island Division of Taxation will hold a seminar in Newport next month about taxes on short-term residential rentals. The seminar will be held on Friday, April 1, 2016, from 10:00 a.m. to 12:00 noon at the Community College of Rhode Island’s Newport County campus.

The seminar is open to property owners, real estate agents, tax professionals, and others. Division of
Taxation representatives will:

• explain how the new taxes work;
• discuss how the new taxes apply;
• explain the registration, filing and payment requirements; and
• answer questions.

For registration and other information, click here.