Estate tax credit, threshold for 2017

The Rhode Island Division of Taxation has announced the estate tax credit amount and threshold amount for estates of decedents dying on or after January 1, 2017. For details, click here.

Some federal refund delays in 2017

The IRS says it will hold refunds until mid-February in 2017 for people claiming the earned income credit or the additional child tax credit. The federal refund delay is the result of a provision in a recent federal law aimed at fighting refund fraud, the IRS said in an official announcement issued earlier this week.

The IRS also said in the announcement that new identity theft and refund fraud safeguards put in place by the IRS and the states may mean some tax returns and refunds face additional review. For more information, click here.

Seminar for tax preparers -- registration ends Monday

The Rhode Island Division of Taxation is holding a seminar for paid preparers of tax returns. It will take place on December 2, 2016, at the Community College of Rhode Island campus in Newport, and will run from 9:00 a.m. to 12:00 noon. The main focus is on what's new for the coming filing season, and what's new for the new tax year.

The seminar is free, and seating is still available, but pre-registration is required. Registration ends at 4:00 p.m. Eastern time on Monday, November 28, 2016. To preregister, please click here.

Tax credits for Newport project

The Rhode Island Division of Taxation has posted details about a rehabilitation project in Newport involving $3.1 million in historic preservation tax credits.

The Opera House, constructed in 1867 and located on Touro Street in Newport's historic Washington Square, will undergo additional exterior and interior rehabilitation as a result of the project. The project's name is "Opera House Theater" and the applicant is the Newport Performing Arts Center.

The Division of Taxation's web page on historic tax credits shows details involving all applicants that have signed a contract and paid the required fee under the state's 2013 historic preservation tax credit
program.

Combat identity theft by protecting data

The Internal Revenue Service, the Rhode Island Division of Taxation, other state tax agencies, and the nation’s tax industry urge tax professionals and taxpayers to join in the effort to combat identity theft by doing more to protect personal and financial data from online threats. For details, please click here.

Latest conversion completed, services resume

The Rhode Island Division of Taxation has completed the third phase of its changeover to a new agency-wide computer system. As a result, the Division resumed all services this morning. All services are now in full operation. To learn more, click here.

Third phase of computer project began this morning

The third phase of the Rhode Island Division of Taxation’s computer system conversion project began this morning and will continue through November 14, 2016.

During the conversion period, the office will remain open and a number of services will continue to be available, but some services will not be available. Tax professionals and taxpayers should plan accordingly. For more information, click here.

All services resume in full on November 15, 2016.

New deadline for Form W-3

The Rhode Island Division of Taxation has adopted the federal filing deadline for purposes of employer reporting of personal income tax withheld.

As a result, employers must now file the annual Form RI-W3, “Reconciliation of Personal Income Tax Withheld by Employers,” one month earlier than before -- by January 31, instead of by February 28. In addition, employers must file the related Form W-2 information with the Division of Taxation by January 31, instead of by February 28.

The new Rhode Island deadline is the same as the new federal deadline and the deadline in many other states. For more information, click here.

Division of Taxation seminar kicks off at CCRI

A total of 111 tax preparers have turned out for today's Seminar for Tax Preparers, sponsored by the Rhode Island Division of Taxation and held at the Community College of Rhode Island's Knight Campus in Warwick. Among the topics: what's new for the coming filing season, and what's new for tax year 2017. 

Incentives report posted

The Rhode Island Division of Taxation yesterday posted its annual report of tax credits and incentives administered in conjunction with the Rhode Island Commerce Corporation. The two-page report, for the fiscal year ended June 30, 2016, shows the aggregate number of credits and incentives approved by the Commerce Corporation. However, given that the credit and incentive programs are so new, none of the credits or incentives were issued for the fiscal year by the Division of Taxation, the report shows.