Security Summit
The Division of Taxation, the Internal Revenue Service, and other members of the Security Summit have issued a warning for tax professionals to be alert to taxpayer data theft in the final weeks of the tax filing season.
The Security Summit partners also urged tax professionals to enhance their data safeguards immediately. For details, click here.
Amnesty update
The Rhode Island Division today announced that the recently completed tax amnesty program has generated more than $21.5 million, which is well above the original budgeted estimate of $12.5 million.
The 75-day amnesty began in early December 2017 and ended on February 15, 2018. The Division continues to fine-tune amnesty totals and will include the finalized totals in its formal report on amnesty, which is due on or before April 30, 2018.
Report on corporate tax changes
The Division of Taxation recently posted its report on the corporate tax changes that were enacted in 2014, including a corporate tax rate reduction and the switch to combined reporting, single-sales-factor apportionment, and market-based sourcing.
The Division delivered the report to legislative leaders by the statutory deadline of March 15 and put the report on its website. Click here to view.
Tax credits
The Division of Taxation recently posted details about a rehabilitation project in downtown Providence involving $1.25 million in Rhode Island historic preservation tax credits.
The project involves the Woolworth Building, a five-story commercial block at 185 Westminster St., Providence. The plan is to keep business and retail use on the first three floors, and establish apartments on the top two floors.
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.
