Reports
On Monday, April 30, 2018, the Division of Taxation posted a report on the recently completed tax amnesty. To view a copy, click here.
On Tuesday, May 1, 2018, the Division of Taxation posted its annual report about the sales tax on alcoholic beverages. To view a copy, click here.
May 10 hearing
On May 10, 2018, the Division of Taxation will hold a public hearing on proposed amendments to four business-related regulations:
- Consolidated returns. The Division proposes to include a sunset provision in the regulation, given that mandatory unitary combined reporting took effect for tax years on or after January 1, 2015. (For purposes of Rhode Island combined reporting, an affiliated group can elect to use the same members that the affiliated group includes in filing its federal consolidated return.)
- Limited liability companies: The Division proposes to match Rhode Island filing deadlines to federal due dates, and to set forth the filing deadline for single-member LLCs. (The Division has been following the deadlines in practice. The regulation formalizes the practice.)
- Net operating loss deductions: The Division proposes to add language to reflect the treatment of NOLs for combined reporting purposes.
- Qualified subchapter S subsidiary corporations: The Division proposes that the subchapter S corporation parent and its qualified subchapter S subsidiaries (Qsubs) must each obtain a federal employer identification number.
The hearing will be held at the Department of Administration building (the Powers building) at One Capitol Hill in Providence. For each of the proposed regulations listed above, the format has been modified in accordance with the new Rhode Island Code of Regulations (a uniform state code). For more information about the codification process, and for more information about each proposed regulation (including further details about the hearing), see the Rhode Island Department of State (Secretary of State) website. Click here.
May 16 hearing
On May 16, 2018, the Division of Taxation will hold a public hearing on proposed amendments to two regulations involving historic tax credits. The proposed changes include removal of references to the franchise tax, which has been repealed.
The hearings will be held at the Department of Administration building (the Powers building) at One Capitol Hill in Providence. For each of the two regulations, the format has been modified in accordance with the new Rhode Island Code of Regulations (a uniform state code). For more information about the codification process, and for more information about each proposed regulation (including further details about the hearing), see the Rhode Island Department of State (Secretary of State) website. Click here.
Warning for small businesses
The Security Summit -- which includes the Internal Revenue Service, state tax agencies, and the nation’s tax industry -- warns small businesses to be on-guard against a growing wave of identity theft attempts against employers.
Small-business identity theft is big business for identity thieves. When businesses and their employees have their identities stolen, their sensitive information can be used to open credit card accounts or file fraudulent tax returns for bogus refunds. To read more about this issue, click here.
