Method of depreciation

The Rhode Island Division of Taxation today posted its latest Administrative Decision. At issue is the proper method of determining accumulated depreciation under the personal property tax imposed on telecommunications companies. Click here to view a copy.

Inflation adjustments posted

The Rhode Island Division of Taxation today posted the following:

• Inflation-adjusted numbers for the personal income tax for tax years beginning on or after January 1, 2019.
• Inflation-adjusted numbers involving the income tax for estates and trusts for tax years beginning on or after January 1, 2019.
• Inflation-adjusted numbers for personal income tax modifications for the 2018 tax year involving taxable income from Social Security, government pensions, private-sector pensions, 401(k) plans, annuities, and certain other sources.

To view the latest Advisory, click here.

Estate tax update

The Rhode Island Division of Taxation has announced the Rhode Island estate tax credit amount and threshold for the estates of decedents dying on or after January 1, 2019. To view the Advisory involving this estate tax update, click here.

E-file shutdown tomorrow

The Rhode Island Division of Taxation reminds taxpayers and tax preparers that the Division's annual electronic filing shutdown and switchover will occur tomorrow, Saturday.

Individuals and businesses seeking to e-file their Rhode Island returns for tax year 2017 must do
so on or before Saturday, November 17, 2018. After that date, returns for tax year 2017 must be
filed on paper.

Each year, the Division temporarily closes its system to e-filing in order to prepare the system for
the coming filing season. The Internal Revenue Service, and many other states, follow the
same practice. This year, the Rhode Island modernized e-file (MeF) shutdown and cutover will
occur on Saturday, November 17, 2018, the same date as the IRS’s.

Transmissions of e-filed personal and  business returns must be completed by 10:00 p.m. (Eastern time) tomorrow, Saturday. The shutdown begins at 11:59 p.m. (Eastern time) tomorrow, Saturday. For more information, click here.

• From the Rhode Island Division of Taxation's standpoint, tomorrow's shutdown is for incoming e-filed 2017 returns. However, even after the point of shutdown, the Division will continue to issue electronic receipts -- also known as acknowledgements, or "acks" -- for all returns that have been properly prepared and e-filed by tomorrow's 10:00 p.m. (Eastern time) transmission deadline. Because the shutdown occurs on the weekend, some acknowledgements may not be issued until next week.