Quarterly newsletter now available

What’s new for the 2019 tax year

The Rhode Island Division of Taxation today posted the latest issue of Rhode Island Tax News, the quarterly newsletter for tax professionals. Among the topics:

• What’s new for the 2019 tax year
• Corporate estimated payments for 2019
• TDI tax
• Unemployment insurance tax
• Estate tax
• Interest rates
• ‘Legal Corner’
• ‘Practitioners’ Corner’
• Reminders for LLCs

 To view a copy, click here.

Division’s restructuring

The Division has posted the fourth-quarter issue of its newsletter. Topics include the following:

• The Division’s restructuring
• Promotions to key leadership posts
• Promotions to key supervisory roles
• Tax legislation enacted in 2018
• Schedule CGM
• ‘Legal Corner’
• ‘Practitioners’ Corner’

 To view a copy, click here. 

Newsletter for filing season

The Rhode Island Division of Taxation today posted a special edition of its newsletter focusing on the tax-filing season (see snapshot below). Coverage includes the following topics:

• The new Schedule E.
• The tax break on income from Social Security benefits.
• The tax break on income from 401(k) plans, pensions, annuities, and other sources.
• An increase in the property-tax relief credit (Form RI-1040H).
• The filing deadlines for individuals and entities.
• Notices from some out-of-state websites.

Tax break involving pensions, 401(k) plans

The Rhode Island Division of Taxation has posted an updated version of its guide to the personal income tax modification involving income from 401(k) plans, pensions, annuities, and other such sources.

The 27-page guide is intended as an aid to taxpayers and tax preparers during the 2019 tax-filing season, covering tax year 2018 returns. It can also be used for future tax-filing seasons. For more information, click here.

Quick access to Division regulations

Looking for the latest tax regulations from the Rhode Island Division of Taxation?

Simply click on the "Regulations" link on the Division of Taxation's home page (see highlighted portion of screenshot below). You will then be taken directly to the section of the Rhode Island Department of State website that hosts Division of Taxation regulations.

The Division of Taxation last year substantially completed a months-long effort to streamline and re-codify its regulations. The effort included modifying the format of many regulations in accordance with the new Rhode Island Code of Regulations (a uniform state code).

All Division of Taxation regulations are available for viewing on the user-friendly Department of State (Secretary of State) website. The "Regulations" link on the Division of Taxation website provides quick, one-click access to those regulations. The home page of the Division of Taxation website is at www.tax.ri.gov.

Beware of unscrupulous preparers

As tax filing season begins, the U.S. Department of Justice has warned taxpayers to beware of unscrupulous tax return preparers.

While most tax return preparers are professional and honest, some prepare returns with false information in order to improperly boost a taxpayer’s refund or reduce their liability or to increase business and preparation fees. But, under the law, taxpayers are responsible for what is reported on their returns. When the Internal Revenue Service uncovers the falsehoods, the taxpayer can face penalties and interest and, if circumstances warrant, criminal prosecution, the Justice Department said in a statement. Click here to read more.

Tax Administrator highlights Free File

Rhode Island Tax Administrator Neena Savage visited the Johnston Senior Center today to talk about the benefits of the Rhode Island Free File program, which lets eligible taxpayers prepare and file their federal and Rhode Island personal income tax returns online at no charge.

Other key speakers at the event included U.S. Rep. Jim Langevin; Johnston Mayor Joseph Polisena​; Rhode Island General Treasurer Seth Magaziner; David Macklin, representing the Computer & Communications Industry Association; Bernie McKay of the Intuit Financial Freedom Foundation; Rhode Island Lieutenant Governor Dan McKee; and Ray Gorman, Rhode Island state coordinator for the AARP Foundation Tax-Aide Program.

For details about the Rhode Island Free File program, and to see if you're eligible for the benefits, see the "Free File" section of the Rhode Island Division of Taxation's website.

Tax Administrator Neena Savage at Johnston Senior Center today.