Inflation-adjusted amounts set for tax year 2023

The Rhode Island Division of Taxation has provided the standard deduction amounts, tax bracket ranges, and other key items for Rhode Island Personal Income Tax for tax years beginning on or after January 1, 2023. 

More information is Available in ADV 2022-40.

Administrative Decision

In the latest Administrative Decision, the issue addressed is whether the Taxpayer owes the sales and use tax assessed in the May 22, 2020 Notice of Assessment.

Details are contained in Administrative Decision 2022-20.

Withholding payment calendar for 2023

 The Rhode Island Division of Taxation has posted the withholding tax payment calendar for 2023.

The calendar shows, at a glance, the dates on which each employer must submit the Rhode Island Personal Income Tax that the employer has withheld from employees for a given period. 

The calendar is handy for employers, payroll-service providers, bookkeepers, and others.

The calendar is available on the Division's website.

Guidance for Tax Pros regarding passive losses and bonus depreciation

The Rhode Island Division of Taxation today provides technical guidance regarding the use of passive losses at the state level.

More information is Available in Advisory 2022-39.

Changes to the method of filing and payment of Corporate Tax payments

The Rhode Island Division of Taxation today announced that in effort to streamline payment processing and reduce the number of forms, the Division is starting the process to eliminate the separate series of forms related to the RI-1120related to payments.

This series of forms, also known as ‘Corporate Tax Vouchers’ will begin phase-out as of January 1, 2023. Starting with tax year 2022, extensions and vouchers must be filed on the Rhode Island BUS-EXT and BUS-V forms. The Division will no longer be using the RI-1120V, RI-1065V, and RI-7004.

For tax year 2023, the BUS-EST will be the form used for estimated payments. The RI-1120ES will no longer be available.

More information is available in Advisory 2022-38.