Personal Income Extension Filing Due Soon

The Rhode Island Division of Taxation reminds taxpayers and tax professionals that personal income tax extensions must be filed soon.

If a taxpayer is unable to file a return by the due date, a proper extension must be filed by that due date. Please remember that an extension is an extension of time to file. It is not an extension of time to pay.

More information is available in Advisory 2024-14. 

Retirement Income Guide

The Rhode Island Division of Taxation announces the release of its annual personal income tax guide for retirees. In past years, this guide has included information regarding modifications for income from pensions, 401(k) plans, and annuities. 

This year, the guide has been expanded to cover the updated treatment of military service pensions, as well as the Social Security Modification, and SECURE 2.0 Act 529 plan IRA rollover. This year's guide has a new name "Rhode Island Retirement Income Tax Guide," to best reflect these changes.

The guide features helpful examples, clear tables, expanded guidance, and statutory references.

Publication 2024-01, the "Rhode Island Retirement Income Tax Guide" covering Tax Year 2023, is available on the Division's website.

Latest Administrative Decision

In the latest Administrative Decision, the issue addressed is whether the Taxpayer breached its 2023 Stipulation with the Division, and if so, should any sanctions be imposed.

Details are contained in Administrative Decision 2024-06.

LLC Filing Requirement Reminder

The Rhode Island Division of Taxation reminds limited liability companies (LLCs), that under Rhode Island law, LLCs are required to file an annual return with the Rhode Island Division of Taxation and pay an annual tax or fee.

Which form to file, and which tax/fee to pay, depends upon the LLC. Find the details in Notice 2024-01.

March 15 is due date for many entities

The Rhode Island Division of Taxation reminds tax professionals, business entities, and others that the filing and payment due date for many types of entities is around the corner. This year, it will fall on Friday, March 15. 

More information is available in Advisory 2024-13. 

PTW Overview

The Rhode Island Division of Taxation continues its efforts to streamline filing requirements for both taxpayers and tax preparers. As part of this process, updates continue to be made to the filing of pass-through withholding. For tax year 2023, the Schedule PTW or the Schedule PTW-1041, as applicable, will replace the discontinued RI-1096PT as part of the phase-out of the RI-1096PT form series.

More information is available in Advisory 2024-12.

Latest Administrative Decisions

In the latest Administrative Decisions, the issue addressed were:

• Whether the Taxpayer should be granted a sales tax exemption pursuant to R.I. Gen Laws § 44-18-30B, for her in person book sales. 
• Details are contained in Administrative Decision 2024-04.

• Whether the Taxpayer's claim for a sales and use tax refund for his tax payment on a truck ("Truck") that he purchased should have been denied by the Division.

• Details are contained in Administrative Decision 2024-05.

Form 1096 Filing Guidance

The Rhode Island Division of Taxation today shares expanded guidance for larger business registrants regarding the Rhode Island Form 1065 for Tax Year 2023.

More information is available in Advisory 2024-11.