[Ritaxpronews] Rhode Island Division of Taxation -- recent developments

[Downing, Neil (DOR)]

Reports

On Monday, April 30, 2018, the Division of Taxation posted a report on the recently completed tax amnesty. To view a copy:
http://www.tax.ri.gov/notice/Tax_Amnesty_Report_April_30_2018.pdf

On Tuesday, May 1, 2018, the Division posted its annual report about the sales tax on alcoholic beverages. To view a copy:
http://www.tax.ri.gov/notice/Alcoholic_beverages_report_05_01_18.pdf

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 update the regulation so that it follows the statute (and  administrative practice) regarding due dates.
  *   Net operating loss deductions: The Division proposes to update the regulation 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.
Also, 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). The hearing will be held at the Department of Administration building (the Powers building) at One Capitol Hill in Providence. For more information about the codification process, and for further details about the hearing and the regulations, see the Rhode Island Department of State (Secretary of State) website: http://www.sos.ri.gov/divisions/open-government/state/rules-and-regulations.

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 The proposed changes include removal of references to the franchise tax, which has been repealed.

Also, for each of the proposed regulations, the format has been modified in accordance with the new Rhode Island Code of Regulations (a uniform state code). The hearing will be held at the Department of Administration building (the Powers building) at One Capitol Hill in Providence. For more information about the codification process, and for further details about the hearing and the regulations, see the Rhode Island Department of State (Secretary of State) website: http://www.sos.ri.gov/divisions/open-government/state/rules-and-regulations.
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:
https://urldefense.proofpoint.com/v2/url?u=https-3A__www.irs.gov_newsroom_for-2Dsmall-2Dbusiness-2Dweek-2Dirs-2Doffers-2Dtips-2Dto-2Dsmall-2Dbusiness-2Downers-2Dabout-2Dthe-2Doverlooked-2Dhome-2Doffice-2Ddeduction&d=DwIFAg&c=tSLbvWYfvulPN3G_n48TUw&r=3N0CXa2u4V7_DU38-YjSBY2i0S2qGG60dynqKUqOstM&m=xgC_DGGf3Yy7s5r2Egayq_FUi-ELcHKBcuoNRXcuH3M&s=w1JnSoFCBRWLiPcCj19oSIoLLsE5oyC4R0g0HAY7yDM&e=.



Neil Downing
Chief Revenue Agent
Rhode Island Division of Taxation
One Capitol Hill
Providence, R.I. 02908

Email: Neil.Downing at tax.ri.gov<mailto:Neil.Downing at tax.ri.gov>
Phone: (401) 574-8115

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