News & Resources

Start Your Engines

  Did you know approximately 300,000 guests attend the Indianapolis 500 every Memorial Day weekend? As we approach the 100th running of this monumental event, let’s see how the State Tax Department financially benefits from the greatest spectacle in racing:

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State and Local Tax Update – Spring 2016

The Tangled Web of State Taxes A recent comprehensive state survey by Bloomberg BNA overwhelmingly demonstrates that uniformity and consistency does not exist in state income tax laws, determination of nexus, sales and use tax laws and sourcing of receipts.

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Health Savings Accounts Contribution Adjustments

  IRS released 2017 inflation-adjusted figures for contributions to Health Savings Accounts. Annual limitation on deductions for individual with self-only coverage under high deductible health plan is $3,400, and for individual with family coverage under high deductible health plan is

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What to Do if You Owe Taxes

  The individual income tax filing deadline is almost here. Are you finding it difficult to pay your taxes? We’ve got helpful suggestions. Be proactive – make sure to file your tax return by April 18, 2016, even if you

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Owe Tax Money? Easy Electronic Payment Options Available

  The Internal Revenue Service reminded taxpayers that it’s easier than ever to pay their taxes electronically. Taxpayers who owe taxes can now choose among several quick and easy electronic payment options, including the following: Electronic funds withdrawal allows taxpayers

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Tax Refund Fraud

  As the end of the individual income tax season draws near, the Indiana Department of Revenue’s Identity Protection Program continues to protect Hoosiers and the state from identity theft and tax refund fraud. Since its inception in 2014, the

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Real Estate Update – Spring 2016

New Law Restricts Tax-Free REIT Spinoffs By Randy Schwartzman, Patricia Brandstetter In recent years, tax-free spinoffs under Sec. 355 involving REITs became popular among corporations with real estate holdings. The essence of REIT spinoffs is that valuable real estate leaves

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Expense Credit for Indiana Public School Teachers

If you are an eligible educator working for an Indiana public school corporation, don’t forget about the Public School Educator Expense Credit when filing your 2015 Form IT-40 Indiana individual income tax return. If you are unsure of your eligibility or what

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State of Indiana Mileage Reimbursement Rate Drops

  Based on the last six months of average fuel prices for regular unleaded gas, as well as the average cost of the last six weeks, mileage reimbursement rate will be adjusted down. Effective February 22, 2016, the mileage reimbursement rate

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