Tax

Prakash Mehta, 72, Pleads Guilty to Three Counts of Embezzlement of State Property, $200,901 Restitution

Prakash Mehta, 72, of Waxhaw, North Carolina, pleaded guilty on April 13, 2026, in Wake County Superior Court to three counts of Embezzlement of State Property. Mehta, as President and responsible person of Shivam, Inc. (dba Highland Creek BP in Charlotte), embezzled $200,901.12 in North Carolina Sales Tax during January 1, 2022 through March 31, 2024. Wake County Superior Court Judge Thomas H. Lock sentenced Mehta to 16 month minimum, 29 month maximum prison term (suspended), 24 months supervised probation, and 120 hours community service. Restitution of $200,901.12 was paid prior to the plea. The investigation was conducted by the NC DOR Criminal Investigations Division and prosecuted by the Attorney General's office.

H. 4216 Modifies South Carolina Income Tax Rates, Deductions, EITC

H. 4216, signed by Governor Henry McMaster on March 30, 2026, restructures South Carolina's Individual Income Tax to a tiered system with a 1.99% rate for income below $30,000 and a 5.21% rate (minus $966) for income $30,000 and above. The bill creates a new South Carolina Income Adjusted Deduction (SCIAD) replacing the federal standard deduction, with amounts of $15,000 for single filers, $22,500 for head of household, and $30,000 for married filing jointly. The Earned Income Tax Credit is capped at $200. The bill decouples South Carolina from federal deductions, using Federal Adjusted Gross Income as the starting point. H. 4216 is effective for the 2026 tax year with returns due April 15, 2027.

Customs Duty Repayment Changes for Northern Ireland Businesses

HM Revenue & Customs has published The Customs (Northern Ireland) (EU Exit) (Amendment) Regulations 2026, effective 16 April 2026. The changes modify rules for remission or repayment of Customs Duty under the Duty Reimbursement Scheme (DRS) and allow eligible businesses to switch relief amounts from the Customs Duty Waiver Scheme (CDWS) to DRS awards. The measure also permits DRS claims for goods held in common stock of interchangeable goods where individual item monitoring is impractical. Affected businesses bringing goods into Northern Ireland should review updated compliance procedures under the amended regulations.

Assessment Freeze for Elderly and Disabled Property Tax Relief Deadline April 1, 2026

The South Dakota Department of Revenue has issued a reminder that elderly and disabled South Dakota residents have until April 1, 2026, to apply for the Assessment Freeze for the Elderly and Disabled Program. The program freezes a qualifying homeowner's property assessment at its current value, preventing tax increases even if market values rise. Eligibility requires income below $56,595 for single-member households or below $66,885 for multiple-member households, age 65 or older or disabled status, ownership and occupancy of a single-family dwelling, and five years of South Dakota residency.

May 2026 AFR Tables and Tax Rate Prescriptions

The IRS has published Rev. Rul. 2026-9 setting forth the May 2026 applicable federal rates (AFR) for short-term (3.82%), mid-term (4.08%-7.19%), and long-term (4.83%-6.30%) instruments, along with adjusted AFR rates for tax-exempt obligations and the Section 7520 annuity rate of 5.00%. The ruling also provides the low-income housing credit appropriate percentages of 8.04% (70% present value) and 3.44% (30% present value) for buildings placed in service during the month.

UK Overseas Trade in Goods Statistics February 2026 Import and Export Data

HM Revenue & Customs published the UK overseas trade in goods statistics for February 2026 on 16 April 2026, providing EU and non-EU import and export data at chapter level. The release consists of two OpenDocument format files containing import data (21.2 KB) and export data (21.3 KB). This is a routine statistical publication and does not impose any compliance obligations on businesses.

Agent Update Issue 142 for Tax Advisers

HMRC published Issue 142 of its Agent Update series on 16 April 2026, providing guidance and news for tax agents and advisers. The publication is available as an HTML document linked from the HMRC guidance page. Tax professionals can subscribe to receive email notifications when future editions are published.

UK Overseas Trade in Goods Statistics February 2026

HM Revenue & Customs published the February 2026 UK overseas trade in goods statistics, providing accredited official statistics covering over 9,000 commodities and more than 200 partner countries. The release includes commentary, methodology notes, and multiple data tables covering EU and non-EU trade, top trading partner countries, and major product chapters for the period September 2024 to February 2026.

AML Training Resources for Art Market Participants and Estate Agencies

HMRC has published AML training resources for art market participants and estate agencies supervised under the Money Laundering Regulations, consisting of two training films — 'Framed' for art market participants and 'Closing costs' for estate agencies — with accompanying discussion notes and printable materials. The resources were published on 16 April 2026 and are freely accessible via GOV.UK and YouTube.

Customs Declarants and Declaration Volumes for International Trade in 2025

HMRC has announced the release of official statistics on customs declarants and declaration volumes for international trade in goods during calendar year 2025. The statistics are scheduled for release on 14 May 2026 at 9:30am. The publication will detail the volume of customs declarations and the number of businesses declaring international trade in goods, providing baseline data for trade compliance monitoring and customs operations analysis.

Customs Importer and Exporter Population 2025

HMRC published official statistics on 16 April 2026 providing counts of UK businesses engaged in importing and exporting goods with EU and non-EU countries for the years 2021 through 2025. The publication includes seven data tables covering trade by partner region, direction of movement, and annual business churn. Users should note that this release succeeds the former UK Importer and Exporter Population series and reports only on traders with positive declarations of trade in goods, drawing no comparison to pre-2021 data.

Georgia Santos Arrested for Tax Charges Related to Kahealani Property Services

The Hawaii Department of Taxation announced on April 14, 2026 that Georgia Santos was arrested on April 10, 2026, for alleged tax violations involving Kahealani Property Services LLC of Kailua-Kona. Santos faces five felony counts of Willful Failure to Collect and Pay Over Tax under Section 231-36.4, Hawaii Revised Statutes, for tax years 2018 through 2022, each carrying up to five years imprisonment and up to $100,000 in fines for individuals. She also faces twelve misdemeanor counts of Willful Failure to File Return under Section 231-35, HRS, for tax years 2018 through 2023, each carrying up to one year imprisonment and up to $25,000 in fines. Charges were filed by the Attorney General's Criminal Justice Division in the Circuit Court of the Third Circuit on March 25, 2026.

Social Media Toolkits, Hashtags, Graphics, and Suggested Language

The Maryland Comptroller's Office of Communications has published a social media toolkit page on its website providing official social media handles for Facebook, Instagram, X, Threads, YouTube, Flickr, and LinkedIn. The page includes downloadable graphics for three campaigns — the Earned It EITC campaign (featuring a $4,000 Earned Income Tax Credit message), a Scams/Fraud awareness campaign with Pause-Reflect-Protect messaging, and an Unclaimed Property Day campaign. A children's coloring book developed in partnership with the Maryland Council on Economic Education is also available for download. No regulatory obligations, deadlines, or penalties are imposed by this page.

Shop Maryland Energy Tax-Free Weekend Set for Feb 14-16, 2026

The Maryland Comptroller's Office announces the annual Shop Maryland Energy Tax-Free Weekend will run from Saturday February 14 through Monday February 16, 2026. During this period, qualifying Energy Star products including air conditioners, washers and dryers, furnaces, heat pumps, boilers, standard-size refrigerators, dehumidifiers, programmable thermostats, and compact fluorescent light bulbs are exempt from Maryland's 6 percent sales tax. The tax-free weekend occurs annually from the Saturday immediately preceding the third Monday in February through the third Monday of February in perpetuity or until legislative amendment.

Maryland Comptroller Press Releases April 2026

The Maryland Comptroller's Office published an index of press releases covering April, March, and February 2026. Releases span topics including Board of Public Works spending approvals ($627 million in February, $248 million in January), the launch of the expanded Earned It tax campaign, appointment of new agency leadership including Chief Deputy Comptroller Erica Roach and Chief Deputy Comptroller Andrew Schaufele's departure, a state coalition letter to President Trump regarding tariff authority, and the annual tax season launch for Maryland.

Newsletter Subscription Form for Maryland Comptroller Updates

The Maryland Comptroller's office provides a newsletter subscription form allowing the public to opt-in to updates on various state government topics. Available newsletter categories include Cannabis Job Opportunities, Budget and Economy, Legislation/Regulations, Board of Public Works/State Procurement, Taxes and Tax Practitioners, New Americans/Immigrants, Small Business-SBRs, State Retirement and Pensions, Environment/Climate Resilience, Faith Communities, and Small Business and Community Development. Subscribers can select one or more newsletters and provide contact information to receive communications directly from the Comptroller's office.

USPS Postmark Changes May Affect Tennessee Tax Filing Timeliness

The United States Postal Service announced changes to the application of postmarks that may affect whether certain Tennessee tax filings mailed to the Department of Revenue are considered timely. Taxpayers who file by mail should consult Important Notice #26-09 for details on how these USPS changes may impact filing and payment deadlines. The notice advises affected taxpayers to review the linked guidance document for compliance information.

Free Webinar March 31: Tennessee F&E Obligated Member Entities

The Tennessee Department of Revenue will host a free webinar on March 31, 2026 at 9:00 a.m. Central time to discuss Tennessee's obligated member entity election under the franchise and excise (F&E) tax. The session will cover how pass-through entities can elect to pay F&E tax at the entity level, including implications for compliance and planning. This webinar is part of a free public education series offered by the department.

Billy Richmond Jr. Pleads No Contest to Tax Evasion and Theft

On March 12, 2026, Shelby County General Sessions Court Judge Jennifer Mitchell accepted Billy Richmond Jr.'s no contest plea to theft of property over $60,000 and tax evasion. Richmond, owner of Wing Guru, Inc., was sentenced to eight years of probation and ordered to pay $337,609.12 in restitution for failing to remit collected sales tax from two Wing Guru restaurant locations in Memphis, Tennessee. The Tennessee Department of Revenue's Special Investigations Section conducted the investigation in cooperation with District Attorney General Steve Mulroy's office.

Free Webinar for New Tennessee Businesses on State Tax Obligations, April 8

The Tennessee Department of Revenue announced a free webinar on Wednesday, April 8, 2026 at 8:30 a.m. Central time designed for new business owners in Tennessee. The quarterly webinar will cover state tax obligations including tax registration, sales and use tax, business tax, franchise and excise taxes, and resources from the Department of Revenue and other state agencies. Registration is open via the department's taxpayer education page.

Tennessee F&E Tax Filing Extended to June 8, 2026

The Tennessee Department of Revenue has extended franchise and excise tax filing and payment due dates to June 8, 2026, for businesses in designated disaster areas resulting from Winter Storm Fern. The extension aligns with the IRS decision to push federal due dates to the same date for affected taxpayers. The Department will evaluate extension requests for other tax types on a case-by-case basis for taxpayers unable to file due to the storm's impact.

Indiana Gasoline Use Tax Rate $0.172/gal, April 2026

The Indiana Department of Revenue has published Departmental Notice #2 setting the gasoline use tax rate for April 2026 at $0.172 per gallon. The rate was calculated using a statewide average retail gasoline price of $2.4539 per gallon over the February 16 – March 15, 2026 period, multiplied by 7% and rounded to the nearest tenth of a cent as required by IC 6-2.5-3.5-15. This notice replaces the March 2026 rate notice and applies to all refiners, terminal operators, and qualified distributors known to the department who are required to collect the tax.

Indiana Gaming Tax Withholding Requirements for Riverboat Winnings, March 2026

The Indiana Department of Revenue has issued an updated Departmental Notice #16, effective March 2026, replacing the December 2025 version with new statutory withholding requirements for riverboat gaming winnings. The notice covers slot machine winnings of $2,000 or more and keno winnings of $2,000 or more, setting the withholding rate at 2.95% for 2026 and 2.90% for 2027 and later. Licensed gambling facilities must withhold tax, remit payments monthly by the 24th calendar day via electronic fund transfer, and file daily, monthly, and annual reports reconciling withholding amounts.

Protect Yourself from Tax Scams

Virginia Tax issued consumer guidance on March 13, 2026 warning residents about tax-related scams during filing season and year-round. The advisory describes how fraudsters impersonate tax officials via phone, text, or email to pressure victims into sharing personal information or sending payments. Virginia Tax clarifies it will first contact taxpayers by mail and will never demand payment via gift cards, prepaid debit cards, wire transfers, or threaten arrest.

Virginia Sets 8% Interest Rate for Q2 2026 Underpayments and Overpayments

Virginia adjusts its interest rates quarterly based on changes to federal rates, and for Q2 2026 (April through June) the Commonwealth will apply 8% interest to both underpayments and overpayments. This rate applies to all Virginia taxpayers with outstanding tax assessments or those due refunds during the quarter. The updated rate reflects the federal rate adjustment and is detailed in Virginia Tax Bulletin 26-2.

Employer Child Care Contribution Tax Credit Program Overview

State Senator Judy Schwank published an op-ed in the Reading Eagle highlighting Pennsylvania's Employer Child Care Contribution Tax Credit Program, signed into law as part of the 2024-25 budget under Governor Josh Shapiro. The program gives Pennsylvania employers a state tax credit equal to 30% of employees' eligible child care costs, with a maximum annual contribution of $500 per employee. The annual application window opens on October 1 and closes on January 31 of the following year, with applications processed through the Department of Revenue's myPATH tax system.

Child and Dependent Care Enhancement Tax Credit: $600-$2,100 Before April 15

The Shapiro Administration is encouraging eligible Pennsylvanians to claim the Child and Dependent Care Enhancement Tax Credit before the April 15, 2026 filing deadline. The credit, expanded by Governor Shapiro to 100% of the federal credit, provides $600-$2,100 per filer depending on income level and number of dependents. The credit is fully refundable, meaning qualified taxpayers receive the full amount as a refund. Filers must complete PA Schedule DC and attach Federal Form 2441 and 1040 Schedule 3 when submitting their PA-40 through myPATH.

Shapiro-Davis Administration Highlights $315M Rebates and $193M Tax Credits

The Shapiro-Davis Administration announced it delivered more than $450 million in tax relief to Pennsylvanians, including $315 million through the expanded Property Tax/Rent Rebate program benefiting over 513,000 homeowners and renters. The new Working Pennsylvanians Tax Credit, modeled on the federal Earned Income Tax Credit, is expected to provide $193 million in relief to nearly 1 million residents this year, with eligible filers receiving up to $805 back.

Pennsylvania Tax Credits Up to $2,100 for Eligible Residents Before April 15th

The Shapiro Administration is encouraging Pennsylvanians to claim new and expanded state tax credits ahead of the April 15, 2026 filing deadline. Available credits include the Working Pennsylvanians Tax Credit (up to $805 for federal EITC claimants) and the Child and Dependent Care Enhancement Tax Credit ($600–$2,100 based on income and dependents). Taxpayers who earned more than $33 in total gross taxable income in 2025 must file a Pennsylvania personal income tax return by midnight on April 15.

California Wealth Tax May Tax Founders' Voting Shares

The Tax Foundation published an analysis of a proposed California ballot initiative that would impose a wealth tax on billionaires, examining whether the initiative's language could require founders with super-voting shares to be taxed based on their voting control interests rather than their economic stake. The initiative establishes different valuation methods for publicly traded assets, sole proprietorships, and a catch-all category for other business entity interests, with a valuation floor for interests conferring voting or direct control rights. The analysis argues that super-voting shares do not meet the initiative's definition of publicly traded assets because they cannot be sold on an exchange and convert to ordinary shares upon sale, potentially subjecting them to the voting-interest valuation floor.

Who Pays Federal Income Taxes: Top 1% vs Bottom 50%, Tax Year 2023

The IRS released SOI tax statistics for tax year 2023 showing 153.1 million returns reporting $15.2 trillion in adjusted gross income and $2.1 trillion in individual income taxes. The top 1 percent of taxpayers (AGI $675,602+) paid a 26.3 percent average income tax rate, seven times higher than the 3.7 percent average rate paid by the bottom 50 percent (AGI under $53,801). The top 50 percent of taxpayers paid 96.7 percent of all federal individual income taxes while the bottom 50 percent paid 3.3 percent. Average tax rates across all income groups remained below pre-TCJA levels for the sixth consecutive year.

Impact of 2025 Reconciliation Law Tax Changes on Small Businesses

Garrett Watson of the Tax Foundation testified before the US House Small Business Committee on April 15, 2026, analyzing how the 2025 reconciliation law permanently extended key TCJA provisions benefiting pass-through businesses. The testimony notes that the Section 199A qualified business income deduction was made permanent with a $25,000 expanded phase-in range, and that pass-through businesses face a marginal effective tax rate of 12.6 percent and average effective rate of 20.5 percent under the new law. Watson recommended further changes to cost recovery rules, tariff policy, and loss treatment to simplify the tax code for small business owners.

Nebraska General Fund Receipts March 2026

Nebraska Department of Revenue released March 2026 General Fund receipt figures, providing updated monthly state tax collection data. The announcement presents revenue figures for the state's general fund but does not create any new regulatory obligations or compliance requirements.

Tax Policy Newsletter April 2026: Franchise Tax Threshold and Coastal Fee Suspension

The General Land Office certified that the Coastal Protection Fund has reached the maximum balance allowed, suspending the Coastal Protection Fee effective May 1, 2026. Crude oil transferred through a marine terminal on or after May 1, 2026, is not subject to this fee. For the 2026 franchise tax report, the no-tax-due threshold is updated to $2,650,000 as required under Tax Code Section 171.006, and the No Tax Due Report (Form 05-163) has been discontinued for the 2024 report year and beyond. Annual franchise tax reports and independently procured insurance premium tax reports are both due May 15, 2026.

LDR New Orleans Regional Office Relocates to OMV Building

The Louisiana Department of Revenue has relocated its New Orleans regional office from Benson Tower in the Central Business District to the state Office of Motor Vehicles building at 100 Veterans Boulevard, New Orleans, LA 70124, effective April 14, 2026. The office is open to individual and business taxpayers Monday through Friday from 8 a.m. to 4 p.m. without appointment, offering tax filing and payment services, watercraft registrations, tax clearances, payment plans, and special event registrations. No compliance obligations or deadlines are associated with this administrative relocation.

Employer Bulletin: April 2026 Payroll Tax Updates for Employers

HMRC published the April 2026 Employer Bulletin on 15 April 2026, a routine guidance document covering six key payroll topics. The bulletin addresses reporting benefits in kind (BiKs), Real Time Information submission issues, removal of tax relief for non-reimbursed homeworking expenses, the official rate of interest from 6 April 2026, the 'Tell ABAB' survey 2026, and Statutory Sick Pay changes. Employers and payroll agents should review the bulletin to stay current on their obligations.

HMRC Vaping Products Duty Stamps Guidance Manual

HMRC Vaping Products Duty Stamps Guidance Manual

Vermont Tax Scam Protection Advisory Issued

The Vermont Department of Taxes issued a consumer advisory on April 14, 2026, warning Vermonters about tax scams ahead of the April 15 personal income tax filing deadline. The advisory provides guidance on verifying official communications, including checking URLs for 'vermont.gov' and contacting the department directly at 802-828-2865 or via email to verify suspicious messages. The Department also states it will never send unsolicited text messages or robocalls.

IRS Cancels PTIN Fee Reduction Hearing, No Testimonies Received

The IRS has cancelled a public hearing scheduled for April 24, 2026 regarding proposed amendments to reduce PTIN user fees from $11 to $10. The hearing was cancelled after no requests to testify or topic outlines were received by the April 2, 2026 deadline. The underlying proposed rulemaking (REG-108673-25) remains open for public comment via regulations.gov.

Proposed Excise Tax on Remittance Transfers Under Section 4475

IRS proposes regulations implementing a 1% excise tax on remittance transfers under section 4475 of the Internal Revenue Code, enacted by the One, Big, Beautiful Bill Act. The tax applies to transfers where the sender provides cash, money order, cashier's check, or similar physical instrument, effective for transfers after December 31, 2025. Remittance transfer providers would collect the tax from senders and remit it quarterly to the IRS.

IRS Final Rule Defines Qualified Tips for Section 224 Tax Deduction

The IRS has issued final regulations under Section 224 of the Internal Revenue Code defining 'qualified tips' for income tax deduction purposes. The regulations identify occupations that customarily and regularly received tips on or before December 31, 2024, and establish documentation requirements for the deduction. The rule affects individuals who receive tips as part of their employment in qualifying occupations.

Singapore Signs MCAA for GloBE Information Exchange

On 14 April 2026, Singapore signed the Multilateral Competent Authority Agreement on the Exchange of Global Anti-Base Erosion (GloBE) Information. The MCAA enables central filing of GloBE Information Returns, allowing multinational enterprise groups to file in one jurisdiction and have the information automatically exchanged with other tax administrations under Pillar Two rules. Singapore will exchange GIR information only with international partners that have necessary safeguards to ensure confidentiality and prevent unauthorized use.

Discriminatory Cross-Border Service Taxes Threaten US Exports

The Tax Foundation published a research paper analyzing three examples of discriminatory cross-border service taxes that impose higher effective tax burdens on foreign service provision: a UN Framework Convention on International Tax Cooperation proposal for withholding taxes on cross-border services, European digital services taxes targeting gross revenues, and the US Base Erosion and Anti-Abuse Tax (BEAT). The paper argues these policies violate tax neutrality principles, create tax pyramiding and double taxation, and risk retaliation through reciprocal discrimination against US services exporters. Services represent 36 percent of all US exports, and the US, as the world's largest services exporter, has a stronger interest in combating discriminatory services taxation than in pursuing tariffs.

Customs Valuation Method 1 - Transaction Value Guidance

HMRC has published guidance on Customs Valuation Method 1 (Transaction Value), the primary method importers must use when valuing goods for import to the UK. The guidance explains that customs value is based on the price actually paid or payable for goods when sold for import to the UK, adjusted in accordance with the Trade Customs and Excise Management Act (TCTA) and CIDEER Regulations. The guidance covers how to establish a valid sale for export, the definitions of transaction value, and examples of acceptable documentation.

Advance Valuation Rulings Guide for Importers

HMRC published guidance on Advance Valuation Rulings (AVRs), which are legally binding decisions on customs valuation methods for imported goods. AVRs are valid for three years and must be applied for before import. Importers must submit complete documentation including transaction details, proposed valuation method, supporting evidence, and confirmation goods are not under legal challenge. HMRC will issue rulings within 90 days of application acceptance.

Foreign Insurance Companies Asset Percentages, Yields 2026

Rev. Proc. 2026-19 establishes the 2025 domestic asset/liability percentages at 128.2 percent for foreign life insurance companies and 202.4 percent for foreign property and liability insurance companies, with corresponding domestic investment yields of 2.1 percent and 2.2 percent respectively. The procedure, effective for taxable years beginning after December 31, 2024, provides that foreign insurance companies must use the greater of their actual effectively connected net investment income or the minimum amount computed using these new percentages and yields when calculating estimated tax and installment payments. A 20-day grace period applies for installments due fewer than 20 days after the procedure's Internal Revenue Bulletin publication, allowing use of the prior Rev. Proc. 2025-20 rates instead.

VCT Statistics 2026: Funds Raised, Investors 2024-2025

HMRC announces release of Venture Capital Trusts Statistics for 2026, covering funds raised and investor numbers for the 2024-2025 tax year. The statistics are scheduled for publication on 21 May 2026 at 9:30am. No compliance obligations are created by this announcement.

Enterprise Investment Scheme and Seed Enterprise Investment Scheme May 2026 Statistics Announcement

HMRC has published an accredited official statistics announcement for the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS), confirming the release date of 21 May 2026 at 9:30am. The statistics will cover information on the number of companies and investors under these venture capital schemes, along with amounts of investments, covering periods up to 2024 to 2025. This is a forward-looking announcement confirming a scheduled statistical release rather than a regulatory change.

Hawaii Tax Review Commission Fifth Meeting Notice, April 20, 2026

The Hawaii Tax Review Commission has scheduled its fifth meeting for April 20, 2026 from 2:30-4:30 PM, to be held remotely via Zoom with a courtesy physical terminal in Honolulu. The agenda includes discussion of consultant hiring for the first competitiveness project, a presentation on tourism and transient accommodations tax topics and housing affordability, and continued discussion of additional commission priorities.

Governor Green Secures IRS Deadline Extensions for Storm-Affected Residents and Businesses

Governor Josh Green secured federal tax relief from the IRS for individuals and businesses in Hawaiʻi affected by the severe storms, flooding, and mudslides from the Kona-Low disaster beginning March 10, 2026. The relief extends filing and payment deadlines to July 8, 2026, for residents and business owners in all four counties: Hawaiʻi, Honolulu, Kauaʻi, and Maui. The IRS will automatically apply relief to affected taxpayers in the declared disaster area, covering individual income tax returns, certain business tax filings, quarterly payroll filings, and certain excise tax payments.