No Further Funding Cuts For IRS In FY24
Other than a planned repurposing of Inflation Reduction Act supplemental funding, the Internal Revenue Service saw no other cuts as the President signed off on the resolution […]
Read MoreFor purposes of the new clean vehicle credit and the used clean vehicle credit, the IRS has extended the deadlines for submitting seller reports for vehicles placed in service in 2023 and early 2024. A vehicle is placed in service when it is delivered to the taxpayer.
For a qualified vehicle sold in calendar year 2023, the deadline for submitting the seller report to the IRS is extended for one month, to February 15, 2024. The seller must still provide the seller report to the taxpayer no later than the time of sale.
For sales in 2024, the original three-day deadline for seller reports applies only if the taxpayer places the vehicle in service on or after January 17, 2024. For a vehicle placed in service between January 1, 2024, and January 16, 2024, a seller must file the seller report no later than January 19, 2024. All reports for vehicles placed in service in 2024 must be filed through the IRS Energy Credits Online Portal.
Other than a planned repurposing of Inflation Reduction Act supplemental funding, the Internal Revenue Service saw no other cuts as the President signed off on the resolution […]
Read MoreThe IRS updated frequently asked questions (FAQ) on New, Previously Owned and Qualified Commercial Clean Vehicle Credits. These FAQs provide guidance on how the Inflation Reduction […]
Read MoreKPMG TaxNewsFlash – United States March 20, 2024 The IRS today released Notice 2024-31 [PDF 156 KB] providing the adjustments to the limitation on housing expenses, under […]
Read MoreThe IRS has issued an announcement that addresses the federal income tax treatment of amounts paid for the purchase of energy efficient property and improvements. Taxpayers who […]
Read MoreThe IRS released statistics that showed 1,644 tax and money-laundering cases related to COVID fraud, totaling $9 billion investigated by the Criminal Investigation (CI). CI is the law enforcement […]
Read MoreReflecting on the 2024 tax filing season, the IRS released major filing numbers for the season. The agency highlighted a variety of improvements that dramatically expanded service for millions of taxpayers during […]
Read MoreThe IRS has wrapped up the 2024 Dirty Dozen campaign, with a warning to taxpayers to beware of promoters selling bogus tax avoidance strategies. Promoters have been peddling elaborate bogus schemes to […]
Read MoreEffective June 1, 2024, the Florida sales tax rate imposed on the total rent charged for renting, leasing, letting, or […]
Read MoreFlorida has released the severance tax rates on the production of heavy minerals and other solid minerals for 2024. From […]
Read MoreThe IRS has provided a waiver for any individual who failed to meet the foreign earned income or deduction eligibility requirements of Code Sec. 911(d)(1) because adverse conditions in a foreign country […]
Read More