FL - Tax rate on commercial rentals reduced from 4.5% to 2% effective june 1, 2024
Effective June 1, 2024, the Florida sales tax rate imposed on the total rent charged for renting, leasing, letting, or […]
Read MoreThe Internal Revenue Service announced that it has unintentionally made certain data collected from Form 990-T available for bulk download through its Tax Exempt Organization Search tool.
In a September 2, 2022, statement posted to its web site, the agency said it took steps to address the situation, including removing the data with the intent of replacing the data files with the correct versions that are supposed to be publicly available.
The IRS “will be working with groups that routinely use the files to remove the erroneous files and replace them with the correct versions as they become available,” the agency said in the posted statement, adding that it will “contact all impacted filers in the coming weeks.”
Form 990-T is the business tax return used by tax-exempt entities to report and pay income tax that is generated from certain investments as well as income generated from activities not related to their exempt purpose. The agency is generally required to disclose the information for these 501(c)(3) organizations, but the data made available included information on a subset of non-501(c)(3) organizations which are not subject to a public disclosure requirement.
The IRS said the data included in the release does not include Social Security numbers, detailed account-holder information or individual tax returns, although in some cases there was a release of individual names and business contact information.
Effective 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 MoreThe IRS announced that compliance efforts around erroneous Employee Retention Credit (ERC) claims have topped more than $1 billion within six months. “We are encouraged by the results so far of […]
Read MoreThe IRS has announced the federal income tax treatment of certain lead service line replacement programs for residential property owners. It is required by the federal and many […]
Read MoreThe IRS has released guidance to help taxpayers understand what to do with Form 1099-K. Responding to feedback from taxpayers, tax professionals and payment processors, […]
Read MoreThe Treasury Department‘s Office of Payment Integrity (OPI) deployed Artificial Intelligence(AI)-based fraud detection at the onset of Fiscal Year 2023, resulting in the recovery of over $375 million. […]
Read MoreThe Florida Senate approved a tax bill that changes the corporate income tax IRC conformity tie-in date. H.B. 7073, as […]
Read MoreFlorida House of Representatives passed a bill with a provision that modifies the IRC conformity tie-in date for determining corporate […]
Read MoreThe Financial Crimes Enforcement Network (FinCEN) issued guidance on inflation adjustments to its civil monetary penalties as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990 (the Act), as amended. This rule […]
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