Newsletters

IRS Launches Notice Simplification Initiative, IR-2024-19

The Internal Revenue Service has reviewed, redesigned and deployed 31 notices for the 2024 tax filing season in an effort to simplify the notices and improve […]

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CI Offers Education Program as IRS Urges Businesses to Assess ERC Eligibility, IR-2024-21

The IRS, with its Criminal Investigation (CI) arm, has urged businesses to review eligibility for the Employee Retention Credit (ERC). To combat fraud, they […]

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FinCEN Issues Small Entity Beneficial Ownership Information Compliance Guide

The Financial Crimes Enforcement Network (FinCEN) has published a Small Entity Compliance Guide (Guide) to provide an overview of the Beneficial Ownership Information Access and Safeguards Rule (Access Rule) […]

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New Treasury Analysis Shows IRA Estimates $561 Billion Through Fiscal 2034

The Department of the Treasury and the Internal Revenue Service have released new analysis that shows the additional funding provided to the IRS under the Inflation Reduction […]

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AICPA Recommends IRS Issue Roth IRA Catch-up Guidance

The American Institute of CPAs offered a series of guidance recommendations to the Department of the Treasury and the Internal Revenue Service to help […]

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IRS to Begin Audits on Personal Use of Business Aircraft, IR-2024-46

As part of the ongoing efforts to improve tax compliance in high income categories, the IRS will begin dozens of audits on business aircraft involving personal use. The audits will be focused […]

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Treasury Officials Defend BOI Regulations Before House Panel

Following what was described as a successful launch of beneficial ownership information reporting requirements, officials from the Department of the Treasury found themselves before the House Financial Services […]

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IRS Issues Warning Signs for Questionable Employee Retention Credit Claims, IR-2024-39

The IRS has issued a warning to small businesses regarding potential issues with Employee Retention Credit (ERC) claims as the March 22, 2024 deadline for the ERC Voluntary Disclosure Program approaches. Seven suspicious warning signs have […]

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FL - House passes bill that modifies IRC conformity date

Florida House of Representatives passed a bill with a provision that modifies the IRC conformity tie-in date for determining corporate […]

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FL - House passes bill that modifies IRC conformity date

FinCEN Issues Guidance on Inflation Adjustments to Civil Monetary Penalties

The 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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FinCEN Issues Guidance on Inflation Adjustments to Civil Monetary Penalties

FL - IRC conformity update, disability employment credit proposed

Legislation introduced in the Florida House of Representatives proposes to: update the IRC conformity tie-in date for determining corporate income […]

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FL - IRC conformity update, disability employment credit proposed

Seller Report Deadlines Extended for Clean Vehicle Credits, Rev. Proc. 2024-12

For 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 […]

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Seller Report Deadlines Extended for Clean Vehicle Credits, Rev. Proc. 2024-12

Low-Income Housing Credit Allocation Increases for Disaster Zones May Be Reallocated Outside Disaster Zones, Rev. Rul. 2024-5

For purposes of the low-income housing credit, the IRS concluded that additional housing credit dollar amounts (HCDAs) for 2021 and 2022 […]

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Low-Income Housing Credit Allocation Increases for Disaster Zones May Be Reallocated Outside Disaster Zones, Rev. Rul. 2024-5

IRS Emphasizes Importance of Choosing a Trusted Tax Professional for Secure and Confidential Tax Preparation, IR-2024-31

The IRS has underscored the vital importance of selecting a tax professional carefully to safeguard personal and financial information. Taxpayers bear legal responsibility for their income tax return accuracy, […]

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IRS Emphasizes Importance of Choosing a Trusted Tax Professional for Secure and Confidential Tax Preparation, IR-2024-31

IRS Emphasizes Digital Asset Income Reporting Obligation, IR-2024-18

The IRS has reminded taxpayers to report digital asset income on 2023 federal tax returns, with an updated question now on Forms 1040, Individual Income Tax Return; 1040-SR, U.S. Tax Return […]

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IRS Emphasizes Digital Asset Income Reporting Obligation, IR-2024-18

FL - Taxpayer did not qualify as private trust

The Florida Department of Revenue (department) determined that a taxpayer was not a private trust excluded from the definition of […]

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FL - Taxpayer did not qualify as private trust

FL - Governor proposes tax cuts in state of the state address

In his State of the State Address, Florida Gov. Ron DeSantis proposed $1.1 billion in tax cuts, the continuation of […]

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FL - Governor proposes tax cuts in state of the state address

FinCEN Commences Beneficial Ownership Reporting Under Bipartisan Corporate Transparency Act

The Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), has begun accepting beneficial ownership information report under the bipartisan Corporate Transparency Act, enacted in 2021. This effort requires companies doing […]

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FinCEN Commences Beneficial Ownership Reporting Under Bipartisan Corporate Transparency Act