FL - Guidance issued on affidavit required to claim exemption for boats sold to nonresident purchasers
Guidance is issued regarding changes that have been made to the affidavit required to claim the sales tax exemption for […]
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The American Institute of CPAs reiterated its call for the Internal Revenue Service to delay the implementation of the Schedules K-2 and K-3 reporting until 2023 and suspend any penalties against partnerships and S corporations for failing to file Schedules K-2 and K-3 for the 2021 tax year.
The call, outlined in a February 24 letter to Lily Batchelder, assistant secretary of tax policy at the Department of the Treasury, and IRS Commissioner Charles Rettig, acknowledges recent revisions the IRS made to the Schedules’ filing instructions, but said they “raise additional questions, perpetuating futility in filing a complete and accurate return and the goal of standardized international reporting.”
The IRS in its revision outlined criteria for partnerships and S corporations to qualify for an exemption from filing the Schedules. However, AICPA contends there is still confusion.
“The 2022 filing season has commenced and the IRS as well as taxpayers are unclear as to who is required to file the Schedules, nor can taxpayers properly file and the IRS process these Schedules,” the letter states. “These threshold issues nearly preclude complete and accurate returns for the 2022 filing season.”
AICPA also said the lack of the ability to electronically file the schedules is another reason for the implementation of the Schedules to be delayed.
“Delay is essential until e-filings can be accepted and uncertainty regarding taxpayer obligation is resolved,” noting that the agency is currently “unable to accept electronically filed returns containing the Schedules K-2 and K-3 via the Modernized e-File (MeF) system for partnership returns until March 20, 2022, and for S corporation returns until mid-June. The lack of a timely available MeF filing option for these forms in electronic format will cause unnecessary harm to all affected parties.”
Guidance is issued regarding changes that have been made to the affidavit required to claim the sales tax exemption for […]
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The Florida Department of Revenue is offering corporate income tax return filing extensions for businesses in counties affected by severe […]
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Florida issued guidance that discusses the new corporate income tax credit for employing individuals with unique abilities. The guidance includes […]
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Florida issued guidance that discusses the new corporate income tax credit for employing individuals with unique abilities. The guidance includes […]
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The IRS has announced plans to deny tens of thousands of high-risk Employee Retention Credit (ERC) claims while beginning to process lower-risk claims. The agency’s review has […]
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The IRS has issued a warning about the increasing threat of impersonation scams targeting seniors. These scams involve fraudsters posing as government officials, including IRS agents, […]
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The IRS released the inflation adjustment factors and the resulting applicable amounts for the clean hydrogen production credit for 2023 and 2024. For 2023, the inflation adjustment factor is one, so the inflation adjusted applicable amounts are the same as those in Code Sec. 45V(b). Thus, the applicable amounts for a […]
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The IRS has released the inflation adjustment factor for the credit for carbn dioxide (CO2) sequestration under Code Sec. 45Q for 2024. The inflation adjustment factor is 1.3877, and the credit is $27.75 per metric ton […]
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