FL - Gas and Sulfur production tax rates for 2024-2025 announced
Florida has issued the severance tax rates for the production of gas and sulfur effective July 1, 2024, through June […]
Read MoreThe American Institute of CPAs is calling on the Internal Revenue Service to establish a more streamlined and rapid procedure for processing extension requests filed by taxpayers in areas with a disaster declaration.
AICPA notes that there is has been an increasing number of natural disasters each year, leading to more disaster-related extension requests and, in turn, delays in obtaining a Sec. 1033 extension approval. To account for this, the organization made the following recommendations in a December 11, 2023, letter to the agency regarding the extension of Sec. 1033 replacement period:
AICPA also recommended that the IRS develop online tools to allow taxpayers to track the status of Sec. 1033 extension requests, as well as the ability to contact an IRS employee on status and to receive emails when a decision has been made. The organization is also calling for a public awareness campaign regarding Sec. 1033 extensions, including providing annual information on the number of requests and approvals each year.
“If adopted, these recommendations will benefit taxpayers and tax practitioners by providing more rapid responses from the IRS to Sec. 1033 replacement period requests,” Peter Mills, AICPA senior manager for tax policy and advocacy, said in a statement.
Copies of this and other tax policy and advocacy letters submitted by AICPA in 2023 can be found here.
By Gregory Twachtman, Washington News Editor.
Florida has issued the severance tax rates for the production of gas and sulfur effective July 1, 2024, through June […]
Read MoreOther 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 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 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 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 More