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 […]
Read MoreThe U.S. Department of the Treasury’s Financial Crimes Enforcement Network has issued an alert to financial institutions on fraud schemes related to the Employee Retention Credit as part of the CARES Act.
According to the November 22, 2023, alert, FinCEN is “urging vigilance in identifying and reporting suspicious activity.”
The agency identified 10 “red flag indicators of ERCfraud,” including:
The alert also provides general information on suspicious activity reporting.
FinCEN reported that the Criminal Investigation division of the Internal Revenue Service has already opened 323 investigations involving more than $2.8 billion of potentially fraudulent ERC claims. It adds that some individuals “have fraudulently filed ERC claims with the IRS using fabricated and dormant entities. For ERC schemes, CI has observed that dormant entities typically had an EIN but did not have any activity and then filed taxes for at least one tax period during the claim period.”
By Gregory Twachtman, Washington News Editor
Guidance is issued regarding changes that have been made to the affidavit required to claim the sales tax exemption for […]
Read MoreThe Florida Department of Revenue is offering corporate income tax return filing extensions for businesses in counties affected by severe […]
Read MoreFlorida issued guidance that discusses the new corporate income tax credit for employing individuals with unique abilities. The guidance includes […]
Read MoreFlorida issued guidance that discusses the new corporate income tax credit for employing individuals with unique abilities. The guidance includes […]
Read MoreThe 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 […]
Read MoreThe 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, […]
Read MoreThe 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 […]
Read MoreThe 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 […]
Read MoreThe United States has provided formal notice to the Russian Federation on June 17, 2024, to confirm the suspension of the operation […]
Read MoreThe IRS issued frequently asked questions (FAQs) related to distributions from retirement plans and IRS for individuals impacted by federally declared disasters. These FAQs cover the ongoing disaster relief for certain distributions […]
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