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 IRS has announced that Form 14457, Voluntary Disclosure Practice Preclearance Request and Application, has been revised. Form 14457 allows taxpayers who may face criminal prosecution for willful violation of tax law to voluntarily disclose information to the IRS. These updates and additions include:
IRS Criminal Investigation now accepts photocopies, facsimiles, and scans of taxpayer signatures;
an expanded section for reporting virtual currency;
a penalty structure for employment tax and estate and gift issues; and
a check-box for inability to pay in full.
Deputy Commissioner Services and Enforcement Doug O’Donnell encourages taxpayers to review the guidelines regarding the form and consult a trusted tax professional. Thousands of taxpayers have used the Voluntary Disclosure Practice since it began. It provides a compliance option for taxpayers who have potential criminal exposure. Taxpayers making such disclosure are still subject to civil examination and payment of all applicable taxes, interest, and penalties.
Taxpayers who did not commit any tax-related crimes and wish to correct mistakes should consider other options available to comply with their tax and reporting obligations. The IRS encourages taxpayers to consult with professional tax advisors to determine the best option.
A taxpayer’s voluntary disclosure must be timely, accurate, and complete. The taxpayer must cooperate with the IRS in determining the correct tax liability and make full payment of the tax, interest, and penalties. A taxpayer who is unable to make full payment may request that the IRS consider other payment arrangements. If a taxpayer anticipates they cannot pay the full amount, the taxpayer must disclose this and submit a proposed payment arrangement and a completed and executed Collection Information Statement. The burden is on the taxpayer to establish inability to pay, to the satisfaction of the IRS, based on full disclosure of all assets and income under the taxpayer’s control.
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 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 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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