FL - Guidance provided on taxability of holiday decorations and lighting
The sale, rental, and associated charges for the design, installation, removal, and storage of holiday decorations and lighting are subject […]
Read MoreThe IRS warned taxpayers about misleading claims regarding a fictitious “Self Employment Tax Credit.” Promoters and social media posts are inaccurately suggesting self-employed individuals and gig workers can claim substantial payments for the COVID-19 pandemic period. These claims are not valid, and taxpayers were advised to consult trusted tax professionals before filing such claims.
Promoters are falsely marketing a“Self Employment Tax Credit,” similar to incorrect promotions about the Employee Retention Credit. The actual credit being misrepresented is the Credits for Sick Leave and Family Leave, which is highly specific and only applicable under certain conditions in 2020 and 2021. Taxpayers filing claims based on misleading information risk submitting incorrect returns, as these credits are not available for 2023 tax returns. The IRS is scrutinizing such claims, and inaccurate filings can lead to complications.
IRS Commissioner Danny Werfel emphasized the danger of such misleading information, urging taxpayers to avoid outlandish claims from social media and marketers. Claims should be verified by consulting a reliable tax professional. The IRS highlighted that many self-employed individuals wrongly use Form 7202, leading to inappropriate claims. The IRS continues to see a pattern of incorrect claims fueled by social media, advising taxpayers to be vigilant and seek professional advice before filing.
The sale, rental, and associated charges for the design, installation, removal, and storage of holiday decorations and lighting are subject […]
Read MoreThe IRS has offered some tips to taxpayers about scammers using fake charities to exploit unsuspecting donors in the aftermath […]
Read MoreThe IRS has provided a safe harbor under Code Sec. 213(d) for amounts paid for condoms. Because amounts paid for condoms are […]
Read MoreThe IRS has issued a warning to taxpayers to be cautious of unscrupulous promoters claiming to offer help in resolving […]
Read MoreThe IRS Independent Office of Appeals (Appeals) today launched a pilot program as part of the IRS’ ongoing transformation efforts […]
Read MoreThe IRS has encouraged taxpayers to register for an Identity Protection Personal Identification Number (IP PIN) to strengthen their defenses against tax-related […]
Read MoreThe IRS has made significant progress on Employee Retention Credit (ERC) claims, with processing underway on about 400,000 claims, worth […]
Read MoreAn updated electronic address and jurisdiction database is issued for the determination of Florida insurance premiums tax to the proper […]
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