Newsletters

IRS Reminds Eligible Previous Years’ Non-Filers to Claim Recovery Rebate Credit, IR-2023-217

The IRS reminded taxpayers who may be entitled to claim Recovery Rebate Credit (RRC) to file a tax return to claim their credit before the April-May, 2024 deadlines. It has been estimated that certain individuals are still eligible to claim RRC for years 2020 and 2021. The deadlines to file a return and claim the 2020 and 2021 credits are May 17, 2024, and April 15, 2025, respectively. Additionally, the IRS reminded that taxpayers must first file a tax return to make their RRC claims irrespective of income slab and source of income.

The Recovery Rebate Credit, is a refundable credit for those who missed out on one or more Economic Impact Payments such as stimulus payments which were issued in 2020 and 2021. The persons eligible to claim the 2020 and 2021 RRC must:

For qualified taxpayers who require one-on-one tax preparation help, they can avail the same through the Free tax return preparation assistance available on the IRS website. The IRS urges people to look into possible benefits available to them under the tax law. People can make use of their IRS Online Account also to keep track of payments due to them.

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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FL - Guidance issued on affidavit required to claim exemption for boats sold to nonresident purchasers

FL - Storm Extensions Offered

The Florida Department of Revenue is offering corporate income tax return filing extensions for businesses in counties affected by severe […]

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FL - Storm Extensions Offered

FL - Credit for employing individuals with unique abilities discussed

Florida issued guidance that discusses the new corporate income tax credit for employing individuals with unique abilities. The guidance includes […]

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FL - Credit for employing individuals with unique abilities discussed

FL - Indexed tax rate on asphalt for 2024-2025 announced

Florida issued guidance that discusses the new corporate income tax credit for employing individuals with unique abilities. The guidance includes […]

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FL - Indexed tax rate on asphalt for 2024-2025 announced

IRS Tightens Scrutiny on Employee Retention Credit Claims, IR-2024-169

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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IRS Tightens Scrutiny on Employee Retention Credit Claims, IR-2024-169

Seniors Warned of Rising Impersonation Scams, IR-2024-164

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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Seniors Warned of Rising Impersonation Scams, IR-2024-164

Clean Hydrogen Credit Inflation Factors and Applicable Amounts for 2023 and 2024 Released, Notice 2024-45

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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Clean Hydrogen Credit Inflation Factors and Applicable Amounts for 2023 and 2024 Released, Notice 2024-45

Inflation Adjusted Credit Rate for Carbon Dioxide Sequestration Released, Notice 2024-39

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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Inflation Adjusted Credit Rate for Carbon Dioxide Sequestration Released, Notice 2024-39

United States-Russia Tax Treaty To Be Suspended, Announcement 2024-26

The United States has provided formal notice to the Russian Federation on June 17, 2024, to confirm the suspension of the operation […]

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United States-Russia Tax Treaty To Be Suspended, Announcement 2024-26

IRS Highlights Home Energy Credits for Taxpayers, IR-2024-137

The IRS has advised taxpayers that making specific energy-efficient updates to their homes could qualify them for home energy credits. This guidance comes under the expanded provisions of […]

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IRS Highlights Home Energy Credits for Taxpayers, IR-2024-137