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 intensified its efforts to address questionable dubious Employee Retention Credit (ERC) claims, sending over 20,000 letters to taxpayers about disallowed claims targeting entities without a valid existence or paid employees during the eligibility period. This move aims to curb improper payments to ineligible entities, responding to misleading marketing campaigns targeting small businesses. The IRS has also offered a special withdrawal program for those with pending claims and plans to launch a voluntary disclosure program later this month for recipients of questionable payments to avoid future IRS actions.
Due to concerns over aggressive ERC marketing, the IRS has placed a moratorium on processing new ERC claims until at least the end of 2023, starting from September 14. When properly claimed, the ERC, a refundable tax credit, designed for businesses that continued paying employees during the COVID-19 pandemic, which experienced either a full or partial suspension of operations due to a government order or a significant decline in gross receipts within the eligibility periods. Further, the IRS has issued 20,000 letters disallowing claims in two identified problem areas related to the ERC:
The IRS has further reminded that, it is currently accepting and processing requests to withdraw a taxpayer’s full ERC claim under the special withdrawal process, option is made available to certain employers to withdraw their ERC claim to avoid future repayment, interest, and penalties. This option is designed to assist those who, under pressure or misinformation from ERC marketers, filed ineligible claims. The IRS cautions taxpayers to exercise extreme caution due to ongoing aggressive tactics by marketers and scammers. Additionally, the IRS advises individuals who submitted claims to review ERC requirements and consult with a trusted tax professional regarding eligibility amid misleading marketing around the credit.
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 […]
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