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 National Taxpayer Advocate (NTA), Erin M. Collins, has released her 2021 Annual Report to Congress. The NTA called the calendar year 2021 the most challenging year taxpayers and tax professionals have ever experienced. The report states that tens of millions of taxpayers experienced delays in the processing of their returns, and with 77 percent of individual taxpayers receiving refunds.
Further, the report credited the IRS for performing well under difficult circumstances. Since the start of the pandemic, the IRS, in addition to its traditional work, implemented significant programs enacted by Congress. Among other things, it has issued 478 million stimulus payments (referred to as Economic Impact Payments or EIPs) totaling $812 billion and has sent Advance Child Tax Credit (AdvCTC) payments to over 36 million families totaling over $93 billion.
Moreover, the report drew attention to the imbalance between the IRS’s workload and its resources has never been greater. Since fiscal year (FY) 2010, the IRS’s workforce has shrunk by 17 percent, while its workload (as measured by the number of individual return filings) increased by 19 percent. The report reiterated the NTA’s longstanding recommendation that Congress provide the IRS with sufficient funding to serve taxpayers well.
The report made numerous recommendations to address taxpayer problems, including the following:
Utilizing scanning technology and reducing barriers to e-filing.
Deploying customer callback technology on all telephone lines, so taxpayers and tax professionals do not have to wait on hold and can receive a return call when the next customer service representative is available.
Improving online taxpayer accounts and allowing taxpayers to communicate with the IRS routinely by secure email.
Creating and updating a weekly dashboard on the IRS website to provide the public with specific information about delays.
Additionally, the NTA’s 2022 Purple Book proposed 68 legislative recommendations for consideration by Congress. Among them are the following:
Providing sufficient funding for the IRS to improve taxpayer service and modernize its information technology systems.
Extending the period for receiving refunds when the IRS postpones the tax filing deadline.
Expanding the U.S. Tax Court’s jurisdiction to hear refund cases.
Restructuring the Earned Income Tax Credit (EITC) to make it simpler for taxpayers and reducing improper payments.
Expanding the protection of taxpayer rights by strengthening the Low Income Taxpayer Clinic (LITC) program.
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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