FL - Tax rate on commercial rentals reduced from 4.5% to 2% effective june 1, 2024
Effective June 1, 2024, the Florida sales tax rate imposed on the total rent charged for renting, leasing, letting, or […]
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The Internal Revenue Service has made progress on clearing out the backlog of paper original returns in the wake of the COVID-19 pandemic, but the backlog of unprocessed amended returns remains […]
Read MoreMark Mazur, former assistant secretary for Tax Policy U.S. at the Department of the Treasury, told members of the House Budget Committee that […]
Read MoreProposed regulations describe rules for an eligible taxpayer to make the Code Sec. 6418 election to transfer eligible credits to an unrelated person. In particular, the proposed regs: define several key terms, provide […]
Read MoreThe IRS today released an advance version of Rev. Proc. 2023-24 [PDF 1.5 MB] (462 pages), providing an updated annual list of automatic accounting method changes. Rev. Proc. 2023-24 updates and replaces Rev. Proc. […]
Read MoreDespite losing more than a quarter of the supplemental funding provided by the Inflation Reduction Act of 2022, the Internal Revenue Service does not expect the […]
Read MoreAfter thirteen years, actuarial tables used for valuing certain interests in property have been updated. Final regulations have been issued that contain revisions to actuarial tables used in […]
Read MoreThe American Institute of CPAs is encouraging the Department of the Treasury and the Internal Revenue Service to simplify the tax […]
Read MoreAn individual who had electronically filed a petiton to seek redermination of tax deficiency eleven seconds after midnight of the due date had his petition dismissed as untimely. The […]
Read MoreEffective June 1, 2024, the Florida sales tax rate imposed on the total rent charged for renting, leasing, letting, or […]
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Florida has released the severance tax rates on the production of heavy minerals and other solid minerals for 2024. From […]
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The IRS has provided a waiver for any individual who failed to meet the foreign earned income or deduction eligibility requirements of Code Sec. 911(d)(1) because adverse conditions in a foreign country […]
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The IRS has announced the federal income tax treatment of certain lead service line replacement programs for residential property owners. It is required by the federal and many […]
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The IRS has released guidance to help taxpayers understand what to do with Form 1099-K. Responding to feedback from taxpayers, tax professionals and payment processors, […]
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The IRS announced that compliance efforts around erroneous Employee Retention Credit (ERC) claims have topped more than $1 billion within six months. “We are encouraged by the results so far of […]
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The Treasury Department‘s Office of Payment Integrity (OPI) deployed Artificial Intelligence(AI)-based fraud detection at the onset of Fiscal Year 2023, resulting in the recovery of over $375 million. […]
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The Florida Senate approved a tax bill that changes the corporate income tax IRC conformity tie-in date. H.B. 7073, as […]
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Florida House of Representatives passed a bill with a provision that modifies the IRC conformity tie-in date for determining corporate […]
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The Financial Crimes Enforcement Network (FinCEN) issued guidance on inflation adjustments to its civil monetary penalties as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990 (the Act), as amended. This rule […]
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