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President Biden Signs Infrastructure Bill

The bipartisan infrastructure bill passed the House of Representatives in a late night vote on November 5 by a 228-206 vote with 13 Republicans crossing the aisle to get the bill across the finish line after 6 Democrats voted the bill down. President Biden signed the infrastructure bill into law on November 15 after Congress came back from a week-long recess.

The $1.2 trillion Infrastructure Investment and Jobs Act ( P.L. No. 117-58), includes a few tax provisions mixed in with the spending on to repair and rebuild the nation’s bridges, climate issues and other items. It passed the Senate with a 69-30 vote in August.

Cryptocurrency Reporting And Other Tax Provisions
Among the tax provisions in the bill is an expansion of the reporting requirements available to cryptocurrency, which is one of the revenue generators to help offset the new spending in the bill. It is believed that a significant amount of cryptocurrency gains escape taxation due to underreporting.

The bill also includes a few other tax changes meant to spur private infrastructure investment, raise revenue, and expand the scope and applicability of disaster declarations, in addition to typical extension of highway funding provisions. These other changes include

FL - Tax relief for Florida taxpayers impacted by severe storms, tornadoes, and flooding discussed

Florida will follow the corporate income tax relief granted by the IRS regarding tax return due dates for taxpayers affected […]

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FL - Tax relief for Florida taxpayers impacted by severe storms, tornadoes, and flooding discussed

FL - IRC conformity legislation passed

The Florida Legislature passed legislation that would update the IRC conformity tie-in date for determining corporate income tax liability. H.B. […]

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FL - IRC conformity legislation passed

FL - Community contributions credit cap increased, live local contributions credit created

Florida increased the cap on the corporate income tax community contributions credit from $14.5 to $25 million for the 2023-2024 […]

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FL - Community contributions credit cap increased, live local contributions credit created

IRS Issues Audit Technique Guide on Entertainment, Entertainment Audit Technique Guide, IRPO ¶203,990

The IRS has released a new Audit Technique Guide (ATG) designed to provide assistance in auditing individuals in various roles in the entertainment industry. The auditor must develop issues in relation to […]

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IRS Issues Audit Technique Guide on Entertainment, Entertainment Audit Technique Guide, IRPO ¶203,990

Applicable Terminal Charge and SIFL Rates Issued for Second Half of 2022, Rev. Rul. 2023-7

The IRS has released the applicable terminal charge and the Standard Industry Fare Level (SIFL) mileage rate for determining the value of noncommercial flights on employer-provided […]

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Applicable Terminal Charge and SIFL Rates Issued for Second Half of 2022, Rev. Rul. 2023-7

Transition Period Announced for Revised Form 3115, Announcement 2023-12

The IRS today informed taxpayers and practitioners that it has revised Form 3115, Application for Change in Accounting Method, and its instructions. […]

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Transition Period Announced for Revised Form 3115, Announcement 2023-12

IRS Issues FAQs on Compensation Payments For Forced Sterilization, FS-2023-11, IR-2023-81

The IRS has issued frequently asked questions (FAQs) to provide guidance for victims who have received state compensation payments for forced, involuntary, or coerced sterilization. Some states have enacted […]

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IRS Issues FAQs on Compensation Payments For Forced Sterilization, FS-2023-11, IR-2023-81

FAQs Issued on Upcoming Changes to COVID-19 Coverage and Payment Requirements, IR-2023-86

The IRS, Department of Labor (DOL) and Department of Health and Human Services (HHS) jointly issued frequently asked questions (FAQs), Part 58 and Part […]

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FAQs Issued on Upcoming Changes to COVID-19 Coverage and Payment Requirements, IR-2023-86

IRS Touts Improved Customer Service in 2023 Tax Season

The Internal Revenue Service said it delivered “significantly improvedcustomerservice“ during the 2023 tax filing season and cited funds made available to it from the Inflation Reduction Act as the key […]

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IRS Touts Improved Customer Service in 2023 Tax Season

Changes to 2023 Forms 5500 Issued

The Department of Labor (DOL), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC) issued final forms and instructions […]

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Changes to 2023 Forms 5500 Issued