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 modified Notice 2014-21 to remove Background section information stating that virtual currency does not have legal tender status in any jurisdiction, as the Department of the Treasury and the IRS are aware that certain foreign jurisdictions have enacted laws characterizing Bitcoin (an example of convertible virtual currency) as legal tender.
The IRS modified background sections of Notice 2014-21, which initially stated that virtual currency did not have legal tender status in any jurisdiction. Notice 2014-21 could also be misinterpreted prior to this current guidance as overstating the similarity between convertible virtual currency and “real” currency. This is because the use of convertible virtual currency, including Bitcoin, to perform “real” currency functions is limited. The modification did not alter the Service’s position that convertible virtual currency was not treated as currency that could generate foreign currency gain or loss for federal tax purposes.
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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