FL - Guidance issued on catastrophic event property damage
Florida provides guidance on catastrophic event property damage for property tax purposes. Topics discussed include the payment of property taxes, […]Read More
The IRS has an renewed alert to warn businesses against misleading employee retention credit scams. Employee Retention Credit (ERC) is a a refundable tax credit designed specifically for businesses that continued paying employees while shut down due to the COVID-19 pandemic or that had a significant decline in gross receipts during the eligibility periods. The IRS has been issuing warnings about aggressive ERC scams since last year. In light of the rise in these misleading claims, the IRS has increased compliance work and the IRS Criminal Investigation division is working to identify fraud and promoters of fraudulent claims;hence those who improperly claim the credit will face follow-up action from the IRS and they will have to pay it back with penalties and interest.
Taxpayers must watch out for warning signs of aggressive ERC marketing and promoters who lure businesses, tax-exempt groups and others into applying for the credit. Further, the IRS reminded qualified taxpayers to implement steps to protect themselves from making an improper Employee Retention Credit such as, working with a trusted tax professional and most importantly to report ERC abuse by mailing or faxing Form 14242, Report Suspected Abusive Tax Promotions or Preparers to the IRS Lead Development Center in the Office of Promoter Investigations.
In response to Hurricane Idalia, eligible taxpayers that file Florida corporate income tax returns with original due dates or extended […]Read More
As part of ensuring high income taxpayers pay what they owe, the IRS warned businesses and tax professionals to be alert to […]Read More
The 2023 interest rates to be used in computing the special use value of farm real property for which an election is made under Code Sec. 2032A were issued by the IRS. In the […]Read More
The IRS has reminded taxpayers about the IRS Identity Protection PIN opt in program to help protect people against tax-related identity theft. “The Identity Protection (IP) PIN is […]Read More
The IRS has reminded eligible contractors who build or substantially reconstruct qualified new energy efficient homes that they might qualify for a tax credit […]Read More
The IRS has reminded eligible educators that they will be able to deduct out of pocket classroom expenses upto $300 while filing their federal income tax returns next year. […]Read More
Guidance is provided regarding the Florida sales tax holiday on tools commonly used by skilled trade workers, which is held […]Read More
The Florida tourist development tax rate in Highlands County is increased from 4% to 5% effective August 1, 2023. Combined […]Read More