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 Department of Labor (DOL), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC) issued final forms and instructions revisions for the Form 5500 Annual Return/Report of Employee Benefit Plan and Form 5500–SF Short Form Annual Return/Report of Small Employee Benefit Plan, for plan years beginning on or after January 1, 2023.
The revisions relate to statutory amendments to the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code enacted as part of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) for multiple-employer plans and groups of plans. They also include changes intended to (1) improve reporting of certain plan financial information regarding audits and plan expenses; and (2) enhance the reporting of certain tax qualification and other compliance information by retirement plans. There are also some minor changes that further improve defined benefit plan reporting by building on changes made to the forms for plan years beginning on or after January 1, 2022. They also include technical changes that are part of the annual rollover of the Form 5500 and Form 5500-SF forms and instructions. The revisions finalized in this document affect employee pension and welfare benefit plans, plan sponsors, administrators, and service providers to plans subject to annual reporting requirements under ERISA and the Internal Revenue Code.
Changes also include: an additional non-discrimination and coverage test question for the 2023 Form 5500 and Form 5500-SF; not adding trust questions to the 2023 Form 5500 series return; and not adding questions that consider relative costs and benefits of annual reporting on those subjects to the 2023 Form 5500 and Form 5500-SF.
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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