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 MoreThe IRS has reminded eligible contractors who build or substantially reconstruct qualified new energy efficient homes that they might qualify for a tax credit up to $5,000 per home under Code Sec. 45L. The expansion of credit was done as part of the Inflation Reduction Act of 2022. To qualify for the said expansion of credit, eligible contractors must meet all requirements under Code Sec. 45L of the Internal Revenue Code prior to claiming the credit. In addition, guidance interpreting Code Sec. 45L may be found in Notice 2008-35 (and Notice 2008-36, for manufactured homes). Further, the IRS informed contractors to use Form 9808, Energy Efficient Home Credit, to claim the credit; and if the source to claim the credit is from a partnership or S corporation, eligible contractors should use Form 3800, General Business Credit.
Contractors eligible to claim credit for the new energy efficient homes are those who have acquired the said house by sale or lease by an individual from that contractor during the tax year for use as a residence. The homes must also be specified categories of single-family (including manufactured) or multifamily homes under Energy Star programs; be located in the United States and meet applicable energy saving requirements based on home type and acquisition date.
Florida provides guidance on catastrophic event property damage for property tax purposes. Topics discussed include the payment of property taxes, […]
Read MoreIn response to Hurricane Idalia, eligible taxpayers that file Florida corporate income tax returns with original due dates or extended […]
Read MoreAs part of ensuring high income taxpayers pay what they owe, the IRS warned businesses and tax professionals to be alert to […]
Read MoreThe 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 MoreThe 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 MoreThe IRS has reminded eligible contractors who build or substantially reconstruct qualified new energy efficient homes that they might qualify for a tax credit […]
Read MoreThe 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 MoreGuidance is provided regarding the Florida sales tax holiday on tools commonly used by skilled trade workers, which is held […]
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