Tax Alerts

Contractors Reminded of Expanded New Energy Efficient Homes Tax Credit, IR-2023-142

The 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.

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, […]

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FL - Guidance issued on catastrophic event property damage

FL - Tax relief provided for taxpayers affected by Hurricane Idalia

In response to Hurricane Idalia, eligible taxpayers that file Florida corporate income tax returns with original due dates or extended […]

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FL - Tax relief provided for taxpayers affected by Hurricane Idalia

IRS Warns About ESOP Compliance Issues, IR-2023-144

As part of ensuring high income taxpayers pay what they owe, the IRS warned businesses and tax professionals to be alert to […]

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IRS Warns About ESOP Compliance Issues, IR-2023-144

Rates Used in Computing Special Use Value Issued, Rev. Rul. 2023-15

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 […]

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Rates Used in Computing Special Use Value Issued, Rev. Rul. 2023-15

Taxpayers Reminded of Identity Protection PINs' Importance, IR-2023-134

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 […]

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Taxpayers Reminded of Identity Protection PINs' Importance, IR-2023-134

Contractors Reminded of Expanded New Energy Efficient Homes Tax Credit, IR-2023-142

The IRS has reminded eligible contractors who build or substantially reconstruct qualified new energy efficient homes that they might qualify for a tax credit […]

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Contractors Reminded of Expanded New Energy Efficient Homes Tax Credit, IR-2023-142

IRS Reminds Educators About Expense Deductions in 2023, IR-2023-150

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. […]

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IRS Reminds Educators About Expense Deductions in 2023, IR-2023-150

FL - Guidance provided on 2023 tax holiday for tools used by skilled trade workers

Guidance is provided regarding the Florida sales tax holiday on tools commonly used by skilled trade workers, which is held […]

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FL - Guidance provided on 2023 tax holiday for tools used by skilled trade workers

FL - Highlands County tourist development tax rate hike announced

The Florida tourist development tax rate in Highlands County is increased from 4% to 5% effective August 1, 2023. Combined […]

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FL - Highlands County tourist development tax rate hike announced

IRS Reminds Employers of New Electronic Filing Requirements for Forms W-2, W-2c

The IRS has reminded employers that the new lower threshold for required electronic filing of information returns applies to tax year 2023 Forms W-2, Wage and Tax Statement, because they […]

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IRS Reminds Employers of New Electronic Filing Requirements for Forms W-2, W-2c