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 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.
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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