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 MoreFlorida provides penalty relief through October 19, 2022, for any person who sells or uses dyed diesel fuel for on-highway use for motor fuel tax purposes.
Federal Penalty Relief
In response to shortages of undyed diesel fuel caused by Hurricane Ian, the Internal Revenue Service (IRS) has announced that the IRS will not impose a penalty when dyed diesel fuel is sold for use or used on the highway. This penalty relief period began September 28, 2022, and continues through October 19, 2022.
State Penalty Relief
Consistent with the federal penalty relief provided by the IRS, the Florida Department of Revenue also waives the penalty for Florida motor fuel tax purposes through October 19, 2022. This relief is available to any person who sells or uses dyed diesel fuel for on-highway use. The department advises taxpayers that, during the penalty relief period, dyed diesel fuel sold or used for on-highway use should be reported and taxed in the same manner as undyed diesel fuel. Tax Information Publication, No. 22B05-05, Florida Department of Revenue, September 30, 2022
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 […]
Read MoreThe United States has provided formal notice to the Russian Federation on June 17, 2024, to confirm the suspension of the operation […]
Read MoreThe IRS issued frequently asked questions (FAQs) related to distributions from retirement plans and IRS for individuals impacted by federally declared disasters. These FAQs cover the ongoing disaster relief for certain distributions […]
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