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 More
Florida 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
In response to Hurricane Idalia, eligible taxpayers that file Florida corporate income tax returns with original due dates or extended […]Read More
As part of ensuring high income taxpayers pay what they owe, the IRS warned businesses and tax professionals to be alert to […]Read More
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 […]Read More
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. […]Read More
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 […]Read More
The IRS has reminded eligible contractors who build or substantially reconstruct qualified new energy efficient homes that they might qualify for a tax credit […]Read More
Guidance is provided regarding the Florida sales tax holiday on tools commonly used by skilled trade workers, which is held […]Read More
The Florida tourist development tax rate in Highlands County is increased from 4% to 5% effective August 1, 2023. Combined […]Read More