FL - Solid mineral tax rates for 2024 announced
Florida has released the severance tax rates on the production of heavy minerals and other solid minerals for 2024. From […]
Read MoreThe Florida Department of Revenue (department) determined that a taxpayer was not a private trust excluded from the definition of “corporation,” and that its unrelated business taxable income (UBTI) was subject to Florida corporate income tax. In this matter, the department noted that the taxpayer was to continue in perpetuity and was set up to serve charitable purposes, and there was a potentially unlimited class of recipients of trust funds provided these entities served certain qualified purposes. The trust was, therefore, a charitable trust, not a private trust.
Finally, the department stated that Florida does not tax nonprofit organizations, including private foundations, unless they file a Form 990-T. Here, the taxpayer was required to file a Form 990-T, and therefore, the department concluded that the taxpayer should also file a Florida corporate income tax return and pay tax on the UBTI. Technical Assistance Advisement, No. 23C1-002M, Florida Department of Revenue, November 3, 2023, released December 2023
Florida has released the severance tax rates on the production of heavy minerals and other solid minerals for 2024. From […]
Read MoreThe IRS has provided a waiver for any individual who failed to meet the foreign earned income or deduction eligibility requirements of Code Sec. 911(d)(1) because adverse conditions in a foreign country […]
Read MoreThe IRS has announced the federal income tax treatment of certain lead service line replacement programs for residential property owners. It is required by the federal and many […]
Read MoreThe IRS has released guidance to help taxpayers understand what to do with Form 1099-K. Responding to feedback from taxpayers, tax professionals and payment processors, […]
Read MoreThe IRS announced that compliance efforts around erroneous Employee Retention Credit (ERC) claims have topped more than $1 billion within six months. “We are encouraged by the results so far of […]
Read MoreThe Treasury Department‘s Office of Payment Integrity (OPI) deployed Artificial Intelligence(AI)-based fraud detection at the onset of Fiscal Year 2023, resulting in the recovery of over $375 million. […]
Read MoreThe Florida Senate approved a tax bill that changes the corporate income tax IRC conformity tie-in date. H.B. 7073, as […]
Read MoreFlorida House of Representatives passed a bill with a provision that modifies the IRC conformity tie-in date for determining corporate […]
Read MoreThe Financial Crimes Enforcement Network (FinCEN) issued guidance on inflation adjustments to its civil monetary penalties as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990 (the Act), as amended. This rule […]
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