2025 Standard Mileage Rates Released (Notice 2025-5; IR-2024-312)
The IRS released the optional standard mileage rates for 2025. Most taxpayers may use these rates to compute deductible costs […]
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
The IRS released the optional standard mileage rates for 2025. Most taxpayers may use these rates to compute deductible costs […]
Read MoreThe IRS, in partnership with the Coalition Against Scam and Scheme Threats (CASST), has unveiled new initiatives for the 2025 […]
Read MoreThe IRS reminded disaster-area taxpayers that they have until February 3, 2025, to file their 2023 returns, in the entire […]
Read MoreThe IRS has announced plans to issue automatic payments to eligible individuals who failed to claim the Recovery Rebate Credit on their […]
Read MoreFlorida has issued motor vehicle sales tax rates by state as of January 15, 2025. Florida law allows a partial […]
Read MoreFor purposes of calculating the 2025 intangible personal property tax on governmental leaseholds, the Florida Department of Revenue has issued […]
Read MoreThe IRS, along with Security Summit partners, urged businesses and individual taxpayers to update their security measures and practices to protect against […]
Read MoreThe IRS has issued its 2024 Required Amendments List (2024 RA List) for individually designed employee retirement plans. RA Lists […]
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