Tax Alerts

FL – Voters reject two statewide ballot measures regarding property taxes

Voters rejected two constitutional amendments referred by the Florida Legislature to the 2022 ballot for property tax purposes. Amendments in Florida require a 60% supermajority vote of approval to pass.

Limitation on the Assessment of Real Property Used for Residential Purposes
Amendment 1 proposed an amendment to the State Constitution. Had it been approved by voters, Amendment 1:

would have authorized the legislature to prohibit the consideration of any change or improvement made to real property used for residential purposes to improve the property’s resistance to flood damage in determining the assessed value of such property for ad valorem taxation purposes; and

would have been effective January 1, 2023.

Additional Homestead Property Tax Exemption for Specified Critical Public Services Workforce
Amendment 3 also proposed a constitutional amendment to the State Constitution. Had it been approved by voters, Amendment 3:

would have authorized the legislature to grant an additional homestead property tax exemption for non-school levies of up to $50,000 of the assessed value of homestead property owned by classroom teachers, law enforcement officers, correctional officers, firefighters, emergency medical technicians, paramedics, child welfare services professionals, active duty members of the United States Armed Forces, and Florida National Guard members; and

would have been effective January 1, 2023.

Constitutional Amendments, Florida Department of State, Division of Elections, November 2022; Proposed Constitutional Amendments for the General Election, Florida Department of State, Florida Division of Elections, November 2022

Energy Credit Online Tool Now Available to Sellers, IR-2023-202

The IRS has announced that enrollment to the IRS Energy Credit Online tool is now open to the sellers of clean vehicles. The Energy Credits tool is available free of cost and will […]

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Energy Credit Online Tool Now Available to Sellers, IR-2023-202

IRS Offers Cybersecurity Tips, IR-2023-200

The IRS and Security Summit partners reminded taxpayers to remain vigilant against potential cybersecurity threats. As the National Cybersecurity Awareness Month is […]

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IRS Offers Cybersecurity Tips, IR-2023-200

IRS Cautions Against Charity Scams Amid Global Crisis, IR-2023-196

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IRS Cautions Against Charity Scams Amid Global Crisis, IR-2023-196

IRS Urges Taxpayers to Review Withholding, IR-2023-205

The IRS has urged taxpayers to promptly review their tax withholding to avoid surprises, whether in the form of significant refunds or balances due when filing taxes next […]

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IRS Urges Taxpayers to Review Withholding, IR-2023-205

Low and Moderate Income Taxpayers Can Save More through Saver’s Credit in 2024, IR-2023-222

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IRS Reminds IRA Owners of Tax-Free Charitable Transfer Option, IR-2023-215

The IRS has reminded individual retirement arrangement (IRA) owners, aged 70½ or older, of tax-free charitable transfers permitting senior citizens to contribute up to $100,000 annually to eligible charities […]

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FL - Change in Collier County local communications services tax rates announced

Effective January 1, 2024, the Florida local communications services tax (CST) rates in Collier County are as follows: 2.1% in […]

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FL - Change in Collier County local communications services tax rates announced

FL - Guidance on credit for human milk fortifier manufacturing equipment issued

Florida issued guidance regarding a corporate income tax credit for manufacturing equipment purchased for the production of human breast milk […]

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FL - Guidance on credit for human milk fortifier manufacturing equipment issued

FL - Guidance on internship tax credit program issued

Florida issued guidance regarding the student internship credit program for corporate income taxpayers. The program has been renamed as the […]

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IRS Addresses Money Market Fund Exception to Wash Sale Rule, Rev. Proc. 2023-35

The IRS issued guidance providing that a redemption of money market fund (MMF) shares will not be treated as part of a wash sale under Code Sec. 1091. In […]

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IRS Addresses Money Market Fund Exception to Wash Sale Rule, Rev. Proc. 2023-35