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

FL - IRC conformity tie-in date updated, disaster extension established

Florida updated the IRC conformity tie-in date for computing corporate income tax liability from January 1, 2023 to January 1, […]

Read More
FL - IRC conformity tie-in date updated, disaster extension established

FL - Gas and Sulfur production tax rates for 2024-2025 announced

Florida has issued the severance tax rates for the production of gas and sulfur effective July 1, 2024, through June […]

Read More
FL - Gas and Sulfur production tax rates for 2024-2025 announced

No Further Funding Cuts For IRS In FY24

Other than a planned repurposing of Inflation Reduction Act supplemental funding, the Internal Revenue Service saw no other cuts as the President signed off on the resolution […]

Read More
No Further Funding Cuts For IRS In FY24

IRS Updates FAQ on Commercial Clean Vehicle Credits (FS-2024-14; IR-2024-111)

The IRS updated frequently asked questions (FAQ) on New, Previously Owned and Qualified Commercial Clean Vehicle Credits. These FAQs provide guidance on how the Inflation Reduction […]

Read More
IRS Updates FAQ on Commercial Clean Vehicle Credits (FS-2024-14; IR-2024-111)

2024 Foreign Housing Expense Amounts Released, Notice 2024-31

KPMG TaxNewsFlash – United States March 20, 2024 The IRS today released Notice 2024-31 [PDF 156 KB] providing the adjustments to the limitation on housing expenses, under […]

Read More
2024 Foreign Housing Expense Amounts Released, Notice 2024-31

Energy Efficient Property and Improvement Rebate Guidance Issued, Announcement 2024-19; IR-2024-97

The IRS has issued an announcement that addresses the federal income tax treatment of amounts paid for the purchase of energy efficient property and improvements. Taxpayers who […]

Read More
Energy Efficient Property and Improvement Rebate Guidance Issued, Announcement 2024-19; IR-2024-97

IRS Criminal Investigation Releases COVID Fraud Conviction Statistics, IR-2024-83

The IRS released statistics that showed 1,644 tax and money-laundering cases related to COVID fraud, totaling $9 billion investigated by the Criminal Investigation (CI). CI is the law enforcement […]

Read More
IRS Criminal Investigation Releases COVID Fraud Conviction Statistics, IR-2024-83

IRS Releases Major Filing Numbers Showing Service Improvements, IR-2024-109

Reflecting on the 2024 tax filing season, the IRS released major filing numbers for the season. The agency highlighted a variety of improvements that dramatically expanded service for millions of taxpayers during […]

Read More
IRS Releases Major Filing Numbers Showing Service Improvements, IR-2024-109

IRS Wraps Up Dirty Dozen, Warns of Bogus Tax Avoidance Strategies (IR-2024-105)

The IRS has wrapped up the 2024 Dirty Dozen campaign, with a warning to taxpayers to beware of promoters selling bogus tax avoidance strategies. Promoters have been peddling elaborate bogus schemes to […]

Read More
IRS Wraps Up Dirty Dozen, Warns of Bogus Tax Avoidance Strategies (IR-2024-105)

FL - Tax rate on commercial rentals reduced from 4.5% to 2% effective june 1, 2024

Effective June 1, 2024, the Florida sales tax rate imposed on the total rent charged for renting, leasing, letting, or […]

Read More
FL - Tax rate on commercial rentals reduced from 4.5% to 2% effective june 1, 2024