FL - Guidance issued on affidavit required to claim exemption for boats sold to nonresident purchasers
Guidance is issued regarding changes that have been made to the affidavit required to claim the sales tax exemption for […]
Read MoreThe IRS has informed that taxpayers who are not recovery startup businesses are not eligible for the employee retention credit for wages paid after September 30, 2021 due to the amendments by the Infrastructure Investment and Jobs Act. The Act limits the availability of the employee retention credit in the fourth quarter of 2021 to recovery startup businesses taxpayers.
Taxpayers who are no longer eligible to claim the employee retention credit for wages paid after September 30, 2021 might have already reduced their employment tax deposits looking forward to claiming the employee retention credit for the fourth quarter of 2021. Some taxpayers might have already requested an advance payment of the employee retention credit for the fourth quarter of 2021 by submitting Form 7200. In case the Form 7200 hasn’t been processed, the IRS will use the taxpayer’s explanation of whether it is a recovery startup business while determining whether the Form 7200 claiming the employee retention credit in the fourth quarter of 2021 must be accepted.
Taxpayers will still include that advance payment of their employment tax return for the fourth quarter of 2021 if they have already received that quarter’s employee retention credit advance payment that is no longer eligible to claim the employee retention credit for that quarter as it is not a recovery startup business. Such taxpayers might have a balance due when it files that employment tax return.
More information for the taxpayers to understand if they need to take any additional action regarding these amounts is available at www.irs.gov/forms-pubs/early-termination-of-the-employee-retention-credit-for-most-employers.
Guidance is issued regarding changes that have been made to the affidavit required to claim the sales tax exemption for […]
Read MoreThe Florida Department of Revenue is offering corporate income tax return filing extensions for businesses in counties affected by severe […]
Read MoreFlorida issued guidance that discusses the new corporate income tax credit for employing individuals with unique abilities. The guidance includes […]
Read MoreFlorida issued guidance that discusses the new corporate income tax credit for employing individuals with unique abilities. The guidance includes […]
Read MoreThe IRS has released the inflation adjustment factor for the credit for carbn dioxide (CO2) sequestration under Code Sec. 45Q for 2024. The inflation adjustment factor is 1.3877, and the credit is $27.75 per metric ton […]
Read MoreThe IRS has announced plans to deny tens of thousands of high-risk Employee Retention Credit (ERC) claims while beginning to process lower-risk claims. The agency’s review has […]
Read MoreThe IRS has issued a warning about the increasing threat of impersonation scams targeting seniors. These scams involve fraudsters posing as government officials, including IRS agents, […]
Read MoreThe IRS released the inflation adjustment factors and the resulting applicable amounts for the clean hydrogen production credit for 2023 and 2024. For 2023, the inflation adjustment factor is one, so the inflation adjusted applicable amounts are the same as those in Code Sec. 45V(b). Thus, the applicable amounts for a […]
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