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 Government Accountability Office (GAO) has issued a report examining the federal government’s continued efforts to respond to and recover from the COVID-19 pandemic. In conducting its examination, the GAO reviewed federal data and documents and interviewed federal and state officials and other stakeholders.
The GAO reviewed IRS and Treasury as part of its overall government examination. The GAO found that during 2021, the IRS and Treasury issued advance payments of the Child Tax Credit (CTC) and a third round of Economic Impact Payments (EIPs) to eligible individuals, totaling over $500 billion. The Treasury and the IRS took several steps to reach out to individuals that received the advance CTC payments and third round EIPs to help them file accurate returns for tax year 2021. However, the Treasury and the IRS missed opportunities to collaborate on these outreach efforts. Further, the GAO found that the IRS is missing information it could use to develop performance metrics and to assess which aspects of their communications and outreach strategy were effective in reaching different audiences.
The GAO made three recommendations for the Treasury and the IRS to enhance communication and outreach efforts concerning the refundable tax credit. The Treasury and the IRS neither agreed nor disagreed with the recommendations.
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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