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 passage of the Inflation Reduction Act in 2022 has triggered changes to many tax forms, tax form instructions, and other publications prior to the start of the 2023 tax filing season.
According to a recent report on the implementation of IRA provisions issued by the Department of the Treasury Inspector General for Tax Administration, the Internal Revenue Service “estimates the tax law provisions impacting the 2023 Filing Season will require creating or revising 24 tax forms, 29 tax form instructions, and three publications before the start of the filing season,” which began on January 23, 2023.
“In addition, the IRS will have to modify 20 information technology systems to accommodate the new and revised tax forms,” the report continued.
The report did not provide any further details on the forms, instructions, or publications, including a comprehensive list of the forms affected or created, by the Inflation Reduction Act.
TIGTA made no recommendations to the IRS in the report, which provided an overview of many of the actions the agency has taken in 2022 to improve its operations and highlighted some of the well-documented needs that the extra funds allocated to the IRS in the Inflation Reduction Act will address.
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 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 […]
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 More