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 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 response to final rules adopted by the Securities and Exchange Commission in July 2023, the revenue procedure amplifies Rev. Proc. 2014-45 and extends its wash sale relief to redemptions of shares in MMFs that maintain fixed share prices.
The guidance applies to a redemption of one or more shares in any MMF (including stable-NAV MMFs). If such redemption results in a loss, the IRS will not treat the redemption as part of a wash sale. Therefore, Code Sec. 1091(a) will not disallow the deduction for the resulting loss in the year realized and Code Sec. 1091(d) will not cause the basis of any property to be determined by reference to the basis of the redeemed shares.
Rev. Proc. 2014-45 is amplified and superseded for redemptions of shares in MMFs after October 2, 2023.
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 […]
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