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 Employee Plans function is piloting a pre-examination retirement plan compliance program beginning in June 2022. This program will notify a plan sponsor by letter that their retirement plan was selected for an upcoming examination. The letter allows a plan sponsor a 90-day window to review their plan’s document and operations to determine if they meet current tax law requirements. If the plan sponsor does not respond within 90 days, the IRS will contact them to schedule an exam.
Further, if the sponsor’s review reveals mistakes in the plan’s documents or operations, they may be able to self-correct those mistakes using the correction principles in the IRS’ voluntary compliance program (EPCRS), described in Rev. Proc. 2021-30. Additionally, if the sponsor finds mistakes during their review that aren’t eligible to be self-corrected, they can request a closing agreement.
The IRS will review the sponsor’s documentation and determine if the agency agrees with the sponsor’s conclusions. Further, the IRS will then issue a closing letter or conduct either a limited or full scope examination. Through this program, the IRS aims to reduce taxpayer burden and reduce the amount of time spent on retirement plan examinations. Finally, at the end of this pilot, the IRS will evaluate its effectiveness and determine if it should be a part of the IRS’ overall compliance strategy.
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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