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 reminded taxpayers to report digital asset income on 2023 federal tax returns, with an updated question now on Forms 1040, Individual Income Tax Return; 1040-SR, U.S. Tax Return for Seniors; and 1040-NR, U.S. Nonresident Alien Income Tax Return, as well as additional forms like 1041, U.S. Income Tax Return for Estates and Trusts 1041, U.S. Income Tax Return for Estates and Trusts ; 1065,U.S. Return of Partnership Income ; 1120, U.S. Corporation Income Tax Return ; and 1120-S, U.S. Income Tax Return for an S Corporation.
The IRS has mandated, that taxpayers filing Forms 1040, 1040-SR, 1040-NR, 1041, 1065, 1120 and 1120S must respond to the digital asset question with either ‘Yes’ or ‘No’, applicable to all, regardless of transaction involvement in 2023. In addition, taxpayers must disclose all income from digital asset transactions, utilizing relevant forms such as Form 8949, Sales and other Dispositions of Capital Assets and Schedule D (Form 1040), Capital Gains and Losses for capital gains/losses, Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return for gifted assets, and Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship) for reporting wages or independent contractor earnings received in digital assets.
Taxpayers are required to check the “Yes” box if they received digital assets as payment for property or services, obtained them through rewards, mining, staking, or a hard fork, disposed of digital assets, sold or traded them, or had any other financial interest in a digital asset. Conversely, those who solely owned digital assets in 2023 without engaging in transactions can check “No.” Additionally, individuals can select “No” if their activities were confined to holding digital assets, transferring them between their own wallets or accounts, or purchasing them using U.S. or other real currency, including electronic platforms. Additional information can be found on the IRS Digital assets page.
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 MoreThe United States has provided formal notice to the Russian Federation on June 17, 2024, to confirm the suspension of the operation […]
Read MoreThe IRS issued frequently asked questions (FAQs) related to distributions from retirement plans and IRS for individuals impacted by federally declared disasters. These FAQs cover the ongoing disaster relief for certain distributions […]
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