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 advised taxpayers that making specific energy-efficient updates to their homes could qualify them for home energy credits. This guidance comes under the expanded provisions of the Inflation Reduction Act of 2022, aimed at encouraging energy-efficient upgrades.
Taxpayers who installed qualifying energy-efficient improvements such as exterior doors, windows, skylights, insulation, and air sealing systems may benefit from the Energy Efficient Home Improvement Credit. Effective from January 1, 2023, this credit allows for a deduction of 30-percent of the cost of qualified expenses, with a maximum credit of $1,200 for certain improvements and $2,000 for advanced heating technologies annually.
Moreover, the Residential Clean Energy Credit offers incentives for taxpayers who incorporate renewable energy systems into their primary residences, including solar panels, wind turbines, and geothermal heat pumps. This credit equals 30-percent of the installation costs and has no upper limit, barring fuel cell installations, valid through 2032.
The IRS encouraged homeowners to review all requirements and qualifications at IRS.gov/HomeEnergy before making purchases. Taxpayers were also reminded to keep good records of all purchases and improvements to support their claims during tax filing, using Form 5695, Residential Energy Credits. Taxpayers can find additional details on energy.gov, comparing the credit amounts for tax years 2023-2032.
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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