Tax Alerts

IRS Highlights Important Changes Regarding the Earned Income Tax Credit

The IRS has informed taxpayers that more individuals without children now qualify for the Earned Income Tax Credit (EITC). Families can use pre-pandemic income levels to qualify if it results in a larger credit. The IRS has highlighted important changes as it marked the 16th annual EITC Awareness Day. EITC is regarded as one of the government’s largest antipoverty programs. The IRS has urged taxpayers nationwide to check if they qualify for the credit. The agency has also urged individuals who do not normally file a tax return to determine if they qualify for EITC and other stimulus payments. IRS Commissioner Chuck Rettig stated that individuals who are potentially eligible for EITC should review the guidelines. The IRS began accepting tax returns on January 24, 2022. Taxpayers can ensure they get all the credits and deductions they qualify for by filing electronically, using a trusted tax professional or using an IRS Free File partner’s name-brand software. Taxpayers whose adjusted gross income (AGI) is $73,000 or less qualify for Free File partner offers. The IRS has reminded taxpayers that the quickest way to get a tax refund is to file an accurate tax return electronically and choose direct deposit.

FL - Taxpayer did not qualify as private trust

The Florida Department of Revenue (department) determined that a taxpayer was not a private trust excluded from the definition of […]

Read More
FL - Taxpayer did not qualify as private trust

FL - Governor proposes tax cuts in state of the state address

In his State of the State Address, Florida Gov. Ron DeSantis proposed $1.1 billion in tax cuts, the continuation of […]

Read More
FL - Governor proposes tax cuts in state of the state address

FinCEN Commences Beneficial Ownership Reporting Under Bipartisan Corporate Transparency Act

The Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), has begun accepting beneficial ownership information report under the bipartisan Corporate Transparency Act, enacted in 2021. This effort requires companies doing […]

Read More
FinCEN Commences Beneficial Ownership Reporting Under Bipartisan Corporate Transparency Act

Employee Benefit Plan Filing Extension Procedures Updated

Starting in 2024, Form 5558 is no longer used to request an extension of time to file Form 5330, Return of Excise […]

Read More
Employee Benefit Plan Filing Extension Procedures Updated

More Than 1,000 Projects Registered Through IRS ECO Tool, IR-2024-14

The Internal Revenue Service said that more than 1,000 projects have been registered through the agency’s Energy Credits Online tool. The tool was created to help taxpayers who are taking […]

Read More
More Than 1,000 Projects Registered Through IRS ECO Tool, IR-2024-14

IRS Encourages Taxpayers to Get Ready for 2024 Filing Season, IR-2024-1

The IRS has encouraged taxpayers to utilize tips, tools and other resources available on the IRS website to Get Ready for 2024 filing season. The agency is set to announce the start […]

Read More
IRS Encourages Taxpayers to Get Ready for 2024 Filing Season, IR-2024-1

Transitional Guidance on Reporting of Information on Receipt of Digital Assets Announced, Announcement 2024-4, IR-2024-12

The IRS has provided transitional guidance under Code Sec. 6050I with respect to reporting transactions involving receipt of digital assets. The Service has further clarified that at this time, digital assets are not required […]

Read More
Transitional Guidance on Reporting of Information on Receipt of Digital Assets Announced, Announcement 2024-4, IR-2024-12

IRS Announces Leadership Restructuring, IR-2023-237

The IRS Commissioner, Danny Werfel, has announced plans for new leadership structure to align with transformation goals. The updated chart, the first in two […]

Read More
IRS Announces Leadership Restructuring, IR-2023-237

IRS Updates List of Qualified Census Tracts for Qualified Mortgage Bonds and Mortgage Credit Certificates, Rev. Proc. 2024-08

The IRS has provided issuers of qualified mortgage bonds and issuers of mortgage credit certificates with an updated list of qualified census tracts for each state, the District of Columbia and Puerto Rico. […]

Read More
IRS Updates List of Qualified Census Tracts for Qualified Mortgage Bonds and Mortgage Credit Certificates, Rev. Proc. 2024-08

IRS: Taxpayers and Tax Professionals Should Protect Themselves from Scams, IR-2023-223, IR-2023-224, IR-2023-226, IR-2023-227, IR-2023-229

As the National Tax Security Awareness Week concludes, the IRS emphasized on the ongoing need for taxpayers and tax professionals to stay […]

Read More
IRS: Taxpayers and Tax Professionals Should Protect Themselves from Scams, IR-2023-223, IR-2023-224, IR-2023-226, IR-2023-227, IR-2023-229