FL - Guidance issued on catastrophic event property damage
Florida provides guidance on catastrophic event property damage for property tax purposes. Topics discussed include the payment of property taxes, […]Read More
In light of the end of the COVID-19 public health emergency, the Treasury Department and the IRS have released guidance modifying prior guidance regarding benefits related to testing for and treatment of COVID-19 that can be provided by a high deductible health plan (HDHP). Specifically, the relief described in Notice 2020-15, which provides that a health plan will not fail to be a HDHP if it provides benefits related to the testing and treatment of COVID-19 prior to the satisfaction of a deductible, applies only with respect to plan years ending on or before December 31, 2024.
For subsequent plan years, a high deductible health plan (HDHP) is not permitted to provide health benefits associated with testing for and treatment of COVID-19 without a deductible, or with a deductible below the minimum deductible (for self-only or family coverage) for an HDHP.
Generally, an HDHP is not permitted to provide benefits for any year until the minimum deductible for that year is satisfied. However, an HDHP may provide preventive care benefits without a deductible, or with a deductible below the minimum annual deductible. The preventive care safe harbor described in Notice 2004-23, I.R.B. 2004-15, 725 includes screening services but generally not any service or benefit intended to treat an existing illness, injury, or condition, such as the flu. The guidance clarifies that the preventive care safe harbor therefore does not include screening for COVID-19. If COVID-19 testing were to be recommended with an “A” or “B” rating by the USPSTF, then that testing would be considered preventive care under Code Sec. 223(c)(2)(C).
In response to Hurricane Idalia, eligible taxpayers that file Florida corporate income tax returns with original due dates or extended […]Read More
As part of ensuring high income taxpayers pay what they owe, the IRS warned businesses and tax professionals to be alert to […]Read More
The 2023 interest rates to be used in computing the special use value of farm real property for which an election is made under Code Sec. 2032A were issued by the IRS. In the […]Read More
The IRS has reminded taxpayers about the IRS Identity Protection PIN opt in program to help protect people against tax-related identity theft. “The Identity Protection (IP) PIN is […]Read More
The IRS has reminded eligible contractors who build or substantially reconstruct qualified new energy efficient homes that they might qualify for a tax credit […]Read More
The IRS has reminded eligible educators that they will be able to deduct out of pocket classroom expenses upto $300 while filing their federal income tax returns next year. […]Read More
Guidance is provided regarding the Florida sales tax holiday on tools commonly used by skilled trade workers, which is held […]Read More
The Florida tourist development tax rate in Highlands County is increased from 4% to 5% effective August 1, 2023. Combined […]Read More