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 […]
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The IRS has released guidance to help taxpayers understand what to do with Form 1099-K. Responding to feedback from taxpayers, tax professionals and payment processors, the agency had announced back in November, 2023 that the reporting threshold for Form 1099-K, Payment Card and Third Party Network Transactions, would remain over $20,000 in payments and over 200 transactions. The Form 1099-K provides the gross amount of payment card/third party network transactions and may include a combination of different kinds of total payments received. In addition, the IRS emphasized that, just because a payment is reported on a Form 1099-K does not mean it’s taxable; so, taxpayers should take caution in reviewing the forms and determine any deductible expenses associated with the payment they may be able to claim when they file their taxes. For more details on what to do with Form 1099-K, visit the IRS website.
FS-2024-7
Guidance is issued regarding changes that have been made to the affidavit required to claim the sales tax exemption for […]
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The Florida Department of Revenue is offering corporate income tax return filing extensions for businesses in counties affected by severe […]
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Florida issued guidance that discusses the new corporate income tax credit for employing individuals with unique abilities. The guidance includes […]
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Florida issued guidance that discusses the new corporate income tax credit for employing individuals with unique abilities. The guidance includes […]
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The 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 […]
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The 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, […]
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The 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 […]
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The 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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