IRS Offers Cybersecurity Tips, IR-2023-200
The IRS and Security Summit partners reminded taxpayers to remain vigilant against potential cybersecurity threats. As the National Cybersecurity Awareness Month is […]
Read MoreThe Treasury Department and the IRS have received requests from taxpayers for relief from penalties arising when additional income tax is owed because the deduction for qualified wages is reduced by the amount of retroactively claimed employee retention tax credit (ERTC), but the taxpayer is unable to pay the additional income tax because the ERTC refund payment has not yet been received.
Further, the Treasury and the IRS are aware that this situation may arise, partly, due to the IRS’ backlog in processing adjusted employment tax returns on which the taxpayers claim ERTC retroactively. An employer must reduce its income tax deduction for the ERTC qualified wages by the amount of the ERTC for the tax year in which such wages were paid or incurred. Taxpayers who claimed the ERTC retroactively and filed an amended income tax return have an increased income tax liability but may not yet have received their ERTC refund.
Finally, the IRS reminded taxpayers that they may be eligible for relief from penalties for failing to pay their taxes if they can show reasonable cause and not willful neglect for the failure to pay. Taxpayers may also qualify for administrative relief from penalties for failing to pay on time under the IRS’ First Time Penalty Abatement program if they:
The IRS and Security Summit partners reminded taxpayers to remain vigilant against potential cybersecurity threats. As the National Cybersecurity Awareness Month is […]
Read MoreThe IRS has issued a warning to taxpayers, advising them to be cautious of fraudulent solicitors who pretend to represent genuine charities. These […]
Read MoreThe IRS has announced that enrollment to the IRS Energy Credit Online tool is now open to the sellers of clean vehicles. The Energy Credits tool is available free of cost and will […]
Read MoreThe IRS has urged taxpayers to promptly review their tax withholding to avoid surprises, whether in the form of significant refunds or balances due when filing taxes next […]
Read MoreThe IRS has reminded low and moderate income taxpayers that they can save more for their retirement now through Saver’s Credit. This credit is available to taxpayers who are 18 years […]
Read MoreThe IRS has reminded individual retirement arrangement (IRA) owners, aged 70½ or older, of tax-free charitable transfers permitting senior citizens to contribute up to $100,000 annually to eligible charities […]
Read MoreEffective January 1, 2024, the Florida local communications services tax (CST) rates in Collier County are as follows: 2.1% in […]
Read MoreFlorida issued guidance regarding a corporate income tax credit for manufacturing equipment purchased for the production of human breast milk […]
Read MoreFlorida issued guidance regarding the student internship credit program for corporate income taxpayers. The program has been renamed as the […]
Read MoreThe IRS has released the applicable terminal charge and the Standard Industry Fare Level (SIFL) mileage rate for determining the value of noncommercial flights on employer-provided aircraft in effect for the second half of 2023 for […]
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