Tax Alerts

IRS Reminds Taxpayers to Develop Emergency Preparedness Plans, IR-2023-161

In light of September being the National Preparedness Month, the IRS has reminded taxpayers of the upcoming hurricane season and the need to develop an emergency preparedness plan. Taxpayers must be equipped with an emergency plan or if they already have one in place, update it for 2023. Some ways in which taxpayers can be better equipped to brave through natural disasters are:

  • keeping critical original documents inside a water and fire proof container in a secure space;
  • duplicating essential documents and storing them in an accessible place;
  • storing duplicate copies of essential documents with a trusted friend or relative at a location outside the potentially disaster impacted area;
  • documenting valuables by taking photos/videos and including a detailed description; and
  • storing a digital file format of essential documents and storing it securely

Further, taxpayers and businesses can reach out to Disaster Assistance and Emergency Relief for assistance in recovering financially from the impact of a disaster. For assistance in compiling a list of belongings or business equipment, individuals and businesses can refer to the IRS disaster loss workbooks. However, if taxpayers face loss of records after a disaster, rebuilding them is a requirement for tax purposes, federal assistance or insurance reimbursement. For tips on reconstructing records, visit the IRS website.

The IRS advised employers to use Electronic Federal Tax Payment System (EFTPS) to make their federal tax deposits and business tax payments. The IRS recommends EFTPS as it is a convenient and easy-to track option available to businesses. Finally, IRS is always ready to help its taxpayers as, following a federal disaster declaration it may postpone tax payment deadlines or provide other relief to its taxpayers. The disaster relief is applied automatically for taxpayers located in the covered disaster area.

FL - Solid mineral tax rates for 2024 announced

Florida has released the severance tax rates on the production of heavy minerals and other solid minerals for 2024. From […]

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FL - Solid mineral tax rates for 2024 announced

IRS Provides Waiver for Taxpayers Failing to Meet Foreign Earned Income Requirements, Rev. Proc. 2024-17

The IRS has provided a waiver for any individual who failed to meet the foreign earned income or deduction eligibility requirements of Code Sec. 911(d)(1) because adverse conditions in a foreign country […]

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IRS Provides Waiver for Taxpayers Failing to Meet Foreign Earned Income Requirements, Rev. Proc. 2024-17

ERC Compliance Efforts Top $1 Billion in Six Months, IR-2024-78

The IRS announced that compliance efforts around erroneous Employee Retention Credit (ERC) claims have topped more than $1 billion within six months. “We are encouraged by the results so far of […]

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ERC Compliance Efforts Top $1 Billion in Six Months, IR-2024-78

IRS Provides Guidance on Replacement of Certain Lead Service Lines, Announcement 2024-10

The IRS has announced the federal income tax treatment of certain lead service line replacement programs for residential property owners. It is required by the federal and many […]

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IRS Provides Guidance on Replacement of Certain Lead Service Lines, Announcement 2024-10

IRS Releases Guidance on Form 1099-K, FS-2024-7; IR-2024-5

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, […]

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IRS Releases Guidance on Form 1099-K, FS-2024-7; IR-2024-5

Treasury Department's AI-Powered Fraud Detection Yields $375 Million Recovery

The Treasury Department‘s Office of Payment Integrity (OPI) deployed Artificial Intelligence(AI)-based fraud detection at the onset of Fiscal Year 2023, resulting in the recovery of over $375 million. […]

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Treasury Department's AI-Powered Fraud Detection Yields $375 Million Recovery

FL - Senate approves IRC conformity changes

The Florida Senate approved a tax bill that changes the corporate income tax IRC conformity tie-in date. H.B. 7073, as […]

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FL - Senate approves IRC conformity changes

FL - House passes bill that modifies IRC conformity date

Florida House of Representatives passed a bill with a provision that modifies the IRC conformity tie-in date for determining corporate […]

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FL - House passes bill that modifies IRC conformity date

FinCEN Issues Guidance on Inflation Adjustments to Civil Monetary Penalties

The Financial Crimes Enforcement Network (FinCEN) issued guidance on inflation adjustments to its civil monetary penalties as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990 (the Act), as amended. This rule […]

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FinCEN Issues Guidance on Inflation Adjustments to Civil Monetary Penalties

FL - IRC conformity update, disability employment credit proposed

Legislation introduced in the Florida House of Representatives proposes to: update the IRC conformity tie-in date for determining corporate income […]

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FL - IRC conformity update, disability employment credit proposed