FL - Tax relief for Florida taxpayers impacted by severe storms, tornadoes, and flooding discussed
Florida will follow the corporate income tax relief granted by the IRS regarding tax return due dates for taxpayers affected […]
Read MoreThe IRS has updated its process for certain frequently asked questions (FAQs) on newly enacted tax legislation. The Service will now announce significant FAQs on newly enacted tax legislation, as well as any later updates or revisions to these FAQs, in a news release and will post it on IRS.gov in a separate Fact Sheet. These Fact Sheet FAQs will be dated to enable taxpayers to confirm the date on which any changes to the FAQs were made. Additionally, prior versions of Fact Sheet FAQs will be maintained on IRS.gov to ensure that, if a Fact Sheet FAQ is later changed, taxpayers can locate the version they relied on if they later need to do so.
In a major development, the IRS has also issued a statement clarifying that if a taxpayer relies on any FAQ (including FAQs released before today) in good faith and that reliance is reasonable, the taxpayer will have a reasonable cause defense against any negligence penalty or other accuracy-related penalty if it turns out the FAQ is not a correct statement of the law as applied to the taxpayer’s particular facts. For more information on taxpayer reliance, the taxpayers are requested to read the General Overview of Taxpayer Reliance on Guidance Published in the Internal Revenue Bulletin and FAQs.
Florida will follow the corporate income tax relief granted by the IRS regarding tax return due dates for taxpayers affected […]
Read MoreThe Florida Legislature passed legislation that would update the IRC conformity tie-in date for determining corporate income tax liability. H.B. […]
Read MoreFlorida increased the cap on the corporate income tax community contributions credit from $14.5 to $25 million for the 2023-2024 […]
Read MoreThe IRS, Department of Labor (DOL) and Department of Health and Human Services (HHS) jointly issued frequently asked questions (FAQs), Part 58 and Part […]
Read MoreThe IRS has released a new Audit Technique Guide (ATG) designed to provide assistance in auditing individuals in various roles in the entertainment industry. The auditor must develop issues in relation to […]
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 […]
Read MoreThe IRS today informed taxpayers and practitioners that it has revised Form 3115, Application for Change in Accounting Method, and its instructions. […]
Read MoreThe IRS has issued frequently asked questions (FAQs) to provide guidance for victims who have received state compensation payments for forced, involuntary, or coerced sterilization. Some states have enacted […]
Read MoreThe Internal Revenue Service said it delivered “significantly improvedcustomerservice“ during the 2023 tax filing season and cited funds made available to it from the Inflation Reduction Act as the key […]
Read MoreThe IRS has provided indexing adjustments for the applicable dollar amounts under Code Sec. 4980H(c)(1) and (b)(1). These indexed amounts are used to calculate the employer shared responsibility payments (ESRP). This guidance is is effective […]
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