Tax Alerts

IRS Urges Individuals to File and Take Advantage of Key Tax Benefits

The IRS has urged individuals to file a 2021 income tax return and take advantage of key tax benefits. Individuals and families can often get these expanded tax benefits even if they have little to no income. Claiming these benefits could result in tax refunds for many individuals. Individuals should file an accurate return electronically and choose direct deposit to avoid processing delays. The IRS has described many of these expanded benefits in a new fact sheet. The IRS emphasized that these benefits are only available to individuals who file a 2021 federal income tax return. The IRS also provided a list of benefits available to taxpayers. More information is available in the fact sheet. Further, the IRS reminded early filers that by law, the agency cannot issue Earned Income Tax Credit (EITC) and Additional Child Tax Credit refunds before mid-February. Normally, this restriction does not apply to the refundable Child Tax Credit claimed by individuals who had a main home in the US, unless they also claim the EITC.

Additionally, the IRS reminded taxpayers to make sure they have all their year-end statements in hand before filing their 2021 returns. This includes Letter 6419, showing their total advance Child Tax Credit payments, and Letter 6475, showing the total amounts of their third round of Economic Impact Payments. Individuals can also find this information in their IRS Online Account. Married spouses who received joint payments will each need to sign into their own account to retrieve their separate amounts. For most taxpayers, the tax-filing deadline is April 18, 2022. For residents of Maine and Massachusetts, the deadline is April 19, 2022. For U.S. nationals who live and work abroad, it is June 15, 2022. Taxpayers who need more time can get an automatic extension until October 17, 2022.

FL - IRC conformity tie-in date updated, disaster extension established

Florida updated the IRC conformity tie-in date for computing corporate income tax liability from January 1, 2023 to January 1, […]

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FL - IRC conformity tie-in date updated, disaster extension established

FL - Gas and Sulfur production tax rates for 2024-2025 announced

Florida has issued the severance tax rates for the production of gas and sulfur effective July 1, 2024, through June […]

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FL - Gas and Sulfur production tax rates for 2024-2025 announced

No Further Funding Cuts For IRS In FY24

Other than a planned repurposing of Inflation Reduction Act supplemental funding, the Internal Revenue Service saw no other cuts as the President signed off on the resolution […]

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No Further Funding Cuts For IRS In FY24

IRS Criminal Investigation Releases COVID Fraud Conviction Statistics, IR-2024-83

The IRS released statistics that showed 1,644 tax and money-laundering cases related to COVID fraud, totaling $9 billion investigated by the Criminal Investigation (CI). CI is the law enforcement […]

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IRS Criminal Investigation Releases COVID Fraud Conviction Statistics, IR-2024-83

IRS Updates FAQ on Commercial Clean Vehicle Credits (FS-2024-14; IR-2024-111)

The IRS updated frequently asked questions (FAQ) on New, Previously Owned and Qualified Commercial Clean Vehicle Credits. These FAQs provide guidance on how the Inflation Reduction […]

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IRS Updates FAQ on Commercial Clean Vehicle Credits (FS-2024-14; IR-2024-111)

2024 Foreign Housing Expense Amounts Released, Notice 2024-31

KPMG TaxNewsFlash – United States March 20, 2024 The IRS today released Notice 2024-31 [PDF 156 KB] providing the adjustments to the limitation on housing expenses, under […]

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2024 Foreign Housing Expense Amounts Released, Notice 2024-31

Energy Efficient Property and Improvement Rebate Guidance Issued, Announcement 2024-19; IR-2024-97

The IRS has issued an announcement that addresses the federal income tax treatment of amounts paid for the purchase of energy efficient property and improvements. Taxpayers who […]

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Energy Efficient Property and Improvement Rebate Guidance Issued, Announcement 2024-19; IR-2024-97

IRS Releases Major Filing Numbers Showing Service Improvements, IR-2024-109

Reflecting on the 2024 tax filing season, the IRS released major filing numbers for the season. The agency highlighted a variety of improvements that dramatically expanded service for millions of taxpayers during […]

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IRS Releases Major Filing Numbers Showing Service Improvements, IR-2024-109

IRS Wraps Up Dirty Dozen, Warns of Bogus Tax Avoidance Strategies (IR-2024-105)

The IRS has wrapped up the 2024 Dirty Dozen campaign, with a warning to taxpayers to beware of promoters selling bogus tax avoidance strategies. Promoters have been peddling elaborate bogus schemes to […]

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IRS Wraps Up Dirty Dozen, Warns of Bogus Tax Avoidance Strategies (IR-2024-105)

FL - Tax rate on commercial rentals reduced from 4.5% to 2% effective june 1, 2024

Effective June 1, 2024, the Florida sales tax rate imposed on the total rent charged for renting, leasing, letting, or […]

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FL - Tax rate on commercial rentals reduced from 4.5% to 2% effective june 1, 2024