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 […]
Read MoreThe 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.
Guidance is issued regarding changes that have been made to the affidavit required to claim the sales tax exemption for […]
Read MoreThe Florida Department of Revenue is offering corporate income tax return filing extensions for businesses in counties affected by severe […]
Read MoreFlorida issued guidance that discusses the new corporate income tax credit for employing individuals with unique abilities. The guidance includes […]
Read MoreFlorida issued guidance that discusses the new corporate income tax credit for employing individuals with unique abilities. The guidance includes […]
Read MoreThe 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 […]
Read MoreThe 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, […]
Read MoreThe 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 […]
Read MoreThe 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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