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 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 reduce taxes and make handsome profits. Fraudulent schemes can threatening taxpayers can include exploitative agreements related to syndicated conservation easements and micro-captive insurance arrangements. Some of these schemes even have an international aspect such as concealing money and digital-assets in foreign accounts. “Taxpayers should be wary of anything that seeks to completely eliminate a legitimate tax responsibility,” said IRS Commissioner Danny Werfel.
Generally, taxpayers can claim a charitable contribution deduction for the fair market value of a conservation easement transferred to a charity if the transfer meets the requirements under Code Sec. 170. Promoters in abusive agreements are offering easement transactions wherein the investor has the opportunity to claim charitable contribution deductions and corresponding tax savings that significantly exceed the amount the investor invested. The IRS has been committed to ensuring compliance with the conservation easement deduction law after the Congress amended the Code Sec. 170 to curb certain abusive transactions. Similarly, micro-captives involve schemes that lack many of the requisite attributes of a legitimate insurance. While many of these schemes are promoted and advertised online, the one thing in common to all are that they promise tax savings that are “too good to be true” and will likely cause legal harm to taxpayers who use them. The IRS warned taxpayers that the agency remains vigilant of these attempts to game the system. With abusive transactions and schemes being of high priority. The agency will challenge and impose penalties, where appropriate.
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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