Tax Alerts

Many Businesses Must File Form 8300 Electronically Starting in 2024, FS-2023-19; IR-2023-157

The IRS announced that starting January 1, 2024, certain businesses will be required to electronically file Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. This will apply to any business that is required to file at least 10 information returns of one or more types other than Form 8300, such as Forms 1099 series and Forms W-2, in calendar year 2024.

The new requirement follows final regulations that lowered the threshold for required e-filing of information returns required to be filed during calendar years beginning after December 31, 2023 (T.D. 9972).

Under the new requirement, for example, a business that files five Forms W-2 and five Forms 1099-INT in 2024 must e-file all of its information returns during the year, including any Forms 8300. However, if the business files fewer than 10 information returns of any type in 2024, it does not have to e-file the information returns and is not required to e-file any Forms 8300.

If a business files fewer than 10 information returns, it can still e-file Form 8300 if it chooses to do so.

A business may request a waiver from the e-filing requirement for information returns due to undue hardship. If granted, the e-fling waiver will automatically apply to all Forms 8300 during the calendar year. A business cannot request a waiver from e-filing for only Forms 8300.

An automatic religious exemption is also available if the technology required to e-file conflicts with the filer’s religious beliefs.

IRS Offers Cybersecurity Tips, IR-2023-200

The IRS and Security Summit partners reminded taxpayers to remain vigilant against potential cybersecurity threats. As the National Cybersecurity Awareness Month is […]

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IRS Offers Cybersecurity Tips, IR-2023-200

IRS Cautions Against Charity Scams Amid Global Crisis, IR-2023-196

The IRS has issued a warning to taxpayers, advising them to be cautious of fraudulent solicitors who pretend to represent genuine charities. These […]

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IRS Cautions Against Charity Scams Amid Global Crisis, IR-2023-196

Energy Credit Online Tool Now Available to Sellers, IR-2023-202

The IRS has announced that enrollment to the IRS Energy Credit Online tool is now open to the sellers of clean vehicles. The Energy Credits tool is available free of cost and will […]

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Energy Credit Online Tool Now Available to Sellers, IR-2023-202

IRS Urges Taxpayers to Review Withholding, IR-2023-205

The IRS has urged taxpayers to promptly review their tax withholding to avoid surprises, whether in the form of significant refunds or balances due when filing taxes next […]

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IRS Urges Taxpayers to Review Withholding, IR-2023-205

Low and Moderate Income Taxpayers Can Save More through Saver’s Credit in 2024, IR-2023-222

The IRS has reminded low and moderate income taxpayers that they can save more for their retirement now through Saver’s Credit. This credit is available to taxpayers who are 18 years […]

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Low and Moderate Income Taxpayers Can Save More through Saver’s Credit in 2024, IR-2023-222

IRS Reminds IRA Owners of Tax-Free Charitable Transfer Option, IR-2023-215

The IRS has reminded individual retirement arrangement (IRA) owners, aged 70½ or older, of tax-free charitable transfers permitting senior citizens to contribute up to $100,000 annually to eligible charities […]

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IRS Reminds IRA Owners of Tax-Free Charitable Transfer Option, IR-2023-215

FL - Change in Collier County local communications services tax rates announced

Effective January 1, 2024, the Florida local communications services tax (CST) rates in Collier County are as follows: 2.1% in […]

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FL - Change in Collier County local communications services tax rates announced

FL - Guidance on credit for human milk fortifier manufacturing equipment issued

Florida issued guidance regarding a corporate income tax credit for manufacturing equipment purchased for the production of human breast milk […]

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FL - Guidance on credit for human milk fortifier manufacturing equipment issued

FL - Guidance on internship tax credit program issued

Florida issued guidance regarding the student internship credit program for corporate income taxpayers. The program has been renamed as the […]

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FL - Guidance on internship tax credit program issued

IRS Introduces Expanded Chatbot Technology to Assist Taxpayers with Underreporting Notices, IR-2023-78

The Service has introduced an expanded chatbot to promptly address inquiries of taxpayers receiving notices about possible underreporting of taxes. The new chatbot feature will assist taxpayers receiving CP2000 , CP2501 and CP3219A notices. This tech […]

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IRS Introduces Expanded Chatbot Technology to Assist Taxpayers with Underreporting Notices, IR-2023-78