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.

FL - Solid mineral tax rates for 2024 announced

Florida has released the severance tax rates on the production of heavy minerals and other solid minerals for 2024. From […]

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FL - Solid mineral tax rates for 2024 announced

IRS Provides Waiver for Taxpayers Failing to Meet Foreign Earned Income Requirements, Rev. Proc. 2024-17

The IRS has provided a waiver for any individual who failed to meet the foreign earned income or deduction eligibility requirements of Code Sec. 911(d)(1) because adverse conditions in a foreign country […]

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IRS Provides Waiver for Taxpayers Failing to Meet Foreign Earned Income Requirements, Rev. Proc. 2024-17

ERC Compliance Efforts Top $1 Billion in Six Months, IR-2024-78

The IRS announced that compliance efforts around erroneous Employee Retention Credit (ERC) claims have topped more than $1 billion within six months. “We are encouraged by the results so far of […]

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ERC Compliance Efforts Top $1 Billion in Six Months, IR-2024-78

IRS Provides Guidance on Replacement of Certain Lead Service Lines, Announcement 2024-10

The IRS has announced the federal income tax treatment of certain lead service line replacement programs for residential property owners. It is required by the federal and many […]

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IRS Provides Guidance on Replacement of Certain Lead Service Lines, Announcement 2024-10

IRS Releases Guidance on Form 1099-K, FS-2024-7; IR-2024-5

The IRS has released guidance to help taxpayers understand what to do with Form 1099-K. Responding to feedback from taxpayers, tax professionals and payment processors, […]

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IRS Releases Guidance on Form 1099-K, FS-2024-7; IR-2024-5

Treasury Department's AI-Powered Fraud Detection Yields $375 Million Recovery

The Treasury Department‘s Office of Payment Integrity (OPI) deployed Artificial Intelligence(AI)-based fraud detection at the onset of Fiscal Year 2023, resulting in the recovery of over $375 million. […]

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Treasury Department's AI-Powered Fraud Detection Yields $375 Million Recovery

FL - Senate approves IRC conformity changes

The Florida Senate approved a tax bill that changes the corporate income tax IRC conformity tie-in date. H.B. 7073, as […]

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FL - Senate approves IRC conformity changes

FL - House passes bill that modifies IRC conformity date

Florida House of Representatives passed a bill with a provision that modifies the IRC conformity tie-in date for determining corporate […]

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FL - House passes bill that modifies IRC conformity date

FinCEN Issues Guidance on Inflation Adjustments to Civil Monetary Penalties

The Financial Crimes Enforcement Network (FinCEN) issued guidance on inflation adjustments to its civil monetary penalties as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990 (the Act), as amended. This rule […]

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FinCEN Issues Guidance on Inflation Adjustments to Civil Monetary Penalties

FL - IRC conformity update, disability employment credit proposed

Legislation introduced in the Florida House of Representatives proposes to: update the IRC conformity tie-in date for determining corporate income […]

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FL - IRC conformity update, disability employment credit proposed