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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Florida enacted legislation that: repeals the corporate income tax credit for spaceflight projects and the provisions for the expiring new […]
Read MoreFlorida enacted legislation that updates the IRC conformity tie-in date for computing corporate income tax liability from January 1, 2022 […]
Read MoreThe IRS has informed taxpayers who make energy improvements to their existing residence including solar, wind, geothermal, fuel cells or […]
Read MoreThe IRS has modified Notice 2014-21 to remove Background section information stating that virtual currency does not have legal tender status in […]
Read MoreThe IRS and Department of the Treasury announced that public hearings conducted by the Service will no longer conduct public hearings on notices of proposed rulemaking solely by telephone […]
Read MoreIn recognition of National Hurricane Preparedness Week and National Wildfire Awareness month, the IRS reminded taxpayers to have a year […]
Read MoreThe IRS has updated the Allowable Living Expense (ALE) Standards, effective April 24, 2023.The ALE standards reduce subjectivity when determining what a taxpayer may claim as basic living expenses to avoid undue hardship […]
Read MoreThe IRS has released the 2024 inflation-adjusted amounts for health savings accounts under Code Sec. 223. For calendar year 2024, the annual limitation on deductions under Code Sec. 223(b)(2) for an […]
Read MoreOther 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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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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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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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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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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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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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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Effective June 1, 2024, the Florida sales tax rate imposed on the total rent charged for renting, leasing, letting, or […]
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Florida has released the severance tax rates on the production of heavy minerals and other solid minerals for 2024. From […]
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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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