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 Department of the Treasury estimates that the net tax gap currently stands at $381 billion.
According to the agency’s fiscal year 2021 Financial Report of the U.S. Government, released February 17, the agency estimated the gross tax gap – the difference between the amount of tax imposed by law and what taxpayers actually pay on time – to be $441 billion. It is generally composed of three elements: non-filing ($39 billion), underreporting ($352 billion), and underpayment ($50 billion).
Segmented by tax type, the gross tax gap estimate for individual income tax is $314 billion, followed by employment tax ($81 billion), corporation income tax ($42 billion) and estate and excise tax ($4.5 billion).
That gross amount is lowered by what is estimated will be paid through voluntary payment or collected via Internal Revenue Service administrative and enforcement activities: $60 billion to arrive at a net tax gap of $381 billion.
Individual income tax accounts for the majority of the net tax gap ($271 billion), followed by employment tax ($77 billion), and corporation income tax ($32 billion). The balance is made up of estate and excise tax ($1 billion).
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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