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, as part of the National Small Business week initiative, has urged business taxpayers to begin planning now to take advantage of tax–saving opportunities and get ready for reporting changes that take effect in 2023. The IRS has reminded entrepreneurs that with next year’s filing deadline nearly a year away, taxpayers still have time to identify possible tax benefits, take action to qualify for them and claim them when they file in 2024. They also have time to plan for reporting changes and even claim overlooked tax benefits from the recent past.
Further, the Service has reminded taxpayers to utilize the provisions of the Inflation Reduction Act (IRA), which can save business owners money on energy costs. Additionally, eligible employers who overlooked the Employee Retention Credit (ERC) when they filed payroll tax returns for 2020 and 2021 can still claim it by filing the form 941-X available on the IRS website. Form 941-X filers and businesses that file other types of returns can visit the IRS website for details, forms and instructions.
Meanwhile, employers who provide educational assistance programs can use them to help pay student loan obligations for their employees. Detailed information on the same, taxpayers are requested to see Publication 970. Additionally, information for employers on the employment tax treatment of fringe benefits is available here.
Further, the Service informed that certain businesses and other taxpayers may receive Form 1099-K during January 2024. For more information featuring useful tax-related tools and resources, the IRS has requested taxpayers to visit the Small business week webpage.
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 […]
Read MoreThe United States has provided formal notice to the Russian Federation on June 17, 2024, to confirm the suspension of the operation […]
Read MoreThe IRS issued frequently asked questions (FAQs) related to distributions from retirement plans and IRS for individuals impacted by federally declared disasters. These FAQs cover the ongoing disaster relief for certain distributions […]
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