FL - Gas and Sulfur production tax rates for 2024-2025 announced
Florida has issued the severance tax rates for the production of gas and sulfur effective July 1, 2024, through June […]
Read MoreThe IRS has provided transitional guidance under Code Sec. 6050I with respect to reporting transactions involving receipt of digital assets. The Service has further clarified that at this time, digital assets are not required to be included when determining whether cash received in a single transaction (or two or more related transactions) meets the reporting threshold. However, the Department of the Treasury (Treasury) and the IRS intend to prescribe regulations, to provide additional information and procedures for reporting the receipt of digital assets under Code Sec. 6050I.
The IRS intends to implement section 80603(b)(3) of the Infrastructure Act by publishing regulations specifically addressing the application of Code Sec. 6050I to digital assets and by providing forms and instructions for reporting that address the inclusion of digital assets. Accordingly, until the IRS publish the said regulations, persons engaged in a trade or business who, in the course of that trade or business, receive digital assets or digital assets and other cash in one transaction (or two or more related transactions) will not be required to include those digital assets when determining whether cash received has a value in excess of the $10,000 reporting threshold for purposes of determining if reporting is required under Code Sec. 6050I with respect to those transactions. Moreover, persons engaged in a trade or business who, in the course of that trade or business, receive cash (other than digital assets) in excess of $10,000 in one transaction (or two or more related transactions) must continue to file an information return under Code Sec. 6050I with respect to that cash received.
Florida has issued the severance tax rates for the production of gas and sulfur effective July 1, 2024, through June […]
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Read MoreThe 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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