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 recently announced tuition debt relief program will not add to the tax burden of individuals who are able to take advantage of the program, the White House said.
“Thanks to the American Rescue Plan, this debt relief will not be treated as taxable income for the federal income tax purposes,” the White House stated in an August 24, 2022, fact sheet describing the latest tuition debt relief program.
According to the fact sheet, the new program will provide up $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education and up to $10,000 in debt cancellation to non-Pell Grant recipients. The program is open to borrowers with individual incomes of up to $125,000 or up to $250,000 for married couples.
“No high-income individual or high-income household – in the top 5 percent of incomes – will benefit from this action,” the fact sheet states.
Federal student loan payments will continue to be paused through the end of 2022.
The American Rescue Plan, signed into law in March 2021, allows an individual to exclude from gross income the amount of qualified student loans cancelled or discharged from 2021 through 2025. Qualified student loans include loans for post-secondary education provided by the government or educational institutions; private education loans, and original and refinanced loans from tax-exempt organizations with a public service requirement; and refinanced loans. The exclusion does not apply to private education loans from tax-exempt organizations if the discharge is on account of services provided to the lending organization.
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 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 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 […]
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