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IRS Drastically Expands Electronic Filing Requirement for 2023 Tax and Information Returns
Three Tax Credit Opportunities for Manufacturers Under the Inflation Reduction Act
Florida Credits and Incentives Major Programs Update – Tax Credits Repealed
Florida Gov. Ron DeSantis signed H.B. 5 on May 31, 2023, to repeal several tax credit programs, including credits against numerous Florida business taxes. The following six programs are repealed effective July 1, 2023: Qualified target industry tax refund program. Quick action closing fund program. New markets tax credit program. Entertainment industry tax credit program.
Read MoreIs the Door Closing on the Self-Employment Tax Exemption for Active Limited Partners?
U.S. Tax Court Rules IRS Lacks Statutory Authority to Assess Penalties for Failure to File Form 5471
The U.S. Tax Court held on April 3, 2023, in Farhy v. Commissioner, 160 T.C. No. 6 (April 3, 2023), that the Internal Revenue Code does not provide authority for the Internal Revenue Service to assess penalties imposed under IRC Sec. 6038(b)(1) or (2) for failure to file Form 5471, Information Return of U.S. Persons
Read MoreAccounting For Investments in Tax Credit Structures Using The Proportional Amortization Method
IRS Issues Notice of Proposed Rulemaking for Supervisory Approval of Penalties
On April 11, 2023, the U.S. Treasury Department and the IRS issued proposed regulations under IRC Section 6751(b) (REG-121709-19; 88 F.R. 21564-21572]. Section 6751(b) requires written supervisory approval of certain penalties prior to assessment and in recent years, courts have adopted different interpretations of various aspects of this requirement. The proposed regulations are intended to
Read MoreState and Local Income Tax Issues to Consider Before Making Your Next Tax Payment
State and local taxes represent a key and often material part of a business’s total tax liability. Many states are reporting budget surpluses, reducing tax rates and offering new credits and incentives, but states are also looking to expand taxation of the digital and internet economy. With the calendar year 2022 tax reporting and filing season
Read MoreSecure 2.0 Act of 2022 Introduces Key Changes for Workplace Retirement Plans
The Consolidated Appropriations Act, 2023 (Public Law No. 117-328) that was signed into law on December 29, 2022 by President Joe Biden includes the SECURE 2.0 Act of 2022, which introduces over 90 changes to the federal rules governing workplace retirement plans. This landmark legislation builds on the original SECURE Act that was enacted on
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