The IRS has unveiled details about the Direct File pilot program for the 2024 tax season, and Florida taxpayers may be eligible to participate. The program is part of the IRS’s ongoing efforts to improve the tax-filing experience, and it will allow certain Florida taxpayers the opportunity to electronically file their federal tax returns directly… Read More

In response to the flood of ineligible claims associated with the ERC scams, the IRS has introduced a special withdrawal process to assist small businesses and organizations that are worried about the accuracy of their claims. This withdrawal option allows certain employers who have filed ERC claims but have not yet received refunds to withdraw… Read More

As a part of the battle against the COVID-19 relief fraud schemes, this week a federal grand jury in the Western District of Tennessee indicted 10 individuals from various states for their involvement in defrauding the Economic Injury Disaster Loan (EIDL) program and the Paycheck Protection Program (PPP). They are accused of submitting false loan… Read More

This week, the Social Security Administration announced that starting in 2024 Social Security benefits will increase a 3.2%. The 71 million beneficiaries in the United States will see a rise in their payments of $59 for single retired workers, and $94 for retired couples, resulting in an average monthly payment of $1,907 and $3,033 respectively.… Read More

Shortly after the IRS imposed a moratorium on new claims for the tax credit due to a surge in fraudulent claims, Republican members of Congress are seeking explanations regarding the backlog in processing claims for the Employee Retention Credit (ERC). In a letter sent last Tuesday to the IRS Commissioner Daniel Werfel, Chairman Jason Smith,… Read More

The Internal Revenue Service has issued a reminder of the upcoming deadline of October 16th. Those taxpayers that requested an extension to file their 2022 tax return, must file their Form 1040 on or before Monday, October 16, 2023, to avoid potential late filing penalties. Certain taxpayers located in disaster areas covered by a Federal… Read More

This week, a new tax relief initiative has been introduced by the Internal Revenue Service, aimed at assisting individuals and businesses in Massachusetts and Maine who have been impacted by Hurricane Lee. Under this relief action, various tax filing and payment deadlines will be postponed until February 15, 2024. It applies to: Individuals and corporations… Read More

With the payments to the Student Loans about to resume next week, borrowers face a new difficulty with a possible federal government shutdown expected for September 30th. Even though student loan servicers would continue their operations in the event of a Government shutdown, the Education Department would not work, impeding the process and approval of… Read More

To help with the new compliance efforts announced last week, the Internal Revenue Service plans to establish a dedicated area for large or complex pass-through entities. These entities include S-Corporations and partnerships that are taxed at individual or corporate income tax rates and are frequently used by higher-income taxpayers. The new workgroup will target these… Read More

A bill proposed by Florida Senator Ed Hooper last week suggests introducing a yearly registration fee for electric vehicles. The bill will be reviewed during the 2024 legislative session in January. If approved, electric vehicle owners will have to pay an additional $200 registration fee annually on top of the regular fee. As of 2029,… Read More