The IRS has introduced a new supplemental claim process to assist third-party payroll companies in resolving incorrect Employee Retention Credit (ERC) claims filed on behalf of their clients. Through this process, third-party payers can withdraw specific clients from previous claims while maintaining valid claims for those who qualify. The supplemental claims must be filed using…… Read More
In order to prevent illegal activities like money laundering and enhance transparency, small businesses are now required to file the Beneficial Ownership Information (BOI) report in 2024. This requirement, introduced under the Corporate Transparency Act, mandates companies to disclose information about “beneficial owners,” individuals who have significant control or a substantial interest in the company.…… Read More
The House Ways and Means Committee has advanced a bill to repeal the controversial reduction of the 1099-K reporting threshold. This rule lowered the threshold for reporting payments made through third-party platforms like Venmo, PayPal, and similar apps, from $20,000 and 200 transactions to just $600 in total payments received in a year. The IRS…… Read More
The IRS has issued a reminder that the third estimated tax payment for 2024 is due on September 16, with extended deadlines available for disaster-affected taxpayers in 17 states, including Florida. Individuals with income not subject to withholding, such as gig workers and sole proprietors, must make estimated payments if they expect to owe $1,000…… Read More
On August 24th Florida started the second disaster preparedness Sales Tax Holiday that will run until September 6th, offering residents a chance to save money on essential items as peak hurricane season approaches. This tax-free period includes batteries, flashlights, pet food, tarps, and portable generators, among other items. Additionally, the Tool Time Sales Tax Holiday…… Read More
The IRS has reopened its voluntary disclosure program until November 22, 2024, to allow businesses to correct over $1 billion in improper Employee Retention Credit (ERC) claims. Up to 30,000 letters will be sent to businesses, offering a chance to amend these claims at a 15% discount without penalties or interest. This move follows the…… Read More
The IRS announced tax relief for individuals and businesses in southeast states affected by Hurricane Debby, including 61 designated counties in Florida. This relief will extend various federal tax filing and payment deadlines to February 3, 2025, and includes postponement of filing 2023 federal returns, estimated income tax payments, and payroll and excise tax returns.…… Read More
The IRS has announced new measures to aid small businesses and curb improper payments in the Employee Retention Credit (ERC) program. Following concerns about a high rate of incorrect claims due to misleading marketing, the IRS has intensified audits and criminal investigations, resulting in 28,000 disallowance letters, potentially preventing $5 billion in improper payments. Concurrently,…… Read More
Starting on Monday, July 29th, qualifying back-to-school supplies in Florida will be exempt from tax thanks to the 2024 Back-to-School Sales Tax Holiday. Passed by the Florida Legislature and signed into law by Gov. Ron DeSantis, this sales tax holiday will extend through Sunday, August 11. Governor Ron DeSantis, highlighting the significance of the tax…… Read More
The IRS has issued a consumer alert advising taxpayers to disregard misleading information circulating on social media about a fictitious “Self-Employment Tax Credit.” Through this new fraudulent scheme, unscrupulous promoters falsely claim that self-employed individuals and gig workers can obtain substantial payments for the COVID-19 period. The purported credit is, in fact, the Credits for…… Read More