Last week, Florida started the “Freedom Month” sales tax holiday, allowing consumers to avoid sales taxes on various recreational items and event tickets. The initiative, running through the entire month of July, is part of a tax package signed by Governor Ron DeSantis and covers items like boating, fishing, and camping supplies, as well as…… Read More

The IRS has announced plans to deny tens of thousands of high-risk Employee Retention Credit (ERC) claims, entering the next stages of the detailed review they initiated last year to protect taxpayers and small businesses. The review of the first stage revealed widespread concerns about improper claims, with between 10% and 20% falling into the…… Read More

The IRS and Treasury Department issued guidance on educational assistance programs, addressing various questions, including definitions, eligibility, and exclusions related to educational assistance benefits. As a part of this guidance, the agency clarifies that under Section 127 of the Tax Code, taxpayers can exclude certain educational benefits from gross income if provided by their employer.…… Read More

As a part of the efforts leading up to World Elder Abuse Awareness Day on June 15, the IRS has issued a warning about the increasing threat of impersonation scams targeting seniors. These frauds involve scammers posing as government officials to steal personal information and money, often by manipulating caller IDs to appear legitimate. Scammers…… Read More

The IRS has announced tax relief for individuals and businesses in parts of Massachusetts affected by severe storms and flooding starting on September 11, 2023. Affected taxpayers now have until July 31, 2024, to file federal tax returns and make payments. This relief applies to areas designated by FEMA, currently including Bristol and Worcester counties,…… Read More

As of December 9, 2023, the IRS had 1,057,000 unprocessed Forms 941-X, primarily Employee Retention Credit (ERC) refund claims. This number likely understates the total, with recent weekly submissions potentially adding up to 1.5 million pending claims. With the moratorium on new ERC claims since September 15, 2023, processing has slowed significantly. Former IRS Commissioner…… Read More

With the Atlantic Hurricane Season beginning soon, Floridians are prompted to update their hurricane kits through the first Disaster Preparedness Sales Tax Holiday of this year from June 1 to June 14. Passed by the Florida Legislature and signed into law by Gov. Ron DeSantis, during this period tax will not be due on the retail sale of eligible items…… Read More

The IRS warned consumers about tax scams and misleading advice on social media causing thousands to file improper claims, and delaying their refunds. These scams involve the Fuel Tax Credit, Sick and Family Leave Credit, and household employment taxes, with taxpayers falsely claiming credits they don’t qualify for. Scammers also invent household employees to claim…… Read More

Governor Ron DeSantis signed House Bill 7073, providing $1.07 billion in tax relief for Floridians, alongside the $450 million in toll relief signed last month, totaling $1.5 billion in savings for Fiscal Year 2024—25. The tax relief package includes a one-year exemption on residential property and flood insurance taxes, in addition to $200 million for…… Read More

The IRS reminded one last time around 1 million people who haven’t filed their tax year 2020 returns that they might be eligible for a refund if they file by the May 17 deadline. The IRS estimates over $1 billion in unclaimed refunds due to non-filing, and there’s no penalty for failure to file if…… Read More