As tax season approaches, the IRS also issued a reminder of the January 31 deadline for employers to submit wage statements and forms for independent contractors to the government. Employers must file copies of Form W-2 and Form W-3 with the Social Security Administration by this date. The deadline also applies to Forms 1099-MISC and… Read More
The IRS has officially announced January 29, 2024, as the commencement date for the 2024 tax season, marking the beginning of the acceptance and processing of 2023 tax returns. They anticipate receiving over 128.7 million individual tax returns by the April 15, 2024, deadline. While the agency will officially start accepting returns on January 29,… Read More
Florida will have a second Back To School Sales Tax Holiday starting next Monday, January 1st. The initiative, which will be active for two weeks until January 14th, exempts sales tax on various items, including clothing, school supplies, and personal computers. Scott Shalley, President and CEO of the Florida Retail Federation, anticipates it will boost… Read More
A recent report released by the Treasury Inspector General for Tax Administration indicates that the IRS is unlikely to meet the Treasury Department’s target of scanning millions of tax returns by year-end, having scanned fewer than 35,000 Form 1040 returns by June. Even though the agency has been pilot-testing different scanning technologies to meet the… Read More
The IRS has announced new penalty relief for approximately 4.7 million individuals, businesses, and tax-exempt organizations who did not receive automated collection reminder notices during the pandemic. The relief, totaling around $1 billion, primarily benefits those earning under $400,000 annually. To assist affected taxpayers, the IRS will issue special reminder letters starting next month, providing… Read More
In a new effort to counter misleading practices related to erroneous claims of the Employee Retention Credit (ERC), this week the IRS introduced a Voluntary Disclosure Program. The program, active until March 22, 2024, allows businesses to voluntarily return money received after filing incorrect ERC claims and offers an 80% repayment option. IRS Commissioner Danny… Read More
Florida Governor Ron DeSantis has presented a $114.4 billion budget for the next fiscal year, titled the “Focus on Florida’s Future Budget,” featuring tax cuts and allocations for teacher salary increases and police recruitment bonuses. The budget, a decrease from the current year’s $119.1 billion, emphasizes tax breaks, environmental initiatives, transportation projects, property insurance, law… Read More
This week, IRS Commissioner Danny Werfel unveiled a new leadership structure for the agency, aimed at aligning with transformation goals and updating the organization chart for the first time in two decades. The restructuring includes a single deputy IRS Commissioner and four chief positions overseeing taxpayer service, tax compliance, information technology, and operations. These changes,… Read More
As a part of the ongoing efforts to combat questionable Employee Retention Credit (ERC) claims, the IRS has initiated this week the distribution of over 20,000 letters to taxpayers, notifying them of disallowed ERC claims. The disallowance primarily targets entities that either did not exist or lacked paid employees during the eligible period. IRS Commissioner… Read More
The lead financial technology company Intuit, creator of the QuickBooks platform, has announced a significant shift in its product strategy. They recently revealed plans to cease the sale of new subscriptions for specific QuickBooks Desktop products from July 31, 2024. The affected products include QuickBooks Desktop Pro Plus, Premier Plus, Mac Plus, and Enhanced Payroll.… Read More