The IRS has released draft instructions for Form 941-X (Adjusted Employers Quarterly Federal Tax Return or Claim for Refund). The revised instructions, which are crucial to know during tax season, contain a number of changes to the qualified small business payroll tax credit for increasing research activities for tax year 2023 and beyond. Previously, qualified small …
The IRS provides issuers of qualified mortgage bonds, as defined in IRC Sec. 143, and issuers of mortgage credit certificates, as defined in IRC Sec. 25(c), with (1) the nationwide average purchase prices for residences located in the United States, and (2) average area purchase price safe harbors for residences located in statistical areas in …
The IRS Sets Price Safe Harbors for MSA Residences Read More »
The Internal Revenue System (IRS) urges taxpayers and tax professionals providing accounting services in Hollywood, Florida and the whole country to remain vigilant in the face of emails and text scams aimed at tricking people about refunds or tax issues in the 2023 Dirty Dozen tax scams. These messages arrive in the form of unsolicited …
The Employer Retention Credit (ERC) was introduced by the U.S. government as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020. The aim of the ERC is to help businesses that were impacted by the COVID-19 pandemic to retain their employees and avoid layoffs. This refundable tax credit is available …
What businesses need to know about Employer Retention Credit Read More »
Five-Minute Tax Briefing®January 10, 2023No. 2023-01 Item for Tuesday, January 3, 2023 Interim Guidance on the New Corporate AMT: The Inflation Reduction Act of 2022 amended IRC Sec. 55, which imposes a new 15% Corporate Alternative Minimum Tax (CAMT) imposed on the “adjusted financial statement income” of an applicable corporation. The IRS has released a notice to …
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