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Five-Minute Tax Briefing: October 17, 2023

Item for Tuesday, October 3, 2023 Tax Relief for Louisiana Residents Affected by Seawater Intrusion: The IRS has announced tax relief for individuals and businesses affected by seawater intrusion in the following Louisiana parishes: Jefferson, Orleans, Plaquemines, and St. Bernard. These taxpayers now have until 2/15/24 to file various federal and business tax returns and make …

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IRS Shifts Focus of Compliance Enforcement from Working-Class to Wealthy Taxpayers

As part of an effort to restore fairness to the tax system in Hollywood FL and the rest of the country, the IRS has announced its plan to shift the focus of compliance enforcement efforts away from working class taxpayers to high-income earners, partnerships, large corporations, and promoters of abusive tax-schemes. The changes will be …

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IRS Releases Proposed Regulations on Prevailing Wage and Apprenticeship Requirements: 

The Treasury Department and IRS issued proposed regulations related to increased clean tax credits or deduction amounts for clean energy facilities that meet certain prevailing wage and apprenticeship (PWA) requirements enacted as part of the Inflation Reduction Act. Ensure that your auditors can assist you in properly understanding this new act. In coordination with the …

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IRS Issues Notice Updating Exemptions from and Waivers of the Requirements to Electronically File Certain Forms:

The IRS has issued a notice that updates administrative exemptions from and waivers of the requirements to file certain returns in electronic form. Talk with an accounting professional if you have clarifications on exemptions and waivers. An additional exemption is now available for filers whose use of technology required to file electronically conflicts with their …

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IRS Issues Notice Providing Requirements for Home Energy Audits:

has issued a notice announcing its intent to propose regulations regarding the requirements for taxpayers including those in South Florida who want to claim the Energy Efficient Home Improvement Credit for home energy audits. Guidance in the notice provides specific requirements to claim the credit as well as the process for conducting the home energy …

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