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IRS Reminds Storm Victims in 3 States: File and Pay by Oct. 16; Most of California, Parts of Alabama and Georgia Affected

The Internal Revenue Service reminded individuals and businesses in most of California and parts of Alabama and Georgia that their 2022 federal income tax returns and tax payments are due on Monday, Oct. 16, 2023. The normal due date of April 18 was postponed for many residents of these states in ...

Hurricane Idalia IRS & Florida State Tax Relief


IRS Warns Taxpayers of New Scam Targeting Refunds

The Internal Revenue Service (IRS) has issued a warning to taxpayers about a new, sophisticated scam that’s specifically designed to trick individuals into believing they are owed a refund.

Florida Governor Signs H.B. 5 to Repeal Tax Credit Programs

Florida’s Governor, Ron DeSantis, took significant action on May 31, 2023, by signing H.B. 5, a comprehensive bill designed to dismantle several tax credit programs that were previously benefiting various aspects of Florida’s business landscape. The bill’s primary focus was on repealing tax credit ...

Changes to New Jersey’s Corporation Business Tax Act (CBT) and Gross Income Tax Act (GIT)

New Jersey Assembly Bill 5232 enacted on July 3, 2023 contains significant tax changes to Corporation Business Tax (CBT) and Gross Income Tax (GIT). New Jersey Division of Taxation has issued TB-107 to provide guidance on the amendments. Here are some of the major changes:

Why the New 1099-K Reporting for Third Party Payment Platforms Will Hurt Small Taxpayers

The American Rescue Plan Act (ARPA) that was enacted in March 2021 brought about substantial changes to Form 1099-K reporting standards. Originally meant to begin for the 2022 tax year, the IRS has extended the new requirement until the 2023 tax year citing confusion and lack of guidance available ...

Tips For Establishing Residency in a New State

Many taxpayers, especially those in highly taxed states, have considered moving out of state and seeking lower or zero income tax rates. When done properly, this can present substantial tax savings. The process for establishing residency in a new state can be straightforward for most taxpayers. ...

Proposal to Tax Carried (Profits) Interests as Ordinary Income

Reforms to the tax treatment of carried (profits) interest has been a topic for many years. The Administration aims to ensure equal treatment of labor and capital income since the character of the income for carried (profits) interests has been under scrutiny.

Unlocking Opportunities: IRS Proposes Regulations for Clean Energy Tax Credit Transfers under the Inflation Reduction Act of 2022

The Internal Revenue Service (IRS) recently unveiled proposed regulations aimed at establishing clear procedures and rules for eligible taxpayers to transfer or sell clean energy tax credits under the Inflation Reduction Act of 2022.

Connecticut Governor Signs Budget Bill Making PTET Elective and Enacts Other Tax Changes

Connecticut Governor Ned Lamont signed budget bill H.B. 6941 on June 12, 2023 making major changes to the state’s pass-through entity tax (PTET). Beginning in 2024, the PTET will be optional rather than mandatory. Eligible entities that wish to elect to pay the tax must provide the Connecticut ...

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