On Sept. 14, 2023, the IRS announced an immediate moratorium on the processing of amended returns claiming Employee Retention Credits (ERC). The moratorium, which is set to run through the
Continue Reading IRS Halts Processing of Employee Retention Credit Claims, Announces Initiatives for ERC Claims Filed by Ineligible Businesses
On Aug. 25, 2023, the Internal Revenue Service (IRS) and the Treasury Department issued proposed regulations (the Proposed Regulations) regarding the sales or exchanges of digital assets, including
Continue Reading Treasury and IRS Issue New Proposed Regulations on Digital Assets
This past legislative session, the Florida legislature passed the Live Local Act, a comprehensive affordable housing law incentivizing private developers to build multifamily residential projects and to rent apartments at
Continue Reading Guidance Published on Florida’s Live Local Act Property Tax Exemption for Middle Market Multifamily Projects
The IRS Office of Chief Counsel has published a general legal memo clarifying prior guidance to confirm that general supply chain disruptions alone do not justify a claim for the
Continue Reading IRS Says General Supply Chain Disruptions Do Not Justify Employee Retention Credit
Gov. DeSantis has signed House Bill 7063, which includes a reduction in the sales tax rate on leases of real property (other than short-term residential rentals).
Florida imposes its sales
Continue Reading Florida Legislature Reduces State-Level Sales Tax on Most Real Property Leases
On Oct. 19, 2022, the IRS issued a warning to employers about what it calls “third parties” who promote claiming large employment tax refunds from improperly claiming the Employee Retention
Continue Reading IRS Warns Employers About ‘Third Parties’ Falsely Claiming Tax Refunds from ERC
The Washington state Department of Revenue (WDOR) in July 2022 published detailed guidance on the sales tax consequences of non-fungible token (NFT) sales, the first such guidance in the
Continue Reading Sales Tax on NFTs: Washington State Guidance Blazes Trail Other States May Follow
Restaurants may be eligible to file refund claims for the employee retention credit because of late-published IRS guidance on PPP loan forgiveness, part-time workers, and tip income.
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Continue Reading Restaurant Businesses Entitled to Favorable Employee Retention Credit Treatment
Companies that took advantage of the payroll tax deferral under the Coronavirus Aid, Relief, and Economic Security (CARES) Act should be aware of an IRS position regarding repayment of the
Continue Reading Late Payment of Deferred Payroll Taxes Under CARES Act Could Result in Harsh Consequences
The 70% employee retention credit for wages paid that Congress first enacted under the Coronavirus Aid, Relief, and Economic Security (CARES) Act will come to a premature end. Under the
Continue Reading Employee Retention Credit Terminated Early Retroactive to Oct. 1 by Infrastructure Act – No Penalty Relief or Time to Pay Back Advance Credit