Blog – Page 2 – Larson Accounting Group

22 de October de 2024

The days of the individual retirement account “stretch” are long gone. But the appeal of Roth conversions is enduring — especially under the current tax rates.

Expiring provisions of the Tax Cuts and Jobs Act at the end of 2025 that mean lower taxes on the conversion, the fact that Roth IRAs carry no required minimum distributions and, of course, the duty-free withdrawals for the owner or their heirs add up to a compelling case, according to Sarah Brenner, the director of retirement education with consulting firm Ed Slott & Company. The first Secure Act was a “game-changer for IRAs and Roth IRAs” due to the new obligation for beneficiaries to empty the accounts within a decade of inheritance, and Secure 2.0 “made some changes around the edges,” she said in an interview.

The situation for traditional IRA owners is “kind of like ripping off a Band-Aid,” in which they should just “get the pain over with,” Brenner said, pointing out that clients often have a misconception that “you’ve got to do it all” even though “it’s not all-or-nothing” because they could simply do a partial conversion as well.

“The Secure Act changed the game, and it has definitely led to, I would say, an even stronger case for Roth conversions,” she added. “You work with the rules you have, and you have a 10-year rule.”

After four straight years of pushing back the implementation of that rule, the IRS has indicated that it will be going into effect at the beginning of 2025. Next year was already going to turn into one of the most consequential for tax policy in recent decades because of the possible sunset of the lower tax brackets and many other parts of the Tax Cuts and Jobs Act that will be high on the agenda for the next occupant of the White House and lawmakers in control of Congress.

Tax experts have been extolling the continued virtues of Roth conversions since passage of the first Secure Act in 2019.

“Though considerations around Roth IRA conversions have changed as a result of the Secure Act, Roth IRAs still offer advantages to account owners and beneficiaries,” certified public accountant and planner Joseph Doerrer wrote the following year in the Journal of Accountancy. “Roth IRAs are tax advantaged, and owners of Roth IRAs aren’t required to take RMDs. This can prove helpful in retirement, as it allows a larger amount of assets to remain in the account. Not having to take RMDs can also help account owners avoid creating unwanted taxable income, giving them more flexibility in retirement. Beneficiaries will enjoy a simpler tax situation, versus beneficiaries of traditional IRAs, due to the tax-free nature of their distributions from the account.”

The politics that led to more tax revenue flowing into federal coffers are now affecting personal financial decisions among advisors and their clients in the wake of the two Secure Acts, Sheryl Rowling, a CPA, planner and technology firm founder, wrote last year for Morningstar.

“Now is the time to do Roth conversion planning,” Rowling said. “By delaying retirement distributions, your clients can have additional years to convert IRA funds to Roth at lower tax rates. These changes all seem to encourage, even require, a greater emphasis on Roth rather than pretax retirement contributions. Although this means more money to the IRS as contributions (or conversions) are made, the opportunity to permanently exclude future growth (and previously taxed principal) from taxation, coupled with the elimination of RMDs, should be a big win for taxpayers in the long run.”

The Roth conversion offers a “huge advantage” over traditional accounts in that clients “never need to take RMDs from their Roth IRAs when they’re alive,” Brenner noted. For those inheriting Roth accounts, their “very compressed timeline” to empty the IRAs within a decade is arriving alongside distributions that won’t have an effect on their taxable income, she said.

“I could just let that Roth IRA sit there and grow for 10 years and then everything would be accessible to me tax- and penalty-free. This is the type of proactive planning that people can be doing. Right now, we have historically low tax rates. We don’t know how long that’s going to last,” Brenner said. “It’s a good time for people to be thinking about converting their taxable traditional IRAs.”

For advisors and their clients, the decision comes down to a simple calculation that the “money is going to be taxed at some point,” she noted.

“You are going to have to pay a tax bill when you convert. No one likes paying taxes unless they absolutely have to,” Brenner said. “Somebody at some point is going to have to pay taxes, so it’s good to do it on your schedule.”

Source: AccountingToday

by Larson Accounting

17 de October de 2024

Scammers are using fake charities in the wake of Hurricanes Milton and Helene to harvest personal and financial data from unsuspecting taxpayers.

“You should never feel pressured by solicitors to immediately give to a charity,” said Commissioner Danny Werfel in a statement from the IRS, which issued the warning. “Verify if they’re authentic first.”

Tips to verify charities and spot fake ones:

Scammers frequently use names that sound like well-known charities to confuse people. Fake charity promoters may also use bogus emails or fake websites or alter or “spoof” their caller ID to make themselves look like a real charity. Ask the fundraiser for the charity’s name, website and mailing address. Check the Tax-Exempt Organization Search tool on IRS.gov to help find or verify legitimate charities.
Never work with charities that ask for donations by giving numbers from a gift card or wiring money. It’s safest to pay by credit card or check, and only after verifying the charity is real.
Scammers want both money and personal information. Never disclose Social Security numbers, credit card numbers or personal identification numbers
Scammers often pressure people into making an immediate payment. In contrast, legitimate charities are happy to get a donation at any time.

The IRS has other background on its Charity and Disaster Fraud page.

Source: Accounting Today
Picture: Tristan Wheelock/Bloomberg

by Larson Accounting

16 de October de 2024

The IRS is processing 400,000 claims from the pandemic-era employee retention credit (ERC) that represent about $10 billion of eligible filings, the agency said Thursday in a news release (IR-2024-263).

“In recent weeks, the IRS has made substantial progress in separating eligible claims from the wave of ineligible claims that have come in, and we continue working to refine our models to identify more eligible claims,” IRS Commissioner Danny Werfel said in the release.

To help speed processing, the IRS announced last month the opening of a consolidated claim process to help third-party payers and their clients resolve incorrect ERC claims.

In addition to processing valid claims, the IRS said it is denying improper ERC claims, intensifying audits, and pursuing civil and criminal investigations of potential fraud and abuse. The findings of an IRS review, announced in June, confirmed concerns raised by tax professionals and others that there was an extremely high rate of improper ERC claims in the IRS inventory.

ERC background

The ERC was designed to help certain businesses continue paying employees during the COVID-19 pandemic while their operations were either fully or partially suspended due to a government order or when they had a significant decline in gross receipts during the eligibility periods. It was generally available to eligible businesses from March 31, 2020, to Sept. 30, 2021, and to Dec. 31, 2021, for recovery startup businesses.

Voluntary disclosure program remains open

The IRS reminded businesses that already received ERC payments to recheck eligibility requirements and consider the second Employee Retention Credit (ERC) Voluntary Disclosure Program (VDP) to resolve incorrect claims without penalties or interest.

The second VDP, which runs through Nov. 22, allows businesses to correct improper payments at a 15% discount and avoid future audits, penalties, and interest.

By Martha Waggoner

by Larson Accounting

14 de October de 2024

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In the wake of the devastating hurricanes that have ravaged Florida and the Southeast in recent weeks, the Internal Revenue Service today reassured victims that it stands ready to provide the tax-related assistance they need to recover from these storms.

IRS.gov has a variety of information to help disaster victims navigate common situations in the aftermath of disasters. The IRS also has a special hotline specifically dedicated to taxpayers with disaster-related tax questions; disaster victims can call the agency’s disaster hotline at 866-562-5227.

Here is a rundown on tax help available from the IRS.

More time to file and pay

The IRS automatically gives taxpayers whose address of record is in a disaster-area locality more time to file returns and pay taxes. Taxpayers get the extra time without having to ask for it.

Currently, taxpayers in the entire states of Alabama, Florida, Georgia, North Carolina and South Carolina, and parts of Tennessee and Virginia, who received extensions to file their 2023 returns have until May 1, 2025, to file. Tax-year 2023 tax payments are not eligible for this extension. In addition, May 1 is also the deadline for filing 2024 returns and paying any tax due.

The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). The current list of eligible localities is always available on the Tax relief in disaster situations page on IRS.gov.

This page also provides disaster updates and links to resources, and information is usually available on the IRS Twitter (now X) account as well.

Disaster payments usually tax-free

Qualified disaster relief payments are generally excluded from gross income. In general, this means that affected taxpayers can exclude from their gross income amounts received from a government agency for reasonable and necessary personal, family, living or funeral expenses, as well as for the repair or rehabilitation of their home, or for the repair or replacement of its contents. See Publication 525, Taxable and Nontaxable Income, for details.

Retirement plan help

Additional relief may be available to affected taxpayers who participate in a retirement plan or individual retirement arrangement (IRA). For example, a taxpayer may be eligible to take a special disaster distribution that would not be subject to the additional 10% early distribution tax and allows the taxpayer to spread the income over three years. Taxpayers may also be eligible to make a hardship withdrawal. Each plan or IRA has specific rules and guidance for their participants to follow.

Disaster loss deduction may be available

In some instances, individuals and businesses in a federally-declared disaster area can qualify for a casualty loss tax deduction. The deduction is available for damaged or destroyed property not covered by insurance or other reimbursement and can result in a larger refund.

A unique feature of this deduction is that taxpayers can choose to claim it on either the return for the year the loss occurred (in this instance, the 2024 return normally filed next year), or the return for the prior year

(the 2023 return filed this year). For individual taxpayers, the deadline for making this election is Oct. 15, 2025.

If deductions exceed a taxpayer’s income, it can result in a net operating loss (NOL). A taxpayer need not have a business to have a NOL from a casualty. A NOL can normally be carried forward and deducted in a future tax year. See Publication 547, Casualties, Disasters, and Thefts and Publication 536, Net Operating Losses (NOLs) for Individuals, Estates, and Trusts, for details.

Free tax transcripts available

The IRS reminds anyone whose tax records were lost or destroyed, or who needs tax records to apply for disaster assistance that they can get a free transcript of their returns from the IRS. Immediate access to these transcripts is available through the Get Transcript link on IRS.gov. Alternatively, taxpayers can use Get Transcript to request that transcripts be mailed to them. They can also call 800-908-9946 to request mail delivery or submit Form 4506-T, Request for Transcript of Tax Return.

As a reminder, taxpayers must have filed all required tax returns in order to qualify for disaster loans or grants for business owners, homeowners and renters from the Small Business Administration.

Free copy of tax return

Disaster-area taxpayers can get a free copy of their tax return by filing Form 4506, Request for Copy of Tax Return. The IRS waives the usual fees and expedites requests for copies of returns for people who need them to apply for disaster-related benefits or to file amended returns claiming disaster-related losses. To speed processing, be sure to notate that this is a disaster-related request and list the state and type of event.

Address change

After a disaster, people might need to temporarily relocate. Those who move should notify the IRS of their new address by submitting Form 8822, Change of Address.

Disaster hotline

Taxpayers with disaster-related tax questions can call the agency’s disaster hotline at 866-562-5227.

Taxpayers should also call this number if they live outside the disaster area but believe they qualify for a disaster-related extension or deadline postponement. This might be true, for example, if their records necessary to meet a deadline occurring during the postponement period are located in the affected area. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization.

More information

The IRS encourages affected taxpayers to review all federal disaster relief at DisasterAssistance.gov.

Here are other helpful IRS resources:

Source: IRS-2024-266, Oct. 11, 2024

by Larson Accounting

9 de October de 2024

The Department of the Treasury and the Internal Revenue Service today issued proposed regulationsaddressing the federal tax classification of corporations or LLCs that are owned entirely by Indian Tribal governments (Tribes) and formed under the laws of the Tribes that own them. Generally, entities formed under the laws of a Tribe are known as Tribal law entities.

During discussions with the Treasury Tribal Advisory Committee, Tribes have requested guidance on the federal tax classification of Tribal law entities entirely owned by Tribes. The importance of Tribal sovereignty and self-determination that was raised during these discussions resulted in the Treasury and IRS proposing to amend the rules on entity classification. Under the proposed regulations, Tribal law entities that are entirely owned by Tribes would not be recognized as separate entities for federal tax purposes and would not be subject to federal income tax.

The proposed regulations would also clarify that Tribal law entities entirely owned by Tribes may receive the value of certain energy credits under the Inflation Reduction Act.

Until the final regulations are published in the Federal Register, Tribes and related entities may generally rely on these proposed regulations. The proposed regulations contain definitions and examples, including an example that illustrates the federal tax classification of an entity entirely owned by multiple Tribes.

Treasury and IRS encourage interested parties to submit comments on this guidance through Regulations.gov. Please indicate IRS and REG-113628-21 in the submission. Also, written comments may be mailed to CC:PA:01:PR (REG-113628-21) Room 5203, Internal Revenue Service, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044.

A public hearing has been scheduled for Jan. 17, 2025.

Source: IRS-2024-261, Oct. 7, 2024

by Larson Accounting

7 de October de 2024

The Internal Revenue Service announced today that Direct File will be available for the 2025 tax filing season in double the number of states than last year’s pilot, and it will cover a wider range of tax situations, greatly expanding the number of taxpayers eligible to use the free e-filing service.

State and eligibility expansion

For the 2025 tax filing season, eligible taxpayers in 24 states will be able to use Direct File: 12 states that were part of the pilot last year, plus 12 new states where Direct File will be available in the upcoming filing season.

During the pilot last year, Direct File was available in Arizona, California, Florida, Massachusetts, Nevada, New Hampshire, New York, South Dakota, Tennessee, Texas, Washington State and Wyoming. For the 2025 tax filing season, Direct File will also be available in Alaska, Connecticut, Idaho, Kansas, Maine, Maryland, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania and Wisconsin.

In 2025, more than 30 million taxpayers in those 24 states will be eligible to use Direct File. Additional states could still join Direct File in 2025, and several states have expressed interest or announced that they will participate in Direct File in 2026.

In addition to doubling the number of states where Direct File will be available, the service will also cover a wider range of tax situations for the 2025 filing season. During the pilot last year, Direct File covered limited tax situations, including wage income reported on a W-2 form, Social Security income, unemployment compensation and certain credits and deductions. For the 2025 filing season, Direct File will support 1099’s for interest income greater than $1,500, retirement income and the 1099 for Alaska residents reporting the Alaska Permanent Fund dividend.

During the pilot, Direct File supported taxpayers claiming the Earned Income Tax Credit, Child Tax Credit and Credit for Other Dependents. This year, Direct File will also cover taxpayers claiming the Child and Dependent Care Credit, Premium Tax Credit, Credit for the Elderly and Disabled, and Retirement Savings Contribution Credits. In addition to covering taxpayers claiming the standard deduction and deductions for student loan interest and educator expenses, this year, Direct File will support taxpayers claiming deductions for Health Savings Accounts. Over the coming years, the IRS will gradually expand Direct File’s scope to support most common tax situations, focusing – in particular – on tax situations that impact working families.

“We’re excited about the improvements to Direct File and the millions more taxpayers who will be eligible to use the service this year,” said IRS Commissioner Danny Werfel. “Above all, our goal is to improve the experience of tax filing itself and help taxpayers meet their obligations quickly and easily. Direct File will be a critical part of achieving that goal as we expand and improve the service.”

Direct File service improvements

Direct File is a web-based service that works on mobile phones, laptops, tablets or desktop computers. It guides taxpayers through a series of questions to prepare their federal tax return step-by-step. Last year, thousands of Direct File users got help from IRS customer service representatives through a live chat feature in English and Spanish. Once taxpayers have completed their federal tax return, the Direct File system automatically guides them to state tools to complete their state tax filings.

For the 2025 filing season, Direct File will include new features to make filing taxes quicker and easier. Direct File users can try a new chat bot to help guide them through the eligibility checker. Live chat will again be available in English and Spanish, and users can opt into additional authentication and verification, which will allow customer service representatives to provide more information.

“User experience, both within the Direct File tool and the integration with state tax systems, will continue to be the foundation for Direct File moving forward,” Werfel said. “We will focus – first and foremost – on continuing to get it right. Accuracy and comprehensive tax credit uptake will be paramount concerns to ensure taxpayers file a correct return and get the refund to which they’re entitled.”

Direct File’s role in the tax system

Following a successful pilot during the 2024 tax filing season, where more than 140,000 taxpayers across 12 states used Direct File, the IRS undertook a comprehensive review of the service and its role in the broader tax system.

Taxpayers across the country told the IRS they want more no-cost electronic filing options. The IRS heard directly from hundreds of organizations across the country, more than 100 members of Congress, individual Direct File users and from those that are interested in using Direct File. Millions of taxpayers who did not live in one of the12 pilot states visited the Direct File website to learn more about the service or asked live chat assistors to make Direct File available in their state.

In May 2024, the IRS announced that Direct File would be a permanent tax filing option, and the service is working with all states interested in participating. In the coming years, Direct File will continue to be one option among many from which taxpayers can choose, and it will complement important options, such as preparation by tax professionals or through commercial software providers, who are critical partners with the IRS in delivering a successful tax system for the nation.

The IRS also noted another side effect of the Direct File pilot was increased attention on all free filing options, including an increase in usage of Free File. The IRS remains committed to the ongoing relationship with Free File, Inc., which has served taxpayers for two decades in the joint effort to provide free commercial software. Last spring, the IRS signed a five-year extension with industry to continue Free File. As the IRS works to expand Direct File, it will work to strengthen all free filing options for taxpayers, including Free File, the Volunteer Income Tax Assistance program (VITA) and the Tax Counseling for the Elderly program (TCE) – all of which saw increased usage and interest last year.

“Direct File is an important component of a stronger, more comprehensive tax system that gives taxpayers electronic filing options that best suit their needs,” Werfel said. “It is a critical tool in the IRS’ effort to meet taxpayers where they are, give them options to interact with us in ways that work for them and help them meet their tax obligations as easily and quickly as possible.”

Direct File will begin accepting tax returns when the filing season opens.

Source: IRS-2024-258, Oct. 3, 2024

by Larson Accounting

2 de October de 2024

In response to disruptions resulting from Hurricane Helene, the Internal Revenue Service will not impose a penalty when dyed diesel fuel with a sulfur content that does not exceed 15 parts-per-million is sold for use or used on the highway throughout Alabama, Georgia, North Carolina, and South Carolina and in the following counties in Florida, Tennessee and Virginia:

Florida: Alachua, Bay, Bradford, Calhoun, Charlotte, Citrus, Collier, Columbia, Dixie, Escambia, Franklin, Gadsden, Gilchrist, Gulf, Hamilton, Hernando, Hillsborough, Holmes, Jackson, Jefferson, Lafayette, Lee, Leon, Levy, Liberty, Madison, Manatee, Marion, Monroe, Okaloosa, Pasco, Pinellas, Santa Rosa, Sarasota, Sumter, Suwannee, Taylor, Union, Wakulla, Walton and Washington counties.

Tennessee: Carter, Cocke, Greene, Hamblen, Hawkins, Johnson, Unicoi and Washington counties.

Virginia: City of Galax, Grayson, Smyth, Tazewell, Washington, Wise and Wythe counties.

This relief is retroactive to Sept. 26, 2024, and will remain in effect through Oct. 15, 2024.

This penalty relief is available to any person that sells or uses dyed diesel fuel for highway use. In the case of the operator of the vehicle in which the dyed diesel fuel is used, the relief is available only if the operator or the person selling such fuel pays the tax of 24.4 cents per gallon that is normally applied to diesel fuel for highway use.

The IRS will not impose penalties for failure to make semimonthly deposits of tax for dyed diesel fuel sold for use or used in diesel powered vehicles on the highway in these areas during the relief period. IRS Publication 510, Excise Taxes, has information on the proper method for reporting and paying the tax.

Ordinarily, dyed diesel fuel is not taxed, because it is sold for uses exempt from excise tax, such as to farmers for farming purposes, for home heating use and to local governments.

The IRS is closely monitoring the situation and will provide additional relief as needed.

Source: IRS-2024-254, Oct. 1, 2024

by Larson Accounting

2 de October de 2024

The Internal Revenue Service today announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, including the entire states of Alabama, Georgia, North Carolina and South Carolina and parts of Florida, Tennessee and Virginia.

Taxpayers in these areas now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments. Among other things, this includes 2024 individual and business returns normally due during March and April 2025, 2023 individual and corporate returns with valid extensions and quarterly estimated tax payments.

The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). Besides all of Alabama, Georgia, North Carolina and South Carolina, this currently includes 41 counties in Florida, eight counties in Tennessee and six counties and one city in Virginia.

Individuals and households that reside or have a business in any one of these localities qualify for tax relief. The same relief will be available to other states and localities that receive FEMA disaster declarations related to Hurricane Helene. The current list of eligible localities is always available on the Tax relief in disaster situations page on IRS.gov.

Filing and payment relief

The tax relief postpones various tax filing and payment deadlines that occurred beginning on Sept. 22, 2024, in Alabama; Sept. 23 in Florida; Sept. 24 in Georgia; Sept. 25 in North Carolina, South Carolina and Virginia; and Sept. 26 in Tennessee. In all of these states, the relief period ends on May 1, 2025 (postponement period). As a result, affected individuals and businesses will have until May 1, 2025, to file returns and pay any taxes that were originally due during this period.

This means, for example, that the May 1, 2025, deadline will now apply to:

Any individual or business that has a 2024 return normally due during March or April 2025.
Any individual, business or tax-exempt organization that has a valid extension to file their 2023 federal return. The IRS noted, however, that payments on these returns are not eligible for the extra time because they were due last spring before the hurricane occurred.
2024 quarterly estimated income tax payments normally due on Jan. 15, 2025, and 2025 estimated tax payments normally due on April 15, 2025.
Quarterly payroll and excise tax returns normally due on Oct. 31, 2024, and Jan. 31 and April 30, 2025.

In addition, the IRS is also providing penalty relief to businesses that make payroll and excise tax deposits. Relief periods vary by state. Visit the Around the Nation page for details.

The Disaster assistance and emergency relief for individuals and businesses page has details on other returns, payments and tax-related actions qualifying for relief during the postponement period. Among other things, this means that any of these areas that previously received relief following Tropical Storm Debby will now have those deadlines further postponed to May 1, 2025.

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. These taxpayers do not need to contact the agency to get this relief.

It is possible an affected taxpayer may not have an IRS address of record located in the disaster area, for example, because they moved to the disaster area after filing their return. In these unique circumstances, the affected taxpayer could receive a late filing or late payment penalty notice from the IRS for the postponement period. The taxpayer should call the number on the notice to have the penalty abated.

In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization. Disaster area tax preparers with clients located outside the disaster area can choose to use the Bulk Requests from Practitioners for Disaster Relief option, described on IRS.gov.

Additional tax relief

Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2024 return normally filed next year), or the return for the prior year (the 2023 return filed this year). Taxpayers have extra time – up to six months after the due date of the taxpayer’s federal income tax return for the disaster year (without regard to any extension of time to file) – to make the election. For individual taxpayers, this means Oct. 15, 2025. Be sure to write the FEMA declaration number on any return claiming a loss. See Publication 547, Casualties, Disasters, and Thefts, for details.

The IRS may provide additional disaster relief in the future.

The tax relief is part of a coordinated federal response to the damage caused by this storm and is based on local damage assessments by FEMA. For information on disaster recovery, visit disasterassistance.gov.

Source: IRS-2024-253, Oct. 1, 2024

by Larson Accounting

2 de October de 2024

TALLAHASSEE, Fla. – From banning unauthorized public sleeping to prohibiting placing a tracking device or application on someone or their property without permission, more than 30 new Florida laws begin on Oct. 1.

Here’s a look at the new laws:

HB 1365 Unauthorized Public Camping and Public Sleeping

Unauthorized Public Camping and Public Sleeping: Prohibits counties & municipalities from authorizing or otherwise allowing public camping or sleeping on public property without certification of designated public property by DCF; authorizes counties to designate public property for such uses for specified time period; requires counties to establish specified standards & procedures relating to such property; authorizes DCF to inspect such property & to issue notice; provides exception during specified emergencies. Effective Date: October 1, 2024

SB 0758 Tracking Devices and Applications

Tracking Devices and Applications; Prohibiting the placement or use of a tracking device or tracking application to determine the location or movement of another person or another person’s property without that person’s consent; revising exceptions; providing criminal penalties, etc. Effective Date: October 1, 2024

SB 0718 Exposures of First Responders to Fentanyl and Fentanyl Analogs

Exposures of First Responders to fentanyl and fentanyl Analogs; Providing criminal penalties for adults who, in the course of unlawfully possessing specified controlled substances, recklessly expose a first responder to such substances and an overdose or serious bodily injury of the first responder results; prohibiting the arrest, charging, prosecution, or penalizing under specified provisions of law of a person acting in good faith who seeks medical assistance for an individual experiencing, or believed to be experiencing, an alcohol-related or a drug-related overdose, etc. Effective Date: October 1, 2024.

HB 0403 Specialty License Plates

Specialty License Plates: Exempts collegiate license plates from certain discontinuation & presale voucher requirements for specialty license plates; requires DHSMV to reauthorize previously discontinued collegiate license plates; renames & revises words appearing on certain plates; directs DHSMV to develop specified plates; provides for distribution & use of fees collected from sale of plates. Effective Date: October 1, 2024.

SB 0086 Hope Cards for Persons Issued Orders of Protection

Hope Cards for Persons Issued Orders of Protection; Requiring the clerks of the circuit court, in consultation with the Office of the Attorney General, to develop and implement the Hope Card Program; requiring clerks’ offices to create a Hope Card and provide such card to petitioners within a specified time frame; providing criminal penalties for the fraudulent use of a Hope Card, etc. Effective Date: October 1, 2024.

SB 0092 Yacht and Ship Brokers’ Act

Yacht and Ship Brokers’ Act; Revising the definition of the term “yacht”; exempting a person who conducts business as a broker or salesperson in another state from licensure in this state for specified transactions; requiring, rather than authorizing, the Division of Florida Condominiums, Timeshares, and Mobile Homes of the Department of Business and Professional Regulation to deny licenses for applicants who fail to meet certain requirements, etc. Effective Date: October 1, 2024.

HB 0341 Designation of a Diagnosis on Motor Vehicle Registrations

Designation of a Diagnosis on Motor Vehicle Registrations: Requires language on application form for motor vehicle registration to allow applicant to indicate that applicant has been diagnosed with, or is parent or legal guardian of child or ward who has been diagnosed with, specified disabilities or disorders; requires specified designation to be included in motor vehicle record; prohibits inclusion of specified information in motor vehicle record for certain purposes; requires DHSMV to allow specified persons to update motor vehicle registration to include or remove specified designation at any time. Effective Date: October 1, 2024.

SB 0532 Securities

Securities; Revising the list of securities that are exempt from registration requirements under certain provisions; revising provisions relating to a certain registration exemption for certain securities transactions; updating the federal laws or regulations with which the offer or sale of securities must be in compliance; requiring that offers and sales of securities be in accordance with certain federal laws and rules; providing that registration exemptions under certain provisions are not available to issuers for certain transactions under specified circumstances; specifying criteria for determining integration of offerings for the purpose of registration or qualifying for a registration exemption; specifying the purpose of the Securities Guaranty Fund, etc. Effective Date: October 1, 2024.

HB 0801 Alzheimer’s Disease and Related Dementia Training for Law Enforcement Officers

Alzheimer’s Disease and Related Dementia Training for Law Enforcement Officers: Requires FDLE to establish online, continued employment training component relating to Alzheimer’s disease & related forms of dementia; requires training component be developed with DOEA; specifies instruction requirements for training; authorizes completion of such training to count toward certain requirement. Effective Date: October 1, 2024.

SB 0808 Treatment by a Medical Specialist

Treatment by a Medical Specialist; Authorizing firefighters, law enforcement officers, correctional officers, and correctional probation officers to receive medical treatment by a medical specialist for certain conditions under certain circumstances; requiring firefighters, law enforcement officers, correctional officers, and correctional probation officers to notify certain entities of their selection of a medical specialist, etc. Effective Date: October 1, 2024.

HB 549 Theft

Reducing minimum threshold amount for grand theft of third degree; creates new offense of grand theft offenses; provides enhanced criminal penalties for committing petit theft of first degree & having certain previous convictions; revises number of thefts required within specified aggregation period required to commit specified violation for retail theft; revises specified timeframes in which individual acts of retail theft may be aggregated; prohibits retail theft with specified number of other persons for specified purpose; prohibits retail theft when social media platform is used to solicit participation; requires person convicted of retail theft to pay specified restitution. Effective Date: October 1, 2024.

HB 0819 Lehigh Acres Municipal Services Improvement District, Hendry and Lee Counties

Lehigh Acres Municipal Services Improvement District, Hendry and Lee Counties: Expands territorial boundaries of district. Effective Date: October 1, 2024.

SB 0902 Motor Vehicle Retail Financial Agreements

Motor Vehicle Retail Financial Agreements; Revising the definition of the term “guaranteed asset protection product”; requiring entities to refund the portions of the purchase price of the contract for a guaranteed asset protection product under certain circumstances; creating the “Florida Vehicle Value Protection Agreements Act”; authorizing the offer, sale, or gift of vehicle value protection agreements in compliance with a certain act, etc. Effective Date: October 1, 2024

HB 1007 Nicotine Products and Dispensing Devices

Nicotine Products and Dispensing Devices: Requires nicotine product manufacturers who sell nicotine dispensing devices to execute form prescribed by Division of Alcoholic Beverages & Tobacco of DBPR, for each nicotine dispensing device sold; requires division to develop & maintain directory; requires division to make directory available on website; prohibits nicotine product manufacturer from selling, shipping, or distributing nicotine dispensing devices for retail sale; requires wholesale nicotine product dealers to purchase & sell for retail only those nicotine dispensing devices listed on directory; prohibits certain persons & entities from dealing, at retail, in nicotine dispensing devices not listed on directory; provides for seizure & destruction of contraband nicotine dispensing devices. Effective Date: October 1, 2024.

HB 1025 Municipal Service District of Ponte Vedra Beach, St. Johns County

Municipal Service District of Ponte Vedra Beach, St. Johns County: Revises provisions relating to terms of office of District Trustees; revises capital expenditure amount required to be approved by voters of district; revises authority of district to approve such expenditure; revises limitation on amount of district’s contingency reserves. Effective Date: October 1, 2024

SB 1036 Reclassification of Criminal Penalties

Reclassification of Criminal Penalties; Requiring reclassification of the penalty for the commission of a felony committed by a person who has a previous specified conviction; defining the term “transnational crime organization”; authorizing reclassification of the penalty for any misdemeanor or felony offense if the commission of such offense was for specified purposes, etc. Effective Date: October 1, 2024.

HB 1049 Flood Disclosure in the Sale of Real Property

Flood Disclosure in the Sale of Real Property: Requires seller of residential real property to provide specified information to a prospective purchaser; specifies how such information must be disclosed. Effective Date: October 1, 2024.

HB 1171 Schemes to Defraud

Schemes to Defraud: Provides for reclassification of certain offenses when committed against persons 65 years of age or older, against minors, or against persons with disabilities; provides for civil actions for damages by persons whose image or likeness was used in scheme to defraud with their consent. Effective Date: October 1, 2024

HB 1235 Sexual Predators and Sexual Offenders

Sexual Predators and Sexual Offenders: Revises reporting requirements; specifies criteria applicable for removal of status for certain persons; revises registration requirements; revises provisions relating to verification; revises penalties. Effective Date: October 1, 2024.

HB 1389 Digital Voyeurism

Digital Voyeurism: Redesignates “video voyeurism” as “digital voyeurism”; revises elements; provides reduced criminal penalties for certain violations by persons under 19 years of age; specifies that each instance of certain violations is separate offense; provides for reclassification of certain violations by certain persons who are family or household members of victim or who hold position of authority or trust with victim. Effective Date: October 1, 2024.

HB 1545 Child Exploitation Offenses

Child Exploitation Offenses: Creating the offense of harmful communication to a minor; ranking the offense on the offense severity ranking chart of the Criminal Punishment Code; etc. Effective Date: October 1, 2024.

SB 1628 Local Government Actions

Local Government Actions; Requiring that certain bond referenda called by a county, district, or municipality be held at a general election; revising applicability provisions for the enactment or adoption of county and municipal ordinances, respectively, etc. Effective Date: October 1, 2024

SB 1698 Food and Hemp Products

Food and Hemp Products; Defining the term “total delta-9-tetrahydrocannabinol concentration”; providing conditions for the manufacture, delivery, hold, offer for sale, distribution, or sale of hemp extract; prohibiting businesses and food establishments from possessing hemp extract products that are attractive to children; prohibiting the Department of Agriculture and Consumer Services from granting permission to remove or use certain hemp extract products until it determines that such hemp extract products comply with state law, etc. APPROPRIATION: $2,000,000 Effective Date: October 1, 2024.

HB 7001 OGSR/Reporter of Child Abuse, Abandonment, or Neglect

OGSR/Reporter of Child Abuse, Abandonment, or Neglect: Removes scheduled repeal of exemption from public records requirements for other identifying information with respect to any person reporting child abuse, abandonment, or neglect. Effective Date: October 1, 2024.

HB 7003 OGSR/Preregistered Voters

OGSR/Preregistered Voters: Removes scheduled repeal of exemption from public record requirements for information concerning preregistered voter registration applicants who are minors; authorizes disclosure of confidential information in certain circumstance. Effective Date: October 1, 2024.

HB 7005 OGSR/Financial Disclosure

OGSR/Financial Disclosure: Removes scheduled repeal of exemptions from public record requirements for secure login credentials held by Commission on Ethics & certain information entered into electronic filing system for financial disclosure. Effective Date: October 1, 2024.

SB 7006 OGSR/Utility Owned or Operated by a Unit of Local Government

OGSR/Utility Owned or Operated by a Unit of Local Government; Amending a provision which provides exemptions from public record requirements for information related to the security of certain technology, processes, practices, information technology systems, industrial control technology systems, and customer meter-derived data and billing information held by a utility owned or operated by a unit of local government; extending the date of scheduled repeal of public record exemptions relating to the security of certain technology, processes, practices, information technology systems, and industrial control technology systems; amending a provision which provides an exemption from public meeting requirements for meetings held by a utility owned or operated by a unit of local government which would reveal certain information; extending the date of scheduled repeal of the exemption, etc. Effective Date: October 1, 2024.

HB 7007 OGSR/Campus Emergency Response

OGSR/Campus Emergency Response: Removes provision allowing disclosure of certain information in certain campus emergency response to certain entities; & removes scheduled repeal of exemption from public records requirements for certain campus emergency response. Effective Date: October 1, 2024

SB 7008 OGSR/Department of the Lottery

OGSR/Department of the Lottery; Amending a provision relating to an exemption from public records requirements for certain information held by the Department of the Lottery, information about lottery games, personal identifying information of retailers and vendors for purposes of background checks, and certain financial information held by the department; providing for future legislative review and repeal of an exemption from public records requirements for information relating to the security of certain technologies, processes, and practices; removing the scheduled repeal of an exemption, etc. Effective Date: October 1, 2024.

HB 7009 OGSR/Mental Health Treatment and Services

OGSR/Mental Health Treatment and Services: Removes scheduled repeal of exemption from public records requirements for petitions for voluntary & involuntary admission for mental health treatment, court orders, related records, & personal identifying information regarding persons seeking mental health treatment & services. Effective Date: October 1, 2024.

HB 7043 OGSR/Agency Personnel Information

OGSR/Agency Personnel Information: Removes scheduled repeal of exemption from public records requirements for certain personal identifying & location information of specified agency personnel & spouses & children thereof. Effective Date: October 1, 2024.

by Larson Accounting

27 de September de 2024

The Internal Revenue Service announced today that the agency is opening a supplemental claim process to help third-party payers and their clients resolve incorrect claims for the Employee Retention Credit.

Third-party payers report and pay clients’ federal employment taxes under the third-party payer’s Employer Identification Number. They handle clients’ payroll and tax reporting duties. Some of these TPPs filed ERC claims for multiple employers. If a third-party payer’s client has since determined it is ineligible for the ERC and wants to resolve their claim, it is the third-party payer that needs to correct it.

This supplemental claim process lets a third-party payer that filed a prior claim with multiple clients “withdraw” only some clients while maintaining the claims of the qualifying clients.

“The supplemental claim program is a critical step to improve the IRS’s ability to process Employee Retention Credit claims for this more complex segment of taxpayers,” said IRS Commissioner Danny Werfel. “As we continue to accelerate and intensify our work in this area to help qualifying small businesses and protect against improper claims, we continue to explore and develop additional ways to speed our work on this incredibly detailed credit where the number of claims exploded following aggressive marketing.”

About supplemental claims

A supplemental claim is an adjusted employment tax return that allows a third-party payer to correct and/or consolidate previous claims that they filed on or before Jan. 31, 2024, if those claims have not yet been processed by the IRS.

By filing a supplemental claim, the third-party payer is asking the IRS not to process outstanding adjusted employment tax returns for the tax period. The IRS will treat claims filed before the supplemental claim as if they were never filed.

The supplemental claim process is for third-party payers to which all of the following apply:

The third-party payer has filed one or more claims aggregating Employee Retention Credits for itself and/or clients using the TPP’s Employer Identification Number.
The third-party payer made the claim on an adjusted employment tax return (Forms 941-X, 943-X, 944-X or CT-1X).
The IRS has not processed any of the claims the third-party payer is including in the supplemental claim.

This process is not for:

Common law employers who did not use a third-party payer and instead filed adjusted employment tax returns using their own Employer Identification Number. These employers may be eligible for either the claim withdrawal process if their claim is pending, or for the IRS’s second Voluntary Disclosure Program if they received the ERC either as a refund or a credit against tax owed.
Third-party payers that received the full amount of ERC claimed on behalf of themselves and their clients – either as a refund or a credit against tax owed. They may be eligible for the IRS’s second Voluntary Disclosure Program.

Submitting supplemental claims related to ERC

A third-party payer must prepare one supplemental claim for each tax period filed on or before Jan. 31, 2024. Each claim must include the correct amount of ERC and any other corrections for that tax period. The third-party payer should use the adjusted employment tax return for their type of business – Form 941-X, Form 943-X, Form 944-X or Form CT1-X – to prepare the supplemental claim.

The third-party payer should not include ERC amounts that were filed after Jan. 31, 2024. The amount of ERC on the supplemental claim must be equal to or less than the cumulative amount of ERC claimed on the returns the third-party payer is replacing by filing the supplement claim.

Third-party payers can submit a supplemental claim using a computer or mobile device to fax the documents by 11:59 p.m., Nov. 22, 2024.

For details see Filing a supplemental claim for the Employee Retention Credit and Supplemental claim frequently asked questions for third-party payers.

What happens next

The IRS will review the supplemental claim to make sure it has all items necessary for it to be processed.

If the supplemental claim is complete, the IRS will review the claim and determine if it will be accepted as filed, partially allowed/disallowed, or if the supplemental claim needs additional review or examination.

The supplemental claim becomes the sole adjusted employment tax return for the tax period. The IRS will review the supplemental claims instead of adjusted employment tax returns filed on or before Jan. 31, 2024.

Source: IRS-2024-246, Sept. 26, 2024

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About supplemental claims

Submitting supplemental claims related to ERC

What happens next