October 2024 – Larson Accounting Group

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.

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.

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.

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.

IRS granting dyed diesel penalty relief as a result of Hurricane Helene

IRS provides relief for Helene; various deadlines postponed to May 1, 2025; part or all of 7 states qualify

Filing and payment relief

Additional tax relief

New Florida laws take effect Oct. 1: Here’s what you need to know