International CPA of Miami

🚨 ¡Alerta del IRS! 🚨

El IRS advierte a los contribuyentes sobre información engañosa de un inexistente "Crédito Tributario por Trabajo por Cuenta Propia." Promotores y redes sociales difunden sugerencias inexactas sobre la elegibilidad. No te dejes engañar: consulta siempre a un profesional de impuestos de confianza.

Visita www.icm.tax/news

Attention Florida
Businesses.
* July 19 is the deadline for the 2nd quarter
Sales & Use Tax submissions!
• Sales Tax: Each sale, admission, storage, or rental in Florida is taxable unless exempt. The general state sales tax rate is 6%, with exceptions for certain categories:
New mobile homes: 3%
Amusement machine receipts: 4%
Rental, lease, or license of commercial real property: 2%
Electricity: 6.95%
• Use Tax: This is due on taxable goods or services when sales tax wasn't paid at purchase. This includes items bought for resale but then used personally or in your business, as well as items purchased outside Florida and brought into the state.
Ensure vour submissions are on time to stay compliant!

BEWARE of scam involving Clean energy Tax Credit

The IRS is alerting taxpayers to a new scam related to the purchase of clean energy tax credits. Dishonest tax return preparers are providing false information about the rules for claiming these credits under the Inflation Reduction Act (IRA).

Taxpayers thinking about buying clean energy credits through the IRA should seek guidance from a reputable tax professional to determine their eligibility and to properly claim any tax benefits.

BEA REPORT
It must be done in case of making foreign investments greater than 3 million dollars or in case of making a change in the shareholding of the company. The Bureau of Economic Analysis (BEA) is an independent agency within the U.S. Department of Commerce that produces economic statistics to help people understand the U.S. economy. The BEA's reports provide information on economic growth, regional development, and the country's position in the global economy.

Tax Filing Extension Alert for U.S. Citizens and Resident Aliens Living Abroad!

If you're living or on duty outside the U.S. and Puerto Rico, you qualify for an automatic 2-month extension to file your federal income tax return and pay any owed taxes. For 2024, since the regular due date falls on Monday, April 15, your extended due date is June 17. Note: Interest applies to unpaid taxes after the regular due date.

Key Points:

Applies to those living/working abroad or in military/naval service outside the U.S. and Puerto Rico.
For joint returns, either spouse can qualify.
Attach a statement to your return explaining your qualification for the extension.
Special Cases:

Combat zone service members, refer to Publication 3, Armed Forces' Tax Guide.
More Info:
Check out "U.S. Citizens and Resident Aliens Abroad - Extensions of Time to File" for details.

🗓️ Reminder: 2nd quarter estimated tax payments for 2024 are due by June 17th! Ensure you pay on time if you have income not subject to withholding.
These payments apply to income not subject to withholding, like self-employment earnings, interest, and rents. U.S. citizens, resident aliens, residents of U.S. territories, and certain nonresident aliens must pay if they expect to owe $1,000 or more in taxes after credits. Payment methods include online, phone, mail, and in-person options.
Visit IRS.gov for details and payment options. 💵📅

🗓️ Reminder: 2nd quarter estimated tax payments for 2024 are due by June 17th! Ensure you pay on time if you have income not subject to withholding.
These payments apply to income not subject to withholding, like self-employment earnings, interest, and rents. U.S. citizens, resident aliens, residents of U.S. territories, and certain nonresident aliens must pay if they expect to owe $1,000 or more in taxes after credits. Payment methods include online, phone, mail, and in-person options.
Visit IRS.gov for details and payment options. 💵📅

Tax Deadlines / May
May 15- 2024
• FEDERAL - Non-Profit Entities
990: Return of Organization 15 May Exempt From Income Tax
8868: Who have not filed an Income Tax Return
8886-T: Disclosure - Prohibited Tax Shelter Transaction
990 EZ, 990-PF, 990-N, 990-BL, 990-T
May 31 - 2024
• FEDERAL - Business in General
730: Federal Excise Taxes: Environmental / Communications / Air
Transportation / Fuel taxes. First retail sale of heavy trucks, trailers, and tractors.
2290: Excise tax on trucks and buses used on public highways.

Thank you for this successful tax season closure! It has been a pleasure working with you and your team to ensure that all tax matters were resolved efficiently and effectively. This year, we have achieved incredible goals and surpassed expectations, which is a testament to our hard work and dedication. We are proud of the teamwork and collaboration we have demonstrated, allowing us to provide exceptional service to our clients. We look forward to building upon this success in the future and continuing to strengthen our professional relationship. Thank you again for your trust and commitment!

Don’t miss a Tax deadline this April! As tax season is coming an end, stay up to date and in compliance with all deadlines for returns, payments and information returns. Individuals, Businesses, Non-Profit Organizations and Trusts, all entities must report to Federal and State deadlines!

Federal & Florida Tax deadlines for January and February 2024

Visit www.icm.Tax/deadlines
Or
www.Blg.Tax/deadlines

¡ATENCIÓN!

En esta temporada de impuestos 2024, tenga cuidado con todos los intentos de robo de identidad, especialmente por medio de correos electrónicos que piden confirmación de datos y apertura de links.

Esté especialmente atento a la dirección desde donde envían el correo. Los correos falsos suelen tomar la forma de un correo confiable, pero las direcciones siempre pertenecen a dominios diferentes o extraños. Verifique siempre dos veces cada correo antes de abrirlo y no de click en ningún link sin antes haberse cerciorado de que el remitente es confiable y auténtico.

Los ladrones de identidad siempre tratarán nuevas formas de robarla. ¡Tenga mucho cuidado!

The Internal Revenue Service (IRS) has introduced a new online tool called IRS Energy Credits Online (IRS ECO) to help sellers of clean vehicles register for energy credits.

This free and secure electronic service is available to businesses of all sizes, with a focus on aiding small businesses selling clean vehicles. Through IRS ECO, dealers and sellers can complete the entire registration process online and receive advance payments within 72 hours.

The tool generates a Time of Sale report, which taxpayers use when filing their federal tax return to claim the clean vehicle credit. IRS Commissioner Danny Werfel stated that this tool aims to assist dealers and sellers in understanding the Clean Vehicle Credit, part of the IRS's efforts to improve services.

Clean vehicle sellers and licensed dealers must use this tool from 2024 onwards to facilitate the credit claims for vehicles placed in service on or after January 1, 2024. The IRS encourages dealers and sellers to register using IRS Energy Credits Online, emphasizing benefits such as prompt advance payments, real-time confirmation of eligible VINs, the ability to make corrections, and maintaining issuer information over the years.

Initially, one authorized representative per dealer or seller can register, with the option to authorize multiple employees starting from December 2023.
Explore the new IRS Energy Credits Online tool designed to streamline clean vehicle credit registration for dealers and sellers. Learn how this secure, free electronic service enables businesses, especially small ones, to complete the process online and receive advance payments within 72 hours

Visit ICM.tax/news ✨✨

Tenga cuidado con las fundaciones falsas!

The Internal Revenue Service (IRS) cautions taxpayers about fraudulent charities exploiting people's goodwill. Criminals posing as legitimate charities deceive donors, diverting funds away from those in need. IRS Commissioner Danny Werfel urges caution, advising donors to verify charities before contributing. Use the IRS Tax-Exempt Organization Search (TEOS) tool to confirm legitimacy. Scammers use various tactics, including fake websites and pressure tactics. Protect yourself by verifying charity details and never giving sensitive information. Genuine donations to qualified tax-exempt organizations are deductible – stay informed and donate wisely.

Visit icm.tax/news

The IRS is alerting taxpayers, particularly those with high incomes, to be wary of exaggerated art donation deductions and the deceptive tactics employed by unscrupulous promoters. These schemes involve persuading individuals to buy art at discounted prices, wait before donating the art, and then claim deductions based on inflated valuations. IRS Commissioner Danny Werfel emphasized the importance of understanding the rules surrounding art donations and cautioned against aggressive marketing tactics. The IRS is actively investigating promoters and conducting audits to combat these abusive practices. Taxpayers should remain vigilant, watch for red flags such as inflated valuations, and ensure compliance to avoid penalties, repayments, and legal consequences related to tax evasion.

Visit ICM.tax/news

The Internal Revenue Service reminds taxpayers about the upcoming tax filing extension deadline. To avoid a possible late filing penalty, those who requested an extension to file their 2022 tax return should file their Form 1040 on or before Monday, Oct. 16.

https://internationalcpamiami.com/news/oct16-deadline-taxextension

The new energy efficient home credit, as amended by the Inflation Reduction Act (IRA). allows eligible contractors who construct or substantially reconstruct and rehabilitate qualified new energy efficient homes a tax credit of up to $5,000 per home. The actual amount of the credit depends on eligibility requirements such as the type of home, the home's energy efficiency, and with respect to multifamily dwelling units, whether prevailing wage requirements are met.

Link here: internationalcpamiami.com/news/taxcreditf-energyefficient-homebuilders

El IRS ha anunciado una expansión de su tecnología de chatbot para mejorar la experiencia de los contribuyentes al responder automáticamente a preguntas básicas relacionadas con ciertos avisos del IRS. Esta nueva función de chatbot se enfocará en ayudar a los contribuyentes que reciben avisos CP2000, CP2501 y CP3219A, que notifican discrepancias entre la información proporcionada por terceros al IRS y la información presentada por el contribuyente.
�
Link aquí: internationalcpamiami.com/news/chatbots-irs-notificacionescp2000-cp2501-y-cp3219a











�

The Internal Revenue Service (IRS) has recently unveiled plans to establish a specialized unit focusing on high-income compliance and complex pass-through entities. This initiative is part of a broader effort to enhance tax enforcement and fairness, particularly targeting wealthy filers and large corporations. The new unit will operate within the IRS Large Business and International (LB&I) division and will include personnel recruited under a recent IRS hiring initiative.

Link here: internationalcpamiami.com/news/irs-highincomecomplianceunit

The IRS extends the federal income tax deadline to October 16, 2023, for residents of California, Alabama, and Georgia affected by natural disasters. Learn which areas qualify and which tax-related actions are eligible for the extended deadline. Find out how to claim disaster-related losses and get essential tax relief details in this update

internationalcpamiami.com/news/irsreminderextensiondisastervictims

Tax Deadlines for September 15! Applies if you filed for an extension before the original deadline in March.

Individuals.
• Make a payment of your 2023 estimated tax if you're not paying your income tax for the year through withholding (or won't pay in enough tax that way). Use Form 1040-ES. This is the third installment date for estimated tax in 2023. For more in-formation, see Pub. 505.

Partnerships.
• File a 2022 calendar year return (Form 1065). This due date applies only if you timely requested an automatic 6-month extension. Otherwise, see Partnerships under March 15, earlier. Provide each partner with a copy of their final or amended Schedule K-1 (Form 1065) or substitute Schedule K-1 (Form 1065) and, if applicable, Schedule K-3 (Form 1065) or substitute Schedule K-3 (Form 1065).

S corporations.
• File a 2022 calendar year income tax return (Form 1120-S) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension of time to file the return. Otherwise, see S corporations under March 15, earlier. Provide each shareholder with a copy of their final or amended Schedule K-1 (Form 1120-S) or substitute Schedule K-1 (Form 1120-S) and, if applica-ble, Schedule K-3 (Form 1120-S) or substitute Schedule K-3 (Form 1120-S).

Corporations.
• Deposit the third installment of estimated income tax for 2023.

IRS a trabajadores temporales e independientes: 15 Sept. fecha límite pago de impuestos estimados del 3er trimestre

Los contribuyentes no sujetos a retención pueden necesitar realizar pagos trimestrales de impuestos estimados. Los contribuyentes, como los trabajadores de la economía compartida, los que trabajan por cuenta propia, los jubilados, los socios y los accionistas de corporaciones S, generalmente deben hacer pagos de impuestos estimados si esperan tener una obligación tributaria de $1,000 o más cuando presenten su declaración.


internationalcpamiami.com/news/3ertrimestrepagosestimados

Alivio tributario para las personas y empresas afectadas por Idalia en partes de Florida. Estos contribuyentes ahora tienen hasta el 15 de febrero de 2024 para presentar varias declaraciones de impuestos federales individuales y comerciales, y realizar pagos de impuestos.
El IRS está ofreciendo alivio a cualquier área designada por la Agencia Federal para el Manejo de Emergencias (FEMA, por sus siglas en inglés). Actualmente, 46 de los 67 condados de Florida califican. Las personas y hogares que residen o tienen un negocio en estos condados son elegibles para alivio tributario, pero otras áreas que se añadan más adelante también pueden ser elegibles para el mismo alivio. La lista actual de localidades elegibles siempre está disponible en la página de Alivio en situaciones de desastre en IRS.gov

internationalcpamiami.com/news/afectados-por-huracan-idalia-alivio-tributario

🏡 Increased Energy Credits for Low-Income Community Solar & Wind Facilities

Learn about the latest IRS regulations and Revenue Procedure 2023-27 providing essential guidance for owners of solar and wind facilities in low-income communities. Discover how to qualify for increased energy investment credits under the Inflation Reduction Act and navigate the application process for capacity allocation. Get insights into project categories, eligibility criteria, and allocation procedures outlined by the Department of Energy and IRS.


Visit the link in bio 📲👆📎😊📤



IRS comienza digitalización de todos los procesos a partir del 2024. ¡Adiós al papel!
Iniciativa de procesamiento sin papel del IRS eliminará hasta 200 millones de hojas de papel anualmente, reducirá tiempo de procesamiento a la mitad y acelerará reembolsos.

Visite el link en la bio para ver esta noticia de IRS.gov

El IRS le advierte a los contribuyentes que estén atentos a una oleada de estafas tributarias durante el verano, ya que los ladrones de identidad siguen enviando una gran cantidad de mensajes de correo electrónico y de texto a través de los cuales prometen reembolsos u ofertas para ayudar a "solucionar" problemas tributarios.
Las estafas por correo electrónico más recientes tocan diversos temas, pero muchas se centran en promesas acerca de una tercera ronda de Pagos de impacto económico. El IRS está recibiendo cientos de quejas diarias acerca de esta estafa, que tiene un enlace URL incluido que lleva a la gente a un sitio web de phishing para robar información confidencial de los contribuyentes.
El IRS también está recibiendo informes de correos electrónicos que instan a la gente a "Reclamar su reembolso de impuestos en línea", y mensajes de texto que dicen que la declaración de impuestos de la persona fue "rechazada" por el IRS. Estas estafas están llenas de errores ortográficos y frases raras, pero constantemente intentan que la gente pulse un enlace.

The 2023 Back-to-School Sales Tax Holiday begins on Monday, July 24, 2023, and ends on Sunday, August 6, 2023.

During the sales tax holiday period, tax is not due on the retail sale of:
• Clothing, footwear, and certain accessories with a sales price of $100 or less per item
• Certain school supplies with a sales price of $50 or less per item,
• Learning aids and jigsaw puzzles with a sales price of $30 or less
• Personal computers and certain computer-related accessories with a sales price of $1,500 or less, when purchased for noncommercial home or personal use.
There will be a second Back-to-School Sales Tax Holiday beginning Monday, January 1, 2024, and ending on Sunday, January 14, 2024.

For more detailed information about the tax holiday exemptions, visit the link in bio!

📑🌿 El Servicio de Impuestos Internos (IRS) ha emitido un recordatorio final a casi 1.5 millones de contribuyentes en todo el país para que reclamen sus reembolsos del año tributario 2019. Descubre cómo presentar tu declaración de impuestos de 2019 antes de la fecha límite del 17 de julio de 2023 y asegúrate de no perder la oportunidad de recibir un reembolso promedio de alrededor de $893. No dejes que se acabe el tiempo, actúa ahora y reclama tu reembolso sustancial.

Más info en el link en la bio 👆📎📲

The Advanced Manufacturing Investment Credit, established by the CHIPS Act of 2022, is intended to incentivize the manufacture of semiconductors and semiconductor manufacturing equipment within the United States.

The advanced manufacturing investment credit for any taxable year is generally equal to 25% of an eligible taxpayer's qualified investment in an advanced manufacturing facility. The credit is available to taxpayers that meet certain eligibility requirements, and taxpayers can choose to receive the credit as an elective payment.

The Internal Revenue Service issued proposed regulations that provide guidance regarding the implementation of the elective payment provisions of the Advanced Manufacturing Investment Credit. Commenters are strongly encouraged to submit public comments electronically by August 14, 2023.

Today's proposed regulations describe how an entity can choose to make an elective payment election, which will be treated as a payment against the tax liability that is equal to the amount of the credit. A partnership or S corporation can make an elective payment election to receive a payment instead of claiming the credit.

.
.
.
.
.
.
.
.
.
.