Category: Tax Insights
-
Alabama Updates Procedure for Nexus Questionnaire and Voluntary Disclosure Agreement
On September 1, 2023, the Alabama Department of Revenue will transition their Nexus Questionnaire and Voluntary Disclosure Agreement (“VDA”) process to their newly established “My Alabama Taxes” portal. The Nexus Questionnaire serves as a platform for business taxpayers to furnish essential information to aid the Department in determining whether they are subject to tax filing…
-
IRS Releases Frequently Asked Questions about the Employee Retention Credit
The Employee Retention Credit (“ERC”), also known as the Employee Retention Tax Credit (“ERTC”), presents a refundable tax credit opportunity tailored for businesses and tax-exempt entities. The criteria for eligibility vary based on the specific timeframe during which the credit is sought. Due to an influx of ERC promoters that uses different tactics to mislead…
-
Texas Increases Franchise Tax Exemption Amount and Reduces Filing Requirement For Some Taxpayers
On July 22, 2023, S.B. 3 was signed into law and enact the following important changes applicable to Texas franchise tax reports originally due on or after January 1, 2024. The bill will double the amount of a taxable entity’s total revenue that is exempted from the franchise tax from $1.235 million to $2.47 million.…
-
IRS Publishes Draft 2023 1065, K-1, K-2, K-3 Forms
If you’re ever having trouble falling asleep this week, feel free to take a look at the 2023 draft forms that have been released by the IRS. Form 1065 – https://www.irs.gov/pub/irs-dft/f1065–dft.pdf Form K-1 – https://www.irs.gov/pub/irs-dft/f1065sk1–dft.pdf Form K-2 – https://www.irs.gov/pub/irs-dft/f1065sk2–dft.pdf Form K-3 – https://www.irs.gov/pub/irs-dft/f1065sk3–dft.pdf