Ana Ivonne Aviles, CPA, LLC

Did you know?

HB 7031 – Florida Eliminates State Sales Tax on Commercial Rent | Bilzin Sumberg's New Miami Blog | Insights & Events | Bilzin Sumberg Florida repeals sales tax on commercial rent starting Oct. 1, 2025. Learn what HB 7031 means for landlords, tenants, and compliance.

The Pros and the Cons of the Big, Beautiful Bill.
From the Tax Foundation Perspective

The Good, the Bad, and the Ugly in the One, Big, Beautiful Bill Republicans have advanced legislation to extend many provisions of the 2017 Tax Cuts and Jobs Act (TCJA) alongside dozens of new provisions. Any comprehensive tax legislation is going to have its wrinkles, and the “One, Big, Beautiful Bill” is no different.

Did you know?

Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penal...

Yes, the child tax credit may be increased for 2023.....We will soon find out

New Child Tax Credit: What Is Congress Negotiating? Congress is closer to reaching a deal on a new expanded child tax credit. Here’s what negotiations could mean for you.

Wishing you and your family a Happy and Prosperous New Year 2024!

Important!

IRS Puts Immediate Stop to New ERC Claims
(Employee Retention Credit)

To protect taxpayers from employee retention credit (ERC) scams that pose an unacceptable risk to businesses and the tax system, the IRS has halted the processing of new ERC claims until at least January 2024. The agency said the moratorium is necessary due to a surge in questionable claims, the concerns of tax professionals, and the continued aggressive marketing of the credit to ineligible taxpayers.

The IRS will continue processing and paying ERC claims received prior to the moratorium, but noted that increased scrutiny of the claims will result in longer processing times.
The IRS also issued a warning to businesses to be on the lookout for the “wildly aggressive” marketing of misleading or improper ERC claims targeting ineligible taxpayers. The warning was accompanied by a printable version of its ERC checklist that tax preparers can use to explain eligibility for the credit to their clients.

“I commend the IRS for its proactive measures, notably the announcement of an ERC Eligibility Checklist aimed at reducing errors and fraud in the ERC program,” said NATP IRS Liaison Larry Gray. “The rise in claims, exacerbated by misinformation from third-party service promoters, necessitates such actions to safeguard the program's integrity. Given that ERC is a refund of payroll costs, it is important that these funds are disbursed responsibly and in compliance with the law.”

Data Source: NATP and IRS

To protect taxpayers from scams, IRS orders immediate stop to new Employee Retention Credit processing amid surge of questionable claims; concerns from tax pros | Internal Revenue Service IR-2023-169, Sept. 14, 2023 — Amid rising concerns about a flood of improper Employee Retention Credit claims, the Internal Revenue Service today announced an immediate moratorium through at least the end of the year on processing new claims for the pandemic-era relief program to protect honest sm...

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This.🤘

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Great reminder!

Quote of the day.

Yes!

Fear be gone...