Last week, members of Florida's Congressional delegation introduced the Hurricane Tax Relief Act, which would provide disaster-loss tax relief to families in 51 Florida counties and Puerto Rico impacted by Hurricanes Ian, Nicole and Fiona.
FICPA Government Affairs
The legislation designates Hurricane Ian as a qualified disaster for the purposes of determining tax treatment of certain disaster-related personal casualty losses.
Click here to access a replay of our "Hurricanes Ian and Nicole: Tax Matters" disaster-recovery webinar from Feb. 28 and to download an FAQ sheet covering issues from the session.
This 10-page, disaster-relief FAQ prepared by Gerard Schreiber is an in-depth look into your most pressing concerns, as you help clients navigate the recovery process.
Hurricanes Ian and Nicole occurred after the TCDTRA 2020 window for the special rules; therefore, losses from these hurricanes do not meet the definition of “qualified disaster loss.” As a result, taxpayers with losses from Ian and Nicole are currently subject to less favorable tax treatment.
The FICPA on Wednesday sent a letter to Financial Crimes Enforcement Network acting director Himamauli Das requesting that FinCEN provide filing relief Hurricane Nicole victims in the state of Florida.
Advocacy Update: Previewing the 2023 Legislative Session
From the beginning of Florida Legislative Session on March 7 to its conclusion on May 5, we will be keeping FICPA members updated on our latest advocacy efforts in Tallahassee.
This week, the Legislature is kicking off Interim Committee Week No. 6. To date, 741 total bills have been filed, and the FICPA is currently monitoring 10 bills that are important to the CPA profession. Our team is closely tracking legislation that would impact the profession as it is filed and is actively engaged with legislators and key stakeholders.
With last week’s Special Session in the books, we turn our attention to Governor Ron DeSantis' proposed budget for FY 2023-24, which will be negotiated by the House and Senate in the budget conference toward the end of the 2023 Legislative Session. The Governor's Framework for Freedom Budget totals $114.8 billion with more than $15 billion in total reserves. Floridians would receive multiple sales-tax reprieves under the Governor's proposal, as he has proposed permanent sales tax exemptions on items such as baby and toddler necessities and over-the-counter pet medications. Governor DeSantis has also included two Back-to-School Sales Tax Holidays, a two-week Disaster Preparedness Sales Tax Holiday, a one-week Skilled Worker Tools Sales Tax Holiday and a 15-week Freedom Summer Sales Tax Holiday. Additional highlights of the Governor's proposed budget include an across-the-board 5% raise for state employees, a 10% pay increase over the statewide average for "hard to hire" state government positions, and an increase in the correctional officer minimum wage to $23 per hour. Furthermore, the proposed budget contains record funding for education, workforce education, the environment and natural resources, transportation, infrastructure, economic development, healthcare and public safety.
The Legislature will convene for its last Interim Committee Week next week, before convening for the 2023 Legislative Session on March 7. As session approaches, both chambers will continue to file bills. The FICPA and Liberty Partners of Tallahassee will continue to monitor these bills and be the voice for our members at the Capitol in Tallahassee.
On Jan. 26, in conjunction with our 2023 Hike the Hill advocacy event, FICPA State Tax Committee members held their annual Liaison Meeting with Florida Department of Revenue staff.
The FICPA on Jan. 25 held its annual in-person advocacy event, Hike the Hill, at the Florida Capitol in Tallahassee. The event – the Institute’s second full-member, fly-in advocacy day – brought FICPA members together with lawmakers to advocate on behalf of the CPA profession in Florida.
This article from Gerard Schreiber provides a county-by-county list of extended deadlines for both Hurricanes Ian and Nicole and offers additional information on IRS filing deadlines, the -O Freeze, and other practice management issues.