HR 5863 by Congressman Greg Stuebe (R-FL) provides key disaster relief to individuals impacted by Hurricane Ian. The bill resolves issues around tax rules relating to personal losses during declared disasters.
Hurricane Ian
Advocacy Update: Rep. Steube hopes Hurricane Ian legislation will advance by year-end
As we’ve covered in previous Advocacy Updates, Rep. Greg Steube (R-Fla.) has introduced legislation in the U.S. House of Representatives to provide income tax relief to Americans recovering from Hurricane Ian. The legislation designates Hurricane Ian as a qualified disaster for purposes of determining the tax treatment of certain disaster-related personal casualty losses.
In a Sept. 21 Bloomberg article, Rep. Steube noted that if his bill to give special tax treatment to 2022’s Hurricane Ian victims is passed by the end of the year, those affected by the hurricane would have to know to amend their tax returns to get the tax relief for 2022. Ways and Means Chair Jason Smith (R-Mo.) has said he hopes to get the disaster relief bills resolved before year-end.
“Obviously, at this point, I still am pushing for it to get on an agenda,” said Steube, who is a member of the tax-writing Ways and Means Committee. “Everybody keeps telling me that they’ll do it by the end of the year, so I’m not worried that it won’t happen. It would just be a lot easier for people in my district for it to happen before October.”
Other bills include a proposal from Sen. Rick Scott (R-Fla.) and Rep. Kat Cammack (R-Fla.), introduced earlier this month, to provide aid and tax relief for Floridians impacted by Hurricane Idalia. The bill, which fully funds FEMA's Disaster Relief Fund, secures block grants for Florida growers to make sure they get the necessary tax breaks from the losses they suffered, and more.
On Aug. 17 the FICPA offered a webinar, featuring disaster-relief expert Gerard Schreiber, on 7508A filing delays. The webinar was free to FICPA members and you may watch the replay here.
The FICPA also has implemented an online letter-writing campaign to petition Congress to designate Hurricane Ian as a qualified disaster. Please consider personally engaging by adding your voice to these important efforts.
We will keep all of our members posted as we continue to advocate for CPAs and their clients.
Advocacy Update: Join our Hurricane Ian letter-writing campaign to Congress
The latest edition of FICPA Advocacy Update is highlighted by our letter-writing campaign to Congress and our continued effort to have Hurricane Ian designated as a Qualified Disaster. Scroll down to learn how you can join the campaign and make your voice heard on behalf of the CPA profession in Florida.
You'll also find information on:
- Shelly Weir's new role on AICPA's National Pipeline Advisory Group
- The SLG Committee's response to the Auditor General FY 2022-23 Draft Rules
- Information on our Key Person Contact program
- And the latest TIPs from the Department of Revenue
Latest News
FICPA Letter-Writing Campaign: Petition Congress to Designate Hurricane Ian as a Qualified Disaster
As many of you know, Rep. Greg Steube (R-Fla.) has introduced legislation in the U.S. House of Representatives to provide income tax relief to Americans recovering from Hurricane Ian. The legislation designates Hurricane Ian as a qualified disaster for purposes of determining the tax treatment of certain disaster-related personal casualty losses.
This vital legislation is a crucial step in creating equitable tax treatment in the aftermath of Hurricane Ian. FICPA representatives in May met with two-thirds of Florida’s Congressional delegation to advocate for support on this issue. We continue to advocate for disaster-relief measures, but we need your help!
Please make your voice heard by sharing your thoughts with our representatives in Congress.
Contacting your Congressional representatives is easy: Simply use the FICPA’s online letter-writing program by clicking the button below. Draft messages are already prepared – you may send as they are or customize your message for greater impact.
Thank you for personally engaging by adding your voice to these important efforts.
FICPA President & CEO Shelly Weir Named to AICPA’s National Pipeline Advisory Group
The AICPA on July 31 announced the formation of a new National Pipeline Advisory Group aimed at combating the CPA profession’s ongoing talent shortage.
FICPA President & CEO Shelly Weir is among the 22 members of the group, which comprises a range of perspectives from across the profession.
“The slowdown in young adults choosing accounting as a career is a collective problem for the CPA profession and requires a collective and inclusive solution," Sue Coffey, CPA, CGMA, CEO of Public Accounting for AICPA & CIMA and a member of the Advisory Group, said in a statement. "We want to make sure we have a broad range of viewpoints and perspectives to help define the profession's pipeline strategy moving forward. This deep, capable, and experienced group will play a critical role in guiding that conversation and subsequent call to action.”
Per the AICPA: The National Pipeline Advisory Group’s work is part of a multi-pronged approach that includes an intensive effort to use technology, surveys and in-person forums to solicit insights and input from a diverse array of groups around the country.
The group, which began meeting in July, is expected to report on its progress at the AICPA Fall Council meeting in October.
In addition to her new role on the Advisory Group, Weir also serves as a member of the AICPA’s Experience, Learn and Earn Task Force, which seeks to create a bridge between accounting students and accounting firms on the path to licensure.
“Since I arrived at the FICPA two years ago, I’ve been focused on the biggest challenge facing the profession – the state of the pipeline,” Weir said. “I am honored to be a member of this vital group and excited to work alongside this renowned and respected collection of leaders. Together, we can pave the way for the next generation of CPAs and secure the future of our profession.”
SLG Committee Responds to Auditor General FY 2022-23 Draft Rules
The FICPA State and Local Government (SLG) Committee on Aug. 4 submitted comments in response to the Auditor General draft rules for the 2022-23 Fiscal Year audits.
Pursuant to 11.45(8), Florida Statutes, the Auditor General, in consultation with the Board of Accountancy, adopts rules for the form and conduct of all financial audits performed by independent certified public accountants pursuant to Sections 215.981, 218.39, 1001.453, 1002.395, 1004.28, and 1004.70, Florida Statutes.
Be Part of the FICPA’s Key Person Contact Program
To develop strong grassroots relationships with members of the Florida House, Senate and Cabinet, the FICPA Governmental Affairs Team has developed a Key Person Contact (KPC) Program.
In this program, the “contacts” are FICPA members who have personal relationships with Florida legislators.
These members act as liaisons between the FICPA and lawmakers, creating a line of communication to relay technical and general information about legislative issues.
Your Governmental Affairs Team needs up-to-date information on members' relationships with Florida legislators.
To become part of the KPC Program, please complete and sign this form and email it to [email protected].
The FICPA’s continued legislative success depends on you!
(Pictured left: FICPA member/KPC Chris McDirmit delivering a Florida CPA/PAC check to Rep. Kristen Arrington)
DOR TIPs
Since the last issue of Advocacy Update, the Florida Department of Revenue has published these helpful Tax Information Publications (TIPS). For the full list of 2023 TIPs, click here.
Corporate Income Tax
Florida Corporate Income/Franchise Tax Credit for Manufacturing of Human Breast Milk Derived Human Milk Fortifiers
July 14, 2023
For taxable years beginning during the 2023 and 2024 calendar years, a tax credit against the Florida corporate income/franchise tax is available equal to 50 percent of the cost of equipment purchased for
use in the production of human breast milk derived human milk fortifiers. Such purchases must be made on or before the date the taxpayer is required to file their tax return.
Florida Corporate Income Tax: Adoption of 2023 Internal Revenue Code
July 28, 2023
Each year, the Florida Legislature must consider adopting the current Internal Revenue Code (Title 26,
United States Code) to ensure certain tax definitions and the calculation of adjusted federal income will be consistent between the Internal Revenue Code (IRC) and the Florida Income Tax Code (Chapter 220, Florida Statutes [F.S.]). The Florida corporate income tax “piggybacks” federal income tax determinations and uses adjusted federal income as the starting point for computing Florida net income.
Fuel Tax
Fuel Tax Rates Adjusted September 1, 2023, Through December 31, 2023
Aug. 8, 2023
Beginning September 1, 2023, Miami-Dade County’s local option tax will decrease from 6 cents per gallon to zero cents per gallon. As a result, the statewide tax rate on motor fuel and the collection allowance will decrease.
Sales and Use Tax
Highlands County Increases Tourist Development Tax Rate From 4% to 5%
July 21, 2023
The tourist development tax rate on transient rental transactions occurring in Highlands County increased from 4% to 5%. The Highlands County Board of County Commissioners adopted Ordinance No. 22-23-24 increasing the tourist development tax rate.
Jackson County Increases Tourist Development Tax Rate From 4% to 5%
July 21, 2023
The tourist development tax rate on transient rental transactions occurring in Jackson County increased from 4% to 5%. The Jackson County Board of County Commissioners adopted Ordinance No. 2023-06 increasing the tourist development tax rate.
Contribute
The Florida CPA/PAC supports the politicians who stand up for CPAs. We back the candidates and incumbents who will ensure CPAs and their clients are included in the legislative process. It is your voluntary contributions that help protect the CPA license.
Please note: Contributions are strictly voluntary and are not deductible for federal tax purposes. The Florida CPA/PAC is an entity completely separate from the FICPA. The Florida CPA/PAC is supported solely by the voluntary contributions of members of the FICPA and others.
Florida storm victims now have until Aug. 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
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.
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.
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.
The FICPA will hold a Hurricane Ian Recovery Event in Fort Myers on Monday, Nov. 28. Food, fellowship and important information from the IRS will be available for FICPA members and the public at large.
This three-day service opportunity, coordinated by the FICPA's Young CPAs Committee, benefitted those still recovering from the devastating impact of Hurricane Ian.
The IRS reminds taxpayers in areas covered by certain FEMA disaster declarations they may have more time to file their returns to qualify for the penalty relief under Notice 2022-36 for their 2019 and 2020 tax returns.