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Monthly Archives: July 2020

BankFile

Income Tax Withholding Calculations for Periodic Retirement and Annuity Payments

By Ronald Cutler, P.A. |

The Department of the Treasury recently announced that it would be updating the federal income tax withholding rules for periodic annuity and retirement payments made after December 31st of this year. Determining how these rules could affect your own withholding calculations can be a complicated process, so if you have questions about the new… Read More »

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Changes Made to Employer-Sponsored Section 125 Cafeteria Plans

By Ronald Cutler, P.A. |

The IRS has made a number of recent changes to the federal tax code because of the unanticipated expense-related changes resulting from the COVID-19 pandemic. For instance, a series of new regulations extends the claim filing period for taxpayers with high deductible health plans and also expands their ability to make mid-year elections for… Read More »

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Exception for Taxpayers Attempting to Deduct Amounts Paid in Fines and Penalties

By Ronald Cutler, P.A. |

Under the Tax Cuts and Jobs Act (TCJA), taxpayers are prohibited from deducting governmental fines and penalties. Fortunately, there is an exception to this general prohibition, so if you paid a fine or penalty to the government and have questions about whether it is deductible, it is important to contact an experienced Florida tax… Read More »