Author Archives: Jay Butchko
IRS Makes Settlement Offer to Taxpayers Involved in Micro-Captive Insurance Transactions
Following the verdicts of three U.S. Tax Court cases, the IRS recently announced that it would be offering settlements to taxpayers who are currently being examined for their involvement in micro-captive insurance transactions. Under the terms of this settlement, eligible taxpayers will be required to concede some of the income tax benefits that they… Read More »
Tax Relief for Expatriated Individuals
Relinquishing U.S. citizenship can have significant tax consequences for affected individuals, especially for those who gave up their citizenship without complying with U.S. tax law, as these individuals are subject to substantial penalties. In an effort to remedy this situation, the IRS recently implemented a series of new procedures that will help certain individuals… Read More »
IRS Urges Taxpayers Who Own Virtual Currency to Pay Back Taxes or File Amended Returns if Necessary
The IRS recently began sending notices to certain taxpayers with records of virtual currency transactions of the need to review their tax filings, pay back taxes, interest, and penalties, or amend their tax returns. These letters are not limited to taxpayers who failed to report virtual currency-related income at all, but are also being… Read More »
The Importance of Renewing Your ITIN
Anticipating that as many as two million Individual Taxpayer Identification Numbers (ITINs) will expire by the end of this year, the IRS is encouraging affected taxpayers to file their renewal applications as soon as possible. Failing to take this step could result in a delayed refund next year, so if you believe that your… Read More »
Charitable Contributions and Tax Credits
The IRS recently finalized a series of rules requiring taxpayers to lower certain federal charity-related deductions by any applicable credits they anticipate receiving. Although these regulations, which were proposed last year, but finalized this month, were specifically drafted to help clear up any confusion regarding the relationship between federal deductions for charitable contributions and… Read More »
Taxpayer Payment Options
This month, the IRS began sending out tax bills to taxpayers who filed their returns on time, but who were unable to pay their tax debt in full by the April deadline. Recognizing that this can place a significant financial burden on struggling taxpayers, the IRS instituted a series of programs that allow qualifying… Read More »
Credits and Deductions that Could Help Your Company’s Bottom Line
Running a business can be costly and complicated, especially when tax season rolls around. Fortunately, there are a number of credits and deductions that can help small business owners and self-employed taxpayers with their bottom line. Determining eligibility for these deductions and credits can be difficult, so if you need help reviewing your tax… Read More »
Backup and Bonus Withholding Rates Lowered for Small Businesses
The recent tax reform legislation made a number of changes to the tax code by eliminating certain deductions and credits. One of the most important changes, for small business owners in particular, however, involves the lowering of the backup withholding tax rate, as well as the withholding rate that applies to supplemental wages and… Read More »
How Making Estimated Tax Payments Can Help Your Business
Self-employed taxpayers and small business owners can save themselves a lot of trouble (and potentially avoid a surprise bill come tax season) by making estimated tax payments throughout the year, rather than making one single payment in the spring. Unfortunately, it can be difficult to calculate these payments and even those who do may… Read More »
The Taxpayer Bill of Rights
Although many taxpayers are not aware of it, we actually have fundamental rights under federal law. Known as the Taxpayer Bill of Rights, these benefits protect taxpayers when interacting with the IRS. To learn more about these protections and how they apply in your own life, please reach out to dedicated Florida tax and… Read More »
