Recent Blog Posts
Reporting Income Earned From a Hobby
These are uncertain times and many people are attempting to make ends meet by earning side income. This does, however, often come with tax-related obligations, so if you need help determining whether you need to report income earned from a hobby or side job, you should speak with an experienced Florida tax and IRS… Read More »
Requesting an Automatic Tax Deadline Extension
Recognizing that many taxpayers are facing unprecedented financial turmoil as a result of the COVID-19 pandemic, the IRS recently implemented an automatic filing deadline extension. Those who qualify for this extension will have until October 15, 2020 to file their 2019 tax returns. It’s important to note, however, that the extension only provides additional… Read More »
Tax Relief for Low Income Housing Owners and Tenants
In response to the ongoing COVID-19 emergency, the IRS recently announced that it would be providing tax relief to the owners, tenants, and operators of certain low-income housing projects. For help determining whether you could qualify for this, or another form of tax relief, please contact an experienced Florida tax & IRS attorney who… Read More »
Tax Relief Offered to Retirement Plan Participants Affected by COVID-19
Earlier this year, Congress enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provided economic relief to millions of Americans who have been affected by the COVID-19 outbreak, including enhanced access to plan distributions and loans for qualifying taxpayers. Determining whether a person is eligible for relief under this law can be… Read More »
Complying with the Extended Tax Filing Deadline
Now that the July 15th tax filing deadline has passed, taxpayers who have not yet filed their 2019 federal tax returns should start thinking about their electronic filing options. These are uncertain times and it may be even more difficult for some taxpayers to remain in compliance with federal tax law than usual, so… Read More »
Income Tax Withholding Calculations for Periodic Retirement and Annuity Payments
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 »
Changes Made to Employer-Sponsored Section 125 Cafeteria Plans
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 »
Exception for Taxpayers Attempting to Deduct Amounts Paid in Fines and Penalties
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 »
Coronavirus-Related Tax Relief for Qualified Opportunity Fund Investors
In March, President Trump issued nationwide major disaster declarations, applying to all 50 states. As a part of this declaration, taxpayers were offered a number of different forms of relief. For instance, those affected by the COVID-19 pandemic can now postpone certain tax-related and time-sensitive actions. According to the IRS, these postponements specifically apply… Read More »
Tax Exempt Organizations Required to E-File Under New Law
On July 1st, Congress enacted the Taxpayer First Act, which requires certain tax exempt organizations to file information returns and related forms electronically. The new law went into effect this year, so taxpayers who believe that its terms could apply to them this tax season, should be careful to review the law and if… Read More »
