Recent Blog Posts
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 »
Safe Harbor for Taxpayers with Discharged Student Loans
The IRS recently established a safe harbor that extends relief to taxpayers who took out student loans, whether federal or private, to finance attendance at a post-secondary educational institution. Relief has also been offered to creditors who would usually be required to file returns and provide the IRS with payee statements to discharge indebtedness…. Read More »
The Benefits of Using Direct Deposit this Tax Season
As tax season looms ever nearer, taxpayers should begin thinking about using direct deposit to receive their refunds, as this option allows funds to be deposited directly into either a checking or savings account. In fact, it is even possible for a refund to be deposited into one, two, or three different accounts. To… Read More »
The Effects of the New Tax Law on Exempt Organizations
Late last year, Congress enacted the Taxpayer Certainty and Disaster Tax Relief Act, a law whose provisions apply to many tax exempt organizations. To learn more about this law and how it could affect your own business’s tax situation, please contact an experienced Florida tax & IRS attorney who can advise you. Parking Lot… Read More »
Applying for 501(3)(c) Tax-Exempt Status
The IRS recently announced that it would be revising the application for charities seeking tax-exempt status, also known as Form 1023. Although the new form promises to be more streamlined, it is still important for those who have founded charities and who have not yet applied for tax-exempt status, to retain an experienced Florida… Read More »
Why You Should Consider Applying for Federal Tax Credits
With tax filing season just around the corner, Florida taxpayers may want to begin thinking about their eligibility for certain tax credits, including the Earned Income Tax Credit, the Child Tax Credit, and education credits. For help determining whether you and your family qualify for any of these tax credits, please contact dedicated Florida… Read More »