Recent Blog Posts
New Regulations Regarding Qualified Opportunity Zone Investments
One of the most important decisions made by The Tax Cuts and Jobs Act (TCJA) involved investments in qualified opportunity zone business properties. Designed to encourage growth and investment in certain distressed areas, these provisions created a federal income tax benefit for taxpayers who invest in businesses located in these areas. The IRS recently… Read More »
If You Need to Obtain or Renew Your Passport – Be Sure to Resolve Your Tax Issues First
Under a new IRS policy, taxpayers with unresolved tax issues could be barred from renewing or obtaining a passport. For this reason, taxpayers who wish to avoid delays to their travel plans should take prompt action to resolve any tax concerns. For help identifying and resolving the tax issues that are keeping you from… Read More »
E-Filing Cash Transaction Reports
In addition to reporting income and deductions to the IRS, taxpayers must also report any cash payments that they receive in excess of $10,000. While it is possible to fulfill this obligation by completing and submitting a paper form, many taxpayers choose to file these reports electronically. Regardless of the method used, reporting these… Read More »
Special Tax Breaks for Members of the U. S. Armed Forces
While most of the deductions and tax breaks with which we are familiar are those that apply to civilian taxpayers, there are also a number of special tax benefits that are only available to members of the military and their families. To find out whether you qualify for these benefits, please contact dedicated Florida… Read More »
EIN Application Process Revised
Employer Identification Numbers (EINs) are nine-digit tax identification numbers that are assigned to certain entities, including corporations, trusts, and estates for tax filing purposes. Recently, in an effort to improve the security of taxpayer information, the IRS revised the process of applying for an EIN. Determining how and to whom the new rules apply… Read More »
Estimated Tax Penalties for Farmers and Fishermen Waived
Individuals, including farmers and fisherman, who chose not to make quarterly estimated tax payment this year were required to file their 1040’s for 2018, along with a payment for all taxes owed, by March 1st. Initially, taxpayers who fell under this category, but who failed to comply by the deadline were subject to a… Read More »
Most Common Tax Refund Myths
Although the IRS issues most tax refunds in less than three weeks, there isn’t actually a specific way for taxpayers to discover when their refunds will be issued. There is important information, however, that can help taxpayers understand the refund process. For instance, the status of a person’s tax return will be posted on… Read More »
What are My Options if I Cannot Pay My Taxes in Full?
As a result of the changes made by the Tax Cuts and Jobs Act (TCJA), which went into effect last year, many taxpayers have struggled to determine how much they owe in taxes, whether they qualify for a refund, and who is eligible for a waiver of the tax penalties that come with a… Read More »
IRS Waives Tax Penalty for Certain Taxpayers
Early in January, the IRS announced that it would be waiving the estimated tax penalty for many taxpayers whose federal income tax withholding and estimated payments from last year fell short of their total liability for 2018. However, this waiver only applies in certain situations, so if you believe that you might qualify for… Read More »
Tax Filing Season
In late January, the 2019 tax filing season officially began when the IRS started accepting and processing federal tax returns for 2018. Despite claims made by the agency that returns will be processed and refunds issued according to schedule after the government shutdown, many taxpayers continue to have trouble getting through to agency employees,… Read More »
