Category Archives: Tax IRS
Taxpayers Urged to Resolve Tax Debt to Avoid Jeopardizing Passports
In 2015, Congress enacted the Fixing America’s Surface Transportation (FAST) Act, which gives the IRS the ability to deny a taxpayer’s passport application or renewal if that individual has unresolved tax debt. Having one’s passport denied or revoked can have significant repercussions on a taxpayer’s personal and professional life, so if you owe a… 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 »
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 »
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 »
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 »
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 »
Reduced Withholding Rate For Small Businesses and Individual Taxpayers
As a result of changes made by the Tax Cuts and Jobs Act (TCJA), the backup withholding tax rate for individual taxpayers and small businesses was reduced from 28 to 24 percent. Backup withholding applies in a number of situations, including when a taxpayer doesn’t supply his or her taxpayer identification number (TIN) to… Read More »
