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Category Archives: Tax IRS

TaxSeason

Alimony Payments Could Affect Your Taxes

By Ronald Cutler, P.A. |

It is not uncommon for many of those who go through divorce to forget about the tax-related repercussions of ending a marriage. While this is completely understandable, especially in the context of a divorce, it can have dire consequences for the parties later on. Alimony payments, for instance, can affect the tax situation of… Read More »

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Why Was My Refund Reduced?

By Ronald Cutler, P.A. |

When submitting their tax returns, most people are able to calculate, with a relative degree of certainty, how much they can expect to receive in a tax refund. These amounts, however, are not absolute and are actually subject to change by the IRS. For instance, when issuing refunds, the IRS is authorized to reduce… Read More »

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The Tax Repercussions of Closing Your Business

By Ronald Cutler, P.A. |

The COVID-19 pandemic has had devastating consequences not only on the health of thousands of Americans, but also on the economy as a whole. Many businesses, for instance, especially small family-owned companies, have been forced to shut their doors permanently as a result of pandemic-related restrictions. While the decision to close a business may… Read More »

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The Taxpayer’s Right to Finality

By Ronald Cutler, P.A. |

As taxpayers, we have a wide range of rights when it comes to dealing with the IRS. For instance, taxpayers have the right to be informed about IRS decisions, as well as the right to privacy and confidentiality, and the right to appeal the agency’s decisions. Of these rights, one of the most important… Read More »

TaxReport

Tips for Reconstructing Important Tax Records After a Disaster

By Ronald Cutler, P.A. |

Over the last few years, the U.S. has seen an unprecedented number of natural catastrophes, including wildfires and record-setting hurricanes. Many of those who were forced to suffer through these natural disasters continue to face ongoing challenges, including reconstructing their financial documentation and tax records. Obtaining this information is extremely important, as the paperwork… Read More »

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Receiving a Bill from the IRS

By Ronald Cutler, P.A. |

April 15th is the standard deadline for most taxpayers to file their tax returns and pay any taxes that they owe to the IRS. During processing, the IRS checks these returns and payments for accuracy before determining whether a taxpayer owes additional taxes, penalties, or interest, in which case, that individual will be sent… Read More »

TaxLiab

Reporting Income Earned From a Hobby

By Ronald Cutler, P.A. |

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 »

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Tax Relief for Low Income Housing Owners and Tenants

By Ronald Cutler, P.A. |

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 »

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Changes Made to Employer-Sponsored Section 125 Cafeteria Plans

By Ronald Cutler, P.A. |

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 »

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Exception for Taxpayers Attempting to Deduct Amounts Paid in Fines and Penalties

By Ronald Cutler, P.A. |

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 »