Category Archives: Tax IRS
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 »
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 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 »
What to do When You Receive a Letter from the IRS
Notices from the IRS don’t always contain bad news. In fact, many IRS letters notify taxpayers that they will be receiving larger refunds, or are merely requests for additional information. It is also true, however, that the IRS does send notices to taxpayers who owe a tax debt, or who have failed to submit… Read More »
What You Should Know About IRS Audits
Although the IRS enforces the federal tax code in a variety of ways, its primary method of doing so involves examining the returns of taxpayers who are identified as being the most at risk of noncompliance. Being audited by the IRS can be time consuming and stressful and could result in unexpected penalties, so… Read More »
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 »
