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Category Archives: Tax IRS

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Backup and Bonus Withholding Rates Lowered for Small Businesses

By Ronald Cutler, P.A. |

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 »

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How Making Estimated Tax Payments Can Help Your Business

By Ronald Cutler, P.A. |

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 »

KnowRights

The Taxpayer Bill of Rights

By Ronald Cutler, P.A. |

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 »

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New Regulations Regarding Qualified Opportunity Zone Investments

By Ronald Cutler, P.A. |

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 »

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EIN Application Process Revised

By Ronald Cutler, P.A. |

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 »

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What are My Options if I Cannot Pay My Taxes in Full?

By Ronald Cutler, P.A. |

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 »

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IRS Waives Tax Penalty for Certain Taxpayers

By Ronald Cutler, P.A. |

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 »

Taxes

Reduced Withholding Rate For Small Businesses and Individual Taxpayers

By Ronald Cutler, P.A. |

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 »