Category Archives: Tax IRS
The Tax Repercussions of Closing Your Business
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 »
The Taxpayer’s Right to Finality
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 »
Tips for Reconstructing Important Tax Records After a Disaster
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 »
Receiving a Bill from the IRS
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 »
Reporting Income Earned From a Hobby
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 »
Tax Relief for Low Income Housing Owners and Tenants
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 »
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 »