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Tag Archives: Florida Tax Attorneys

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Preparing for a Natural Disaster

By Ronald Cutler, P.A. |

As we have seen over the last few months, natural disasters, such as Hurricane Florence, can strike at any time. While ensuring personal safety and the safety of one’s family is, of course, the most important concern at times like this, it is also important for taxpayers to consider the effects of a natural… Read More »

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IRS Offshore Voluntary Disclosure Program to be Terminated

By Ronald Cutler, P.A. |

The IRS recently notified taxpayers with undisclosed offshore accounts that they only have until September 28th to take advantage of the agency’s Offshore Voluntary Disclosure Program (OVDP). Initially launched in 2009, this program is estimated to have helped nearly 56,000 taxpayers comply with U.S. tax law by assisting them when it comes to paying… Read More »

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Renewing Your ITIN to Avoid Refund Delays

By Ronald Cutler, P.A. |

According to the IRS, more than two million Individual Taxpayer Identification Numbers (ITINs) will expire by the end of this year. Although the IRS has increased its staff in preparation for the influx of W-7 applications requesting renewal, it’s still a good idea for taxpayers who need to have their ITINs renewed to submit… Read More »

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Some Veterans Eligible for Disability-Based Tax Refunds

By Ronald Cutler, P.A. |

In a recent publication, the IRS notified taxpayers that some veterans who received disability severance payments and included the payment as income on a tax return could be eligible for a refund. For help determining whether you qualify for a refund based on your disability, please contact a tax attorney for assistance. Who is… Read More »

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IRS Offers Relief to Taxpayers Subject to Transition Tax on Foreign Earnings

By Ronald Cutler, P.A. |

The new tax law, passed late last year, made a number of changes to the tax code, one of which, was the imposition of a transition tax on untaxed foreign earnings of overseas companies owned by U.S. shareholders. According to the new law, these types of foreign earnings that are held in the form… Read More »

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New Deduction-Related Changes Enacted

By Ronald Cutler, P.A. |

Late last year, Congress made significant changes to U.S. tax law when it passed the Tax Cuts and Jobs Act. Many of these changes will affect not only individual taxpayers, but also their employers. For instance, under the terms of the new amendments, all miscellaneous itemized deductions that were formerly subject to the two… Read More »

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Challenging Wrongful IRS Levies

By Ronald Cutler, P.A. |

When taxpayers fail to pay tax debt, the IRS is permitted to issue a levy against them, which permits the agency to seize and sell the taxpayer’s property, including wages, vehicles, real estate, personal assets, and the contents of financial accounts in order to cover the liability.  Previously, those against whom a levy was… Read More »

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The Importance of Double-Checking Your Withholding Amount

By Ronald Cutler, P.A. |

The Tax Cuts and Jobs Act, which went into effect this year and so will affect 2018 tax returns filed next year, made significant changes that will affect how tax withholding is calculated. For instance, the new amendments increased standard deductions, discontinued other deductions, changed tax rates, increased the Child Tax Credit, and eliminated… Read More »

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Reporting Virtual Currency Transactions

By Ronald Cutler, P.A. |

With the advent of virtual currency, also known as digital currency, preparing income tax returns has become a bit more complicated. This is because, like transactions in any other kind of property, income from virtual currency transactions is both reportable and taxable. Those who fail to property report these types of transactions can be… Read More »

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IRS Urges Taxpayers to Renew Their ITINs

By Ronald Cutler, P.A. |

Individual Taxpayer Identification Numbers (ITINs) are used by those who have tax filing obligations, but are not eligible for Social Security Numbers. These numbers expire after a certain amount of time and so must be renewed. Those who fail to renew their ITINs face serious penalties, so if your ITIN is expired, it is… Read More »