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IRS & Tax Information

Major Highlights of the New “Secure Act” Signed into Law

January 17th, 2020

Posted in Asset Protection,Estate & Personal Planning,IRS & Tax Information

The SECURE Act, or the “Setting Every Community Up for Retirement Enhancement Act”, was recently signed into law on December 20, 2019 without much notice.  It took effect on January 1, 2020 and significantly changed the landscape of retirement planning.  Here are some of the major changes created by the new law:


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Are Bitcoin and Cryptocurrency Taxable?

December 16th, 2019

Posted in IRS & Tax Information

What is Cryptocurrency? Cryptocurrency is a virtual currency or representation of money or value.  However, it is not legal tender of any government.  Cryptocurrency is similar to the U.S. dollar in that it can be used to purchase goods and services, and it can also rise and fall in value depending on supply and demand.  Bitcoin, for example, is set to produce a limited supply.  In addition to Bitcoin, there are several other types of cryptocurrencies such as Ethereum and Ripple.   


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IRS Audit Rate Has Dropped Steeply Since 2010

November 8th, 2019

Posted in IRS & Tax Information

Are you concerned about being audited by the IRS? An IRS audit takes place when the Internal Revenue Service chooses to review a taxpayer’s accounts to verify that tax laws are being followed. As a preliminary caution, beware of phone scams as the IRS will always initiate a tax audit by mail. The IRS will not call to demand immediate payment or ask for a debit or credit card number over the phone, nor will they threaten to bring in local law enforcement to arrest people. Threats like these are common tactics scam artists use to trick victims.


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Florida Property Taxes – You Must Act Soon If You Wish to Contest Your County’s Proposed Assessments

August 22nd, 2019

Posted in IRS & Tax Information

Your local Florida County Property Appraiser mails out the Notice of Proposed Property Taxes (Truth in Millage or “TRIM” form) in August or September of each year.

Property owners or taxpayers who wish to contest or appeal their property value to the Value Adjustment Board must file a petition (one of the DR-86 forms) with the clerk of court within 25 days of the Notice of Proposed Property Taxes:


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Sales & Use Tax on Building Contractors

May 23rd, 2019

Posted in IRS & Tax Information

The St. Johns County and surrounding areas have seen a recent boom in the housing market and work by building contractors.  The complexity of the sales and use tax rules has led to erroneous and misapplication of the taxes, making this area ripe for Tax Audit with the Florida Department of Revenue (“DOR”). 


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3 Estate Planning Tips for 2019

February 1st, 2019

Posted in Estate & Personal Planning,IRS & Tax Information

It is recommended to periodically review your estate plan to determine if there are new planning opportunities of which you can take advantage.  Below are three tips as you move through 2019:


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Important Deadlines for Taxpayers in 2019

January 11th, 2019

Posted in IRS & Tax Information

Calendaring important IRS and tax authority deadlines can save you a lot of headaches at tax time.  To avoid paying penalties and other tax consequences, keep a calendar and plan for tax deadlines with your accountant, attorney, and other members of your professional team.  The below items are a few examples of important tax deadlines:


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You Could Be Denied A Passport for Owing Taxes to the IRS

September 28th, 2018

Posted in IRS & Tax Information

The IRS now has the power to block passports of seriously delinquent taxpayers thanks to a law passed by Congress in 2015.  In January 2018, the IRS published procedures to begin enforcement.  Prior to January 2018, the IRS had not been enforcing the new law. So far this year, the IRS has been sending tens of thousands of violators’ names to the State Department, which oversees passport applications.

If you have a seriously delinquent tax debt (defined as greater than $50,000 owed with increases for inflation), it is possible that you may not be issued a U.S. passport and your current U.S. passport may be revoked.  If you are overseas, you may be eligible for a limited passport good for direct return to the United States.


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