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IRS & Tax Information

Employee Payroll Tax Deferral

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September 18th, 2020

Posted in IRS & Tax Information

On August 8, 2020, the President issued a Memorandum entitled Deferring Payroll Tax Obligation in light of the Ongoing COVID-19 Disaster. The Memorandum authorizes the Secretary of the Treasury to defer certain payroll tax obligations. The purpose of the Memorandum is to produce a targeted action that “will put money directly in the pockets of American workers and generate additional incentives for work and employment.”


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What To Do If You Owe the IRS and Can’t Pay

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July 23rd, 2020

Posted in IRS & Tax Information

Now that this year’s Tax day has passed, you may have discovered that you owe more on your tax return then you can afford to pay. Here are some tax resolutions and tips to get your IRS debt resolved before it’s too late:   

1. Installment Agreements

Individuals who owe $50,000 or less in income tax and businesses that owe $25,000 or less in payroll tax may qualify for an Online Payment Agreement. You can set up the payment for any amount you can afford as long as the debt is paid in full within 72 months (6 years). You can also modify installment agreements through the program as well. 


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Your Permanent Residence for the Homestead Tax Exemption

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June 12th, 2020

Posted in IRS & Tax Information,Real Estate Law

As most Florida homeowners know, the Florida Constitution provides for a valuable homestead tax exemption. In general, to qualify for this exemption under Section 196.031 of the Florida Statues, you must have legal or beneficial title to your home and in good faith make the home your “permanent residence” as of January 1st.  Determining whether you make the home your “permanent residence” can be complicated for those who have multiple homes or sometimes rent the home on occasion.


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Important Deadlines for Taxpayers in 2020

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March 13th, 2020

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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New Legislation Affects Tax Reporting on Florida Corporations

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February 18th, 2020

Posted in IRS & Tax Information

Last summer, Florida passed new legislation requiring all Florida corporate income tax filers to provide certain additional information online with the Florida Department of Revenue (FDOR). The new online information disclosure relates to how certain areas of the federal Tax Cuts and Jobs Act impact a company’s Florida income tax. Note that the state has limited this additional online reporting to only those companies required to file a Florida corporate income/franchise tax returns (Form F-1120 or F-1120-A). Other entity types such as partnerships are not affected by this legislation.


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

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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?

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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

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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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