Monthly Archives: February 2017

Cash Buyers of Luxury Real Estate Remain in the Fed’s Cross Hairs by Barry M. Brant, CPA

Posted on February 28, 2017 by Barry Brant

On Feb. 23, 2017, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) again renewed an order requiring title insurance companies to report the identities of the true, beneficial owners behind all-cash purchases of luxury real estate in specific geographic regions, including South Florida.   The temporary geographic targeting order (GTO), which was introduced in early […]

Presidential Order Does Not Affect Taxpayer’s Obamacare Compliance Requirements by Adam Cohen

Posted on February 24, 2017 by Adam Cohen

President Donald Trump’s Jan. 20, 2017, executive order directing federal agencies to minimize economic and regulatory burdens of the Affordable Care Act (ACA) has put into question how the IRS intends to process taxpayer returns for 2016.   Under the individual shared responsibility provisions of the ACA, taxpayers and each member of their families are […]

The Joys of Parenthood Include Tax Benefits by Rick Bazzani, CPA

Posted on February 22, 2017 by Rick Bazzani

As individuals prepare to file their 2016 income tax returns, they should remember that if they are the parents of dependent children, they may qualify for certain benefits that can reduce their taxable income. It is important to remember, however, that many of these tax credits and deductions may be limited based upon a taxpayer’s […]

What You Need to Know about the Affordable Care Act (also known as Obamacare) in 2017 by Adam Cohen, CPA

Posted on February 21, 2017 by Adam Cohen

One of President Donald Trump’s first executive orders is a broad directive instructing federal agencies to begin “to minimize the economic and regulatory burdens of the Affordable Care Act” on individuals, including “families, healthcare providers, health insurers, patients…or makers of medical devices, products or medications.” While Trump’s action supports the GOP’s long-standing battle cry of […]

Understanding Taxpayer Rights when Dealing with the IRS by Edward N. Cooper, CPA

Posted on February 09, 2017 by Edward Cooper

A notice from the IRS rarely results in a taxpayer feeling joy or relief. However, U.S. tax laws are complex and constantly evolving, making it difficult for individuals to understand their responsibilities and liabilities under the tax code. In response, the IRS issued a Taxpayer Bill of Rights that details the protections and privileges afforded […]

Protect Yourself against Identify Theft, Learn the Anatomy of a Phishing Scam by Joseph L. Saka, CPA/PFS

Posted on February 06, 2017 by Joseph Saka

During last year’s tax season, the IRS saw an approximate 400 percent increase in email, text and telephone phishing and malware incidents that left taxpayers victims of identity theft.   These scams “reel in” victims and “lure” them into disclosing personal information by posing as a person or organization the victims know, promising an exciting […]

IRS Grants Six-Month Extension for Corporate Tax Returns by Angie Adames, CPA

Posted on February 03, 2017 by Angie Adames

The 2016 tax filing season has begun with an assortment of new deadlines for businesses to remember. For example, tax returns for calendar-year partnerships, S Corporations and LLCs are due on March 15, 2017. For calendar-year partnership, this deadline is one month earlier than in prior years. For calendar year C Corporations, the 2016 tax year […]