Archive

Monthly Archives: May 2017

Do You Know the Tax Implications of Selling Your Home? by Nancy Valdes, CPA


Posted on May 30, 2017

Spring is a common time for families to consider moving. As one school year comes to an end, there is usually ample time during the summer months for families to move into new homes before the start of a new school year in the fall. Selling one’s family home, however, comes with some important tax […]

Hurricane Season is Here. Is your Business Ready? by Daniel S. Hughes, CPA


Posted on May 18, 2017 by Daniel Hughes

With hurricane season upon us, businesses in South Florida and all along the east coast should have an emergency plan in place to safeguard their organizations before and after a disaster occurs. What types of situations can impede normal business operations? How can a business protect itself from these events, which may include power outages, burst […]

Global Ransomware Attack – Are You Protected from the Next One?


Posted on May 15, 2017

On May 12, 2017, a global ransomware attack named WannaCry impacted businesses, governments and individuals in more than 150 countries.  Luckily the damage it could have caused was limited with quick thinking by an IT pro. Ransomware is malicious software that blocks data owners from accessing their own systems and data.  Once criminals have control […]

IRS Penalty Relief Program Comes with a Catch by Jeffrey M. Mutnik, CPA/PFS


Posted on May 10, 2017 by Jeffrey Mutnik

There is a well-known proverb: to err is human; to forgive, divine.  As humans, we do err from time-to-time.  Contrary to popular belief, the IRS understands that everyone makes mistakes. Therefore, the agency will grant certain taxpayers a one-time waiver from penalties if they fail to timely file returns or pay and deposit tax liabilities. […]

Work from Home? The IRS Wants to Help You by Angie Adames, CPA


Posted on May 08, 2017 by Angie Adames

Under the Internal Revenue Code, taxpayers who work from their homes may be able to deduct certain expenses related to the business use of their residence, regardless of whether they own the property or rent it from another party. These deductions, for items that can include mortgage interest, insurance, utilities, repairs, and depreciation, help to […]

Gambling with Taxes by Rick Bazzani, CPA


Posted on May 02, 2017 by Rick Bazzani

Individual taxpayers who gamble for pleasure are subject to federal income taxes on their winnings. This includes not only the monetary spoils earned from playing lotteries or betting at casinos but also the fair market value of non-cash prizes, such as cars and trips. Similarly, individuals who are not so lucky may have an opportunity […]