Monthly Archives: September 2017

IRS Provides Relief for Financially Distressed Homeowners by Angie Adames, CPA

Posted on September 29, 2017 by Angie Adames

The IRS recently extended until the end of 2021, a safe-harbor method for financially distressed homeowners to compute deductions for payments made on a home mortgage under state- and federal-sponsored Housing Finance Agency (HFA) foreclosure-prevention program. The relief was set to expire in 2017.   Eligible homeowners include 1) individuals who meet the requirements under Internal Revenue […]

Fed Continues to Scrutinize Cash Purchases of Luxury Real Estate by Barry M. Brant, CPA

Posted on September 28, 2017 by Barry Brant

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) renewed until March 20, 2018, a geographic targeting order (GTO) aimed at combating money laundering and uncovering the identities of beneficial owners of shell companies and other legal business entities that purchase luxury residential real estate without a bank loan or other form of traditional financing. This is […]

Washington Outlines Its Vision of Tax Reform by Edward N. Cooper, CPA

Posted on September 28, 2017 by Edward Cooper

On September 27, 2017, President Trump and top Republican leaders unveiled the latest round of updates to what they see as the future of the Tax Code. While it remains to be seen whether the tax reform package in its current state will become the law, it is important for taxpayers to understand what the […]

Can I Deduct Moving Expenses? by Adam Slavin, CPA

Posted on September 27, 2017 by Adam Slavin

Moving can be stressful and expensive. However, when individuals relocate their primary residences due to a change in their employment or business locations, they may be able to deduct certain moving expenses from their taxable income. Time and Distance Criteria Taxpayers who move to start new jobs, to work at new locations with their existing […]

States Outside of Disaster Areas Offer Tax Filing Relief to Hurricane Victims by Michael Hirsch, JD, LLM

Posted on September 17, 2017 by Michael Hirsch

Several U.S. states are following the federal government’s lead and postponing certain tax-related deadlines and/or waiving penalties and interest for taxpayers who cannot file or pay their state-level taxes on time due to the devastation caused by Hurricanes Harvey and Irma.   Internal Revenue Code Section 7508A provides the federal government with the ability to […]

Deadline for Reports of Foreign Financial Accounts Delayed for Victims of Hurricane Irma by James W. Spencer, CPA

Posted on September 15, 2017 by Jim Spencer

U.S. citizens and resident aliens who live in areas affected by Hurricane Irma will receive an extension of time to report their financial interest in or signature authority over foreign bank, securities or other financial accounts with an aggregate value exceeding $10,000 during any time in 2016.   The Financial Crimes Enforcement Network (FinCEN) announced […]

IRS Relief for Hurricane Irma Areas – Letter to Clients

Posted on September 13, 2017 by Joseph Saka

Dear Clients and Friends,   We are grateful that Hurricane Irma veered away from South Florida and hope that your family is safe and that the impact to your property was minimal.   Our offices in Miami, Boca Raton and West Palm Beach are open as of today, Wednesday, September 13, 2017.  Our office in […]

Post-Hurricane Irma Message for Firm Members

Posted on September 12, 2017 by Joseph Saka

Our Miami, Boca Raton and West Palm Beach offices will officially open tomorrow, Wednesday, September 13.   We are connected and all offices are air conditioned.   The Ft. Lauderdale office should be avoided due to water damage which is already being remediated. Many firm members are still without power and taking care of properties.  We […]