Category: Tax

Tax

IRS Ramps Up Cryptocurrency Reporting Compliance in 2021 by Lewis Taub, CPA


Posted on July 29, 2021 by Lewis Taub

According to the U.S. Treasury, the cryptocurrency market capitalization in April 2021 reached more than $2 trillion. Today, there are approximately 4,000 virtual currencies, such as Bitcoin (BTC), Etherium (ETH), Tether (USDT) and Dogecoin (DOGE), stored and traded on more than 8,600 cryptocurrency exchanges around the world, including Kraken and the largest exchange, Coinbase, which […]

Commercial Real Estate Owners Have a Limited Time to Appeal their 2021 Property Tax Assessments by John G. Ebenger, CPA


Posted on July 26, 2021 by John Ebenger

Commercial property owners in Florida will soon receive Truth in Millage (TRIM) notices indicating the county’s appraised market value of their real estate and the estimated property taxes they can expect to pay for the year. Although it is not uncommon for landlords and developers to ignore these estimates in anticipation of receiving a final […]

Why 2021 May be a Good Year for Businesses to Buy Aircraft by Angie Adames, CPA


Posted on July 22, 2021 by Angie Adames

It’s no wonder that the commercial air travel restrictions and individual concerns over personal safety during the COVID-19 pandemic spurred a global increase in private jet sales. According to market intelligence firm JetNet, sales and leases of pre-owned aircraft during the first four months of 2021 were up 32 percent over the same period in […]

When Can Business Owners Deduct Travel Expenses? by Angie Adames, CPA


Posted on June 29, 2021 by Angie Adames

There is a very fine line between business and pleasure when it comes to how the IRS treats business-travel expenses, including airfare, meals and lodging. In general, some or all of these costs may be deductible only when they are deemed reasonable, necessary and directly attributed to the taxpayer’s active conduct of a trade or […]

Florida Introduces Freedom Week Sales Tax Holiday in July 2021 by Karen A. Lake, CPA


Posted on June 22, 2021 by Karen Lake

Florida’s legislature recently approved House Bill 7071 offering families throughout the state a variety of tax-saving opportunities, including a new sales-tax holiday that celebrates all the outdoor activities that local residents can enjoy year-round. The first-ever Florida “Freedom Week” allows residents to purchase an expansive list of recreational equipment and outdoor supplies free of sales […]

Employer Tax Credits for Paid Sick and Family Leave Extends to Vaccines by Joanie Stein, CPA


Posted on June 21, 2021 by Joanie Stein

The IRS issued important guidance concerning an expansion of the COVID-19-related paid sick and family leave tax credits available to employers under the American Rescue Plan (ARP) enacted earlier this year. Background Congress introduced the emergency paid sick leave and family and medical leave programs in 2020 as part of the Families First Coronavirus Response […]

Back-to-School Sales Tax Holiday Returns in 2021 by Michael Hirsch, JD, LLM


Posted on June 17, 2021 by Michael Hirsch

Florida families preparing for the beginning of another school year may want to schedule their back-to-school shopping during the state’s extended 10-day sales-tax holiday, which runs Saturday, July 31 through Monday. August 9, 2021. This is the first year since 2015 that the Florida legislature approved a back-to-school sales tax holiday for more than 5 […]

Planning Around 10-Year Withdrawal Requirements from Inherited IRAs by Jeffrey M. Mutnik, CPA/PFS


Posted on June 15, 2021 by Jeffrey Mutnik

The 2019 Setting Every Community Up for Retirement Enhancement Act (SECURE Act) killed off a popular estate-planning strategy that had allowed IRA owners to pass retirement savings tax-free to their heirs and provide beneficiaries with tax-deferred growth and distribution payments over their lifetimes. Under the new law, however, non-spouse IRA beneficiaries must withdraw the entirety […]

IRS Increases HSA Limits for 2022 by Adam Cohen, CPA


Posted on June 09, 2021 by Adam Cohen

Individuals participating in high-deductible health plans (HDHPs) will be able to contribute more of their pre-tax earnings to health savings accounts (HSAs) in 2022 and yield the related tax and savings benefits. The IRS recently announced it will increase the annual HSA contribution limits that qualify for a full tax deduction in 2022 to $3,650 […]