Category: Tax

Tax

Deciding Whether a Private Foundation or Donor-Advised Fund is Best for You by Adam Cohen, CPA


Posted on August 09, 2023 by Adam Cohen

Charitable giving is a critical component of financial planning that enables individuals to support organizations and causes close to their hearts. While many people donate cash directly to nonprofit charities, those with substantial wealth often go one step further to create a legacy of philanthropy for future generations via a private foundation or a donor-advised […]

Expanded Tax Credit for Businesses Installing Alternative Fuel Refueling, Recharging Equipment by Claribel Velazquez, CPA


Posted on August 01, 2023 by Claribel Velazquez

The Inflation Reduction Act of 2022 (IRA) includes several tax credits and deductions intended to incentivize taxpayers to adopt alternative energy solutions in their homes and businesses. One such credit applies to the installation of products or facilities that store or dispense alternative fuels to motor vehicles, including electric charging stations and bidirectional charging equipment. […]

Florida’s Back-to-School Sales Tax Holiday Returns in 2023 and 2024 by Luke Lucas, CPA


Posted on July 18, 2023 by Luke Lucas

Florida families preparing for the beginning of another school year may want to schedule their back-to-school shopping during the state’s extended two-week sales-tax holiday, which runs Monday, July 24, through Sunday, August 6, 2023. Items qualifying for tax exemption include: Learning aids and jigsaw puzzles selling for $30 or less Most school supplies selling for […]

Florida’s Summer Sales Tax Holiday Returns in 2023 by Karen A. Lake, CPA, CFST


Posted on June 26, 2023 by Karen Lake

For the third consecutive year, Florida offers its residents a summer-long sales-tax holiday when they purchase qualifying recreation equipment, outdoor items and admissions to entertainment and cultural events. The following purchases made in the state between Monday, May 29, through Monday, September 4, 2023, are tax-free: Boating and Water Activities Supplies Swimming masks, goggles and […]

IRS Resumes Automatically Generated Correspondence with Taxpayers by Joseph Leocata, JD, CPA, MBA


Posted on June 22, 2023 by Joseph Leocata

The IRS significantly reduced the backlog of tax returns and other taxpayer correspondence it could not process during the pandemic. Consequently, the agency announced it would soon resume mailing collection notices to affected taxpayers. The agency previously suspended these automatically generated notices in early 2022. According to the IRS, the pandemic and related introductions of […]