Category: Tax

Tax

Expanded Tax Credits Help Offset the Costs of Energy-Efficient Home Improvements by Rachel Kenney Rego, CPA


Posted on June 08, 2023 by Rachel Kenney Rego

Upgrading your home’s energy efficiency can not only help the environment and reduce your electric bills, but it can also provide you with valuable tax credits to cover a portion of qualifying improvement expenses beginning in 2023. Energy Efficient Home Improvement Credits  Under the Inflation Reduction Act signed into law in 2022, homeowners may earn […]

IRS Extends Tax Deadlines for Broward County Residents by Karen A. Lake, CPA


Posted on May 22, 2023 by Karen Lake

The IRS extended until August 15, 2023, various federal tax filing and payment deadlines for individuals and businesses impacted by recent storms, tornadoes and flooding in South Florida’s Broward County. This relief is available to individuals who reside or have a business in a federally declared disaster area or whose records necessary for filing tax […]

Avoiding IRS Challenges with Business Owner Compensation by Richard E. Cabrera, JD, LLM, CPA


Posted on May 16, 2023 by Richard Cabrera

Operating a family-owned or closely held business requires owners to make business decisions with significant tax consequences. One example involves the compensation business owners pay themselves and whether those amounts are reasonable and whether the payments are deductible as “ordinary and necessary” business expenses. The answer can depend, in large part, on how the business […]

Be Alert to the 12 Most Common Tax Scams by Adam Cohen, CPA


Posted on May 10, 2023 by Adam Cohen

Criminals are constantly developing new and more elaborate ways to deceive taxpayers into revealing their personal identities and financial interests and ultimately cheating the U.S. tax system. To help protect yourself from becoming a victim of these crimes, the IRS annually publishes a “Dirty Dozen” list of the most common scams for which you should […]

Trends in International Tax Reporting, Failure to File Penalties by Joel G. Young, JD, LLM


Posted on May 02, 2023 by Joel Young

U.S. tax law requires taxpayers to annually report many of their cross-border activities, including the existence of foreign bank accounts, interests in foreign companies and large gifts from foreign persons. While most of these reports are merely informational and have no bearing on taxpayers’ actual U.S. tax liabilities, failing to file the appropriate forms or […]