Posted on July 11, 2023
by
Rick Bazzani
Participants in high-deductible health plans will be able to contribute a significantly higher amount to their health savings accounts (HSAs) in 2024 to cover out-of-pocket medical expenses. The IRS raised the HSA contribution limits for 2024 to $4,150 for individuals and $8,300 for families (up from $3,850 and $7,750, respectively, in 2023.) HSA owners aged […]
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 […]
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 […]
Posted on June 19, 2023
by
Luke Lucas
Florida’s legislature recently enacted House Bill 7063, which will reduce the state’s sales tax on rent and license fees for commercial property, including office and retail space, warehouses and certain self-storage units. It is the only state in the nation that imposes sales tax on commercial rent. Effective December 1, 2023, the sales tax rate […]
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 […]
Posted on June 06, 2023
by
Steven Rubin
Whether you are an employer or employee, you recognize the benefits of Flexible Spending Accounts (FSAs) to help pay for rising costs of out-of-pocket healthcare expenses. Nevertheless, how unused account balances are treated at the end of the plan year is often misunderstood and can be a source of pain for both employees and employers. […]
In this episode, Director of Tax Services Jeff Mutnik answers the questions what is a trust and who needs one?
Posted on May 30, 2023
by
Sarah Gaymon
Whether you are the executor of a decedent’s estate or a beneficiary named to receive the assets of a person who has passed away, it is critical you understand your responsibility to report the tax basis of inherited property consistently with the fair market value on the date of death. Failure to do so can […]
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 […]
Posted on May 18, 2023
by
Magda Szabo
In this episode Director of Tax Services Magda Szabo explains when and how to start the process of pre-immigration tax planning.
