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With all of the political wrangling over tax reform, it appears that Republicans in the House and Senate have agreed to preserve the Child Adoption Tax Credit, which in 2017 can be as high as $13,570 per qualifying child. The Federal Adoption Tax Credit has helped countless families afford the high cost of adoption, while […]

Effective Jan. 1, 2018, Florida’s sales tax on the total rental payments that commercial real estate owners receive for leasing their properties decreases from 6 percent to 5.8 percent. The reduced rate applies to the rental, leasing, letting and granting of a license to use certain commercial property for occupancy periods that begin on or […]

Businesses have until Jan. 31, 2018, to file employee wage statements and non-employee compensation forms with the government. More specifically, employers must provide their employees with Forms W-2, Wage and Tax Statement, and furnish copies along with Forms W-3, Transmittal of Income and Tax Statements, to the Social Security Administration (SSA) by the required deadline. In addition, businesses that […]

The Republicans in the House and Senate expect to deliver to the president’s desk a unified package of tax reform provisions by Christmas Eve. However, the actual contents of that final package are still unknown as is how it may ultimately affect you, your family, and your business. We’ve been down this road of tax […]

Many foreign-born Americans would like to make charitable donations to organizations in their home countries where they continue to have strong ties. In some cases, these individuals may simply donate to a U.S.-based charity with a broad international reach.  However, if the donor has in mind a specific foreign charity that is not directly supported […]

The Federal Government in 2015 made permanent an often-overlooked benefit of the U.S. Tax Code that allows entrepreneurs, venture capitalists and angel investors to potentially exclude from their taxable income 100 percent of the gain from the sale of qualified small business stock (QSBS) held for a minimum of five years. This exclusion could be […]

Like many entrepreneurs, famed music producer and performer DJ Khaled put his child on the payroll and named his son executive producer of his platinum-selling album.  However, at just one year old, Asahd Khaled’s resume is already vastly superior to many who have achieved much in their lifetimes. Is this merely fun for the family […]

With the season of giving upon us, it is a good time to remember that the charitable donations you make during the year help individuals in need and may provide you with a potential tax benefit. In addition to making donations to long-standing, well-established 501(c)(3) charities, taxpayers in 2017 are giving to organizations that provide […]

As 2017 comes to a close, it is time for individuals with Flexible Spending Accounts (FSAs) to understand their responsibilities and potentially take action to use or lose any remaining balance in their FSAs before Dec. 31, 2017.   While FSAs can provide significant tax savings, such as lowering participants’ taxable income and reducing the amount of […]

In order for businesses to take advantage of bonus depreciation on qualified improvement property (QIP), they must first understand how to determine the date that a building is considered to be “placed in service.” In 2015, the PATH Act extended 50 percent bonus depreciation to non-leased QIP that is acquired and “placed in service” after […]