Home
Newsletters
September 28, 2020
AICPA Urges IRS, Treasury to Issue Guidance on Payroll Tax Deferral
The American Institute of CPAs (AICPA) has urged the IRS and Treasury in an August 12 letter to issue guidance on President Trump’s payroll tax deferral memorandum. The executive action signed by th...
The American Institute of CPAs (AICPA) has urged the IRS and Treasury in an August 12 letter to issue guidance on President Trump’s payroll tax deferral memorandum. The executive action signed by th...
Final Regs Issued on Charitable Contributions and SALT Benefits
The IRS has released final regulations that address the interaction of the $10,000/$5,000 cap on the state and local tax (SALT) deduction and charitable contributions. The regulations include: a safe ...
The IRS has released final regulations that address the interaction of the $10,000/$5,000 cap on the state and local tax (SALT) deduction and charitable contributions. The regulations include: a safe ...
Final Regulations, Proposed Safe Harbor Issued for Section 163(j) Business Interest Limit
The IRS has issued final regulations regarding the limitation for the business interest expense deduction under Code Sec. 163(j), including recent legislative amendments made for the 2019 and 2020 tax...
The IRS has issued final regulations regarding the limitation for the business interest expense deduction under Code Sec. 163(j), including recent legislative amendments made for the 2019 and 2020 tax...
IRS Issues Proposed Regulations on Partnership Carried Interests
The IRS has issued proposed regulations that implement the "carried interest" rules under Code Sec. 1061 adopted by Congress as part of the Tax Cuts and Jobs Act of 2017 ( P.L. 115-97). Some key aspec...
The IRS has issued proposed regulations that implement the "carried interest" rules under Code Sec. 1061 adopted by Congress as part of the Tax Cuts and Jobs Act of 2017 ( P.L. 115-97). Some key aspec...
Temporary and Proposed Regulations Address Excess Employment Tax Credit Recapture Under Families First Act and CARES Act
The Treasury and the IRS have issued temporary and proposed regulations to: reconcile advance payments of refundable employment tax credits provided under the Families First Coronavirus Response Act (...
The Treasury and the IRS have issued temporary and proposed regulations to: reconcile advance payments of refundable employment tax credits provided under the Families First Coronavirus Response Act (...
Guidance on CARES Act Defined Benefit Plan Funding Relief
The IRS has provided guidance on the special rules relating to funding of single-employer defined benefit pension plans, and related benefit limitations, under Act Sec. 3608 of the Coronavirus Aid, Re...
The IRS has provided guidance on the special rules relating to funding of single-employer defined benefit pension plans, and related benefit limitations, under Act Sec. 3608 of the Coronavirus Aid, Re...
Proposed Regs Address Books and Witnesses Examinations by Non-Government Persons
The IRS has released proposed regulations that implement new Code Sec. 7602(f), which bars non-government persons who are hired by the IRS from questioning a witness under oath whose testimony was obt...
The IRS has released proposed regulations that implement new Code Sec. 7602(f), which bars non-government persons who are hired by the IRS from questioning a witness under oath whose testimony was obt...
Proposed Regulations Address Small Business Simplified Accounting Rules
Proposed regulations adopt the post-2017 simplified accounting rules for small businesses....
Proposed regulations adopt the post-2017 simplified accounting rules for small businesses....
Eligible Rollover Distribution Safe Harbor Explanations Modified
The IRS has modified two safe harbor explanations in Notice 2018-74, 2018-40 I.R.B. 529, that can be used to satisfy the requirement under Code Sec. 402(f) that certain information be provided to reci...
The IRS has modified two safe harbor explanations in Notice 2018-74, 2018-40 I.R.B. 529, that can be used to satisfy the requirement under Code Sec. 402(f) that certain information be provided to reci...
CARES Act Provides Favorable Tax Treatment for Withdrawals from Retirement Plans, IRAs
The IRS has reminded taxpayers that the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136) can provide favorable tax treatment for withdrawals from retirement plans and Individ...
The IRS has reminded taxpayers that the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136) can provide favorable tax treatment for withdrawals from retirement plans and Individ...
Final and Proposed Regulations Issued on GILTI High-Tax Exclusion
The Treasury and IRS have issued final and proposed regulations under the global intangible low-taxed income (GILTI) and subpart F provisions for the treatment of high-taxed income. The final regulati...
The Treasury and IRS have issued final and proposed regulations under the global intangible low-taxed income (GILTI) and subpart F provisions for the treatment of high-taxed income. The final regulati...
How do I? Calculate 'luxury auto' depreciation?
The term "luxury auto" for federal tax purposes is somewhat of a misnomer. The IRS's definition of "luxury auto" is likely not the same as your definition....
The term "luxury auto" for federal tax purposes is somewhat of a misnomer. The IRS's definition of "luxury auto" is likely not the same as your definition....
FAQ: Does filing my tax return early make sense?
Although individual income tax returns don't have to be filed until April 15, taxpayers who file early get their refunds a lot sooner. The IRS begins accepting returns in January but does not start pr...
Although individual income tax returns don't have to be filed until April 15, taxpayers who file early get their refunds a lot sooner. The IRS begins accepting returns in January but does not start pr...
What's new this tax season on 2008 returns?
While 2009 holds great promise for new tax relief to help individuals and businesses recover from the current economic crisis, one of the first orders of business for all taxpayers in the New Year is ...
While 2009 holds great promise for new tax relief to help individuals and businesses recover from the current economic crisis, one of the first orders of business for all taxpayers in the New Year is ...
Jumpstarting the 2009 tax year
Happy New Year! As 2009 gets underway, and you prepare for the 2008 filing season, it's important not to overlook a number of valuable tax planning opportunities that apply right away to the 2009 tax ...
Happy New Year! As 2009 gets underway, and you prepare for the 2008 filing season, it's important not to overlook a number of valuable tax planning opportunities that apply right away to the 2009 tax ...
How Do I? Recharacterize a Roth conversion, and why would I want to?
If you converted your traditional IRA to a Roth IRA earlier this year, incurred a significant amount of tax liability on the conversion, and then watched as the value of your Roth account plummeted am...
If you converted your traditional IRA to a Roth IRA earlier this year, incurred a significant amount of tax liability on the conversion, and then watched as the value of your Roth account plummeted am...
FAQ: Do I need to pay tax when I sell gold jewelry or collectibles?
If you are finally ready to part with those old gold coins, baseball cards, artwork, or jewelry your grandmother gave you, and want to sell the item, you may be wondering what the tax consequences wil...
If you are finally ready to part with those old gold coins, baseball cards, artwork, or jewelry your grandmother gave you, and want to sell the item, you may be wondering what the tax consequences wil...
During economic downturn, NOLs can give your business a boost
With the economic downturn taking its toll on almost all facets of everyday living, from employment to personal and business expenditures, your business may be losing money as well. As a result, your ...
With the economic downturn taking its toll on almost all facets of everyday living, from employment to personal and business expenditures, your business may be losing money as well. As a result, your ...
How Do I? Convert from a traditional IRA to a Roth IRA?
You have carefully considered the multitude of complex tax and financial factors, run the numbers, meet the eligibility requirements, and are ready to convert your traditional IRA to a Roth IRA. The q...
You have carefully considered the multitude of complex tax and financial factors, run the numbers, meet the eligibility requirements, and are ready to convert your traditional IRA to a Roth IRA. The q...
FAQ: Should I take the standard deduction or itemize this year?
It is a common decision you may make every tax season: whether to take the standard deduction or itemize deductions. Most taxpayers have the choice of itemizing deductions or taking the applicable sta...
It is a common decision you may make every tax season: whether to take the standard deduction or itemize deductions. Most taxpayers have the choice of itemizing deductions or taking the applicable sta...
Tax tips in a falling stock market
In a period of declining stock prices, tax benefits may not be foremost in your mind. Nevertheless, you may be able to salvage some benefits from the drop in values. Not only can you reduce your taxab...
In a period of declining stock prices, tax benefits may not be foremost in your mind. Nevertheless, you may be able to salvage some benefits from the drop in values. Not only can you reduce your taxab...
New financial markets rescue law includes valuable energy tax incentives
The high cost of energy has nearly everyone looking for ways to conserve and save money, especially with colder weather coming to many parts of the country. One surprising place to find help is in the...
The high cost of energy has nearly everyone looking for ways to conserve and save money, especially with colder weather coming to many parts of the country. One surprising place to find help is in the...
How Do I? Deduct a bad debt on my individual income tax return?
Nonbusiness creditors may deduct bad debts when they become totally worthless (i.e. there is no chance of its repayment). The proper year for the deduction can generally be established by showing that...
Nonbusiness creditors may deduct bad debts when they become totally worthless (i.e. there is no chance of its repayment). The proper year for the deduction can generally be established by showing that...
FAQ: My stock is trading for pennies: Can I take a worthless stock deduction?
With the U.S. and world financial markets in turmoil, many individual investors may be watching the value of their stock seesaw, or have seen it plummet in value. If the value of your shares are tradi...
With the U.S. and world financial markets in turmoil, many individual investors may be watching the value of their stock seesaw, or have seen it plummet in value. If the value of your shares are tradi...
How Do I? Calculate self-employment taxes?
Individuals with $400 or more of net earnings from self-employment must pay self-employment tax, in addition to any income tax imposed on the same income. This article can help you estimate any self-e...
Individuals with $400 or more of net earnings from self-employment must pay self-employment tax, in addition to any income tax imposed on the same income. This article can help you estimate any self-e...
FAQ: Are contributions to political campaigns ever tax deductible?
Contributions to political campaigns are nondeductible. Nondeductible campaign contributions include, for example, contributions to pay for campaign expenses as well as contributions to pay for a cand...
Contributions to political campaigns are nondeductible. Nondeductible campaign contributions include, for example, contributions to pay for campaign expenses as well as contributions to pay for a cand...
Vehicle tax credits: Not just for hybrids anymore
Move over hybrids - buyers of Volkswagen and Mercedes diesel vehicles now qualify for the valuable alternative motor vehicle tax credit. Previously, the credit had gone only to hybrid vehicles. Now, t...
Move over hybrids - buyers of Volkswagen and Mercedes diesel vehicles now qualify for the valuable alternative motor vehicle tax credit. Previously, the credit had gone only to hybrid vehicles. Now, t...
Back to school expenses: Putting the tax rules to work
Education continues to become increasingly expensive. The Tax Code provides a variety of significant tax breaks to help pay for the rising costs of education, from elementary and secondary school to c...
Education continues to become increasingly expensive. The Tax Code provides a variety of significant tax breaks to help pay for the rising costs of education, from elementary and secondary school to c...
FAQ: What's the difference between an HSA, FSA and HRA?
To ease the pain of the ever-escalating costs of healthcare, many employers provide certain tax-driven health benefits and plans to their employees. To help employers understand the differences and si...
To ease the pain of the ever-escalating costs of healthcare, many employers provide certain tax-driven health benefits and plans to their employees. To help employers understand the differences and si...
How Do I? Figure the first-time homebuyer tax credit?
The Housing Assistance Tax Act of 2008 (2008 Housing Act) gave a boost to individuals purchasing a home for the first time with a $7,500 first-time homebuyer tax credit. The credit was enhanced from $...
The Housing Assistance Tax Act of 2008 (2008 Housing Act) gave a boost to individuals purchasing a home for the first time with a $7,500 first-time homebuyer tax credit. The credit was enhanced from $...
How Do I? Figure the value of clothing and household goods I donate to charity
The IRS allows taxpayers with a charitable inclination to take a deduction for a wide range of donated items. However, the IRS does provide specific guidelines for those taxpayers contributing non-cas...
The IRS allows taxpayers with a charitable inclination to take a deduction for a wide range of donated items. However, the IRS does provide specific guidelines for those taxpayers contributing non-cas...
IRS increases standard mileage rate; But does "actual expense method" yield better results?
In response to the record high gas prices, the IRS has raised the business standard mileage reimbursement rate from 50.5 cents-per-mile to 58.5 cents-per-mile. This new rate is effective for business ...
In response to the record high gas prices, the IRS has raised the business standard mileage reimbursement rate from 50.5 cents-per-mile to 58.5 cents-per-mile. This new rate is effective for business ...
How do I: Figure the tax on TIPS (Treasury Inflation-Protected Securities)?
With the prices of energy and food leading to rising inflation in the U.S., many people look to old stand-bys for investment options: Treasury Securities; as well as a relatively new variation, Treasu...
With the prices of energy and food leading to rising inflation in the U.S., many people look to old stand-bys for investment options: Treasury Securities; as well as a relatively new variation, Treasu...
FAQ: Should I borrow from my 401(k)?
The flagging state of the economy has left many individuals and families to cope with rising gas prices and food costs, struggle with their mortgage and rent payments, and manage credit card debt and ...
The flagging state of the economy has left many individuals and families to cope with rising gas prices and food costs, struggle with their mortgage and rent payments, and manage credit card debt and ...
How to pay off your tax debt
Often, individuals end up with an unexpected tax liability on April 15. There are several options available to pay off your tax debt, stop accruing penalties and interest and secure peace of mind. Eac...
Often, individuals end up with an unexpected tax liability on April 15. There are several options available to pay off your tax debt, stop accruing penalties and interest and secure peace of mind. Eac...
How do I? Compute bonus depreciation
The American Recovery and Reinvestment Act of 2009 (2009 Recovery Act) extended the 50-percent additional first-year bonus depreciation allowed under the Economic Stimulus Act of 2008, providing a gen...
The American Recovery and Reinvestment Act of 2009 (2009 Recovery Act) extended the 50-percent additional first-year bonus depreciation allowed under the Economic Stimulus Act of 2008, providing a gen...
FAQ: When does a gift require a gift tax return?
If you've made, or are planning to make, a big gift before the end of 2009, you may be wondering what your gift tax liability, if any, may be. You may have to file a federal tax return even if you do ...
If you've made, or are planning to make, a big gift before the end of 2009, you may be wondering what your gift tax liability, if any, may be. You may have to file a federal tax return even if you do ...
More employers offer financial counseling, tax preparation and retirement planning as employee benefits
A financially secure employee is a productive one. Employee benefits play a key role in attracting and retaining employees. Financial counseling, tax preparation and retirement planning services are i...
A financially secure employee is a productive one. Employee benefits play a key role in attracting and retaining employees. Financial counseling, tax preparation and retirement planning services are i...
The ups and downs of falling interest rates in tax planning
Falling interest rates and the current slowdown in the U.S. economy are having a widespread affect on today's economy and individuals' financial resources, from savings accounts to personal loans and ...
Falling interest rates and the current slowdown in the U.S. economy are having a widespread affect on today's economy and individuals' financial resources, from savings accounts to personal loans and ...
FAQ: Are fees paid for trash pickup and homeowners association dues deductible as property taxes?
No. Even though trash pickup and neighborhood oversight provided by a governmental entity such as a town or county can be figured into the amount of deductible property taxes paid by a homeowner, a pa...
No. Even though trash pickup and neighborhood oversight provided by a governmental entity such as a town or county can be figured into the amount of deductible property taxes paid by a homeowner, a pa...
Decision making needed to maximize important business incentives in the 2009 Recovery Act
The business incentives in the American Recovery and Reinvestment Act of 2009 (2009 Recovery Act) are much anticipated and valuable. Three significant business incentives in the 2009 Recovery Act are ...
The business incentives in the American Recovery and Reinvestment Act of 2009 (2009 Recovery Act) are much anticipated and valuable. Three significant business incentives in the 2009 Recovery Act are ...
FAQ: Are website development costs for my business deductible?
Like the Internet itself, the correct deductibility of a business's website development costs is still in its formative stages. What is fairly clear, however, is that it is highly unlikely that any si...
Like the Internet itself, the correct deductibility of a business's website development costs is still in its formative stages. What is fairly clear, however, is that it is highly unlikely that any si...
How Do I? Compute a negligence penalty for not having the right proof for a deduction?
An accuracy-related penalty applies to a tax underpayment due to "negligence or disregard of the rules and regulations." "Negligence" for this purpose includes any failure to make a reasonable attempt...
An accuracy-related penalty applies to a tax underpayment due to "negligence or disregard of the rules and regulations." "Negligence" for this purpose includes any failure to make a reasonable attempt...
How the Mortgage Forgiveness Debt Relief Act is helping homeowners
On December 18, 2007, Congress passed the Mortgage Forgiveness Debt Relief Act of 2007 (Mortgage Debt Relief Act), providing some major assistance to certain homeowners struggling to make their mortga...
On December 18, 2007, Congress passed the Mortgage Forgiveness Debt Relief Act of 2007 (Mortgage Debt Relief Act), providing some major assistance to certain homeowners struggling to make their mortga...
FAQ: What kinds of moving expenses are deductible?
Only "qualified moving expenses" under the tax law are generally deductible. Qualified moving expenses are incurred to move the taxpayer, members of the taxpayer's household, and their personal belong...
Only "qualified moving expenses" under the tax law are generally deductible. Qualified moving expenses are incurred to move the taxpayer, members of the taxpayer's household, and their personal belong...
How do I? Calculate compound interest on an IRS penalty
The amount of interest required to be paid for underpayment of tax is compounded daily. In order to calculate compound interest, you divide the Code Sec. 6621 interest rate by the number of days in th...
The amount of interest required to be paid for underpayment of tax is compounded daily. In order to calculate compound interest, you divide the Code Sec. 6621 interest rate by the number of days in th...
From the day I entered public accounting, I have been working with hundreds of individuals and small to medium-sized businesses. My sole purpose is to provide my clients with highly personalized tax, accounting, and financial advice. By providing the best service possible at affordable fees, I have formed countless rewarding business relationships and have helped my clients grow. In fact, almost all of my new business comes from client referrals. Take a look at my list of services on this website and give me a call.
MEMBER: Florida Society of CPAs, and the Melbourne Regional Chamber of Commerce
Feel free to contact me with questions or comments you may have at
(321) 722-9870.