Governor Ron DeSantis signed House Bill 7073, providing $1.07 billion in tax relief for Floridians, alongside the $450 million in toll relief signed last month, totaling $1.5 billion in savings for Fiscal Year 2024—25. The tax relief package includes a one-year exemption on residential property and flood insurance taxes, in addition to $200 million for…… Read More
The IRS reminded one last time around 1 million people who haven’t filed their tax year 2020 returns that they might be eligible for a refund if they file by the May 17 deadline. The IRS estimates over $1 billion in unclaimed refunds due to non-filing, and there’s no penalty for failure to file if…… Read More
A House Resolution 24R101 (24H7703) passed in the House of Representative last January 2024, proclaimed February 27,2024 to be the Enrolled Agents Day in the State of Rhode Island. Franklyn Bratini, Enrolled Agent from Rhode Island and founder & CEO of Bratini & Associates Enterprises LLC, who sent the petition, thanked members of the House…… Read More
As a part of the National Small Business Week, the IRS has advised entrepreneurs to implement data security measures to protect financial, personal, and employee information from scams and cybercriminals. The agency highlighted ongoing threats such as phishing scams, particularly targeting small businesses, tax professionals, and individual taxpayers. Small businesses are vulnerable to schemes like Form W-2 scams where…… Read More
Governor Ron DeSantis has announced the implementation of the Freedom Month Sales Tax Holiday for the entire month of July in Florida’s Fiscal Year 2024-25 budget, aimed at making summer more affordable for families. The holiday exempts various items including fishing supplies, outdoor equipment, and admissions to state parks and museums from sales tax. Governor DeSantis stated that Florida’s smart fiscal policies allow…… Read More
A recent report issued by the Treasury Inspector General for Tax Administration highlights the Internal Revenue Service’s efforts to combat tax evasion by “ghost employers” who fail to pay employment taxes. While the IRS has prosecuted over 30 cases since 2020 as part of its “Ghost Employer Project,” which aims to identify noncompliance with tax…… Read More
Senators Bill Cassidy and Elizabeth Warren have introduced the IRS MATH Act to address the confusion taxpayers face when receiving math error notices from the IRS, which often lack clarity and leave taxpayers unsure of how to respond. The legislation aims to improve these notices by requiring the IRS to specify the exact error, provide…… Read More
Rhode Island taxpayers impacted by severe storms and flooding since January 9, 2024, may be eligible for tax relief. On April 4th, the IRS extended the federal tax filing and payment deadline to July 15th, 2024, exclusively for Kent, Providence, and Washington counties residents (see more information on the following link). In response, the RI… Read More
The IRS has waived required withdrawals for some taxpayers who inherited retirement accounts since 2020, but experts warn it may not benefit heirs. The agency has extended relief for certain heirs facing changes in required minimum distributions (RMDs) rules for inherited retirement accounts, a move that experts argue may create confusion and potential financial risks.… Read More
With the recent conclusion of Tax season, IRS Commissioner Danny Werfel stated it was one of the best in years, attributing improvements to increased funding from the Inflation Reduction Act. Enhancements included expanded hours at walk-in sites, assistance to 170,000 more taxpayers in person, and a surge in IRS website visits, notably for the “Where’s… Read More