With the payments to the Student Loans about to resume next week, borrowers face a new difficulty with a possible federal government shutdown expected for September 30th. Even though student loan servicers would continue their operations in the event of a Government shutdown, the Education Department would not work, impeding the process and approval of… Read More

To help with the new compliance efforts announced last week, the Internal Revenue Service plans to establish a dedicated area for large or complex pass-through entities. These entities include S-Corporations and partnerships that are taxed at individual or corporate income tax rates and are frequently used by higher-income taxpayers. The new workgroup will target these… Read More

A bill proposed by Florida Senator Ed Hooper last week suggests introducing a yearly registration fee for electric vehicles. The bill will be reviewed during the 2024 legislative session in January. If approved, electric vehicle owners will have to pay an additional $200 registration fee annually on top of the regular fee. As of 2029,… Read More

As a part of the improvements boosted by the Inflation Reduction Act funding, the IRS plans to shift its attention onto high-income earners, partnerships, large corporations, and promoters abusing the nation’s tax laws. The IRS Commissioner Daniel Werfel announced that the agency will allocate new funding to enhance compliance efforts on the wealthy, while middle… Read More

Due to the increasing influx of unlawful claims and the alarming amount of honest small business owners being scammed by unscrupulous actors, the IRS ordered the immediate stop of new Employee Retention Credit processing. The agency stated they are collaborating with the Justice Department to combat fraud in the ERC program, and trained auditors have… Read More

Next week, the IRS will host a free 75-minute webinar to help taxpayers understand the tax-free educational assistance programs and how they can help student loan borrowers. On a recent hearing, IRS commissioner Daniel Werfel remarked on the availability of these programs, that can be offered by employers to help their employees pay their student… Read More

Within June and August 2023, four individuals pleaded guilty and were sentenced to prison due to failure to pay their employment taxes, including one who used funds from his tax obligations for personal expenses. Even though oversight of employment tax can be a common mistake, it may result in a Trust Fund Recovery Penalty by… Read More

The IRS recently announced new tax relief measurements to those individuals and businesses affected by Hurricane Idalia in Florida. Under this relief, all tax filings and tax payment deadlines between August 27th, 2023, and February 14th, 2024 will now be postponed until February 15th, 2024. This postponement includes the extension deadlines to file 2022 tax… Read More

According to recent IRS guidance, State Tax Refunds and certain other payments made by state or local governments will not be considered as income for most taxpayers. This guidance clarifies that taxpayers who choose the standard deduction and receive state tax refunds are exempted from reporting the refund in their federal income tax returns. Moreover,… Read More

A recent analysis compiled by Florida’s Revenue Estimating Conference showed that “the market share of electric vehicles in Florida is expected to increase significantly over the next 10 years”. Although it seems to be very far in the future, some experts analyzed it is important to take action because the tax gas collection is the… Read More