The IRS advises all taxpayers to enhance their identity security for the 2025 tax season by signing up for an Identity Protection PIN (IP PIN). This six-digit number adds a layer of protection against tax-related identity theft by ensuring that only the rightful taxpayer, identified through the IRS Online Account, can file using their Social… Read More
The IRS has announced inflation adjustments for the tax year 2025, which will impact tax returns filed in 2026. Key changes include an increased standard deduction of $15,000 for singles, $30,000 for married couples filing jointly, and $22,500 for heads of household. Tax bracket thresholds and alternative minimum tax exemptions are adjusted, while the top…… Read More
The IRS has announced comprehensive tax relief for individuals and businesses in all 51 counties of Florida impacted by Hurricane Milton, extending filing and payment deadlines to May 1, 2025. This includes six newly affected and 20 counties previously covered under Hurricane Debby. Taxpayers can delay filing 2024 federal tax returns, 2023 returns with valid…… Read More
In response to Hurricane Helene, the IRS has extended tax filing and payment deadlines to May 1, 2025, for affected individuals and businesses in various disaster areas, including 41 counties in Florida. This relief applies to tax filings and payments originally due from September 23, 2024, through May 1, 2025, including 2024 tax returns, 2023…… Read More
The IRS has introduced a new supplemental claim process to assist third-party payroll companies in resolving incorrect Employee Retention Credit (ERC) claims filed on behalf of their clients. Through this process, third-party payers can withdraw specific clients from previous claims while maintaining valid claims for those who qualify. The supplemental claims must be filed using…… Read More
In order to prevent illegal activities like money laundering and enhance transparency, small businesses are now required to file the Beneficial Ownership Information (BOI) report in 2024. This requirement, introduced under the Corporate Transparency Act, mandates companies to disclose information about “beneficial owners,” individuals who have significant control or a substantial interest in the company.…… Read More
The House Ways and Means Committee has advanced a bill to repeal the controversial reduction of the 1099-K reporting threshold. This rule lowered the threshold for reporting payments made through third-party platforms like Venmo, PayPal, and similar apps, from $20,000 and 200 transactions to just $600 in total payments received in a year. The IRS…… Read More
The IRS has issued a reminder that the third estimated tax payment for 2024 is due on September 16, with extended deadlines available for disaster-affected taxpayers in 17 states, including Florida. Individuals with income not subject to withholding, such as gig workers and sole proprietors, must make estimated payments if they expect to owe $1,000…… Read More
On August 24th Florida started the second disaster preparedness Sales Tax Holiday that will run until September 6th, offering residents a chance to save money on essential items as peak hurricane season approaches. This tax-free period includes batteries, flashlights, pet food, tarps, and portable generators, among other items. Additionally, the Tool Time Sales Tax Holiday…… Read More
The IRS has reopened its voluntary disclosure program until November 22, 2024, to allow businesses to correct over $1 billion in improper Employee Retention Credit (ERC) claims. Up to 30,000 letters will be sent to businesses, offering a chance to amend these claims at a 15% discount without penalties or interest. This move follows the…… Read More