As we begin to recover from the devastation that Hurricane Irma caused, it is important to consider the tax consequences and benefits that you may receive as a disaster victim. Extended Due Date – IRS has extended the due date of 2016 tax returns for Hurricane Irma victims and affected taxpayers to January 31,…
Updated September 15, 2017 -The IRS is now offering expanded relief to any area designated by FEMA as qualifying for either individual assistance or public assistance in the State of Florida. This represents all 67 counties of Florida. We would like to extend our thoughts and prayers out to everyone affected by Hurricane Irma.…
The Florida Department of Revenue has provided an updated list of local discretionary sales surtax rates for the 2017 calendar year. For 2017, the following counties have changes to their surtax rates: County Surtax rate change Explanation Alachua County 0.5% Includes a new 0.5% infrastructure surtax that begins January 1, 2017 and expires December 31,…
http://www.wsj.com/articles/social-security-taxes-to-rise-for-higher-income-americans-1476807486
FRSCPA has released our annual 2016-2017 Tax Planning Guide, with tax resources for individuals, business and estates. FRSCPA 2016-2017 Tax Planning Guide
Last July, Congress and the President passed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. Among its provisions, this law modified the annual due dates for many common tax returns, beginning with the 2016 tax year (returns that will be filed in 2017). Below we have included a list of the…
The IRS recently released special procedures that will allow small businesses to more easily adopt the tangible property regulations, more commonly known as the repair regs. These special procedures generally limit the changes in accounting needed to adopt the repair regs to amounts paid or incurred, and dispositions, in tax years beginning on or after…
The Treasury Inspector General for Tax Administration is warning taxpayers to be on alert for phone calls from individuals claiming to represent the Internal Revenue Service, but in reality are trying to defraud them, in what is being reported as the largest phone scam seen to date. TIGTA Inspector General J. Russell George, noted that…
Tax season is officially here! As usual, there are some possible glitches to be mindful of. Already, the IRS has alerted taxpayers that the start of filing season will be delayed. Late tax legislation, although unlikely, could result in a further delay. Some new requirements under the Patient Protection and Affordable Care Act have been…