News Article

Casualty Losses Relative to Covid-19 Pandemic The general rule for deducting losses that are not compensated by insurance is covered in the Internal Revenue Code Sec.165. That code section explains that losses from events such as fire, storm, casualty, theft, worthlessness of stock, abandonment of property or a declared disaster would result in a tax […]

Unclaimed Property? Unclaimed (or escheated) Property is money or tangible assets that belong to you but are viewed as abandoned because there’s been no activity or contact by you for a year or more (dormancy period). What happens to unclaimed property? If unclaimed, the funds or property are turned over to the state of the […]

Steps to Take to Establish Residency in Florida: Declaration of Domicile: After physically moving to Florida, file a statutory declaration of domicile in the state. Homestead Exemption: If you own a residence in the state, apply for Florida homestead exemption in the county in which you reside. Selling current home ownership in other states often […]

What is Pass Thru Entity Taxation?   •       Tax Cuts and Jobs Act (TCJA) limited the amount of state and local taxes (SALT cap) that an individual can deduct as an itemized deduction for federal income tax purposes: $10,000 for married filing jointly and $5,000 for others. •       The SALT cap limitation does not apply […]

IRS has expanded its tax collection tools in light of the financial difficulties taxpayers may have in paying their tax obligations. –       You can ask the IRS to temporarily delay collection for a short time frame until conditions improve. For example: you could be expecting a bonus, asset sale, inheritance or other event that will generate […]

Research and Development Tax Credits for Software Development An often-over-looked tax credit for companies that conduct software development is the Research & Development Tax Credit (R&D) for Federal and state tax credits.  There is the traditional R & D tax credit and the Alternative Simplified Calculation.  The credit applies to United States expenditures only. Four […]

The Covid-19 pandemic has unleashed a slew of tax laws, relief provisions and loan programs.  Among the most popular of the loan programs is the Paycheck Protection Program and colloquially called PPP.  Since this PPP loan process is different from the usual SBA loan programs, guidance has come out through Frequently Asked Questions (FAQs) and […]

Please note that the retroactive changes and extenders may lead to amended 2018 tax returns – should the cost be worthwhile. Business tax extenders impact specific industries and some impacting certain entities – like the look-thru rule for related CFCs and changes related to Qualified Opportunity Zones.   Individual tax changes should show up in the […]