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Monthly Archives: October 2017

Tax Credits for Qualified Plug-In Electric Motor Vehicles

You can get a Federal tax credit of up to $7,500 when you buy a Qualifying Vehicle. It must be an electrically powered motor vehicle for street use, no golf carts. The weight must be less than 14,000 pounds. It … Continue reading

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The Downside on the IRS Using Private Collection Agencies (PCA)

The IRS was to begin using PCA’s on a limited basis starting in April of this year. Our firm has yet to run across anyone who has had direct contact with one of the PCA’s. The National Taxpayer Advocate, Nina … Continue reading

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Important Benefits for Employers in Qualified Hurricane Zones

Under Internal Revenue Code Section 139, employers can provide tax-free disaster assistance to employees. “Gross income shall not include any amount received by an individual as qualified disaster relief payment.” That means the employee will not pay withholding or employment … Continue reading

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Hurricane Relief for Casualty Losses

On September 29th President Trump enacted the Disaster Tax Relief and Airport and Airway Extension Act of 2017 https://www.congress.gov/bill/115th-congress/house-bill/3823. Among many other benefits, the act provides for relaxed rules pertaining to Casualty Losses. The IRS has not yet issued specific … Continue reading

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What is and Enrolled Agent (EA)?

Many CPA and tax offices employ Enrolled Agents but few outside of the tax industry understand what an EA is. An Enrolled Agent is the only federally licensed tax professionals who are able to practice before the IRS in all … Continue reading

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Upswing in Tax-related Scams

We read it in the industry blogs, get warnings in IRS notifications but it’s still surprising at how pervasive tax scams have become. When you get one, recognize it for the scam it is, and delete it immediately. Go about … Continue reading

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Hurricane Hardship Withdrawal from 401K Warning

If any of our Florida clients are planning to, or have withdrawn money from your employer-sponsored retirement account under the hardship provisions as a result of Hurricane Irma, please consider what it means to withdraw money that is taxable. Although … Continue reading

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Ruling on Inversions

Friday, a Texas court ruled against Obama Treasury Department efforts to punish US companies that move overseas to reduce their US taxes; known as an inversion. The argument brought by the US Chamber of Commerce and the Texas Association of … Continue reading

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