Deciding how to title Florida homestead can be a vexing issue, especially for single property owners, including individuals who become unmarried due to death or divorce. In Florida, homestead designation provides state residents with incredible benefits, including the ability to protect a primary residence from creditors as well as a Save our Homes assessment cap […]
When filing federal tax returns and claiming credits that can reduce your tax liabilities, remember that dependents are not limited to your young children. The Tax Cuts and Jobs Act (TCJA) introduced a nonrefundable tax credit for other dependents who receive more than half of their financial support from you and who may or may […]
One of the unanticipated consequences of the COVID-19 pandemic has been a change to the actual healthcare expenses employees estimated when they made irrevocable salary-reduction elections to employer-sponsored cafeteria plans. In response, the IRS has issued a series of guidance offering taxpayers more time and flexibility to make mid-year changes to flexible spending arrangements (FSAs) […]
The CARES Act lifts restrictions on 401(k) plans, IRAs and certain other retirement savings plans to provide plan participants with immediate financial assistance and make it easier for employers to adopt these critical relief provision. It is important for plan sponsors to weigh the benefits of these relief measures and recognize the specific administrative rules they […]
The IRS released guidance on April 30, 2020, prohibiting businesses from deducting any normally deductible expenses they pay using funds from a Paycheck Protection Program (PPP) loan that later becomes forgiven. Businesses must consider these tax implications, and any subsequent guidance, before applying for or accepting PPP loans. The CARES Act introduced PPP loans to provide immediate […]
While the Coronavirus Aid, Relief, and Economic Security (CARES) Act contains many business-friendly tax provisions, it also serves as a reminder that state and local business tax laws do not always conform with those on the federal level. Consequently, businesses may be subject to different multistate tax rules and liabilities, depending on where their companies […]
Couples who were in the midst of a divorce or who were preparing to start the process are finding the COVID-19 pandemic has turned their planning upside-down and added more stress to an already difficult situation. While many individuals are continuing to follow through on their divorce plans, their financial pictures may have changed substantially […]
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The Florida Department of Revenue has responded to the COVID-19 pandemic by issuing an emergency order that postpones the due dates for several state-level corporate and franchise tax filing and payment obligations. This announcement falls lass than one month after the IRS extended the 2019 federal income tax filing and payment deadlines for individuals and […]
The COVID-19 crisis has caused major economic hardship for many companies, making it imperative for businesses of all kinds to increase cash flow to ensure survival. Taxpayers should not overlook the potential to reduce 2019 taxes and/or generate refunds of taxes previously paid from 2014 through 2018 by making an election to deduct eligible 2020 […]