Category: Tax
IRS Raises Estate Tax Exemption Amount for 2024
The federal estate tax exemption amount is going up again for 2024. A higher exemption means more estates may be exempt from the federal tax, which can save heirs from a hefty tax bill. The amount is inflation-adjusted by the IRS each year. So,...
Potential Private Retirement Benefit Information notices sent by SSA
Recently, the Social Security Administration (SSA) mailed notices to social security filers about Potential Private Retirement Benefit Information. It is a reminder about private employer retirement benefits that may have been earned, also called "deferred vested benefits". The Internal Revenue...
Using the “Cohan Rule” to take record-less deductions
Most taxpayers realize they must keep adequate records in order to substantiate tax deductions and credits. Adequate business records can also be critical for a host of other situations, i.e., insurance losses, wage and hour claims, and civil litigation, to...
IRS pauses the processing of new Employee Retention Credit (ERC) claims
Internal Revenue Service has placed an immediate moratorium on processing new Employee Retention Credit (ERC) claims following growing concerns that a substantial share of these claims are ineligible and putting businesses at financial risk by being scammed by aggressive promoters....
You may qualify for monthly Medicare premium refund
Medicare premiums, Parts B and D, are based on a sliding scale of income known as, Income-Related Monthly Adjustment Amounts (IRMAA). Premiums are determined generally using income from two years prior (2022 premiums are based on 2020 IRS-reported income). If...
SR Client Question: Is there a time limit on claiming a tax credit or refund?
Answer: The latest date, by law, you can claim a credit or federal income tax refund for a specific tax year is generally the later of these two dates: 3 years from the date you filed your federal income tax...
Cash payments may trigger Form 8300 e-filing requirement in 2024
Guarding against tax evaders, drug traders, and those who finance terrorism, the IRS requires certain businesses that receive payments of more than $10,000 in cash to file a Form 8300, Report of Cash Payments Over $10,000 Received in a Trade...
What to do when an IRS notice shows up in your mailbox
In the course of a typical person’s lifetime, they likely have very little interaction with the IRS. However, it is possible to receive a legitimate written piece of correspondence from the IRS. What next? The most important response is to...
Insurance proceeds for rent loss are not subject to sales tax in Florida
With the many hurricane loss claims in recent years in Florida, there is some confusion about whether insurance claims proceeds for lost rent on commercial rental properties must be reported on your monthly Sales and Use Tax Return (Form DR-15)....
Do you have a hobby or a business? The IRS will want to know…
From collecting stamps and woodworking to crafting and quilting, people have all kinds of hobbies – and most of these hobbies will never turn a profit. For hobbies that do earn income, people should know that they must report it...