Scott Newsom

The new 529 Plan to Roth IRA rollover rule

The most debatable argument against starting 529 college savings programs for children is the uncertainty surrounding whether the child will even attend college and, if they do, whether they will need the funds in the event of qualifying for scholarships or other financial aid.  The recently passed SECURE 2.0 Act introduces a special rule allowing […]

Hurricane Idalia Relief

The Internal Revenue Service announced tax relief for individuals and businesses affected by Idalia in parts of Florida. Taxpayers affected by the storm that began on Aug. 27. 2023, now have until Feb. 15, 2024, to file various individual and business tax returns and make tax payments.   Following the disaster declaration issued by the […]

The new 529 Plan to Roth IRA rollover rule

The most debatable argument against starting 529 college savings programs for children is the uncertainty surrounding whether the child will even attend college and, if they do, whether they will need the funds in the event of qualifying for scholarships or other financial aid. The recently passed SECURE 2.0 Act introduces a special rule allowing […]

E-Verify Requirement for Florida

Beginning July 1, 2023, there is a new law in Florida will require private employers with at least 25 employees to use E-Verify (the digital immigration verification tool) during their onboarding process. Florida Senate Bill 1718 was signed into law in early May 2023. This new law will increase penalties for noncompliance and for employers […]

2022 Year-End Tax Planning for Businesses

As the year draws to a close, it’s important that we meet to discuss any year-end strategies that might help lower your business’s taxable income for 2022. The most significant tax law changes during the year took place in August when the 2022 Inflation Reduction Act (2022 IRA) was signed into law. While the new […]

2022 Year-End Tax Planning for Individuals

On August 16, President Biden signed the 2022 Inflation Reduction Act (IRA), a significantly scaled-back version of the Build Back Better Act. Two of the most favorable changes contained in the 2022 IRA that are beneficial for individuals are (1) a three-year extension of expanded Affordable Care Act health insurance subsidies, which were set to […]

IRS provisions and items adjusted for inflation 2023

The IRS announced inflation adjustments for tax year 2023. The items adjusted for annual inflation include tax rate schedules, the standard deduction, and more than 60 other provisions.  Below is a summary list of commonly used provisions: The Standard Deduction. The standard deduction amounts for 2023 are: $27,700 for married couples filing jointly (up from […]

Estate Exemption Portability

The IRS issued a simplified procedure for certain estates to obtain an extension of time in which to to make a portability election under Code Sec. 2010(c)(5)(A), which allows a surviving spouse to use a decedent’s unused exclusion amount for subsequent transfers during life or at death. The procedure, which supersedes Rev. Proc. 2017-34, extends […]

Business Tax Preparation for 2021

Several significant tax law changes took effect in 2021 that may affect your business’s federal tax filings. As the year draws to a close, we should review these changes, as well as your business’s projected taxable income or loss to see what actions might be appropriate before year end to reduce taxes. It’s also important […]

Individual Tax Return Preparation for 2021

Due to the enactment of legislation to offset the economic burden wrought by COVID-19, there is a lot to consider when reviewing year-end tax planning options. Pandemic-related tax breaks include an expanded dependent care assistance, payroll tax credits for self-employed individuals, substantial increases in the child tax credit and the earned income tax credit, $1,400 […]