Florida

Florida-Storm-Victims-Who-Qualify-for-Tax-Relief_April-18-deadline-and-other-dates-extended-to-August-15

Florida storm victims eligible for tax relief can take advantage of extended deadlines.

Florida Storm victims now have until August 15, 2023, to file various federal individual and business tax returns and make tax payments, the IRS announced Tuesday, May 2. The tax agency is offering relief to any area designated by the Federal Emergency Management Agency (FEMA) due to tornadoes, severe storms, and flooding from April 12 to 14–individuals and households residing or owning businesses in Broward County qualify for tax relief. Other areas added later to the disaster area will also qualify for the same relief. (Click here to check the current list of eligible localities via the IRS disaster relief page)
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President Biden Signed The Inflation Reduction Act At The White House On Tuesday.

What you need to know about The Inflation Reduction Law.

After more than a year of fraught negotiations, President Joe Biden on Tuesday signed into law the Inflation Reduction Act, a long-awaited ambitous bill passed by the Democrats at the U.S. House and Senate. The historic bill will invest $370 billion in spending and tax credits in low-emission forms of energy to fight climate change, stable health care premiums for millions and significant savings on power bills for most Americans, Vox Senior Correspondent Ellen Loanes reported
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Tax Season Challenges Ahead

Tax Season Challenges Ahead.

Certified public accountants (CPAs) and other tax professionals in the U.S. are sounding the alarm about the upcoming tax season–which has been greeted with skepticism about how the IRS will deal with its continuing logistical challenges, with taxpayers and their preparers likely to experience more frustration and delays.
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TAX TELEGRAMS GUILLEN PUJOL CPAS

American Rescue Plan Act (2021) lowers filing threshold for Form 1099K, Payment Card and Third-Party Network Transactions.

he American Rescue Plan Act of 2021 (“the Act”), enacted in March 2021, dramatically lowers the filing threshold for payments required to be reported on the annual Form 1099-K from $20,000 in aggregate reportable payments and 200 transactions to just $600 in aggregate reportable payments and eliminates the transaction minimum.  This modification is effective for calendar years ending after December 31, 2021. You may see this new requirement on Section 9674 of the federal bill.
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New Stimulus Check If You Live In This State

Are you Eligible for this New Round of Stimulus Check?

Governor Gavin Newsom signed additional COVID-19 relief legislation this week that will provide $600 stimulus checks to the majority of his state's residents as well as additional payments to dependents, Newsweek reported. At the end of June, the Democratic governor reached an agreement with state lawmakers to approve the direct payments, as well as billions in other economic relief, according to Newsweek. 
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