Tax Alerts

IRS Reminds Taxpayers To Estimate Their Tax Withholding And Not Rely On Refunds Alone, IR-2022-186

The IRS has urged taxpayers to review their tax withholding to avoid any big surprises, such as a big refund or a balance due, during the tax time in 2023 and avail benefits from any changes arising due to marriage, divorce, new tax law, a new child or home purchase and adjust their tax withholding accordingly.

The IRS has announced that, Tax Withholding Estimator also available in Spanish, can help workers, retirees, self-employed individuals and other taxpayers for effectively tailoring the amount of income tax they should have withheld from wages and pension payments based on their complete set of facts and circumstances. In other cases, it can help taxpayers see that they should withhold more or make an estimated tax payment to avoid a tax bill when they file their tax return next year. However, when taxpayers withhold too much, it typically results in a refund. The IRS has urged taxpayers to keep the following facts regarding refunds in mind:

  • Proper withholding adjustments help people boost take home pay rather than be over withheld and get it back as a tax refund.
  • Most refunds may be issued in 21 days or less from an error-free and paperless tax return, but many take longer.
  • Refunds should not be relied upon, for big purchases.
  • Direct Deposit is the easiest and most convenient way to get a refund.
  • Paper return processing delays stemming from the pandemic are six months or more.

Some unforeseen life events can be a trigger to make withholding adjustments. They include:

  • Coronavirus tax relief offers help to taxpayers, businesses, tax-exempt organizations and others affected by the coronavirus (COVID-19).
  • Special tax law provisions may help taxpayers and businesses recover financially from the impact of a disaster like wildfires and hurricanes, especially when the federal government declares their location a major disaster area.
  • Loss of a job is an unfortunate circumstance which can create new tax issues.
  • The IRS advises people earning income in the gig economy to consider estimated tax payments to avoid a balance due or penalties when they file.

FL - Electronic filing of partnership information returns (Form F-1065) available

The Florida Department of Revenue has issued a tax information publication informing corporate income taxpayers that beginning January 1, 2022, […]

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FL - Electronic filing of partnership information returns (Form F-1065) available

FL - Governor proposes permanent exemption on baby supplies

In his 2023 State of the State Address, Florida Gov. Ron DeSantis proposed to provide a permanent sales and use […]

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FL - Governor proposes permanent exemption on baby supplies

IRS Reminds Taxpayers to Report Digital Asset-Related Income (IR-2023-12)

The IRS has reminded taxpayers that they must report all digital asset-related income when they file their 2022 federal income […]

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IRS Reminds Taxpayers to Report Digital Asset-Related Income (IR-2023-12)

IRS Proposes New Service Industry Tip Compliance Agreement (SITCA) Program (Notice 2023-13)

The IRS has issued a guidance which sets forth a proposed revenue procedure that establishes the Service Industry Tip Compliance […]

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IRS Proposes New Service Industry Tip Compliance Agreement (SITCA) Program (Notice 2023-13)

IRS Offers Checklist of Reminders as Taxpayers Prepare to File 2022 Tax Returns (IR-2023-17)

The IRS has offered a checklist of reminders for taxpayers as they prepare to file their 2022 tax returns. Following […]

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IRS Offers Checklist of Reminders as Taxpayers Prepare to File 2022 Tax Returns (IR-2023-17)

IRS Reminds Taxpayers to FIle Tax Returns (FS-2023-2)

The IRS has reminded taxpayers of their tax responsibilities, including if they’re required to file a tax return. Generally, most U.S. citizens and permanent […]

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IRS Reminds Taxpayers to FIle Tax Returns (FS-2023-2)

FL - Governor proposes tax relief as part of his "Framework for Freedom" budget

Florida Gov. Ron DeSantis, along with Senate President Kathleen Passidomo and House Speaker Paul Renner, have announced their intent to […]

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FL - Governor proposes tax relief as part of his "Framework for Freedom" budget

FL - Bank holiday affects electronic return and payment deadline

Monday, February 20, 2023, is a bank holiday, and as a result, taxpayers who electronically submit the January Florida sales […]

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FL - Bank holiday affects electronic return and payment deadline

FL - Motor vehicle sales tax rates announced

Florida has announced the motor vehicle sales tax rates by state as of January 18, 2023. Florida law allows a […]

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FL - Motor vehicle sales tax rates announced

FAQs Released on Energy Efficient Home Improvements and Residential Clean Energy Property Credits, FS-2022-40

The IRS has released frequently asked questions (FAQs) about energy efficient home improvements and residential clean energy property credits. The […]

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FAQs Released on Energy Efficient Home Improvements and Residential Clean Energy Property Credits, FS-2022-40