Ingalls Associates, PA, CPAs

The senate still needs to vote on this so it could change, but check this out. SALT write-off, Harvard tax, Medicaid cuts: What's in Trump's bill

https://www.accountingtoday.com/articles/salt-write-off-harvard-tax-medicaid-cuts-whats-in-trumps-bill

Here's a rundown of the House bill's main provisions impacting people and businesses.

SALT write-off, Harvard tax, Medicaid cuts: What's in Trump's bill Here's a rundown of the House bill's main provisions impacting people and businesses.

Don’t worry - May 1st is the new April 15th here in Florida!

IRS tax deadline extended in 9 states: Here's why Millions of taxpayers have been granted an automatic extension on the federal tax-filing deadline after being struck by natural disasters.

Reminder: Due to the Hurricanes, April 15 is now May 1st for Florida residents. You have until May 1st to file your 2024 tax return as well as any previously extended 2023 tax returns. 2024 returns may still be extended until October 15th. We, as always, appreciate your patience!

https://www.forbes.com/sites/kellyphillipserb/2025/03/22/tax-breaks-the-keeping-your-sanity-and-surviving-tax-season-edition/?fbclid=IwZXh0bgNhZW0CMTEAAR1Vz_hzXdsG1V095avjRYXCsrpVJesGfl16Zm3s4JZnl4zG5ADm-2qdfnc_aem_V0PnZ4u-wAHEkeg6bhU-pg

Tax Breaks: The Keeping Your Sanity And Surviving Tax Season Edition Form 1099-K reporting, Social Security, unemployment benefits, filing for an extension, borrowing and making distributions from retirement plans, tax trivia and more.

Finally…

BOI filing requirements for U.S. companies, persons removed FinCEN issued an interim final rule Friday removing the requirement for U.S. companies and U.S. persons to report beneficial ownership information under the Corporate Transparency Act.

Hurricane losses?

Here's some useful information regarding how to determine your casualty losses from the Hurricanes and what methods the IRS allows.

Understanding the IRS's Seven New Casualty Loss Safe Harbors - The CPA Journal In Brief Losses from natural disasters are generally tax deductible, but taking the deduction requires properly valuing the amount of the loss. The IRS

Here’s a good explanation of how Medicare rates are affected by your income level.

IRMAA Brackets 2025: What They Are and How They Work - NerdWallet The income-related monthly adjustment amount (IRMAA) is a fee you pay on top of your Medicare Part B and Part D premiums if you make a yearly income above the annual thresholds.

Now that it is the new year, business owners (LLCs, Inc) will start getting their annual report notice from the State of Florida via email. This is a fee Florida charges to continue to have your entity and is around $138-150 depending on the type of entity. Watch out for non government companies that mail or email you official looking information - there are a lot that do this - trying to get you to pay them instead of the state. They'll charge you about the same as the state fee + the state fee again to do something you can do yourself. The official site is https://dos.fl.gov/sunbiz/ and their is information there plus the email they send also explains and provides your document number. Usually you'll see a notice that says "Please note that # # # (official soundin name) does not provide financial or legal advice and is not affiliated with, approved, or endorsed by any government agency." in small print on the non official mailings or emails, that's the clue that you can disregard them. If you aren't sure you can always email a picture of what you've received to us to verify. You must file the annual report by May 1st to avoid substantial late fees. We do file these for clients upon request or a fee if they do not want to be involved in the process. Contact Sandra at our office if you would like us to handle this for you each year.

Division of Corporations - Florida Department of State Due to an appeal on a federal court order, reporting companies are not currently required to file a Beneficial Ownership Information Report and are not subject to liability if they fail to do so. Find details on the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) website.