BUSINESS & INDIVIDUAL TAX PREPARATION, ACCOUNTING, & BUSINESS ADVISORY SERVICES

January 27, 2024January 27, 2024Leave a comment

(305) 672-4272

DAVID L WRUBEL, CPA, PA

CERTIFIED PUBLIC ACCOUNTANTS & ADVISORS

DADE: (305) 672-4272

BROWARD: (954) 763-4272

E-MAIL: david@cpa-fl.com

WWW.CPA-FL.COM

407 Lincoln Road- PH S

Miami Beach, Florida 33139

Hablamos EspañolA PARTNER IN YOUR SUCCESS!

(305) 672-4272

TAX PREPARATION & ACCOUNTING SERVICES:

BUSINESS & INDIVIDUAL TAXES
INCORPORATIONS OF LLC AND CORPS
FIRPTA
BUSINESS ADVISORY SERVICES
QUICKBOOKS ASSISTANCE
FINANCIAL STATEMENT PREPARATION
INTERNATIONAL TAX MATTERS
EQUIPMENT LEASING ASSISTANCE
SBA & TRADITIONAL LOAN ASSISTANCE
ALTERNATIVE FINANCING SOLUTIONS
BUSINESS PLANS WITH PROJECTIONS
PROPERTY TAX PETITIONS
BUSINESS PURCHASES OR SALES
MULTI- STATE & LOCAL TAX SERVICES
IRS & STATE AUDIT REPRESENTATION AND PROBLEM RESOLUTION
PAYROLL SERVICES AND ASSISTANCE
COMMERCIAL PROPERTY ACQUISITION, SALE, OR LEASE ASSISTANCE
TAX OPINIONS
LITIGATION SUPPORT
FORENSIC ACCOUNTING
ACCOUNTING SOFTWARE ADVISORY SERVICES – FOR SET-UP & CLEAN-UP

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WE LOVE TAX TIME – WITH US, YOU WILL TOO!

FIRPTA TAX ASSISTANCE SERVICES VIDEO:

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PHONE: (305) 672-4272 [4CPA]

E-MAIL: DAVID@CPA-FL.COM

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Miami Beach CPA’s Tax Help Blog

Miami Beach Accountant Offering Tax Help and Tax Advice for Those Not Only Seeking a Miami Accountant but a Miami CPA

Miami CPA – David L. Wrubel, C.P.A., P.A. – Florida Certified Public Accountant

IRS FIRPTA: Foreign sellers? Get Help Here Now to Comply with US FIRPTA Laws!

January 27, 2024January 27, 2024Leave a comment

The FIRPTA Tax Rate applicable may be 15% (versus the old 10% rate) on properties selling for US $1 Million or more.

However, the 10% rate may apply for properties selling for under $1 Million – subject to meeting the IRS criteria to be still eligible for the 10% rate. Otherwise, the new 15% rate may apply to certain transactions – even to those under $1 million!

Should you have questions or need help with FIRPTA, or need Business or Individual tax advice, out firm is available via phone at (305) 672-4272 – as well as via e-mail at DAVID@CPA-FL.COM. Our Firm Website is WWW.CPA-FL.COM

See our Firm Video on FIRPTA:

According to the FIRPTA Rules – if a person is a US Non-Resident Foreigner and disposes of an interest in U.S. real property, that transaction (and the parties to the transaction) are subject to FIRPTA tax withholding.

The good news is that there are some exceptions provided for the FIRPTA withholding tax applicable – however it is important to note that these are not all automatically applicable.

Often, an Early Withholding Exemption Application must be filed with the IRS in advance of a real estate closing.

Also important to note is that if the IRS deems you are a responsible party for the FIRTPA withholding tax and you neglect to do so, you may be held liable for the tax!

If you are a realtor, purchaser, or real estate attorney who represents a foreign non-resident person, foreign entity or even a U.S. entity which is owned by a foreign person it is critical that you insist that the purchaser or seller seek the advice and formally engage a Certified Public Accountant or Tax Attorney to advise how the FIRPTA laws may apply to their particular situation.

Should you have questions or need help with FIRPTA as well as need Business or Individual Tax Advice:

Our firm may be contacted at:

PHONE: (305) 672-4272 [4CPA]

E-MAIL: DAVID@CPA-FL.COM

WEBSITE: WWW.CPA-FL.COM

IRS Disaster Tax Relief for taxpayers impacted by Hurricane Irma, Hurricane Harvey and Hurricane Maria!

November 19, 2017November 19, 2017Leave a comment

Find Out Now How You May Benefit from Federal Disaster Tax Relief Now!

The IRS enacted on September 29, 2017 the Disaster Tax Relief and Airport and Airway Extension Act of 2017 [HR 3823] which was stated to “provide targeted tax relief for taxpayers impacted by Hurricanes Harvey, Irma and Maria. In addition to supporting these tax relief measures, the administration will submit further requests to the Congress for supplemental funding in the near future, and looks forward to working with Congress to enact these recovery measures into law.”

Highlights from the 2017 Federal Disaster Tax Relief Act HR 3823:

(1) This Disaster Tax Relief Act eliminates the current requirement that uninsured/ uncompensated personal casualty losses exceed 10 percent of adjusted gross income to qualify for deduction;

(2) It eliminates the current requirement that taxpayers itemize deductions to access this tax relief;

(3) It provides an exception to the 10-percent early retirement plan withdrawal penalty for qualified hurricane relief distributions;

(4) It allows for the re-contribution of retirement plan withdrawals for home purchases cancelled due to eligible disasters;

(5) It provides flexibility for loans from retirement plans for qualified hurricane relief;

(6) It temporarily suspend limitations on charitable contribution deductions associated with qualified hurricane relief made before December 31, 2017;

(7) It provides a tax credit for 40 percent of wages (up to $6,000 per employee) paid by a disaster-affected employer to each employee from a core disaster area; and

(8) It allows taxpayers to use earned income from 2016 to determine the Earned Income Tax Credit and Child Tax Credit for the 2017 tax year.

Should you have questions or need help with Federal Disaster Relief Reporting for Casualty Losses or Business Disaster Relief Tax Credit Claims, or need Business or Individual tax advice, out firm is available via phone at (305) 672-4272 – as well as via e-mail at DAVID@CPA-FL.COM. Our Firm Website is WWW.CPA-FL.COM

Should you have questions or need help with Business or Individual Tax Advice:

Our firm may be contacted at:

PHONE: (305) 672-4272 [4CPA]

E-MAIL: DAVID@CPA-FL.COM

WEBSITE: WWW.CPA-FL.COM

FOLLOW US ON TWITTER: @MiamiBeachCPA

Sources:

HR 3823

DISASTER RELIEF CCH