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As Hurricane Season Nears, IRS Reminds People to Prepare for Natural Disasters
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As Hurricane Season Nears, IRS Reminds People to Prepare for Natural Disasters

Data Security, Government, IRS, Planning Strategies, Small Business

As Hurricane Season Nears, IRS Reminds People to Prepare for Natural Disasters

This article was published by the IRS. The Internal Revenue Service reminds everyone that now is a good time to create or review emergency preparedness plans for surviving natural disasters. In the last year, the Federal Emergency Management Agency (FEMA) declared major disasters following hurricanes, tropical storms, tornados, severe storms, flooding, wildfires and an earthquake. Individuals, [...]

cozbycpa2021-06-16T10:04:01-04:00June 16th, 2021|Categories: Data Security, Government, IRS, Planning Strategies, Small Business|Tags: Cozby & Company, CPA Heather Cozby, how should small businesses prepare for natural disasters, how to document valuables and equipment, IRS Reconstructing Records, tax preparer in Plymouth MA|

IRS Shoots Down States’ SALT Limitation Workaround

For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) limits an individual taxpayer’s annual SALT (state and local tax) deductions to a maximum of $10,000, with no carryover for taxes paid in excess of that amount. (The SALT deduction limit doesn’t apply to property taxes paid by a trade or business or in connection [...]

cozbycpa2018-12-19T17:00:33-05:00December 19th, 2018|Categories: IRS, Personal Taxes, Planning Strategies, Tax Deductions, Tax Law Changes, Tax Tips, Taxes|Tags: Cozby & Company, IRS shoots down states' SALT limitation workaround, SALT deduction limit, state and local tax deduction, state solution to SALT deduction limitation, Tax Cuts & Jobs Act, tax preparer in Plymouth MA, TCJA|