727·330·3500    ·    Denise Mensa-Cohen, Enrolled Agent    ·    Office Located in Clearwater, Florida
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Welcome to the TaxGenuity Blog

Tax Breaks for Businesses Hiring New Employees

If you're thinking about hiring new employees this this year you won't want to miss out on tax breaks available to businesses with employees. 1. Payroll Tax Deduction for Startups As part of the Research & Development Tax Credit, for tax years 2016 and beyond, startup...

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Tax Consequences of Crowdfunding

Crowdfunding websites such as Kickstarter, GoFundMe, Indiegogo, and Lending Club have become increasingly popular for both individual fundraising and small business owners looking for start-up capital or funding for creative ventures. The upside is that it's often...

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Saving for Education: 529 Plans

Many parents are looking for ways to save for their child's education and a 529 Plan is an excellent way to do so. Even better, is that they are now available to parents wishing to save for their child's K-12 education as well as college. Every state has a program...

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What to do if you get a Letter from the IRS

Each year, the IRS mails millions of notices and letters to taxpayers for a variety of reasons. If you receive correspondence from the IRS here's what to do: Don't panic. Call our office at 727 330-3500 and inform us that you received an IRS letter.  We are your...

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New Scam Targets Non-resident Aliens

In yet another new twist on an old scam--this time affecting non-resident aliens and international taxpayers--criminals are using a fake IRS Form W-8BEN to solicit detailed personal identification and bank account information from victims. Here's how the scam works:...

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Filing an Amended Return

What should you do if you already filed your federal tax return and then discover a mistake? First of all, don't worry. In most cases, all you have to do is file an amended tax return. But before you do that, here is what you should be aware of when filing an amended...

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Taxpayer Rights: Audits and the Right to Finality

An IRS audit is a review/examination of an organization's or individual's accounts and financial information to ensure information is reported correctly according to the tax laws and to verify the reported amount of tax is correct. IRS audits are conducted either by...

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Sinai Combat Zone Tax Benefits Retroactive to 2015

Under the Tax Cuts and Jobs Act (TCJA) enacted in December 2017, members of the U.S. Army, U.S. Navy, U.S. Marines, U.S. Air Force, and U.S. Coast Guard who performed services in the Sinai Peninsula in Egypt can now claim combat zone tax benefits. As such, eligible...

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Tax Tips: Obtaining Prior-Year Tax Information

Tax season may be over, but you still need to hang onto your tax returns and other tax records for at least three years. However, if the IRS believes you have significantly underreported your income (by 25 percent or more), or believes there may be an indication of...

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