Magda Abdo-Gomez, Attorney at Law

December 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes , Tax Planning
Date: December 1, 2023
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Twelve News Items from the IRS

It seems like just yesterday we were celebrating the new year and here we are nearing the end of 2023. Whether it has been a good year for you or not, we still have much to be thankful for, and hopefully the upcoming holidays will give us many reasons to celebrate. In keeping with the […]...

October 02

Posted By: Magda Abdo-Gomez
Posted In: Businesses , Tax Laws - Changes
Date: October 2, 2023
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New Filing Requirements for Many Businesses

In Florida, the formation of a business as a corporation or limited liability company is a matter of public record. However, while the public record contains information about the registered agent, officers/directors and manager/members, no disclosure is required regarding the ownership of the entit...

September 01

Posted By: Magda Abdo-Gomez
Posted In: IRS Collection , Tax Laws - Changes
Date: September 1, 2023
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Will the IRS show up at my door unannounced?

Scammers impersonating the IRS use mail, phone, and electronic means to take advantage of taxpayers. Some scammers have been brave enough to appear at a taxpayer’s home or place of business in person. The unscheduled appearance at the taxpayer’s home or office by someone claiming to be a col...

May 25

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes
Date: May 25, 2023
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- 145

Taxation of Nonfungible Tokens (NFT)

The Internal Revenue Service has issued a notice that it intends to issue guidance regarding the tax treatment of certain nonfungible tokens (NFT) as collectible assets. To understand what this means, one must understand capital gains, collectibles and how the sale of these assets are taxed. ...

January 03

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes
Date: January 3, 2023
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Tax Law Changes for the 2022 Filing Season

There have been some changes to the tax laws which you need to be aware of as you prepare for the tax filing season. THIRD-PARTY NETWORK TRANSACTIONS Taxpayers who receive money from third party networks, PayPal for example, must report all funds received as income on their return, unless the taxpay...

April 09

Posted By: Magda Abdo-Gomez
Posted In: Tax Deductions , Tax Laws - Changes
Date: April 9, 2021
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Changes to Meal Expense Deduction

When the Consolidated Appropriations Act was passed on December 27, 2020 everyone’s focus was on the additional stimulus payment and the extension of many of the credits which had been included in the CARES Act. One provision seems to have gone under the radar, but it affects many who incur expens...

January 30

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes
Date: January 30, 2021
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Amendments to COVID Related Tax Laws

The law enacted on December 27, 2020 has made changes to certain provisions of the CARES Act which provided tax relief to employers affected by the pandemic. The law has also extended the deadlines for employees to pay back taxes which were deferred taxes. Payback of Deferred Taxes A presidential ...

January 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes
Date: January 1, 2021
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IRS POSITION OVERRULED

In my December 1, 2020 post, I cited to IRS Revenue Ruling 2020-27 in which the IRS stated that it would not allow a deduction for business expenses paid with proceeds from a PPP loan which was, or would be, forgiven. https://magdaabdogomezlaw.com/twelve-news-items-irs/ The IRS position was been ove...

December 30

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes
Date: December 30, 2020
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THE NEW STIMULUS PAYMENT AND OTHER CHANGES TO TAX LAW

On December 27 the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 was signed into law. There are many changes in its 5,593 pages, but none is more talked about than the new stimulus payment. Late on December 29, the IRS announced it had started issuing payments to taxpayers ...

December 01

Posted By: Magda Abdo-Gomez
Posted In: Tax Laws - Changes
Date: December 1, 2020
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TWELVE NEWS ITEMS FROM THE IRS

There is no question that 2020 has been a difficult year for all of us, but the good news is that there are only thirty-one days left. Of course, we have much to be thankful for, and hopefully the upcoming holidays will give us many reasons to celebrate. In keeping with the holiday spirit, here [&he...