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Government shutdown ends in time for tax season

The partial government shutdown ended on Friday, allowing the full IRS workforce to return to work on Monday, Jan. 28 — the start of tax filing season for individuals. The Further Additional Continuing Appropriations Act, 2019, H.J. Res.…
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Sales Surtax Information for 2019

In addition to the state sales and use tax rate, individual Florida counties may impose a sales surtax called discretionary sales surtax or local option county sales tax. Sales tax dealers must collect both discretionary sales surtax and the…
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State Sales Tax Rate Decreases

Effective January 1, 2019, the state sales tax rate imposed under section 212.031, Florida Statutes, on the total rent charged for renting, leasing, letting, or granting a license to use real property is decreased from 5.8% to 5.7%. Some examples…
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Tax Reform changes depreciation limits on luxury automobiles

The Tax Cuts and Jobs Act changed depreciation limits for passenger vehicles placed in service after Dec. 31, 2017. If the taxpayer doesn’t claim bonus depreciation, the greatest allowable depreciation deduction is: $10,000 for the…
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U.S. Wages See 3.5% Growth

Wages for U.S. workers grew 3.5 percent over the last year, increasing the average wage level by $0.95 to $27.81 an hour, according to the ADP Research Institute®Workforce Vitality Report (WVR) released today.  The growth, accelerating to…
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Retailers Expect Surge in 2018 Holiday Shopping

  First a toast, then the gifts and a little something for oneself Celebrating the season with others – including entertaining at home and socializing away from home – accounts for 40 percent, or $611, of survey respondents’…
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Clarification: Payments under state or local tax credit programs

Business taxpayers who make business-related payments to charities or government entities for which the taxpayers receive state or local tax credits can generally deduct the payments as business expenses, the Internal Revenue Service said today. Responding…
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State Sales Tax Rate Decreases to 5.7% on January 1, 2019

State Sales Tax Rate for Rental, Lease, or License to Use Real Property Decreases to 5.7% on January 1, 2019. Effective January 1, 2019, the state sales tax rate imposed under section 212.031, Florida Statutes, on the total…
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Taxpayers can monitor their IRS information online

Taxpayers can access their federal tax information through a secure login at IRS.gov/account. After logging in, the user can view: The amount they owe Their payment history Tax records Key information from their most recent tax…