Alexander Roytenberg, CPA’s Post

The only good news from Hurricane Milton. WASHINGTON — Due to Hurricane Milton, the Internal Revenue Service today announced relief for individuals and businesses in 51 counties in Florida.   Individuals and businesses in six counties that previously did not qualify for relief under either Hurricane Debby or Hurricane Helene will receive disaster tax relief beginning Oct. 5, 2024, and concluding on May 1, 2025. They are Broward, Indian River, Martin, Miami-Dade, Palm Beach and St. Lucie.  In addition, individuals and businesses in 20 counties previously receiving relief under Debby, but not Helene will receive disaster tax relief under Hurricane Milton, from Aug. 1, 2024, thru May 1, 2025. They are Baker, Brevard, Clay, DeSoto, Duval, Flagler, Glades, Hardee, Hendry, Highlands, Lake, Nassau, Okeechobee, Orange, Osceola, Polk, Putnam, Seminole, St. Johns and Volusia counties. As a result, affected taxpayers in all of Florida now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments, including 2024 individual and business returns normally due during March and April 2025 and 2023 individual and corporate returns with valid extensions and quarterly estimated tax payments.   

🤝 Reminder: Personal Tax Returns (1040) and C-Corporate Tax Returns (1120) are due in 1 week. We are working as quickly as possible as a team to get everything back to everyone, please reply to your accountant to any questions we have for you as quickly as possible. 🤝

The best feeling as an accountant in the last bits of busy season is getting replies from your clients over night and being able to knock things out first things in the morning. 💪 🚀

Life of an Accountant when your client likes to invest in partnerships: Each individual line is a different partnership. 🤓

The question all tax professionals get all the time especially after people see things on TikTok and Instagram, most of which at best it out of context and at worst is flat-out wrong and misleading. A few correct answers below. A few short answers: 1. Proper tax entity structure and in most cases its NOT an S-Corp 2. Type of income you make 3. Qualifying deductions, exemptions, and credits 4. Limiting Income or profits in a year. If you have questions feel free to reach out or post a comment below.

How does a CPA start off his Friday? With a call the IRS to resolve a notice that has a near 14K bill that should result in about $10 due once all is said and done.

⚠️Reminder to all home owners, it doesn't matter how large your mortgage is, you can only deduct the interest expense on only the first $750K. i.e. 5M mortgage at 5% is 250,000 in mortgage interest your deduction is only $37,500.

⚠ IRS provides relief for Helene; various deadlines postponed to May 1, 2025; part or all of 7 states qualify ⚠ The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). Besides all of Alabama, Georgia, North Carolina and South Carolina, this currently includes 41 counties in Florida, eight counties in Tennessee and six counties and one city in Virginia.

Its the start of October. 🍂 What does it mean to you? A new month 💪 A new quarter 🚀 A new vest 💹

⚠ PSA to all founders: ⚠ Legal and Finances for a startup could be some of the most important things other then your actual code. We have see startups not get funding for the next round for not having everything done correctly or have the valuations cut on them. We have also seen the boards of the companies come in and take over, fired the CEO and return the leftover capital to investors.