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Hafer Company, LLCBelow, please find useful links and information for services related to your business.

Should you have any questions you can call us in our Palm Beach office at (561)-655-8700 or in our Naples office at (239) 353-8700. You may also complete our contact us form.

Tax Provisions in the 2017 Disaster Tax Relief Bill

On September 29th, the President signed into law, the “Disaster Tax Relief and Airport and Airway Extension Act of 2017”. The Act provides some temporary tax relief to the victims of Hurricanes Harvey, Irma and Maria.

One of the key benefits is that businesses in the stricken areas that qualify for relief may claim a new “Employee Retention Tax Credit” up to $2,400 per employee for qualified wages paid to eligible employees during the period in which the business was inoperable due to the hurricane.

Here’s how it works:

  • An eligible employer is one who conducted an active trade or business in a disaster zone as of a specified date (for Hurricane Harvey, August 23rd, 2017; Irma, September 4th, 2017; and Maria, September 16th, 2017) and was unable to carry on their business due to the damage sustained by the hurricane, between the dates of the hurricane and January 1, 2018 is eligible to claim the tax credit.
  • The credit is 40% of the first $6,000 in wages paid to each eligible employee during the period the business was inoperable. The employer cannot take a deduction for the wages paid and the tax credit; it’s either or.
  • The eligible employee is domiciled and worked for the employer in the disaster zone(s) listed above.
  • Qualified wages are defined as paid or incurred based on the specified date (above) when the business first became inoperable and ends on the date in which the business resumes significant operations or January 1, 2018, whichever is earlier.
  • The credit is claimed on Form 3800 – General Business Credits, and for those pass-through entities (partnerships and “S” Corps) is claimed in Part III of Form 3800. The credit is a non- refundable tax credit, and can be carried forward 20 years.

Generally, it’s more advantageous to claim a tax credit since it will reduce your tax liability dollar for dollar, vs. a tax deduction (i.e. wage deduction) which is tax effected at the applicable tax rate or tax bracket.

Please contact Hafer professionals to answer any questions you may have, or to assist you in determining and filing for this tax credit or any hurricane related losses. Nicole Johnson-Pendergrass is the Firm’s Director of Operations and can be reached via email at Njohnson@haferco.com or at (561) 655-8700.

Click here to download this document.

IRS Hurricane Relief Provisions - September 2017

The Internal Revenue Service announced some key tax relief provisions to the victims of Hurricanes Harvey, Irma and Maria.

The IRS is providing temporary relief by postponing various tax deadlines that will allow individuals and businesses until Jan. 31, 2018 to file any returns and pay any taxes due. Those eligible for the extra time include:

  • Individual Form 1040 filers whose tax extension would run out on Oct. 16, 2017, will now have until January 31st, 2018 to file their 2016 Form 1040. It does however exclude relief for any additional tax due with their 2016 tax return.
  • Business filers, such as calendar-year partnerships (Form 1065), or “S” Corporations (Form 1120-S) whose extensions ran out on Sept. 15, 2017.
  • Quarterly estimated tax payments due on Sept. 15, 2017 and Jan. 16, 2018.
  • Quarterly payroll and excise tax returns due on Oct. 31, 2017.
  • Calendar-year tax-exempt organizations whose 2016 extensions run out on Nov. 15, 2017.

A variety of other returns, payments and tax-related actions also qualify for additional time. See the disaster relief page on IRS.gov for more details. The IRS also continues to closely monitor the aftermath of these storms, and additional updates for taxpayers will be posted to IRS.gov.

The IRS offers other special assistance to disaster-area taxpayers. This includes the following:

  • Special relief helps employer-sponsored leave-based donation programs aid hurricane victims. Under these programs, employees may forgo their vacation, sick or personal leave in exchange for cash payments the employer makes, before Jan. 1, 2019, to charities providing relief. Donated leave is not included in the employee’s income, and employers may deduct these cash payments to charity as a business expense.
  • 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to hurricane victims and members of their families. Under this broad-based relief, a retirement plan can allow a hurricane victim to take a hardship distribution or borrow up to the specified statutory limits from the victim’s retirement plan. It also means that a person who lives outside the disaster area can take out a retirement plan loan or hardship distribution and use it to assist a son, daughter, parent, grandparent or dependent who lived or worked in the disaster area. Hardship withdrawals must be made by Jan. 31, 2018.
  • The IRS is waiving late-deposit penalties for federal payroll and excise tax deposits normally due during the first 15 days of the disaster period. Check out the disaster relief page for the time periods that apply to each jurisdiction.
  • Individuals and businesses who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2017 return normally filed next year), or the return for the prior year (2016).
  • The IRS is waiving the usual fees and expediting requests for copies of previously filed tax returns for disaster area taxpayers. This relief can be especially helpful to anyone whose copies of these documents were lost or destroyed by the hurricane.
  • If disaster-area taxpayers are contacted by the IRS on a collection or examination matter, they should be sure to explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.

Please contact Hafer professionals to answer any questions you may have, or to assist you in determining and filing for any hurricane related losses. Nicole Johnson-Pendergrass is the Firm’s Director of Operations and can be reached via email at Njohnson@haferco.com or at (561) 655-8700.

Click here to download this document.

IRS Site - Where's my refund?
https://sa2.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp

Florida Department of Business Professional Regulations
http://www.myfloridalicense.com/dbpr/

State of Florida DOR
http://dor.myflorida.com/dor/taxes/estate_tax.html

Governmental
The Internal Revenue Service
Home of the IRS on the Web. The IRS has definitely done a nice job on their Website.

News
MSNBC - Microsoft & NBC
MSNBC is the place for up to the minute news. Many of the news articles have audio and video clips.

Florida League of Neighborhood Associations, Inc. (FLNA)
http://www.flna.org/

Financial
Smart Money Magazine

Palm Beach, Florida
249 Royal Palm Way
Suite 300
Palm Beach, FL 33480
Phone: (561) 655-8700
  Naples, Florida Office
649 Fifth Avenue South
Suite 200
Naples, FL 34102
(239) 353-8700
  Miami, Florida Office
1200 Brickell Avenue
Suite 1950
Miami, FL 33131
(786) 209-3400
  Orlando, Florida Office
121 South Orange Avenue
Suite 1500
Orlando, FL 32801
(321) 445-5055
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