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We have been monitoring the spread of Coronavirus (COVID-19) and in response to the recent "Stay-At-Home" Order issued by Governor Desantis, our firm will be working remotely for the benefit of our staff and their safety. Our office will be closed to the public starting April 3rd 2020. Being an essential business, we want to assure you we have digital options in place to continue the flow of communications and operations of the firm to ensure our continued support of your financial needs. If you have questions please call 904-460-0747 or Contact Us via Email.

Abare, Kresge and Associates CPAs


Welcome...

Abare, Kresge and Associates CPAs are committed to utilizing innovation and creativity to provide the very best financial, tax and business insights and solutions, while maintaining the highest level of integrity. Our mission is to deliver first-rate solutions to every client in every situation, while providing value-added services that exceed the expectations of clients.

Abare, Kresge and Associates CPAs


   News

No Audits for loans under $2 million!

The Treasury announced May 13th, that recipients of the loans under $2 million will not be subject to audit and it will be automatically determined that the borrower has acted in good faith in certifying the necessity of the loan. Prior to this announcement, there was much uncertainty among small businesses on whether they could certify that they actually needed this loan. This should alleviate the fear of 99% of all applicants.

90-Day Relief for Tax Payments Due

The Treasury Secretary, Steven Mnuchin, announced that tax payments up to $1 million for individuals can be deferred for 90 days.

The $1 million threshold was chosen for those who report pass-through business income on their individual return. Corporations are able to defer up to $10 million in tax payments. Penalties and interest will be waived during this 90 day period.

IRS: High-deductible health plans can cover coronavirus costs

IR-2020-54, March 11, 2020

WASHINGTON — The Internal Revenue Service today advised that high-deductible health plans (HDHPs) can pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status. This also means that an individual with an HDHP that covers these costs may continue to contribute to a health savings account (HSA). In Notice 2020-15 (PDF), posted today on IRS.gov, the IRS said that health plans that otherwise qualify as HDHPs will not lose that status merely because they cover the cost of testing for or treatment of COVID-19 before plan deductibles have been met. The IRS also noted that, as in the past, any vaccination costs continue to count as preventive care and can be paid for by an HDHP. Today's notice applies only to HSA-eligible HDHPs. Employees and other taxpayers in any other type of health plan with specific questions about their own plan and what it covers should contact their plan.

RMD — Big MisTAKE — Big Penalty

If you are 70 ½ or older, and have an IRA or other qualified plan fund, you probably know that you must take a required minimum distribution (RMD) before year end. If you turned 70 ½ this year, you will have until April 1st of next year to take your first RMD. However, did you know that if you inherited an IRA or other qualified plan fund from a person who passed away in 2019, and that person was 70 ½ or older, an RMD for 2019 must be taken out before the end of the year of death? Many beneficiary are not aware of this rule and fail to take this distribution. The penalty for not doing so is 50% of the amount that should have been distributed. If this happens to you, please give us a call or message ... we can help.

NEW Updates to Healthcare Requirements

For the 2019 Tax Year you are no longer penalized for not having health insurance. In January 2019, The Tax Cuts and Jobs Act officially repealed the Affordable Care Act tax penalty. This means you will no longer be penalized when you file your taxes for not having health insurance.

HSA

Amounts have increased to $3,500 for Individuals / $7000 for Families. Maximum catch-up contributions for people over age 55 remain at $1,000.

Divorce

Did you go through a divorce this year or are you currently going through a divorce? The tax rules have changed. Give us a call to discuss the changes to treatment of Alimony! 904-460-0747

2019 Medical — Threshold has increased from 7.5% to 10%

The IRS allows all taxpayers to deduct the total qualified unreimbursed medical care expenses for the year that exceeds 10% of their adjusted gross income. This includes medical and dental unreimbursed expenses.

2019 Tax Planning

It's not too late! Tax planning is well underway here at Abare, Kresge & Associates. This is the perfect time to contact us to discuss your 2019 taxes and get a plan in place. We make every effort to make sure you are taking advantage of all of your tax saving options. Call to schedule an appointment today. 904-460-0747

   Clients