Innovative Tax Solutions of Central Florida Inc

06/03/2026

Did you set up a Business Tax Account with the IRS?

Business Tax Account S and C Corp Designated Officials must renew registration June 15 to July 29

Any person who registered as a Business Tax Account user in 2025 as a Designated Official for an S or C corporation must revalidate their status between June 15 and July 29 to renew their role. They must renew annually to maintain access to Business Tax Account. To renew, sign in.

06/01/2026

Summer day camp expenses may qualify for the Child and Dependent Care Credit if the camp enables you (and your spouse, if filing jointly) to work or actively look for work. This is a tax credit, not a tax deduction.

Qualifying Rules

To claim summer day camp expenses on your tax return, the following IRS requirements must be met:

Age Requirement: Your child must be under age 13 at the time the camp is attended.

Work-Related Purpose: The camp must provide care that allows you to work, look for work, or attend school full-time.

Eligible Camps: Day camps focused on sports, academics, arts, science, or other activities generally qualify as long as they meet the work-related care requirement.

Overnight Camps: Expenses for overnight or sleepaway camps are NEVER eligible for the credit.

05/29/2026

Taxpayers can now view and submit Trump Account elections in their IRS Individual Account

WASHINGTON — The Internal Revenue Service today announced new features in IRS Individual Accounts that allow taxpayers to view and submit Trump Account elections, making it easier to invest in these tax-advantaged accounts.

Through IRS Individual Account, taxpayers can securely access their tax information and complete common tasks online, including:

View the latest submission status of their Form 4547, Trump Account Election(s), including next steps.
Submit Form 4547, Trump Account Election(s), electronically.
"These new features reflect our continued focus on transforming the IRS into a digital-first agency that delivers a faster, more seamless experience for taxpayers and provides a new tax-advantaged investment account for children to save for college, retirement, and building generational wealth," said IRS Chief Executive Officer Frank J. Bisignano. "By expanding the IRS Individual Account to include this new status, we are providing taxpayers with this tool in addition to features for managing their tax accounts, tracking important transactions, and completing key actions quickly and securely."

Taxpayers benefit from greater transparency through real-time visibility into the Trump Account election process. Electronic submissions also improve accuracy, speed up processing times, and reduce delays associated with paper forms.

Trump Account election
Through the One, Big, Beautiful Bill, enacted on July 4, 2025, Trump Accounts allow parents, guardians, and other authorized individuals to establish a new type of individual retirement account for their children.

An account can be established for a child who has not reached age 18 by the end of the calendar year in which the election is made and who has a valid Social Security number.

A one-time $1,000 pilot program contribution from the Department of the Treasury is available for eligible children born between Jan. 1, 2025, and Dec. 31, 2028, who are U.S. citizens with a valid Social Security number. The IRS continues to provide updates and additional information about the tax benefits under the One, Big, Beautiful Bill. For details, see One, Big, Beautiful Bill Provisions on IRS.gov.

For more information about Trump Accounts, visit trumpaccounts.gov.

05/27/2026

Marriage

Marriage is a special time, and newlyweds can make their tax filing easier by taking two simple steps now:

1. Report any name change to the Social Security Administration.

2. Notify the United States Postal Service, employers, and the IRS of any address change.

Please contact our office, and we will fill out Form 8822 (Change of Address) and mail the form to you to sign and submit.

This will also help us update our records.

05/25/2026

In recognition of Memorial Day, our office will be closed. We honor and remember the brave men and women who made the ultimate sacrifice in service to our country. We wish you and your family a safe and meaningful holiday weekend.

05/18/2026

Got mail from the IRS? Don't toss it

Some taxpayers may get mail from the IRS. It's important that they open any mail they receive and read it carefully.

Most letters or notices are about federal tax returns or tax accounts. Each notice will outline the specific issue and include steps the taxpayer needs to take. A notice may reference changes to a taxpayer's account, taxes owed, a payment request or a specific issue on a tax return or credit.

Review the information. If the mail is about a changed or corrected tax return, the taxpayer should review the information and compare it with the original return. If the taxpayer agrees, they should make notes about the corrections on their personal copy of the tax return and keep it for their records. Typically, a taxpayer will need to act only if they don't agree with the information, if the IRS asked for more information or if there's a balance due.

Take any requested action. This may include making a payment. The IRS and authorized private debt collection agencies do send letters by mail. Taxpayers can also view digital copies of select IRS notices by logging into their IRS Online Account. The IRS offers several options to help taxpayers struggling to pay a tax bill. Taking prompt action could minimize additional interest and penalty charges.

Reply only if needed. Taxpayers don't need to reply to a notice unless specifically told to do so. If a taxpayer needs to call the IRS, they should use the number in the upper right-hand corner of the notice and have a copy of their tax return and letter.

Let the IRS know of a disputed notice. If a taxpayer doesn't agree with the IRS, they should follow the instructions in the notice to dispute what the notice says. The taxpayer should include information and documents for the IRS to review when considering the dispute.

Keep the letter or notice for their records. Taxpayers should keep notices or letters they receive from the IRS for three years from the date the tax return was filed. These include adjustment notices.

Watch for scams.
The IRS will never contact a taxpayer using social media. The first contact from the IRS will come in the mail.

05/10/2026

05/05/2026

Happy Cinco de Mayo!

Often mistaken for Mexican Independence Day, Cinco de Mayo became popular in the 1960s as a celebration of Mexican-American heritage, particularly in California.

05/04/2026

May the 4th be with us all!

05/01/2026

Notice CP53E – What You Need to Know

We’ve seen an increase in IRS notices (CP53E) that mention “missing direct deposit information,” even for taxpayers who owe a balance. This message is being generated by the IRS system and may not reflect your actual tax situation.

Here’s what you should know:

The CP53E notice is legitimate and not a scam.

If your tax return shows a balance due, the direct deposit message does not apply to you and can be disregarded.

The IRS is currently reviewing this issue and is expected to release official guidance soon.

Do you need to take action?

In most cases, no action is required if you owe a balance.

If you would like, you can log into your IRS online account and add or update your banking information.

You generally have 30 days from the date of the notice to make any updates.

If you have questions or would like us to review your notice, please don’t hesitate to contact our office.