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3 Reasons To File IRS Form 8938, Statement of Specified Foreign Assets
1) You have a "Specified Foreign Financial Asset" which exceeds the filing requirements Financial Assets that are subject to this form are: A Financial Account maintained by a foreign institution and...
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2 Simple Questions That Taxpayers Will Need to Answer Carefully This Year
Do you file a Schedule C, Profit or Loss From Business or Schedule E, Supplemental Income or Loss (From Real Estate or Partnerships)? If so, you will notice there are 2 simple questions that have been...
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How (and When) to File an Income Tax Extension
Due Date The federal income tax returns are normally due on April 15th. This year, the 15th falls on a Sunday, so the due date should be Monday the 15th. However, Monday the 16th is Emancipation Day...
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4 Reasons to Get IRS Form W-9
1) Two Simple Questions That Taxpayers Will Need to Answer Carefully This Year Two simple questions were added to the income tax returns last year. These were: “Did you make any payments in 2011 that...
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6 Reasons Small Business Owners Should Meet With Their CPA Before Year-End
There are a host of reasons small business owners should meet with their CPA. Here are 6 of them: 1) Method of Accounting Smaller business can usually file their tax returns on the cash basis of...
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4 Easy Ways to Start Your 2013 Tax Planning and Save Money
The New Year’s celebrations are over. The New Year’s Resolutions are starting. We’ll see how long they last. Many people feel income taxes are going up. I’m confident they are for the higher...
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3 Proven Reasons You Should Be Prepared to File a Tax Extension This Year
The government finally passed the American Taxpayer Relief Act of 2012 at the last minute. So, we have avoided the Fiscal Cliff…for now. Now it’s time to file your 2012 tax return. Or is it?...
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4 Easy Steps to File Your Income Tax Extension
Your 2012 income tax return is due on April 15, 2013. What if you can’t get it done on time? Here are 4 easy steps to file your income tax extension. 1) Prepare a Tax Projection To file an...
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How to Save $267,892 of Income Tax, Penalties and Interest
A new client came to us late last summer. She dropped off a notice from the Internal Revenue Service (“IRS”). It indicated her and her husband owed $267,892 of back taxes, penalties and interest. I...
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How to Get an IRS Tax Penalty Waived
The Internal Revenue Service (“IRS”) has many tax penalties for taxpayers that fail to meet certain requirements. Some of these penalties are: * Failure to File * Failure to File on Time *...
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How a Small Partnership Can Get The Failure to File Penalty Waived
Face it, no one likes to get letter from the Internal Revenue Service (“IRS”). This is particularly true when you are being assessed a penalty. The IRS has many different penalties. One penalty...
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How to File Your FBAR and Sleep (Well) at Night
The Report of Foreign Bank and Financial Accounts (“FBAR”) Form TD F 90-22.1 is used to report an interest in foreign financial accounts. Who Must File Any U.S. person with a financial interest or...
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When to Borrow Against Your 401(k) Plan
While you don’t necessarily want to borrow against your 401(k) plan, there might be some situations when you would consider it. 401(k) Plan Loans The Internal Revenue Service (“IRS”) allows...
View Article3 Easy Steps For Mid-Year Tax Planning
Half the year is in the books. Many people are playing golf, going to the beach or having a barbeque. It is also the time however to have your Mid-Year Tax Planning. Here are 3 Easy Steps to make this...
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3 Proven Reasons Young Investors Should Fund a Roth IRA and Roth 401(k) to Save
Time As the Rolling Stones said, “Time is on my side.” And so it is with younger investors, time is clearly on their side. The benefit to a Roth IRA or Roth 401(k) plan is that if all of the...
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How to Pay Your Estimated Taxes
Many taxpayers are employees and have their income taxes withheld from their paycheck. Every April 15th they need to settle up with Uncle Sam and their state tax department. Other taxpayers may...
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How to Apply for Connecticut Tax Amnesty and Save Money
The State of Connecticut Department of Revenue Services (“DRS”) is running a tax amnesty program from September 16, 2013 through November 15, 2013. The amnesty program is for any tax period ending...
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4 Easy Steps to Respond to an IRS Notice with a 1099 Mismatch
It appears that there are more notices being issued to taxpayers regarding a potential mismatch with a 1099 that was filed. This increase in correspondence might be the result of taxpayers...
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4 Easy Steps to Prepare Your Connecticut Personal Property Tax Declaration
For Connecticut business owners their 2013 personal property tax declaration report is due by November 1, 2013. A report must be filed in each town that the business owns personal property. Unlike...
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How to File Your Form 1099′s and Avoid IRS Penalties
Determine Who Needs to Be Issued a 1099 A Form 1099 needs to be issued to any unincorporated business that you paid $600 or more. An unincorporated business includes Limited Liability Companies...
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