Amir Morani CPA
An interactive and engaging blog to share updated tax thoughts and concepts for US taxpayers - both individuals and business owners. Experienced CPA shares great US tax ideas. Also latest IRS rules that offer opportunities to plan on your taxes for next year.
Sep 15, 2017
Foreign Bank Account Report (FBAR) extended deadline is on October 15th 2017
If you did not file your FBAR and you have balances in bank accounts outside USA, you still have time to file your FBAR form by October 15th (actually October 16th this year) with an automatic extension.
Feb 2, 2017
R & D Tax Credit is a tremendous tax saving for businesses in IT and other industries
Jan 15, 2017
Capital Assets - How much can you expense directly
Capital assets purchased in business have to be capitalized and depreciated over the life of the asset as allowed under IRS rules. However, under new regulations, the IRS has set safe harbor rules under which acquired items do not need to be capitalized. This safe harbor is $5,000 for taxpayers with an audited financial statement or $2,500 for taxpayers without an audited financial statement.
Jan 11, 2017
Partnership Return 1065 deadline now same as 1120S
Another deadline change for this year is in Partnership and C Corporation returns.
Partnership returns Form 1065 are now due on March 15th, instead of the usual April 15th deadline. This change goes into effect in 2017 and forward.
So, now S Corporation tax return 1120S and Partnership tax return 1065 are due on the same day - March 15th.
Another change is in C Corporation return 1120 - which is now due on April 15th (this year it is April 18th).
Partnership returns Form 1065 are now due on March 15th, instead of the usual April 15th deadline. This change goes into effect in 2017 and forward.
So, now S Corporation tax return 1120S and Partnership tax return 1065 are due on the same day - March 15th.
Another change is in C Corporation return 1120 - which is now due on April 15th (this year it is April 18th).
NEW DEADLINE for W2 Filing for 2017
For the first time, businesses this year must file W2 wage reports with IRS by January 31st. This is a major change compared to past when they were not due until end of February and even end of March. This year, and going forward, the deadline is January 31st. This is the same deadline that applies for employees. So, businesses must provide W2s to employees by January 31st and must file with IRS by the same date. Same deadline change applies to 1099s for 2017 and going forward.
Dec 23, 2016
Dec 22, 2016
Change in Partnership Form 1065 Tax Filing Deadline
If you file a Partnership Tax Return Form 1065 then there is a major change in its filing deadline. The Partnership Tax Return is now due on March 15th, 2017. This is the new deadline for Partnership Tax Returns going forward.
Make sure you don't miss this deadline. There are some not-so-pleasant penalties for not filing the partnership returns on time. If you are not able to file it by March 15th, 2017, you can file for an extension until September 15, 2017.
Make sure you don't miss this deadline. There are some not-so-pleasant penalties for not filing the partnership returns on time. If you are not able to file it by March 15th, 2017, you can file for an extension until September 15, 2017.
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