Dec 1, 2019

Horse Losses

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

If you have are operating a business in IT industry or other technology intensive industry you might qualify for R & D Tax Credit and save large amounts in Income Tax or EVEN Payroll Tax for 2017. We are offering a special session on this for IT industry. Please join us


     Eventbrite - R & D Tax Credit for Information Technology Firms - Save Thousands in Taxes

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).

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.