Tag Archives: Tax Reporting

Simplified Home Office Deduction Next Year?

The IRS, in an attempt to ease the burden on small business, has introduced procedures to significantly simplify the home office deduction rules.  These rules, pending comment and final approval, would be effective for the 2013 tax year. Under the … Continue reading

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Individual Tax Filing Season Set to Open January 30th

With all the changes passed by Congress on January 2nd, the IRS has been hard at it implementing all the changes that effect your tax returns. The IRS recently announced that following the January tax law changes made by Congress … Continue reading

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Reminder for large employers: health insurance coverage information reporting due in Jan, 2013: health insurance coverage information reporting due in Jan 2013

January, 2013, will usher in a new paperwork requirement for large employers, generally those filing 250 or more Forms W-2. They’ll have to report the aggregate cost of employer-sponsored health insurance coverage provided to employees during 2012. Small employers are … Continue reading

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Reliance on accountant may avoid penalty for failure to file foreign trust form

There are a great deal of complicated rules, related to reporting any foreign income.  These provisions put the burden of reporting on the taxpayer and “encourage” compliance by imposing significant penalties of taxpayer who fail to comply.  Since, most accountants … Continue reading

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Only a few months left until individual extensions are due

This is just a reminder that we are at the half way point for individual tax extensions. As you know, individual tax returns were due on April 17th.  However, the IRS allows a taxpayer to file an automatic extension of … Continue reading

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2011 Gift Tax Returns Reflect Recent Law Changes

IRS has released final Form 709, United States Gift Tax Return, for gifts made during 2011 and instructions. The final form and instructions reflect law, administrative and indexing changes for gifts made in 2011 including changes made by the Tax … Continue reading

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Individual Tax Filing Due April 17

Just a reminder that we have two weeks to file our individual tax returns.  These returns are due on April 17th this year.  Partnerships, trust and a number of other returns are alos due on this date. If you need … Continue reading

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Tax Tips For Investors

Now that brokerage firms have finally issued their annual 1099 forms, I thought it might be a good idea to refresh on some of the key items that affect investors. “Wash” sales. Taxpayers can’t take long-term capital losses on stock … Continue reading

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Business Tax Returns Due March 15th

Calendar year S Corporations and C Corporations business tax returns are due on March 15th. The IRS allows a 6-month automatic extension of time, so if you don’t have your information together simply file for an extension. The extended due … Continue reading

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IRS & Identity Theft

Last year, we have seen an increased number of identity theft cases related to the IRS and state government filings. Basically, the fraudsters file a return with the IRS to steal your refund. Identity thieves use a legitimate taxpayer’s identity to … Continue reading

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