Tax Pro Plus
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Dear Valued Client,
This edition of our newsletter covers the June 30th deadline for foreign financial account reporting, how to handle an IRS notice, a new social security online tool and much more.
Feel free to share this newsletter with your family, friends and colleagues. This firm relies on satisfied clients as the primary source of new business, and your referrals are both welcome and most sincerely appreciated!
Tax Pro Plus
This edition of our newsletter covers the June 30th deadline for foreign financial account reporting, how to handle an IRS notice, a new social security online tool and much more.
Feel free to share this newsletter with your family, friends and colleagues. This firm relies on satisfied clients as the primary source of new business, and your referrals are both welcome and most sincerely appreciated!
Tax Pro Plus
Do You Have a Financial Interest in or Signature Authority over a Foreign Financial Account? Better Read This! June 30 Is a Critical Date
Every U.S. person who has a financial interest in or signature or other authority over any foreign financial accounts (including bank, securities and other types of financial accounts in a foreign country), if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year, must report those relationships to the U.S. government each calendar year.
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What to Do If You Receive an IRS Notice
It’s a moment many taxpayers dread. A letter arrives from the IRS and it’s not a refund check. But don’t panic; many of these letters can be dealt with simply and painlessly.
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Forgot Something on Your Tax Return? It’s Not Too Late to Amend the Return
If you discover that you forgot something on your tax return, you can amend that return after it has been filed. The need to amend can include a number of issues:
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Social Security Administration Launches New Online Tool
If you go back a few years, you may remember that every year, about three months before your birthday, you received an earnings and benefits statement from the Social Security Administration providing you with a history of your earnings and projected benefits. Then, along came a recession and the accompanying budget cuts and the mailing out of the statements stopped, except for workers age 60 and over.
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Are You an Employee or an Independent Contractor?
The distinction has significant implications for both the employer and the employee. Employers like to treat individuals as independent contractors because they avoid having to match the employees’ payroll tax, pay benefits, pay unemployment insurance, etc. This results in a significant savings for employers.
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IRS Liberalizes Position on Local Lodging
In the past, a business deduction was allowed only for lodging when a taxpayer traveled away from his or her “tax home.” A taxpayer’s tax home is generally the location (such as city or metropolitan area) of a taxpayer’s main place of business (not necessarily the place where he/she lives).
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Job-Tracking Adds Precision to Your QuickBooks Company
Does your business have clients whose work sometimes requires multiple steps drawn out over weeks or months, like remodeling projects or court cases? If so, and you're not using QuickBooks' Jobs features, you're missing out on the opportunity to track and evaluate the financial impact of these complex tasks.
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Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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