Don’t overlook the requirement for any individual who holds any interest in a “specified foreign financial asset” during the tax year to complete and attach Form 8938 to his or her income tax return if a certain reporting threshold is met. The reporting threshold varies, depending on whether or not the individual lives in the U.S. and files a joint return with his or her … [Read more...] about Don’t Forget to Report Those Foreign Financial Assets!
Direct Deposit Puts Your Money in Your Pocket…Faster
Don’t wait around for a paper check. Have your federal (and state, if applicable) tax refund deposited directly into your bank account. Selecting Direct Deposit is a secure and convenient way to get your money into your pocket more rapidly. Security—Eliminates any possibility of a check being lost in the mail. Thousands of checks are returned to the IRS by the US Post Office … [Read more...] about Direct Deposit Puts Your Money in Your Pocket…Faster
American Taxpayer Relief Act of 2012
President Obama on January 2 signed the American Taxpayer Relief Act of 2012. The new law makes permanent Bush-era tax rates for individuals and couples with annual income of $400,000 and $450,000, respectively. The law also permanently indexes the alternative minimum tax for inflation, extends unemployment insurance benefits for one year and extends numerous business … [Read more...] about American Taxpayer Relief Act of 2012
HAPPY NEW YEAR!
We would like to take this opportunity to thank you for your continued patronage of our firm and wish you and yours a very happy New Year. We look forward to working with you on the preparation of your 2012 returns this tax season. If you have questions related to income, deductions, credits, or preparing for your appointment, please call. … [Read more...] about HAPPY NEW YEAR!
January 2013 Business Due Dates
January 15 - Employer’s Monthly Deposit Due If you are an employer and the monthly deposit rules apply, January 15 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for December 2012. This is also the due date for the nonpayroll withholding deposit for December 2012 if the monthly deposit rule applies. employment tax deposits … [Read more...] about January 2013 Business Due Dates