For years that begin after December 31, 2015, taxpayers will have new filing deadlines for many tax returns. The most significant changes are as follows: 2017 Tax Deadlines There are penalties for Form 1099 for incorrect filings, late filings and failure to file. If Form 1099 is filed within 30 days of the [...]
Remember that year-end planning is not just for individuals (see Seven Timely Tax Moves in 2016). In fact, your business operation may benefit from tax moves in 2016 in the wake of several key extensions in the Protecting Americans from Tax Hikes (PATH) Act of 2015. Here are five ideas for small-business owners to consider. [...]
As a general rule, your deduction for business entertainment expenses is limited to 50% of the cost, no matter what the occasion. But there is an important exception for holiday parties or other corporate events. In this case, you may be able to write off 100% of the cost for a gathering held on the [...]
With a new administration taking shape in our nation’s capital after the elections, you can expect that significant tax reforms will be debated, and perhaps enacted, in the near future. But the greatest impact on year-end tax planning in 2016 will likely derive from what happened late last year, not what will happen next year. [...]
Click here to read, download, or print the complete JMF Post Election Tax update 2016. Any change in Presidential Administration brings the possibility, indeed the likelihood, of tax law changes and the election of Donald Trump as the 45th President of the United States is no exception. During the campaign, President-elect Trump outlined a number [...]
Do you own investment real estate—say, an apartment building—that you rent out to tenants? Real estate can be a valuable and reliable source of income. Of course, the rental income is subject to tax, but the resulting tax liability may be offset by deductible expenses. In some cases, you might even qualify for a loss. [...]
By: Kim Smith, CPA, Tax Shareholder Kim is a shareholder, a member of the JMF Tax Department and in charge of the JMF State and Local Tax (SALT) group. With over 20 years of experience, she assists clients with corporate, partnership, and individual income tax reporting as well as complex multi-state income and sales tax [...]
As evidenced by the list of the “Dirty Dozen” tax scams recently released by the IRS, the tax swindlers are getting smarter every year. Here is a summary of the 12 notorious scams to watch out for in 2016. 1. Identity theft: A crook can steal your Social Security number and use it to file [...]
If you are an employer, you've probably heard that there are new laws about who qualifies for overtime pay. It's been about two years in the making. The most important items to understand are: The 2016 salary threshold is $913 per week or $47,476 annually for a full-year worker. That's adjusted down slightly from earlier reports. [...]
If you have been reading the tax press or even this blog, you will know plenty about the problems taxpayers are having with phone and email scams posing as the IRS. Well, now the IRS has announced that they will stop initiating field audits by telephone. So, the examiner will send a letter and then [...]