Click here to read a great article published in the ‘Bottom Line”
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
In our CPA practice, we find that many clients want to hold all of their tax information until they have received that final Form 1099 or K-1. Yikes! Don’t do that! Some brokerage firms don’t deliver 1099s until as late as March 8th, or amend the original 1099s frequently until March 31st.
We want you to provide us, or your CPA, with all available tax return information as soon as you have it pulled together. Don’t wait until you receive that last form!
This year it is especially important to get your tax information to us, or your CPA, as soon as possible. By getting your information to your CPA by early March, you will have your return in the front of queue and through the tax season hourglass well before the stress of April 18th!
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
It is never a good idea to file a tax return late. The IRS and the State of North Carolina will assess penalties on returns filed past the due date. If you simply run out of time, or don’t yet have all the needed information, it is perfectly fine to file for an extension.
For business owners, corporations are reminded that the due date for Forms 1120 and 1120S is March 15, 2016. Returns for individuals, trusts and partnerships are due April 18, 2016.
All business owners only have until September 15, 2016 to file returns that were placed on extension. Individual tax returns placed on extension still have until October 15, 2016 to timely file.
As always, give us a call with any questions or concerns you may have.
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
Article from Lumina News on restoring medical deductions for 2015
Click Here to read the article
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
A great article from Business Management Daily on Roth Conversions
Click Here to read the article
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
A great article from Business Management Daily on Social Security strategies.
Click Here to read the article
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
Take a look at the new 2016 mileage rates in the article below.
Click Here to read the article
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
A new temporary highway funding bill recently became law. Buried within this temporary bill are several tax law changes that have nothing to do with highway funding. Most of the tax law changes are effective after December 31, 2015 or for the 2016 tax year.
Tax Return Due Date Changes
For partnership returns, the new due date is March 15 (for calendar-year partnerships) and the 15th day of the third month following the close of the fiscal year (for fiscal-year partnerships). Currently, these returns are due on April 15, for calendar-year partnerships. The act directs the IRS to allow a maximum extension of six months (formerly five months) for Forms 1065, U.S. Return of Partnership Income.
For C corporations, the new due date is the 15th day of the fourth month following the close of the corporation’s year. Currently, these returns are due on the 15th day of the third month following the close of the corporation’s year.
Corporations will be allowed a six-month extension, except calendar-year corporations would get a five-month extension until 2026 and corporations with a June 30 year end would get a seven-month extension until 2026.
The new due dates will apply to returns for tax years beginning after Dec. 31, 2015. However, for C corporations with fiscal years ending on June 30, the new due dates will not apply until tax years beginning after Dec. 31, 2025.
FinCEN 114 Reporting
This form is required if you have over $10,000 in a foreign account. Previously, this form was required to be filed by June 15th and did not allow for any extension of time to file.
This new law is effective for returns beginning after December 31, 2015. This means FBAR reports for 2016 will now be due April 15, 2017 (the same day as your tax return). This new law also allows for the same six month extension available for your tax return (an October 15th due date).
The new law also provides that for any taxpayer required to file the FinCEN 114 for the first time, any penalty for failure to timely request or file an extension may be waived by the IRS.
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
Good Advice from the State of NC on how to protect yourself from identity theft.
Click here to read the article
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
Click here to read the article on Section 179 by Business Fleet
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
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