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Automatic Tax Filing Extensions Available

By Joaquin On February 25, 2016 · Add Comment
Automatic Tax Filing Extensions Available Article Highlights: Form 4868 Late Payment Penalty Taxpayers Residing Abroad Retirement Contributions Estimated Tax Payments Foreign Bank Account Reporting A taxpayer who needs more time to complete his or her 2015 individual tax return can request an automatic six-month extension. The extension is obtained by filing IRS Form 4868 on [...]
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IRS Gearing Up For Home Mortgage Interest Audits

By Joaquin On February 24, 2016 · Add Comment
IRS Gearing Up For Home Mortgage Interest Audits Article Highlights: Acquisition Debt Equity Debt Debt Limits Form 1098 Modification Correspondence Audits Incorrect Interest Allocation Many individuals who believe all of the interest reported by home mortgage lenders on the Form 1098 is automatically deductible may be in for a very unpleasant surprise when they file [...]
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March 2016 Individual Due Dates

By Joaquin On February 24, 2016 · Add Comment
March 2016 Individual Due Dates March 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10. Your employer is required to withhold FICA [...]
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March 2016 Business Due Dates

By Joaquin On February 24, 2016 · Add Comment
March 2016 Business Due Dates March 15 –  S-Corporation Election File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2016. If Form 2553 is filed late, S treatment will begin with calendar year 2017. March 15 –  Electing Large Partnerships Provide each [...]
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Proving Noncash Charitable Contributions

By Joaquin On February 24, 2016 · Add Comment
Proving Noncash Charitable Contributions Article Highlights: Noncash Charitable Contributions Establishing Donation Value Fair Market Value Documentation Requirements Appraisal Requirements One of the most common tax-deductible charitable contributions encountered is that of household goods and used clothing. The major complication of this type of contribution is establishing the dollar value of the contribution. According to the [...]
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Asset Sales Versus Stock Sales: What You Need to Know

By Joaquin On February 24, 2016 · Add Comment
Asset Sales Versus Stock Sales: What You Need to Know Selling a business is never a decision that should be made lightly. A business is something that you’ve likely worked hard to build from the ground up into the entity that you always hoped it could be – you don’t want to sell yourself short [...]
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Foreign Account Reporting Requirements (FBAR)

By Joaquin On February 24, 2016 · Add Comment
Foreign Account Reporting Requirements (FBAR) Article Summary: Foreign Account Reporting Requirement Financial Crimes Enforcement Network Penalties for Failure to File Type of Accounts Affected Form 8938 Filing Requirements Some years ago, Senate hearings revealed that many Americans were hiding millions of dollars in Swiss and other foreign banks, not reporting the income from these accounts, [...]
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Take Advantage of the IRA-to-Charity Provision

By Joaquin On February 24, 2016 · Add Comment
Take Advantage of the IRA-to-Charity Provision Article Highlights IRA-to-Charity Transfer Provision Made Permanent Required Minimum Distribution How the Provision Plays Out on a Tax Return Tax Benefits of the Provision Individuals age 70.5 or over—who must withdraw annual required minimum distributions (RMDs) from their IRAs—will be pleased to learn that the temporary provision allowing taxpayers [...]
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2015 Transition Relief under the Employer Shared Responsibility Provisions

By Joaquin On February 24, 2016 · Add Comment
2015 Transition Relief under the Employer Shared Responsibility Provisions Article Highlights: Employer shared responsibility provisions Who must be offered affordable minimum essential health coverage? Full-time employees Equivalent full-time employees Transitional relief Under the Affordable Care Act, certain employers – referred to as applicable large employers (ALEs) – are subject to the employer shared responsibility provisions, [...]
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Better to Sell or Trade a Business Vehicle?

By Joaquin On February 24, 2016 · Add Comment
Better to Sell or Trade a Business Vehicle? Article Highlights: Trade-in Sale Personal Use Allocation Other Considerations From time to time business owners will replace vehicles used in their business. When replacing a business vehicle, the tax ramifications are different when selling the old vehicle and when trading it in for a new vehicle. If [...]
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  • D&J Accounting & Tax Services, Ltd. • 4950 N. Harlem Avenue • Harwood Heights, IL 60706 • T 773-237-7400 F 773-237-2822 mówimy po polsku
  • Home
  • About
  • Services
  • Conference Center
  • QuickBooks
  • Payroll
  • Part Time CFO Services
  • Blog
  • Cash Flow Management
  • Strategic Business Planning
  • New Business Formation
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  • Tax Preparation
  • Tax Planning
  • Tax Representation
  • Bankruptcy
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  • Contact Us
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