Tax document retention guidelines for small businesses

Tax document retention guidelines for small businesses You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial records (or your computer desktop is … Continued

Go Green, Save Green: Tax Breaks for Saving Energy

Earth Day is April 22. This occasion reminds us to consider implementing changes to help reduce the amount of energy we consume. But “going green” isn’t just good for the Earth — certain energy-saving expenditures also may qualify for generous tax breaks that are good for your pocketbook, too. Here are some tax credits for … Continued

Court: Company President Is Liable for Unpaid Employment Taxes

A U.S. District court recently ruled that a company president was a “responsible person” who was liable for the trust fund recovery penalty. The court found that the president’s failure to pay over employment taxes was willful despite the fact there was a security agreement with a lender requiring the lender’s approval before any payments … Continued

Last Chance to Claim the Domestic Production Activities Deduction

The U.S. corporate tax rate has historically been among the highest in the world. Years ago, Congress created the domestic production activities deduction (DPAD) primarily to help level the playing field between American manufacturers and foreign competitors that operate in countries with lower tax rates. Prior to the Tax Jobs and Cuts Act (TCJA), C … Continued

Individual tax calendar: Important deadlines for the remainder of 2018

Individual tax calendar: Important deadlines for the remainder of 2018 While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that you also need to be aware of. To help you make sure you don’t miss any important 2018 … Continued

Haven’t filed your 2017 income tax return yet? Beware of these pitfalls

Haven’t filed your 2017 income tax return yet? Beware of these pitfalls The federal income tax filing deadline is slightly later than usual this year — April 17 — but it’s now nearly upon us. So, if you haven’t filed your individual return yet, you may be thinking about an extension. Or you may just … Continued

International Tax Monthly April Issue

  IRS Issues Guidelines on Waiving Filing Deadlines for Foreign Corporations The IRS Large Business and International Division (LB&I) has issued guidelines for handling delinquent Forms 1120-F, U.S. Income Tax Return of a Foreign Corporation, and for making filing deadline waivers. Foreign corporations engaged in a trade or business within the U.S. can claim deductions … Continued

You still have time to make 2017 IRA contributions

Tax-advantaged retirement plans like IRAs allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. The deadline for 2017 contributions is April 17, 2018. Deductible contributions will lower your 2017 tax bill, but even nondeductible contributions can be beneficial. Don’t lose the opportunity The 2017 limit for total contributions to … Continued

2018 Q2 tax calendar: Key deadlines for businesses and other employers

2018 Q2 tax calendar: Key deadlines for businesses and other employers Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all … Continued