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Surprises That Tax Us – I did not owe that last year!
Surprises That Tax Us – I did not owe that last year! Too often we think our upcoming tax bill will be similar to the one last year. When it is not AND when it is a higher tax bill, the surprise can be problematic. Outlined here are some common areas that create these unpleasant surprises. Picture this; for the past few years you have picked up your tax return and have had a small but nice refund. Now imagine your surprise, when next year, you are required to send in a fairly big check to settle your tax bill.
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Alimony Mis-match Getting IRS Audit Attention
Alimony Mis-match Getting IRS Audit Attention If the alimony you paid does not match the alimony income reported by the person who received the funds you can expect more attention from the IRS. A lot more attention. Here is what is happening. The U.S. Treasury Department recently released an audit report revealing a disturbing level of non-compliance in alimony reporting on tax returns. This non-compliance will result in a vast increase in tax return reviews now and in the years to come. Here is what you need to know. The study The Treasury Inspector General for Tax Administration (TIGTA) recently
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Hallmark CPA Group LLC Receives 2014 Best of Tampa Award for 4 Consecutive Years
Press Release FOR IMMEDIATE RELEASE Hallmark CPA Group LLC Receives 2014 Best of Tampa Award for 4 Consecutive Years Upgrading the award to a Business Hall of Fame Tampa Award Program Honors the Achievement TAMPA April 23, 2014 — Hallmark CPA Group LLC has been awarded the 2014 Best of Tampa Award in the Certified Public Accountants category by the Tampa Award Program. Each year, the Tampa Award Program recognizes local companies that enhance the positive image of small business through service to their customers and our community. These exceptional companies help make the Tampa area a great place to
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Small Businesses: Plan for Lower Section 179 Expense
Small Businesses: Plan for Lower Section 179 Expense Effective in 2014, the amount of capital purchases that can be expensed versus depreciated over time is much lower. Here are some things to consider. Top-line: In 2014, the annual expense limit for Section 179 is now $25,000, down from $500,000 in 2013. You will need to plan accordingly. Background Section 179 of the tax code allows businesses to immediately expense qualified capital purchases versus depreciating (recovering) their cost over time. Qualified purchases can be new or used equipment and certain software placed in service during the year. This benefit can be maximized
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Annual Tax-Exempt Filing Due May 15th
Annual Tax-Exempt Filing Due May 15th Too many small tax-exempt organizations are having their charitable tax status revoked simply because they failed to file their annual form with the IRS. Don’t let this happen to you or your favorite charity. If you are involved in a tax-exempt organization or know someone who is, this is a reminder that the annual filing requirement is quickly approaching. The rule: Every tax-exempt organization must file an annual return (990 series) on the 15th day of the fifth month following their year end. That means calendar based charitable groups have until May 15th to file. The penalty: If
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Indirect IRA Rollovers. Change is Coming
Indirect IRA Rollovers. Change is Coming A recent Tax Court ruling makes the use of indirect rollovers from one IRA to another a risky proposition. To ensure no trouble with the IRS, rollovers of this type should probably be handled directly by financial trustees. Here is what you need to know. Topline: When rolling over funds from one IRA to another (typically Traditional IRAs, Roth IRAs, SEP IRAs and Simple IRAs), it is best to use a direct rollover versus an indirect rollover. As confirmed in a recent tax court ruling, taxpayers are limited to ONE INDIRECT rollover per 12 months.
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