Article Category: Tax Updates

Tax Day!!!! April 18, 2016

Posted on: April 18, 2016

Today is income tax deadline day. Tax Day April 18th, 2016. The last day to file your taxes, if you have not already filed a tax extension. If your business is seeking business tax or business accounting solutions, our experienced professionals can provide you with the expertise you are looking for. Visit us today at www.businesstaxpreparation.com to learn more about our full range of business tax and accounting services. Contact us by email at info@businesstaxpreparation.com or by phone at (866) 676-9417 to receive a free, no obligation consultation.

Tax Breaks Slide in Under the Wire!

Posted on: December 28, 2015

Tax Breaks Slide in Under the Wire! With less than two weeks to go in 2015, Congress gave both business owners and individual taxpayers a wonderful holiday surprise by passing an important piece of tax legislations. The PATH (Protecting Americans from Tax Hikes) Act, which was signed into law on December 18th, reinstated many important tax breaks that had expired at the end of 2014, making them retroactive to the first of the year.  It extended some of the provisions of the original tax extenders legislation for periods of one to several years while making others permanent. In addition, it … [Read more…]

Bill Changes Tax Deadlines

Posted on: August 10, 2015

New Bill Changes Important Business Tax Deadlines Business owners take note! A short term extension of the Highway and Transportation Funding Act, which was signed in to law by President Obama on July 31st, includes some important changes to business tax deadlines. Although the main focus of the bill was extending the use of funds earmarked for infrastructure and transportation which were scheduled to expire on August 7th, it also contained some important add-on provisions. In addition to extending the use of transportation funds through October 29th of this year, the new legislation modified certain mortgage and cost-basis reporting requirements … [Read more…]

International Data Exchange Service

Posted on: May 11, 2015

International Data Exchange Service Bolsters FATCA The International Data Exchange Service (IDES) is an electronic delivery system that allows both financial institutions and tax authorities in host countries to exchange FATCA data with the Internal Revenue Service. If predictions hold true, this new data exchange system, which went into effect in January of this year, will greatly enhance the effectiveness of the Foreign Account Tax Compliance Act (FATCA). According to IRS Commissioner John Koskinen, the International Data Exchange Service is a “milestone in the implementation of FATCA.” Koskinen maintains that increasing the ability of the IRS to detect hidden foreign assets will not only increase foreign tax … [Read more…]

TurboTax and Tax Fraud In The News

Posted on: February 18, 2015

TurboTax and Tax Fraud In The News We are only few weeks into tax season and, already, there are more tax fraud stories to report.  Although the details remain cloudy, it seems that TurboTax had a security breach a few weeks back, causing the FBI to launch an investigation. Intuit insists that data was stolen from its TurboTax software system by groups on the outside, comparing it to other large company breaches that have recently been in the news. Whatever the cause, the IRS is taking it seriously just as they have other “questionable refund investigations” and identity theft issues … [Read more…]

IRS – Opening Date for Tax Season 2015

Posted on: January 5, 2015

IRS – Opening Date for Tax Season 2015 – In spite of the fact that the tax extenders bill, a major piece of tax legislation, was passed just weeks before the end of the year, the Internal Revenue Service has announced that there will be no delay to the opening of the 2015 tax season. The official opening date for individual returns has been set as Tuesday, January 20th, 2015 which is actually 10 or 11 days earlier than that of previous years. In addition, rather than a tiered opening, the new legislation allows taxpayers who are submitting paper returns … [Read more…]

Business Tax News -Corporate Tax Inversions!

Posted on: August 11, 2014

    Business Tax News -Corporate Inversions on the Rise-  In order to escape a 35% corporate tax rate, more and more United States companies are taking steps to move their headquarters offshore. While such a move, called an inversion, does not lower a company’s business tax rate on income earned within the United States, it does shield them from paying the high rate on foreign earnings. This provides a huge business tax advantage to multinational companies whose overall business tax rate could potentially be reduced by over 10%! Because the government has been less and less lenient about allowing … [Read more…]

Small Business Tax Breaks in the News

Posted on: May 1, 2014

Small Business Tax Breaks in the News -This past Tuesday, the House Ways and Means Committee voted to extend six of the more than 60 small business tax breaks that expired on January 13, 2013. Although most analysts assume that the proposal will not be bought up for consideration by the House of Representatives for quite some time, the vote is none the less significant in that it favors extending the small business tax breaks permanently, rather than for some set time period. Proponents of the proposal feel that this will allow small businesses to better plan for the future … [Read more…]

Small Business Tax Update!

Posted on: April 4, 2014

Small Business Tax Update -Now that your corporate tax return or your corporate tax extension has been filed, it is as good a time as any to begin making changes that will save your business tax dollars and make tax record keeping a little easier. The following points highlight some small business tax issues that you may want to consider as you move your business forward. The Obvious Have an organized accounting system that includes entering all business expenses in a systematic and timely manner. Along these same lines, keep personal and business expenses separate. Never overlap the use of … [Read more…]

Some Business Tax Mistakes To Avoid

Posted on: March 6, 2014

Some Business Tax Mistakes to Avoid Some Business Tax Mistakes to Avoid – Since the sum total of the taxes paid by a business is such a major expense, the saving of tax dollars can be one of the most important contributing factors to business success and profitability. With the corporate tax deadline fast approaching, this article is focused on giving business owners a heads up on some common tax mistakes to avoid. One common business tax error is to incorrectly classify workers as independent contractors when they should be classified as employees. Unfortunately, selecting the correct classification can be … [Read more…]