HomeFirm ProfileClient ServicesInfo CenterNewslettersLinksFinancial ToolsContact Us
Newsletters

Free Professional Shredding of Your Documents


!!!PLEASE CHECK BACK WITH US FOR OUR 2014 FREE SHRED DAYS!!!

  

In keeping with our commitment to safeguard the private information of our clients, we are offering to shred your documents for free.  Please bring documents into our office to be professionally shredded between 9:00 a.m. and 3:00 p.m.

 Please join us for some light refreshments and pick up important brochures about protecting your identity.  


 

Tax Alerts
Tax Briefing(s)

As Congress August recess nears, lawmakers are moving tax legislation for individuals and businesses. Bills targeted to tax reform, small business tax relief, and more have been introduced and are working their way to votes in the House and Senate. Congress is also grappling with the IRS’s budget for fiscal year (FY) 2017.


Phased retirement has become an increasingly popular trend lately. Along with its increased use, however, a number of questions have arisen. The IRS recently has issued guidance for determining the taxable portion of payments made to an employee during phased retirement. The guidance explains whether the payments are “received as an annuity” under Code Sec. 72 and how to determine the taxable portion of payments that are not received as an annuity.


The IRS recently released its Spring 2016 Statistics of Income (SOI) Bulletin containing a treasure-trove of useful information. The bulletin contains data gleaned from more than 148 million individual income tax returns filed for the 2014 tax year (TY). The data for 2014 reveal a corresponding increase in tax liability across all tax brackets. The SOI bulletin presents the most recent figures available for the 2014 tax year from various tax and information returns filed by U.S. taxpayers. In addition, the report compares the data to similar statistics measured in 2013. In general, the latest report shows a continued improvement in the national economy, year over year.


The Affordable Care Act (ACA) imposed an excise tax on the sale of certain medical devices by the manufacturer or importer of the device. The tax is 2.3 percent. Under the ACA, the excise tax was effective for the sale of medical devices after December 31, 2012. The tax is now under a two year moratorium.


A taxpayer changing its method of accounting must either request advance IRS consent or apply for automatic IRS consent on Form 3115, Application for Change in Accounting Method, to make the change. Automatic consent is more favorable because the taxpayer can request the change on its return filed after the year it makes the change. A taxpayer requesting automatic consent must submit Form 3115 by the due date of the return for the year of the change. Recent IRS actions indicate that a taxpayer who fails to make a timely request for a change of accounting method may qualify for an extension of time to request the change.


As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of July 2016.


Home|Firm Profile|Client Services|Info Center|Newsletters|Links|Financial Tools|Contact Us