If you’re a C corporation or partnership that sponsors a qualified pension, profit sharing, 401(k) plan or a Simplified Employee Pension Plan (SEP) or Savings Incentive Match Plan for Employees (SIMPLE) IRA plan, please note that the due date for making employer contributions to these plans has changed.
In order to be deductible for the 2016 taxable year, employer contributions for these plans for 2016 have to be made by the due date or extended due date of your 2016 tax return. Since certain tax return due dates have changed for tax years starting in 2016, the time limit for making retirement plan contributions has changed as well.
The Internal Revenue Service today warned taxpayers about groups masquerading as charitable organizations to attract donations from unsuspecting contributors, one of the “Dirty Dozen” Tax Scams for the 2017 filing season.
The number of small business for sale in the US is growing. Business selling websites like Bizbuyandsell.com and Businessesforsale.com are reporting record high numbers. AARP states that as the Baby Boomer generation ages they are looking to sell to businesses and retire in record numbers as well. Often there is no family member willing or able to take over a business and the business goes out to the general market. There is another option.
As we approach the end of the year, this is the time to conduct year-end tax planning in order to optimize your tax position and minimize the amount of penalties and interest that may be due on your 2016 tax return filing. Year-end tax planning is more than just looking at your income and expenses for the year, it is about looking forward, understanding your business performance, finding positive ways to both help the performance of your company and optimize your tax position in the future.
In the information age we are all reliant on personal computers and devices. These devices contain our vital information. Cyber threats are real. The IRS has issued a set of instructions that will help you keep those threats at bay. At GMG CPA we are here to help. We wanted to share the information with you. We support efforts to combat identity theft and and fraudulent returns.
On November 22, 2016, U.S. District Court Judge Amos Mazzant granted an Emergency Motion for Preliminary Injunction and thereby enjoined the Department of Labor from implementing and enforcing the Overtime Final Rule on December 1, 2016.
North Carolina storm victims will have until March 15, 2017, to file certain individual and business tax returns and make certain tax payments, with similar relief expected soon for Hurricane Matthew victims in other states, the Internal Revenue Service announced today. All workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization also qualify for relief.
If you are a over 65 and qualify you can still benefit from this tax credit for 2016. In 2014 the IRS published these rules:
If you plan to claim a deduction for your medical expenses, there are some new rules this year that may affect your tax return. Here are eight things you should know about the medical and dental expense deduction:
Last year, the Protecting Americans from Tax Hikes (PATH) Act made permanent a number of expiring tax extenders. Although that legislation thankfully made planning for 2016 a little more certain, there are still a handful of tax provisions that are due to expire at the end of this year.
PATH addressed many critical extenders, such as Section 179 expensing and the research tax credit. With those necessary provisions handled, the stakes this year are much lower. It’s unlikely that the House and Senate will take any action before they adjourn for several weeks leading up to the November elections.
The Joint Committee on Taxation published a comprehensive list of expiring tax provisions for 2016 and coming years. Here are a few that are commonly taken by individual taxpayers.