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Archive for Tax Forms

Many Tax-Exempt Organizations Must File Information Returns By May 15, 2018

Do Not Include Social Security Numbers Or Personal Data

WASHINGTON — The Internal Revenue Service reminded certain tax-exempt organizations that the Tuesday, May 15 filing deadline for Form 990-series information returns is fast approaching.

Form 990-series information returns and notices are normally due on the 15th day of the fifth month after an organization’s tax-year ends. Many organizations use the calendar year as their tax year, making May 15, 2018 the deadline to file for 2017.

No Social Security Numbers On Forms 990 Read more

How Long Should Tax Records Be Kept?

A frequent question we get throughout the year is: How long should I keep records and tax returns?

Here is a helpful guide to follow:

1 Year
Monthly statements of investments until an annual statement recapping the year’s activity is available, bank statements, copies of checks used for tax deductible expenses and payroll statements until your W-2 arrives and you confirm the information matches.  Read more

How Long Should You Keep Business Records For Tax Purposes?

If you own a small business, you need to keep business records. These can include digital or hard copies. They may contain financial information and licenses. Business record retention is necessary for your annual tax filings. It’s also necessary for potential audits.

What Are Business Records?

You know saving business documents is important. Now, you need to figure out what documents to save. The term “business documents” can refer to many things, including: Read more

Missing Important Tax Forms? Here’s What To Do

Form W-2

You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2017 earnings and withheld taxes no later than January 31, 2018 (allow several days for delivery if mailed).

If you do not receive your Form W-2, contact your employer to find out if and when the W-2 was mailed. If it was mailed, it may have been returned to your employer because of an incorrect address. After contacting your employer, allow a reasonable amount of time for your employer to resend or to issue the W-2. Read more

IRS And FTB Power Of Attorney Forms Have Changed

If you are a tax professional, take note of recent changes that the Internal Revenue Service (IRS) and California Franchise Tax Board (FTB) have made to their power of attorney forms that may affect your ability to access client information.

The IRS form, found here, has expanded section 5a to include a box you must check if you have intermediaries access client transcripts for you.  The FTB has completely rehauled its power of attorney form system — there is a new form to use for individuals, a separate form for business entities, and a third form to use when you want to revoke your power of attorney.  Read more

What Federal Forms Do You Need To File Taxes?

Whether you’re filing taxes yourself or having a tax preparer do them for you, it’s important to have all the necessary documents. Gathering them beforehand can save both time and frustration.

You should receive the majority of these documents by January 31, which is the new deadline for companies and employers to send out W-2 and 1099 forms. Each federal tax form is explained below so you can make sure you have everything you need to file your taxes. Read more

IRS Form 1099-misc Due Date Approaching – Facts

John Dundon

As many of us who hang our own shingle are painfully aware, IRS Form 1099-misc is due NEXT WEEK. YIKES! I’m still shaking off the holidays.

The failure to timely file this ‘informational return’ has gone up this year. So you really do NOT want to miss this deadline, particularly if you are a contractor that needs to get 50 or so of these out.

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Employer EITC Notice To Employees – New CA Requirement!

Annette Nellen

Several states require employers to notify employees that they may be eligible for the federal (and perhaps also state) Earned Income Tax Credit (EITC). This year, California law was changed to require employers to also notify employees about the California EITC recently added to the law.

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Year End Tax Planning & The Kiddie Tax – IRC §1(g)(2) – IRS Form 8615

John Dundon

The most common year end tax planning questions generally have been revolving around the implications of sheltering and feeding fully grown and educated children as flying the coop has become increasingly difficult for the current generation of young adults. “Hanging” at Mom and/or Dad’s place as a young professional is the new ‘thing” to do. If you can…

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Set Up Your 2017 Calendar To Reflect New Filing Dates For 2016 U.S. Tax Returns

Ron Marini

On July 31, 2015, President Obama signed into law P.L. 114-41, the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015,” which includes a number of important tax provisions, including revised due dates for partnership, S corporations and C corporation returns and revised extended due dates for some returns.

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New I-9 Form, Employment Eligibility Verification, Required By January 22, 2017

Annette Nellen

There are a lot of tax and related forms! Here is an update about one required by all employers when they hire an employee. Form I-9, Employment Eligibility Verification, has been updated (as of 11/14/16) and the new version must be used by January 22, 2017 (see news release from USCIS). “Among the changes in the new version, Section 1 asks for “other last names used” rather than “other names used,” and streamlines certification for certain foreign nationals.”

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Reporting Business Mileage On Your Tax Return

MileIQ

We often talk about tracking your mileage and expenses for tax purposes. But, what are you supposed to do with it? Let’s go over the basics on reporting business mileage on your tax return.

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