Tax Return | TaxConnections

18 Apr 2017

Form 8621 And 5471 Are Required Even If The Tax Return Isn’t!

The Internal Revenue Code of the United States requires two things:

1. The calculation of taxes; and

2. The reporting of information.

The Internal Revenue Code of the United States is based on three basic principles:

1. A dislike of all things “foreign”. (If you see the word “foreign” a penalty is sure to follow.)

2. A hatred of all forms of non-U.S. “tax deferral”

3. An attempt to stop the “leakage” of “U.S. taxable assets” from the U.S. tax base. (Examples include the U.S. tax treatment of the “alien spouse” and the U.S. S. 877A “Exit Tax” that may be payable when one makes the decision to renounce U.S. citizenship).

Written by John Richardson | Posted in Tax Return

29 Mar 2017

Tax Research Methodology

A Practical Guide to Perfecting Your Tax Research Techniques and Achieving Sustainable Tax Return Filing Positions

In order to optimize your CPA Firm’s overall efficiency, effectiveness, and productivity in connection to researching and resolving a tax issue and determining the sustainability of a tax return filing position per Circular 230, the appropriate tax research processes must be meticulously designed, implemented, and executed. The subsequent five practical steps will guide you in establishing an all-inclusive tax research effort on behalf of your entire client base while properly ascertaining the likelihood of success should a tax position taken on a tax return be challenged by the Internal Revenue Service (hereinafter the “Service”) upon examination.

Written by Peter J. Scalise | Posted in Tax Return

05 Dec 2016

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

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.

Written by tbeecher | Posted in Corporate • FinCEN • Tax Forms • Tax Return

13 Oct 2016

Important Change: When are Corporate/Partnership Tax Returns Due?

Do you take notice when it comes to new California tax laws and updates? Here is one that taxpayers and tax preparers alike will want to pay attention to.

Written by Monika Miles | Posted in Corporate • Partnership • State Tax • Tax Return

19 Apr 2016

Will We See Candidate 2015 Tax Returns After April 18?

You likely already heard that the due date for your 2015 return is not April 15 (today), but April 18. This is due to a tax rule (IRC section 7503) that says if the required date for an act is Saturday, Sunday or a legal holiday in the District of Columbia, then the action is to take place on the next day that is not a Saturday, Sunday or legal holiday. April 16 is Emancipation Day in DC (see Read More

Written by Annette Nellen | Posted in Tax Return

13 Apr 2016

Amended Returns

Oops! You’ve discovered an error after your tax return has been filed. What should you do? You may need to amend your return.

The IRS usually corrects math errors or requests missing forms (such as W-2s) or schedules. In these instances, do not amend your return. However, do file an amended return if any of the following were reported incorrectly: Read More

Written by Debra Thompson | Posted in Earned Income Tax Credit • Form 1040 • Tax Return

13 Apr 2016

Are you Using the Correct Private Delivery Service?

Most taxpayers today do not mail their tax returns as the use of e-filing continues to increase. However, some still mail in paper returns, and there are occasions in which correspondence with the IRS must be done through the mail. Most taxpayers utilize the United States Postal Service in these cases. But there are Read More

Written by John Stancil | Posted in IRS • Private Delivery Service • Tax Return

02 Feb 2016

Planning On Preparing Your Own 2015 Tax Return In Ireland?

For all those individuals currently preparing his/her own 2015 Tax Return, please be aware of the significant changes in Finance Act 2014, especially in the areas of:

1. Research & Development Tax Credits

2. Capital Allowances for the Provision of Specified Intangible Assets

3. Three Year Relief for Start-up Companies

4. Employment and Investment Incentive (EII)

5. Company Residence

R&D Tax Credit

Up to 1st January 2015, Section 766 TCA 1997 provided that the Read More

Written by Claire McNamara | Posted in Tax Return

07 Jan 2016

Biggest Mistakes Made by Tax-Exempt Organizations when Filing Tax Returns

Even though non-profit organizations can be tax-exempt, they are still required to file a return with the IRS. Many individuals, including those associated with non-profit organizations, do not understand the tax obligations of a non-profit organization.

I have compiled a top ten list of mistakes made in regard to taxes for these organizations.

• Not understanding the difference in non-profit and tax-exempt. An organization is a non-profit when it registers with the state as a non-profit organization. This state registration does not confer on it tax-exempt status. The organization must file a Form 1023 with the IRS to apply for, and receive tax-exempt status.

• Not filing a return. Because the organization is tax-exempt, some have a belief that the organization is not required to file a tax return. All tax exempt organizations, with the exception of churches, must file a Form 990 annually with the IRS. Read More

Written by John Stancil | Posted in Tax Filing • Tax Mistakes • Tax Refund • Tax Return

07 Jan 2016

Tax Preparation Questions To Ask Yourself

When you leave your tax preparer’s office each year, there are two very important questions you should probably be asking yourself.

Question #1:

How secure is your personal information after you leave it with your tax preparer? Probably not very secure! Do they leave your paperwork lying about the place, accessible to all, after they have completed your taxes? Are their computers adequately protected by firewalls and effective anti-virus software? Is there adequate background checks done on their employees, who obviously will have unlimited access to your sensitive personal information? The honest truth is that you really don’t know.

Also, you should be concerned about hackers. These criminals have been successful in hacking into supposedly very secure government computer systems; the Office of Personnel Management, and even the IRS itself come to mind immediately. These people know that they will have access to a treasure trove of personal information if they were to hack into the computers of H&R Block, Liberty Tax, or any CPA or other tax preparation office. So what is to stop them from hacking into your tax preparer’s computer, which obviously will be a lot less protected than the government’s computers? Read More

Written by Milton Boothe | Posted in Tax Filing • Tax Refund • Tax Return • Tax Risk Management • Tax Tips

06 Jan 2016

Tax To Do List For The Upcoming Filing Season

If you’re looking for things to do to get ready for the upcoming filing season or want to check your list against another, I have one for you. Please see “Preparing for the 2016 Filing Season,” AICPA Tax Insider, 12/17/15.

The article was written before passage of the extenders and appropriations tax package. Here is a list of links to that legislation you may find useful along with a list of some items for immediate consideration.

P.L. 114-113 (12/18/15) – H.R. 2029, Consolidated Appropriations Act 2016 – includes appropriations and other changes along with the Protecting Americans from Tax Hikes Act of 2015 (PATH), which is the extenders bill.

NOTE ON EXTENDERS: The bulk of the tax changes are in PATH, although a few, including a two year extension of Read More

Written by Annette Nellen | Posted in Tax Payments • Tax Return • Tax Tips

04 Jan 2016

Important Tax Dates and Tax Payments, Tax Season Begins (January 2016)

Individual Due Dates

January 4 – Time to Call For Your Tax Appointment –

January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you do so before the calendar becomes too crowded.

January 11 – Report Tips to Employer –

If you are an employee who works for tips and received more than $20 in tips during December, you are required to report them to your employer on IRS Form 4070 no later than January 11.

January 15 – Individual Estimated Tax Payment Due –

It’s time to make your fourth quarter estimated tax installment payment for the 2015 tax year.