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Due April 1st, 2017 Tangible Personal Property (TPP) refers to everything other than real estate, that is used in a business or rental property, and whose chief value is intrinsic to the article itself. Generally they are your business assets, desk, chairs, computers, tables, chairs, warehousing equipment, etc. It also includes personal owned property used…

Six Reasons to hire a licensed Certified Public Accountant (CPA)

frank.rosillo - 03/16/2017

Sometimes business owners try to do it all by themselves thinking that it could help to keep the budget low. As business owners we all can relate to “keeping it on a budget”. However, there are circumstances when it is more beneficial to incur additional expenses that prove to be a more efficient use of…

How to save money on taxes?

frank.rosillo - 03/14/2017

It is officially tax time! There are only two viable options: either face it and file taxes on time, or procrastinate on it longer, by asking for an extension. If you do choose to “procrastinate on it” make sure to make an estimated payment to avoid late payment penalties before either, 3/15 for 1120 corporate…

5 Tax Planning Mistakes to Avoid

frank.rosillo - 03/13/2017

Tax planning is essential to keep up with tax obligations deadlines. The question is: where does tax planning start?  Tax planning starts with the bookkeeping records. Proper bookkeeping is the foundation of accurate and successful tax planning; for this reason we encourage you to do all you can in the earliest opportunity to have available…

How to Avoid Tax Penalties

frank.rosillo - 03/10/2017

Failure to comply with the tax law could end up in tax penalties. Taxpayers could face several penalties for non-compliance of the Federal, State, County and City tax requirements plus interest charged in addition to outstanding taxes assessed; which could be a minor tax surprise or a major tax nightmare.  However, rest at ease, unless…

Four Tax Planning Tips for Successful People

frank.rosillo - 03/10/2017

Tax planning is the process of analyzing the financial situation from the tax point of view, to be able to estimate the tax liabilities and formulate ways to ensure tax efficiency. In simple words tax planning is the art of deferring your taxes, in as much as possible, by taking advantage of the beneficial tax-law…

International Tax Filing: Non-Resident vs. Resident

frank.rosillo - 03/03/2017

Resident (RA) vs Non-Resident (NRA) Tax Filing For tax purposes U.S. tax law treats U.S. persons and foreign persons differently. So, it is relevant to distinguish between these two types of taxpayers. Resident or United States Persons:   In tax law, the term “United States person” refers to a citizen or resident of the United States,…

Saving on the Cost to Prepare Your Not-For-Profit Tax Return

frank.rosillo - 03/02/2017

Tax preparation in general could imply to set aside lengthy periods of time. It is not different for a non-for-profit organization. As it should be, members’ passion and energy could direct them to focus on building the mission of the organization, and can often distract them from the tax law compliance. A tax-exempt status is…

Five Ways to Stay on Top of Your Taxes

frank.rosillo - 03/01/2017

Whether you are ready or not, taxes must be filed and paid at their due dates.  Mark your calendars with the following tax deadlines for the first quarter of 2017. March 15: partnerships and corporations 2016 income tax return; April 1st tangible taxes; April 15: individual taxes and foreign declarations. If not, penalties, interest, and…

Keeping Your Not-For-Profit Status

frank.rosillo - 02/28/2017

For federal tax purposes, an organization is exempted from taxation, if it is organized and operated exclusively with the purpose to promote or assist a particular social cause. To be exempted the organization must apply to the Internal Revenue Service (IRS) and meet the requirements and conditions to be recognized as a tax exempt by…

Managing Estimated Tax Payments and Cash Flow

frank.rosillo - 02/27/2017

If you own or run a business you must add to your quarterly tax activities the estimated tax payment as requirement to comply with the federal and state tax law to avoid penalties from your tax authorities. The rule is you must pay taxes as you go.  The estimated tax payment must be paid quarterly…