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…
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…
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…
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…
United States Citizens and/or taxpayers who has authority over assets, including a bank account, brokerage account, mutual funds, trust, or other type of financial accounts located outside of United States aggregating to $10,000 during the calendar year must file the FBAR report with the Financial Crimes Enforcement Network (FinCEN) a bureau of the Treasury Department.…
Complying with the business tax and accounting liabilities can be very time consuming, which is the reason we recommend you to plan ahead. Waiting until the last minute only creates burden and the risk of missing the deadlines; which could lead to the frustration of having to pay a fine when it could have been…
President Donald Trump would implement some significant tax changes based on what it was proposed during his campaign. On January 23, 2017 he said from his chair in the Roosevelt Room at the White House “We are going to be cutting taxes massively for both the middle class and for companies”. Individuals For individual taxpayers…
The new year spreads excitement, and for many it also brings the desire of making positive changes and the hope of reaching certain goals. If we review the history, we find it records the beginning of the New Year’s resolutions with the ancient Babylonians some 4,000 years ago. Since then, the human race has many…
#25 Do you qualify for a foreign tax credit? If you paid income taxes in a foreign country, when you file your U.S. tax return you can apply for a foreign tax credit. Bring us your foreign tax return, and we may be able to bring you a foreign tax credit. ‘Tis the Season to…
#24 Know Your Tax Status Do you live in the United States for than more 120 days? Do you earn income in more than one country? If this is the case, you may need to file a U.S. tax return of your worldwide income and assets. ‘Tis the Season to start Tax Planning Call us…
