BHT&D Certified Public Accountants Blog

IRS Extends Federal Tax Return Filing Date; Issues Update On Families First Legislation

Posted by Joe Turnes on Tue, Mar 24, 2020 @ 12:00 AM

The Internal Revenue Service has extended the federal tax return filing date from April 15, 2020 to July 15, 2020

They have also issued an update on their plan to implement the new paid leave provisions of the Families First Legislation.

The following are other tax related deadlines as of this posting:

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Tags: Business Tax, Individual Tax, COVID-19, Paid Sick Leave, Family First Legislation, Tax Filing Deadline

What Is the Statute of Limitations on Unpaid Taxes?

Posted by Joe Turnes on Wed, Oct 16, 2019 @ 12:00 PM

If you have unpaid taxes that you haven't yet been making payments toward, it might make you fearful that the IRS will come a-knocking one day to collect on what you owe. Tax debt can quickly snowball from interest, penalties, late fees, and the amount of the taxes due.

However, a lot of the scaremongering surrounding the IRS is largely sensationalized in media and daily conversation. Agents won't come bursting through your door just because you have tax debt. Instead, they must follow due process in accordance with the Internal Revenue Service Restructuring and Reform Act of 1998 (RRA). This means that you will always receive written notice concerning your balance due as well as collection actions and any requests for payment plans or settling your account.

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Tags: Business Tax, Tax Return, State Income Tax, IRS Tax Return Audit, Individual Tax, Tax Liability

Special Wage And Benefit Reporting For 2%+ Shareholders Of S-Corporations.

Posted by Lori Shepard on Mon, Dec 17, 2018 @ 07:00 AM

2% or more shareholders of an S-corporation (and family members) are not treated as an employee when it comes to most benefits.  Please see the table below for benefits that are taxable and for benefits that are tax-free to a 2% or more shareholder (and family members) of an S-corporation:

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Tags: Business Tax, Taxable Benefits

Are You Prepared For The Income Tax Changes In 2018 and Beyond?

Posted by Joe Turnes on Fri, Nov 02, 2018 @ 12:00 PM

Tax reform has changed the way most taxpayers need to think about and plan for their taxes. It is no longer business as usual. Advanced planning will become very important long before tax time next year.

For most taxpayers, the most significant change is the increase in their standard deduction, which on the surface seems like a big benefit. But, don’t overlook the fact that the same tax reform that nearly doubled the standard deduction took away the personal exemption as a deduction.

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Tags: Itemizing Deductions, Tax Planning, Tax Deductions, Tax Deductible Travel Expenses, Business Tax, Individual Tax, TCJA

What Documentation Is Needed To Deduct Charitable Donations?

Posted by Andrea Bohez on Fri, Sep 21, 2018 @ 08:00 AM

At BHT&D CPAs, we get many questions regarding the documentation required to deduct charitable donations. The documentation required depends on the type and amount of the donation.

CASH DONATIONS 

  1. If the cash donation is $250 or less, you may use any of the following as proof of donation:
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Tags: Business Tax, Individual Tax, Charitable Donations

Checking Your Federal Refund Is Easy

Posted by Joe Turnes on Fri, Apr 13, 2018 @ 07:00 AM
If you have already filed your federal tax return and are due to receive a refund, you can check the status of your refund online.

Where’s My Refund? is an interactive tool on the IRS website. Regardless of whether you have split your refund among several accounts, opted for a direct deposit into one account, or asked the IRS to mail you a check, Where’s My Refund? will give you online access to your refund information 24 hours a day and 7 days a week.
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Tags: Business Tax, Individual Tax, Tax Refund

Can't Pay Your Taxes By The April Due Date?

Posted by Joe Turnes on Fri, Apr 06, 2018 @ 07:00 AM
If you aren’t one of those lucky Americans who gets a tax refund from the IRS you might be wondering about your options for paying off your tax liability by the April due date.

The IRS encourages taxpayers to pay the full amount of their tax liability on time, and it imposes significant penalties and interest on late payments. Thus, if you are unable to pay the taxes that you owe, it is generally in your best interest to make other arrangements to obtain the full funds to pay your taxes so that you are not subjected to the government’s penalties and interest. Here are a few options to consider.
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Tags: Individual Tax Return, Business Tax, Individual Tax, Tax Liability

New Tax Law Severely Limits Business Entertainment Deductions

Posted by Joe Turnes on Wed, Mar 07, 2018 @ 07:00 AM

If you are a business owner who is accustomed to treating clients to sporting events, golf getaways, concerts and the like, we have some bad news for you. The GOP’s tax-reform bill that President Trump signed on December 22nd of last year eliminated the business-related deduction for entertainment, amusement or recreation expenses, effective beginning in 2018.

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Tags: Business Tax, Small Business, Tax Reform, TCJA

A Summary Of The Tax Cuts And Jobs Act Of 2017

Posted by Joe Turnes on Mon, Jan 22, 2018 @ 09:00 AM

The Tax Cuts and Jobs Act was signed into law on December 22, 2017.  This law means significant changes for both individuals and businesses.  While all changes are not listed below, it does include a good summary of the legislation that could impact you or your business.  Most changes will take effect for 2018 – those with an effective date other than 2018 have been noted: 

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Tags: Depreciation Deduction, Business Tax, Estate and Gift Tax, Tax Reform, Individual Tax

Details From The Senate Version Of The Proposed Tax Cuts And Jobs Act

Posted by Joe Turnes on Wed, Dec 06, 2017 @ 08:07 AM

The House’s proposed Tax Cuts and Jobs Act was released on November 2, 2017.  The Senate version of the bill was recently released with some substantial modifications to the House proposal.  While not law, here are a few highlights of the Senate’s version of the bill:

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Tags: Business Tax, Tax Reform, Individual Tax