Category Archives: Tax Deadlines

Tax Credit for Plug-In Electric Vehicle Credit Begins Phase Down

Today, the IRS announced that Tesla, Inc. has sold more than 200,000 vehicles eligible for the plug-in electric drive motor vehicle credit during the third quarter of 2018. This triggers a phase out of the tax credit available for purchasers of new Tesla plug-in electric vehicles beginning Jan. 1, 2019. Qualifying vehicles by the manufacturer […]

Be Weary of State SALT Deduction Workarounds

With the pass of the Tax Cuts and Jobs Act (TCJA), a new limit has been placed on the deduction for SALT, State And Local Taxes. These limits severely impact residents of states that derive the majority of their revenue through state income taxes and high property taxes. Several states have or are in the […]

2017 Compliance Deadlines

Just a quick reminder, the 2017 tax compliance deadlines are quickly approaching. For reference, the ones you need to be aware of are: January 31, 2018 Deadline to distribute annual wage and tax reports to employees and independent contractors who did work for you in 2017. Deadline to submit transmittal forms for W-2s to the […]

When to File? Important Changes to Due Dates and more

As the 2016 tax year winds down, there is no better time than now to get your finances in order. Let’s face it, the last thing you want to think about during the holiday season is taxes. I compiled a list of the deadlines to follow after year-end. Please note that legislation during the year changed […]

Accelerated Due Date for FinCEN Form 114

FinCEN Form 114, formerly referred to as “FBAR”, Report of Foreign Bank and Financial Accounts, is used to report a financial interest in or signature authority over a foreign financial account. The “FBAR” is due June 30 this year to report 2015 accounts, with no extensions allowed. As part of the Surface Transportation and Veterans […]

Due Date for Forms 1099 Quickly Approaching

Form 1099-MISC along with many other informational returns are due to recipients at the end of this month. Last year, I gave a brief outline of who may be be required to file. Penalties for late filing range from $30-100 per late or incorrectly filed return. The maximum penalty is $250,000 per year. ($75,000 for […]

IRS to Begin Contacting Employers with Late Payroll Tax Payments

Falling behind on payroll taxes? Expect a call from the IRS soon. In a recent news release, the IRS announced its plans to launch a new initiative aimed at monitoring payroll deposit patterns. Employers that are falling behind on payments will receive a letter or automated phone message reminding them of their payroll tax responsibilities. […]

Update: New Tax Deadlines

On the last day of July, Obama signed into law, H.R. 3236, the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015”. One of the provisions of this law included a change to the due dates of corporation and partnership tax returns. Previously, C-Corporation and S-Corporation tax returns were required to be filed […]

No Penalty for Delinquent FBAR Submissions

Several years ago, the IRS passed legislation aimed to catch at tax cheats harboring income producing assets in foreign bank accounts. The legislation required taxpayers to disclose details relating to off shore banking accounts to the U.S. Treasury (and more recently on Form 8938 for the IRS). The form, referred as the Report of Foreign […]

IRS still holding over $1 Billion in federal tax refunds

With the April 15, 2015 individual tax deadline rapidly approaching, I want to remind everyone that your 2014 taxes aren’t the only returns you should be thinking about. If you neglected to file your Form 1040 from the 2011 tax year,  the final deadline to file for a refund is also this April 15th. After […]