Be careful when you consider how you pay your taxes — credit cards can be tempting, but are they worth the cost?
If you got one of these love-letters, be sure to call your CPA:
About 2,000 small business owners and investors in the Golden State who lawfully took a tax break that was later struck down have the taxman knocking at their doors. Following a state appeals court decision invalidating a 20-year-old state tax, the Los Angeles Times reports,California tax collectors are trying to get $120 million from people who profited by selling stakes in small businesses.
According to the Associated Press:
Business social network LinkedIn said it is investigating reports that more than six million passwords have been stolen and leaked onto the Internet.
Although LinkedIn did not confirm if any user data had been hacked or leaked, researchers at U.K. Web security company Sophos say they have confirmed that a file posted online does contain, in part, LinkedIn passwords “hashes.” That’s a way of encrypting or storing passwords in a different form.
Easy enough to fix; go to LinkedIn and change your password. You might think about changing other passwords at the same time; good business practice dictates good, quality passwords changed on a regular basis.
We have moved from our offices on Valencia Blvd.
Our new mailing address is 25852 McBean Parkway #828, Valencia, CA 91355.
Our phone and fax numbers remain the same.
Remember — it’s against the law to evade taxes — but it’s our duty as Americans to avoid them!
Make sure you are taking advantage of all of the tax rules, deductions and other techniques available to minimize your tax burden — one easy way is to call Denny & Company, LLP and sit down with one of our very experienced tax professionals.
We make your life less taxing.
Don’t forget that along with your gift shopping, company parties, and other assorted end-of-year activities, you need to sit down and take a look at your tax situation.
There are many things you can do to optimize your tax situation — but some of them must be done before year end. If you’d like some ideas, give us a call!
If, as we suspect, the Congress cannot manage to pass a continuing resolution by April 8th, there may be difficulties in processing and receiving tax refunds and other operations of the IRS.
Internal Revenue Service Commissioner Douglas Shulman said the Obama administration has not decided whether the IRS would process tax returns and issue refunds if Congress cannot agree to a plan to avert a halt of government spending authority on April 8.
Under previous plans developed for potential government shutdowns near the Oct. 1 start of the fiscal year, the IRS would deposit checks though it would not process tax returns or issue refunds.
“We’ve never had a government shutdown in the middle of the filing season before,” Shulman said in testimony before a House Ways and Means subcommittee today in Washington. “The closer we get to April 15, the more consideration and factors are at play.”
Read more from the article here.
Don’t forget — the IRS offers payment plans. As long as you owe less than $25,000, and agree to pay off what you owe in 60 months (5 years) or less, you can easily arrange for a payment plan with the IRS that features an attractive interest rate.
If you’d like help with this, or owe more, or have special circumstances, give us a call.
The IRS has put together a handy list of publications that deal with significant life events that effect your tax life. Check it out here – and if you have further questions, give us a call.
Recent headlines announced the “piercing” of Swiss banking secrecy laws to reveal many Americans owning huge, unreported income offshore.
But it’s not just the big guys who are subject to reporting: Any US citizen with ownership or control over an account or accounts worth more than $10,000 during the year must report them to the IRS. The purpose of these reports is to help the government identify folks who may have income from foreign sources that they are not reporting, as well as tracking money used or produced in illegal acts.
One customer of ours didn’t realize that since she and her brother had inherited an apartment building in Italy, and they had control of the bank account for the management of the building, that she was subject to the requirements even though the brother was an Italian citizen and she was only a “silent partner” in the business.
The deadline for filing the 2009 “Report of Foreign Bank and Financial Accounts” (FBAR) is June 30th. The penalty for not reporting can be very heavy, including criminal penalties – so see a tax professional right away to determine if you need to file, and for help in correctly submitting the forms, or read more at http://www.irs.gov. Penalties range from a $10,000 fine to $100,000 or half the value of the account(s) and criminal penalties of up to $500,000 and 10 years in Federal prison — so make sure you are in compliance.
(originally posted at http://www.dennyllp.com)