You may benefit from two filing extensions

The IRS has extended the time to meet two filing requirements that may benefit you. Asset basis consistency statement. Executors of estates who are required to report the value of assets to beneficiaries now have until June 30, 2016, to file statements with the IRS and the beneficiaries. Work Opportunity Tax Credit. Employers who hired qualified workers in 2015 have… (more…)

Last chance to claim a 2012 refund

According to the IRS, nearly one million taxpayers who failed to file a return for 2012 are in danger of losing refunds. Tax law provides a three-year period to claim a refund when no return is filed. That means you’ll have to file a tax return for 2012 no later than this year’s April tax deadline – or the chance… (more…)

New tax benefits available when claiming the research and development credit

If you conduct qualified research activities, you may be eligible to claim a federal income tax credit known as the “research and development” credit. This credit is now permanent and may benefit you when you design, develop, and improve business products or processes. Beginning in 2016, the research and development credit can be applied against your alternative minimum tax liability.… (more…)

Count the ways you can fund your myRA

A myRA (“my Retirement Account”) is a simplified Roth IRA that belongs entirely to you. Roth annual contribution limits apply to these retirement accounts and your funds are invested in government-guaranteed Treasury securities. You can choose to contribute to your account from your paycheck by completing a direct deposit authorization form and giving it to your employer. In addition, the… (more…)

Get credit for retirement contributions

Did you make contributions to a traditional or Roth IRA, a myRA, or a SEP or SIMPLE plan in 2015? You may qualify for the Retirement Savings Contributions Credit, more popularly known as the “saver’s” credit. If you’re eligible, you can apply this federal income tax credit against the tax you owe on your 2015 return. The credit is available… (more…)

One more extension for estate executors

A law passed last summer added a new task for estate executors and others who file estate tax returns after July 31, 2015: providing a statement of the value of estate assets to beneficiaries and the IRS. The statement is designed to ensure consistency between the value of the property for estate tax purposes and the basis a beneficiary reports… (more…)

Will this IRS due date extension hold up your tax return?

In December, the IRS extended the time to file for employers who were required to provide health care information forms such as Form 1095-C to employees. Because the new due date is March 31, you may be ready to file your federal income tax return before you receive Form 1095-C. The IRS says that for 2015, you do not need… (more…)

Do younger workers value your company’s benefits?

You may consider the fringe benefits your company provides to employees to be a valuable recruiting and retention tool. But recent studies indicate that younger workers – those born after 1980 – may not agree. The studies show that these workers prefer paid time off or cash to more traditional benefits. In addition, they may not be as aware of… (more…)

Three Positive Steps to Financial Well-Being

While you’re gathering information to prepare your 2015 tax return, set aside time for a financial review. Here are steps to get started. Compile a year-end list of your assets and debts and compare the list to last year. Are you gaining or losing ground? What actions can you take to improve your financial situation in 2016? Review your insurance.… (more…)

Do you know who you’re giving to?

Many charities use your donations wisely. Unfortunately, others spend too much of your contribution on fundraising and administrative expenses. Some even misrepresent themselves and solicit your money for phony causes. In today’s world, investigating a charity before you make a donation is wise. Here’s a checklist of precautions. ● Request written documentation about the charity’s mission and how your contribution will… (more…)