Category Archives: Tax Obligations for IRS

Keep Track of These Upcoming Tax Deadlines

 January 15 – Final 2015 individual estimated tax payment is due, unless your 2015 tax return is filed and taxes are paid in full by February 1, 2016. January 15 – Due date for calendar-year trusts and estates to pay final installment of 2015 estimated tax. February 1 – Employers must furnish employees with W-2 statements for 2015. Payers must… (more…)

Deadline to elect S-Corporation status

If you own a small business, you have seventy five days from the beginning of your fiscal year (March f15th for calendar year entities) approval of all shareholders.  The principal advantage of an S corporation is that you avoid paying double taxes. In a traditional C corporation, profits are taxed at the corporate level, and they’re taxed again when paid… (more…)

Investors Should Be Aware of Inversions

Some U.S. companies are using corporate inversions to reduce their taxes. Investors in companies that do an inversion may find that their own taxes are increased. Our Bergen County CPA office offers you insight to this. When the U.S. company becomes the subsidiary of the foreign company, it issues replacement shares. Typically, the new shares are equal to the former shares… (more…)

September 15 Tax Deadlines for Business

  Se   September 15 is an important tax filing deadline for partnerships and corporations. Our Bergen County CPA office offers you insight to this. It’s the filing deadline for 2013 tax returns for calendar-year corporations that received an automatic extension of the March 17 filing deadline. It’s also the filing deadline for 2013 partnership tax returns that received an extension… (more…)

More About Your 2013 Tax Return

Once you have filed your 2013 tax return, you may still have a few tax questions. The IRS provides these answers to commonly asked questions. * How can I check the status of my refund? You can go online to check on your refund. Go to www.irs.gov and click on “where’s my refund?” * What records should I keep? Keep… (more…)

Know the Tax Rules for Selling Online

Selling items on eBay and other online auction Web sites has become a very popular way to get rid of unwanted household stuff, as well as a way to turn a little profit. Many users have even started full-time businesses auctioning merchandise on the Web. But like any business venture, selling items in the virtual world has tax implications that… (more…)

Your Tax Refund Could Be Offsett By Debts

    If you have unpaid obligations, such as overdue child support, state income tax, or student loans, part or all of your 2013 income tax refund may be redirected to pay the debt. Our Bergen County CPA office offers you insight to this. The Treasury Department’s Bureau of Fiscal Service runs the offset program, and it is this agency… (more…)

What to Do if You Can’t Meet the Tax Filing Deadline?

  If you can’t file your 2013 tax return by the April 15 deadline, file for an extension to get until October 15, 2014, to file. Our Bergen County CPA office offers you insight to this. You can request the extension on paper, by phone, or online. You don’t need to explain why you need more time, but be aware… (more…)

Who Must File a 2013 Income Tax Return?

The rules for filing 2013 tax returns are straightforward for most people. Marital status, age, and income level are generally the determining factors. Our Bergen County CPA office offers you insight to this. Here‘s a quick overview of the income levels at which a 2013 return is required.  *Single individual…..$10,000  *Single individual, 65 or older…..$11,500  *Married individual, separate return, regardless… (more…)

2014 Tax Season to Start Later Following Government Closure

The Internal Revenue Service has announced  a delay of approximately one to two weeks to the start of the 2014 filing season to allow adequate time to program and test tax processing systems following the 16-day federal government closure. Our Bergen County CPA office offers you insight to this. The IRS is exploring options to shorten the expected delay and… (more…)