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How The Green Group Can Help You Prepare For The Upcoming Tax Reform
Due to an error, taxpayers are receiving Identity Protection PIN letters with an incorrect year listed. Taxpayers and tax professionals should be advised the IP PIN listed on the CP 01A Notice dated January 4, 2016 is valid for use on all individual tax returns filed in 2016.
Beginning for the 2016 filing tax year, there will new due dates for Partnership, C-Corp, and FBAR returns.
The IRS may be signing new regulations to limit discounts on the transfer of family company interests.
It was generally recognized that “discounts” could be applied in valuing transfers of business interests among family members.
There were two recognized types of discounts:
In March, we put together a post on various IRS scams that are prevalent this year. (If you missed it, view it here) This month’s update is due to the increasing level of identity theft that is occurring throughout the country. Already, a number of our clients have needed to refile their returns by mail due to the IRS rejecting their e-file authorizations. The reason why? A return has already been filed under their Social Security number.
The IRS has issued regulations that change accounting rules for 2014 for certain categories of expenses, including repairs, spare parts, and materials & supplies. For instance, any item that generally costs less than $200 is a material and supplies item, whereas the previous rules set this limit at $100. If you own a building, or have materials and supplies, your preparer may have to prepare an additional form called a Form 3115. This form is separate from your tax return and requires its own signature. The form is then mailed to
How can we save taxes?
Each tax return requires individual attention and a combination of different tax strategies that apply to the given situation. The best way to save taxes is to take a proactive approach during the year. Consult your accountant when making any financial decisions and preparing a projection before year end to determine any last minute steps you can take to maximize your tax savings.
Business owners and their companies can apply a vast array of strategies. Many of the elections made at the entity level will have a significant impact not only on the company’s tax burden, but also on the tax burden of individual shareholders and partners. An example is using a strategy such as Section 179 which expenses the cost of some assets, as opposed to depreciating them over time.
For high net-worth individuals, tax planning requires a proactive approach to obtain the best results. Economic and legislative changes are uncertain as it pertains to the tax code and any expiring benefits. There is no certainty 2015 will see the same extenders 2014 did and there are many steps you can take now to protect you and your businesses assets. In taking this approach, the decisions you make now should be instrumental in preserving your wealth – not just for your own future, but for that of the next generation as well.