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Newsletters & Tax Updates

Feel free to browse our Newsletters & Tax Updates section. This information is updated daily.


March 14, 2018

2017 Business Tax Filings – Schedule Your Appointment Now

Note:

  • The IRS will begin accepting business returns on January 29, 2018 (These include Forms 1120, U.S. Corporation Income Tax Return; 1120s, U.S. Income Tax Return for an S Corporation; 1065, U.S. Return of Partnership Income; and 1041, U.S. Income Tax Return for Estates and Trusts)The IRS will also begin accepting Form 1040, U.S. Income Tax return for Individuals, on January 29, 2018. 
 

Tax Consultation

Now is the perfect time to get started on your 2017 taxes.  Tax season is here and we are scheduling appointments to discuss your businesses tax and financial matters.  If you would like to set an appointment to meet with us please call (781-582-1136) or email

 

Documents needed to complete your tax returns

          Below is a list of documents and files we will need to begin work on your businesses tax returns:

  • A copy of your QuickBooks or Peachtree/ Sage file (Please provide us with a full backup copy)
  • Payroll Documents: 940, 941’s, W-3
  • New Equipment Purchases: Please provide us with any purchase & sales agreements for all new equipment purchases
  • Accounts Receivable at Year End
  • Accounts Payable at Year End
  • Year-end statements for all bank accounts
  • Year-end statements for all loans: please include year-end balances and interest paid 
 

Feel free to contact us at 781-582-1136 or click here to email us.  


March 14, 2018

1099

1099's Due 01/31/2018 to the IRS

The IRS requires that all businesses file the applicable 1099 forms by January 31, 2018. If your business has paid $600 or more to an independent contractor, individual, LLC, partnership, vendor, or certain corporations for services (including materials and parts), rents, proceed payments to attorneys, or medical and health care payments then your business is required to file a 1099-MISC.

Be mindful of the related penalties that are associated with failure to file and late filing of these forms, which can reach up to $250. 

We provide 1099 preparation services and can assist you with this process. Please contact us for more information.


 

 

Tax Alerts
Tax Briefing(s)

Republicans’ 2017 overhaul of the tax code created a new 20-percent deduction of qualified business income (QBI), subject to certain limitations, for pass-through entities (sole proprietorships, partnerships, limited liability companies, or S corporations). The controversial QBI deduction—also called the "pass-through" deduction—has remained an ongoing topic of debate among lawmakers, tax policy experts, and stakeholders.


Republicans’ 2017 overhaul of the tax code created a new 20-percent deduction of qualified business income (QBI), subject to certain limitations, for pass-through entities (sole proprietorships, partnerships, limited liability companies, or S corporations). The controversial QBI deduction—also called the "pass-through" deduction—has remained an ongoing topic of debate among lawmakers, tax policy experts, and stakeholders.


A bipartisan House bill has been introduced that would fix a GOP tax law drafting error known as the "retail glitch." The House bill, having over a dozen co-sponsors, is a companion measure to a bipartisan Senate bill introduced in March.


The House on April 9 approved by voice vote a bipartisan, bicameral IRS reform bill. The IRS bill, which now heads to the Senate, would redesign the IRS for the first time in over 20 years.


Proposed regulations address gains that may be deferred when taxpayers invest in a qualified opportunity fund (QOF). Taxpayers may generally rely on these new proposed regulations. The IRS has also requested comments.


The IRS has provided a safe harbor for professional sports teams to avoid the recognition of gain or loss when trading players and/or draft picks. Under the safe harbor provision, the traded player’s contract or the traded draft pick would have a zero basis.


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