Hulien & Company, LLC, CPA's
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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)

Final regulations dealing with the 100 percent bonus depreciation allowance for qualified property acquired and placed in service after September 27, 2017, allow property which is constructed under a pre-September 28, 2017 binding contract to qualify for the 100 percent rate. The final regulations adopt proposed regulations ( REG-104397-18) with certain modifications, including a revised constructed property rule. In addition, the IRS has issued a new set of proposed regulations dealing with issues it is not ready to finalize.



The IRS has issued final regulations that amend the rules relating to hardship distributions from Code Sec. 401(k) plans. The final regulations are substantially similar to the proposed regulations. Further, plans that complied with the proposed regulations satisfy the final regulations as well. The regulations are effective on September 23, 2019.


For a taxpayer using an accrual method of accounting, the all events test is not met for item of gross income any later than when is included in revenue on an applicable financial statement (AFS) or other financial statement specified by the Treasury Secretary. How the AFS income inclusion rule applies to accrual method taxpayers with an AFS is described and clarified by Proposed Reg. §1.451-3.



Taxpayers may use the automatic consent procedures to change accounting methods to comply with the recent proposed regulations described above. Rev. Proc. 2018-31, I.R.B. 2018-22, 637, is modified.


Amendments to have been proposed to update the information reporting regulations under Code Sec. 6033, which generally apply to organizations exempt from tax under Code Sec. 501(a). The proposed regulations reflect statutory amendments and certain grants of reporting relief announced through guidance that has been made since the current regulations were adopted. The amendments and grants of relief apply particularly with respect to tax-exempt organizations required to file an annual Form 990, Return of Organization Exempt from Income Tax, or a Form 990-EZ information return.


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