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)

President Donald Trump signed into law the bipartisan Paycheck Protection Program Flexibility Act of 2020 (P.L. 116-142) on June 5. The legislation aims to expand usability of the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s ( P.L. 116-136) headliner small business loan program.


In consultation with Treasury Department, the Small Business Administration (SBA) has issued...


The IRS is postponing deadlines for certain time-sensitive actions due to the Coronavirus Disease 2019 (COVID-19) emergency. This relief affects employment taxes, employee benefit plans, exempt organizations, individual retirement arrangements (IRAs), Coverdell education savings accounts, health savings accounts (HSAs), and Archer and Medicare Advantage medical saving accounts (MSAs).


The IRS has issued guidance on coronavirus-related distributions and plan loans.


The IRS has released guidance that provides temporary administrative relief to help certain retirement plan participants or beneficiaries who need to make participant elections by allowing flexibility for remote signatures. Specifically, the guidance provides participants, beneficiaries, and administrators of qualified retirement plans and other tax-favored retirement arrangements with temporary relief from the physical presence requirement for any participant election (1) witnessed by a notary public in a state that permits remote notarization, or (2) witnessed by a plan representative using certain safeguards. The guidance accommodates local shutdowns and social distancing practices and is intended to facilitate the payment of coronavirus-related distributions and plan loans to qualified individuals, as permitted by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) ( P.L. 116-136).


The IRS has released a revenue procedure that describes temporary safe harbors for the purpose of determining the federal tax status of certain arrangements that hold real property as trusts in response to the COVID-19 emergency. Specifically, the Service has provided temporary relief to arrangements that are treated as trusts under Reg. §301.7701-4(c) which are, or have tenants who are, experiencing financial hardship as a result of COVID-19, to allow them to make certain modifications to their mortgages loans and their lease agreements, and to accept additional cash contributions without jeopardizing their tax status as grantor trusts. This revenue procedure also indicates that a cash contribution from one or more new trust interest holders to acquire a trust interest or a non-pro rata cash contribution from one or more current trust interest holders must be treated as a purchase and sale under Code Sec. 1001 of a portion of each non-contributing (or lesser contributing) trust interest holder’s proportionate interest in the trust’s assets.


The IRS has announced various extensions of deadlines for qualified opportunity funds and their investors due to the Coronavirus pandemic.


The IRS has issued proposed regulations clarifying the definition of a qualifying relative for various tax benefits for tax years 2018 through 2025 in which the dependent exemption amount is zero. During these years, the exemption amount will be inflation adjusted as provided in annual IRS guidance in determining whether an individual is a qualifying relative such as for head of household filing status and $500 child tax credit.


Proposed regulations provide guidance regarding the elimination of the deduction for expenses related to qualified transportation fringe benefits (QTFs) provided to an employee. The Tax Cuts and Jobs Act (P.L. 115-97) eliminated the deduction, effective for amounts paid or incurred after December 31, 2017.


Proposed regulations would define expenditures for direct primary care arrangements and health care sharing ministry memberships as amounts paid for medical care. Thus, amounts paid for those arrangements may be deductible medical expenses. The proposed regulations also clarify that amounts paid for certain arrangements and programs, such as health maintenance organizations (HMO) and certain government-sponsored health care programs, are amounts paid for medical insurance.


Proposed reliance regulations clarify the definitions of "real property" that qualifies for a like-kind exchange, including incidental personal property. Under the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97), like-kind exchanges occurring after 2017 are limited to real property used in a trade or business or for investment. Comments are requested.


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