How a Small Partnership Can Get The Failure to File Penalty Waived

Face it, no one likes to get letter from the Internal Revenue Service (“IRS”).

This is particularly true when you are being assessed a penalty.

The IRS has many different penalties.  One penalty they have is the failure to file penalty.

For partnerships or Limited Liability Companies (“LLC”s) that file a Form 1065 the penalty for failure to file is $195 per month times the number of partners. The good news is that the maximum number of … Continue reading »

Tom Scanlon, CPA Interview Today on Blog Talk Radio

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Tom will be interviewed today on Blog Talk Radio by Susan Preston and Larisa Dickson from Socializing Your Business at 1:00pm EST.

They will be discussing things like “How to work with your CPA” and “Minimizing your taxes”.  Please check it out.

http://www.blogtalkradio.com/socializingyourbusiness/2013/05/22/socializing-your-business.

3 Reasons to Fund a 529 College Savings Plan

 

1) College is Expensive

According to the College Board the average tuition for a 4 year private education is $39,518 per year.  The average cost of a 4 year in- state public education is $17,860.  Either way, it’s a lot of money.

Happy Tax Freedom Day 2013 to Connecticut Taxpayers

 

Tax Freedom Day for the country was on April 18, 2013. This is the day when, on average, taxpayers have paid all of their taxes for the year and now begin to keep what they earn.  Tax Freedom Day in 2013 was 5 days later than last year. This is partially due to the American Taxpayer Relief Act passed in late December 2012.

Tax Freedom Day

The Tax Foundation calculates Tax Freedom Day. The … Continue reading »

5 Lessons Learned From Tax Season

Another Tax Season has come and gone.  Here are the 5 Lessons Learned from this Tax Season. 

1) Don’t Pass Tax Legislation on December 31

Congress passed the American Taxpayer Relief Act on December 31, 2012It’s clear that no one voting on it read it, much less understood it. The timing of this legislation was not good.  Due to the late passage of this bill the IRS was delayed with … Continue reading »

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