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6 Easy Steps to Open an Estate in Connecticut

Posted in Estate Planning, Tax News on August 5, 2012

1) Go to Probate Court and Get Your Appointment A decedent will list their executor (or executrix) in their will. If the decedent did not name one or did not have a will, the court will appoint someone to…

Tagged with: Connecticut Estate, Connecticut Probate Court, CT DRS, Death Certificate, DRS, Estate, estate tax, Executor, Fiduciary Relationship, Form 1040, Form 1041, Form 56, Form 8822, Form CT-8822, Form SS-4, Income Tax, Probate Court, Tax Indetification Number, Trust

3 Reasons To File IRS Form 8938, Statement of Specified Foreign Assets

Posted in Tax News on February 8, 2012

1) You have a “Specified Foreign Financial Asset” which exceeds the filing requirements Financial Assets that are subject to this form are: A Financial Account maintained by a foreign institution and the following assets not held in an account with…

Tagged with: extension, FBAR, Financial Asset, foregin institution, foreign account, foreign asset, Form 1040, Form 4868, form 8938, Form TD F 90-22.1, Income Tax, income tax extension, Income Tax Penalty, Internal Revenue Service, IRS, irs penalties, Married Couple, Married Filing Jointly, October 15th, Offshore Accounts, Penalty, Stock, Tax Penalty, Taxpayer, Treasury Department

The Difference Between Short-Term and Long-Term Capital Gains

Posted in Tax News on November 2, 2011

The sale of a capital asset will result in a capital gain. Depending on the holding period of this asset, the gain will either be short-term or long-term. Long-term gains have a lower, preferred income tax rate. The holding period…

Tagged with: Alternative Minimum Tax, AMT, Bonds, Capital Assets, Capital Gains, Capital Loss, Capital Loss Carryover, Form 1040, Form 1099-B, Form 8949, Holding Period, Income Tax, Inflation, Internal Revenue Service, IRS, Long Term Capital Gains, Married Filing Jointly, Mutual Funds, Ordinary Income, Schedule D, Short Term Capital Gains, Stocks, Tax Return

How to Give a Power of Attorney to Your CPA to Deal With the IRS

Posted in Tax News on September 29, 2011

Today’s routine is similar to many other days until you started opening your mail. In today’s mail is a notice that you are being audited by the IRS. Now what do you do? Give your CPA a Power of Attorney.

Tagged with: Audit, Certified Public Accountants, Civil Penalty, Connecticut, CPA, CT, Department of Revenue Service, DRS, Employment Tax, Excise Tax, Form 1040, Form 1041, Form 1065, Form 1120, Form 2848, Form LGL-001, Income Tax, Internal Revenue Service, Internal Revenue Service Audit, IRS, IRS Audit, IRS Representative, POA, Power of Attorney, Social Security Number, Taxpayers

How to Claim a Casualty Loss on Your Income Tax Return

Posted in Tax News on September 1, 2011

Hurricane Irene hit the eastern coastline hard this past weekend. In the south, Irene was originally designated as a “Category 3” hurricane. The highest rating and most violent is a Category 5. Irene was subsequently downgraded to a Category 1. …

Tagged with: Adjusted Gross Income, AGI, Casualty Loss, Connecticut, CT, Form 1040, Form 4684, Hurricane Irene, Income Tax, Internal Revenue Service, IRS, Itemized Deductions, Property Damage, Schedule A, Standard Deduction

Branford, CT 203.208.0572
Manchester, CT 860.646.2465
Niantic, CT 860.739.5459
Storrs, CT 860.429.7885

Blog Archives

6 Easy Steps to Open an Estate in Connecticut

3 Reasons To File IRS Form 8938, Statement of Specified Foreign Assets

The Difference Between Short-Term and Long-Term Capital Gains

How to Claim a Casualty Loss on Your Income Tax Return

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Branford, CT 203.208.0572 Manchester, CT 860.646.2465 Niantic, CT 860.739.5459 Storrs, CT 860.429.7885

Blog Archives

6 Easy Steps to Open an Estate in Connecticut

3 Reasons To File IRS Form 8938, Statement of Specified Foreign Assets

The Difference Between Short-Term and Long-Term Capital Gains

How to Give a Power of Attorney to Your CPA to Deal With the IRS

How to Claim a Casualty Loss on Your Income Tax Return

Search

Links

Latest News

Categories

Get Free Tax Tips

Branford, CT 203.208.0572
Manchester, CT 860.646.2465
Niantic, CT 860.739.5459
Storrs, CT 860.429.7885