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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

Where’s My Refund?

Posted in Tax News on February 1, 2012

In an annual reminder to taxpayers, the Internal Revenue Service announced today that it is looking to return $153.3 million in undelivered tax refund checks. In all, 99,123 taxpayers are due refund checks this year that could not be delivered…

Tagged with: Bank Accout, Direct Deposit, E-File, Electronic Tax File, Electronically File, Income Tax Refund, Income Tax Returns, Internal Revenue Service, IRS, Refund, Saving Bond, Tax Refund, Tax Return, Taxpayers

When is Cancelled or Forgiven Debt Taxable?

Posted in Tax News on January 25, 2012

If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. This type of debt includes mortgages, credit cards, car loans and student loans. Lenders are required to send Form…

Tagged with: Bankruptcy, CPA, Forclosure, Form 1099-C, Form 982, Insolvency, mortgage, Principal Residence, Residence, Second Home, Student Loan

How to Claim the Connecticut Job Expansion Tax Credit (JET)

Posted in Tax News on January 18, 2012

During its October, 2011 Special Session, the Connecticut General Assembly adopted, and on October 27, 2011, Governor Malloy signed into law, House Bill No. 6801, An Act Promoting Economic Growth and Job Creation in the State (the “Act”). One of…

Tagged with: Connecticut, Connecticut Business, Connecticut Employee, Connecticut Employers, Connecticut Income Tax, Connecticut Tax Credit, Credit, CT, CT Department of Economic Development, DECD, Governor Dannel Malloy, Governor Malloy, Income Tax Credit, JET, Job Expansion Tax Credit, New Employee, New Employer Tax Credit, Small Business, Tax Cresit

Payroll Tax Cut Temporarily Extended into 2012

Posted in Tax News on January 11, 2012

Congress recently passed and the President signed the Temporary Payroll Tax Cut Continuation Act of 2011.This act temporarily extends the two percentage point payroll tax cut for employees by continuing the reduction of their Social Security tax withholding rate from…

Tagged with: Compensation, Congress, Employee, Employer, Income Tax, Income Taxes, Internal Revenue Service, IRS, Payroll Tax, Payroll Taxes, President, President Obama, Social Security Tax, Tax Withholding, Wages, Withholding

Glastonbury, CT 860.646.2465
Niantic, CT 860.739.5459
Storrs, CT 860.429.7885

Blog Archives

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

Where’s My Refund?

When is Cancelled or Forgiven Debt Taxable?

How to Claim the Connecticut Job Expansion Tax Credit (JET)

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Glastonbury, CT 860.646.2465 Niantic, CT 860.739.5459 Storrs, CT 860.429.7885

Blog Archives

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

Where’s My Refund?

When is Cancelled or Forgiven Debt Taxable?

How to Claim the Connecticut Job Expansion Tax Credit (JET)

Payroll Tax Cut Temporarily Extended into 2012

Search

Links

Latest News

Categories

Get Free Tax Tips

Glastonbury, CT 860.646.2465
Niantic, CT 860.739.5459
Storrs, CT 860.429.7885