Blog Archives

How (And When) to File a Federal Gift Tax Return

Posted in Tax News on June 23, 2011

Form 709, is required to be filed if a gift is made to someone for more than $13,000 in one year. Gifts between spouses are not required to file. Gifts can be made to an unlimited number of people in…

Tagged with: Annual Gift Tax Exclusion, April 15th, Cash Securities, College, Connecticut, CT, estate tax, Federal Estate Tax, Form 4868, Form 709, Form 8892, Form CT-709, Gift Splitting, Gift Tax, Internal Revenue Service, IRS, Medical Expense, Personal Property, Real Estate, Tax Extension

8 Ways to Withdraw From Your IRA Before Age 59½ Without Penalty

Posted in Tax News on June 9, 2011

Traditional IRAs were designed to provide an opportunity for people to save for retirement on a pre-tax, tax-deferred basis. In other words, the money grows without having to pay any taxes currently on the gains.

Tagged with: Adjusted Gross IOncome, Age 59-1/2, AGI, Death, Disability, First-Time Home Buyer, Internal Revenue Service, ira, IRS, Levy, Medical Expenses, Ordinary Income, Penalty, Pre-Tax, Retirement, Tax-Deferred

How to File Your FBAR and Avoid Huge Penalties

Posted in Tax News on May 19, 2011

The Report of Foreign Bank and Financial Accounts Form TD F 90-22.1 (“FBAR”) is due June 30, 2011. This form must be filed by a United States person with a financial interest in or signature authority over a foreign financial…

Tagged with: Amended Tax Return, Bank Account, Civil Penalty, Dividends, FBAR, Foreign Bank Account, Form TD F 90-22.1, Income Tax Return, Interest, Internal Revenue Service, IRS, Offshore Account, Schedule B, Treasury Department

What is Reasonable Compensation and Why Closely Held Business Owners Should Be Concerned

Posted in Tax News on April 21, 2011

This is a big issue with the IRS and closely held C corporations right now. The focus is whether or not the owners-employees, as well as family members, are reducing their profits through large salaries and bonuses.

Tagged with: Bonus, C Corporation, Closely Held Business, Compensation, Dividends, Family Members, Internal Revenue Service, IRS, Owner-Employee, Reasonable Compensation, Salary

How Does the Statue of Limitations Affect Tax Obligations With the IRS?

Posted in Tax News on April 14, 2011

The statute of limitations limits the time during which an action can be brought by the IRS for an audit and the time for IRS tax collection activities. Generally, there is a 3-year period for the IRS to give you…

Tagged with: Amended Tax Return, Audit, Claim for Refund, fraud, Income Tax, Internal Revenue Service, IRS, IRS Audit, Statue of Limitations, Tax Extension, Tax Refund, Tax Return

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

Blog Archives

How (And When) to File a Federal Gift Tax Return

8 Ways to Withdraw From Your IRA Before Age 59½ Without Penalty

How to File Your FBAR and Avoid Huge Penalties

What is Reasonable Compensation and Why Closely Held Business Owners Should Be Concerned

How Does the Statue of Limitations Affect Tax Obligations With the IRS?

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

Blog Archives

How (And When) to File a Federal Gift Tax Return

8 Ways to Withdraw From Your IRA Before Age 59½ Without Penalty

How to File Your FBAR and Avoid Huge Penalties

What is Reasonable Compensation and Why Closely Held Business Owners Should Be Concerned

How Does the Statue of Limitations Affect Tax Obligations With the IRS?

Search

Links

Latest News

Categories

Get Free Tax Tips

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