Blog Archives

The Difference Between The Standard Mileage Method and Actual Expenses

Posted in Tax News on June 19, 2012

The Internal Revenue Service (“IRS”) allows taxpayers to choose between the Standard Mileage Method and Actual Expenses. Standard Mileage Method The IRS allows taxpayers to deduct a standard mileage method for business travel. The current allowance is for 55.5 cents…

Tagged with: Auditor, Books and Records, Business Travel, business vehicles, Depreciation, Internal Revenue Service, IRS, IRS Audit, leased income inclusion, leased vehicles, standard mileage method, standard mileage rate, Tax Books and Records, travel & entertainment, vehicles

The Difference Between the FBAR and IRS Form 8938

Posted in Tax News on May 15, 2012

Investors with offshore accounts must be familiar with the filing requirements of the FBAR and IRS Form 8938. FBAR Any U.S person with offshore accounts that had more than $10,000 in them any time during the year must file…

Tagged with: Civil Penalty, Corporation, Electronic File, Estates, FBAR, Foreign Assets, form 8938, Form TD F 90-22.1, Income Tax, Internal Revenue Service, Investors, IRS, Married Filing Jointly, Offshore Accounts, Partnerships, Report of Forreign Bank and Financial Account, Statement of Specified Foreign Asset, Trusts

Connecticut Joins Pact on Employee Misclassification Initiative

Posted in Tax News on May 8, 2012

The misclassification of employees as independent contractors, presents a serious issue for affected employees, employers, and to the economy. Misclassified employees are often denied access to critical benefits and protections such as family and medical leave, overtime, minimum wage and…

Tagged with: Connecticut, Connecticut Employers, Contractor, Contractors, CT, CT Department of Labor, Department of Labor, DOL, economy, Employee, Employee Misclassification, Employer, Independent Contract, Internal Revenue Service, IRS, Medicare, Social Security, Subcontractor, Tax Gap, Workers Compensation

How (and When) to File an Income Tax Extension

Posted in Tax News on April 10, 2012

Due Date The federal income tax returns are normally due on April 15th. This year, the 15th falls on a Sunday, so the due date should be Monday the 15th. However, Monday the 16th is Emancipation Day so the due…

Tagged with: April 15, April 17, Connecticut, Connecticut Income Tax Extension, Connecticut Taxpayer, CT, extension, Form 4868, Form CT-1040-Ext, form k-1, Income Tax, income tax extension, Income Tax Penalty, Income Taxes, Individual Retirement Arrangement, Interest, Internal Revenue Service, Investments, ira, IRS, October 15th, Penalty, roth ira, SEP, Simplified Employee Pension, Tax Extension, Tax Penalty

What Not To Wear…To an IRS Audit

Posted in Tax News on March 27, 2012

On TLC’s What Not to Wear Stacy and Clinton give a ‘make over’ to some lady that is, well…not dressed so well… Taxpayers that are being audited need to make sure they are putting their best foot forward right at…

Tagged with: Accountant, Audit, Auditor, Clinton, Clinton Kelly, Correspondence Audit, CPA, Field Audit, Form 2848, Income Tax, Income Tax Audit, Internal Revenue Service, IRS, IRS Audit, IRS Correspondence, IRS Field Audit, IRS Office Audit, National Research Program, NPR Audit, Office Audit, POA, Power of Attorney, Stacy, Stacy London, Tax Accountant, Tax Audit, Taxpayer, Taxpayer Representation, TLC, What Not to Wear

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

Blog Archives

The Difference Between The Standard Mileage Method and Actual Expenses

The Difference Between the FBAR and IRS Form 8938

How (and When) to File an Income Tax Extension

What Not To Wear…To an IRS Audit

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

Blog Archives

The Difference Between The Standard Mileage Method and Actual Expenses

The Difference Between the FBAR and IRS Form 8938

Connecticut Joins Pact on Employee Misclassification Initiative

How (and When) to File an Income Tax Extension

What Not To Wear…To an IRS Audit

Search

Links

Latest News

Categories

Get Free Tax Tips

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