Blog Archives

2 Simple Questions That Taxpayers Will Need to Answer Carefully This Year

Posted in Tax News on March 8, 2012

Do you file a Schedule C, Profit or Loss From Business or Schedule E, Supplemental Income or Loss (From Real Estate or Partnerships)? If so, you will notice there are 2 simple questions that have been added to these forms.…

Tagged with: China, Compliance, Congress, Form 1099, Form W-9, Income Tax, Income Tax Return, Income Taxes, IRS, Penalty, Penalty Waiver, Reasonable Cause, Schedule C, schedule E, Tax Gap, Tax ID Number, Tax Penalty, Unreported Income

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

How to Pay Estimated Income Taxes and Avoid IRS Penalties

Posted in Tax News on October 27, 2011

Taxpayers must pay their taxes “as they go.” For many taxpayers, their income taxes are withheld from their paychecks. For taxpayers that don’t have any withholding, they will need to make estimated tax payments.

Tagged with: Adjusted Gross Income, AGI, Alternative Minimum Tax, AMT, Connecticut, Connecticut Estimated Income Tax, Connecticut State Income Tax, CT, Department of Revenue Service, DRS, Estates, Estimated Tax, Form 1040-ES, Form 1099-R, Form 2210, Form CT-1040-ES, Form W-2, Form W-4, Form W-4P, Hartford, Hartford Connecticut, Hartford CT, Income Tax, Internal Revenue Service, ira, IRS, Itemize Deductions, Itemized Deductions, Penalty, Pension, Retirees, Social Security, Standard Deduction, State Income Tax, Trust, Wages, Withholding

How to Get an IRS Civil Penalty Waived and Keep Your Small Business

Posted in Tax News on September 21, 2011

Recently, we were able to get a $49,000 IRS civil penalty waived for one of our Connecticut business clients. If we failed to get this penalty waived, this business would have closed its doors.

Tagged with: Attorney, Bookkeeper, Civil Penalty, Connecticut, Connecticut Business Owners, CPA, CT, Form 2848, Form W-2, Form W-3, Income Tax, Income Tax Return, Internal Revenue Service, IRS, IRS Civil Penalty, Payroll Tax Return, Penalty, Penalty Waiver, POA, Power of Attorney, Reasonable Cause, Small Business, Tax Return, Taxpayer

State of Connecticut 2011 Income Tax Increase

Posted in Tax News on August 11, 2011

The State of Connecticut recently increased the state income tax rates. Oh, and they made them retroactive to the beginning of 2011. Don’t you Connecticut income taxpayers just love this?

Tagged with: 401(k) Plan, 529 Plan, Adjusted Gross Income, AGI, Capital Loss, CHET, Connecticut, Connecticut Estimated Income Tax, Connecticut Income Tax, Connecticut Property Tax Credit, CT, Estimated Tax, Form 1040, Form CT-1040ES, Form CT-W4, ira, Municipal, Municipal Bonds, Penalty, SEP, Simplified Employee Pension, Small Business Owner, U. S. Obligations, Withholding

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

Blog Archives

2 Simple Questions That Taxpayers Will Need to Answer Carefully This Year

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

How to Get an IRS Civil Penalty Waived and Keep Your Small Business

State of Connecticut 2011 Income Tax Increase

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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

2 Simple Questions That Taxpayers Will Need to Answer Carefully This Year

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

How to Pay Estimated Income Taxes and Avoid IRS Penalties

How to Get an IRS Civil Penalty Waived and Keep Your Small Business

State of Connecticut 2011 Income Tax Increase

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