3 Reasons To File IRS Form 8938, Statement of Specified Foreign Assets
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...
View Article7 Things Connecticut Taxpayers Should Do Before Filing Their Income Tax Return
1) Don’t panic. The returns are due on April 17th this year. This is due to April 15th falling on the weekend and April 16th being a holiday in Washington DC. If you can’t get your return completed and...
View ArticleHow (and When) to File an Income Tax Extension
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...
View Article4 Easy Ways for Taxpayers to Take the Hippocratic Oath
All Physicians must take the Hippocratic Oath. This is an oath where they swear to practice ethically. Although there is some debate about the translation, the main theme is, ‘First, Do No Harm.’ All...
View Article3 Proven Reasons You Should Be Prepared to File a Tax Extension This Year
The government finally passed the American Taxpayer Relief Act of 2012 at the last minute. So, we have avoided the Fiscal Cliff…for now. Now it’s time to file your 2012 tax return. Or is it?...
View ArticleWhere’s My K-1?
This question is asked frequently during tax season. I suspect it will be asked even more this tax season. There will likely be even more delays this year than in past years. Congress passed The...
View Article5 Lessons Learned From Tax Season
Another Tax Season has come and gone. Here are the 5 Lessons Learned from this Tax Season. 1) Don’t Pass Tax Legislation on December 31 Congress passed the American Taxpayer Relief Act on December...
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4 Easy Steps to Prepare Your Connecticut Personal Property Tax Declaration
For Connecticut business owners their 2013 personal property tax declaration report is due by November 1, 2013. A report must be filed in each town that the business owns personal property. Unlike...
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4 Reasons NOT to Wait for Your K-1
Subchapter S corporations (“Sub S”), partnerships, limited liability companies (“LLC’s”) and estates and trusts issue form K-1s. This form documents the stockholders, partners, members or...
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