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- MIDYEAR TAX PLANNING IDEAS

Posted by Admin Posted on July 16 2018

MIDYEAR TAX PLANNING IDEAS

 

Tax planning is a year-round process, so now is a good time to think about the following:

Are you considering making a cash gift to a relative? If so, consider making the gift in conjunction with the overall revamping of your stocks and mutual funds held in taxable brokerage accounts to achieve better tax results. Don’t gift loser shares (currently worth less than you paid for them). Instead, sell these shares, recognize the capital loss on your tax return, and then gift the cash proceeds to a relative. However, do gift winner shares to lower tax bracket relatives (unless they are under age 24 and subject to the Kiddie Tax). The 2014 annual gift tax exclusion is $14,000.

Are you considering making a contribution to a favorite charity? The previous strategies will also work well for contributions to qualified charities. Sell loser shares, recognize the loss on your tax return, and then give the cash proceeds to the charity and claim the resulting charitable contribution (if you itemize). Donate winner shares to the charity and deduct the full current fair market value at the time of the gift (without being taxed on the capital gain). The tax-exempt organization can sell your donated shares without owing tax.

Are you self-employed? Consider employing your child in the business (but pay a reasonable wage for their age and work skills). This practice can shift income (which is not subject to the Kiddie Tax) to the child who is normally in a lower tax bracket, decrease payroll taxes, and enable the child to contribute to an IRA.

Is your estate plan current? If you already have an estate plan, it may need updating to reflect the current estate and gift tax rules. For 2014, the unified federal gift and estate tax exemption is a generous $5.34 million, and the rate is 40%. Furthermore, the impact of the Supreme Court’s Windsor decision and resulting IRS changes in the federal definition of marriage mean that legally married same-sex couples need to revise their estate plan. Plus, there may be nontax reasons to update your estate plan.

Please contact us to discuss any tax planning strategies you are interested in implementing.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate  transactions or financial statements, please give us a call at 305-274-5811.

Source: Thomson Reuters

- WHAT IS A BOND?

Posted by Admin Posted on July 16 2018

WHAT IS A BOND?

 

A bond is simply a certificate which the borrower promises to repay within a certain time period. For the privilege of using the money, the government entity, municipality or company will agree to pay a certain amount of interest per year, usually an exact percentage of the amount loaned.

Bondholders do not own any part of the companies they lend to - they do not receive the benefits of dividends or the privilege to vote on company matters as stockholders would, and the success of the investment isn't related to that company's record in the market either. A bondholder is entitled to receive the amount that was agreed upon, as well as the principal of the bond.

Corporate bonds are generally issued in the denominations of $1000. This price is referred to as the face value of the bond - this is the amount that is agreed to be paid by the company at the time that it matures. Bond prices can differ from their face values, because the prices of the bonds are correlated to the current market rates. When these rates change, the value of the bond will as well. If one were to sell the bond before the time that it matures, the bond may be worth less than was initially paid. A callable bond is one that the issuer may choose to buy back at full face value before the maturity date.

There are three major features of bonds:

Issuing Organization

Maturity

Quality

Short Term Bonds mature in two years or less and long term bonds mature in ten or more. Intermediate is between two and ten years.

 

▼ What is bond quality?

Bond quality is the rating of the creditworthiness of an issuing organization. There are organizations that specialize in judging bond quality. The higher the rating, the lower the risk of the investment. The rating system uses letters A through D. The only bond considered to be risk free is the U.S. Treasury Bond.

▼ How does the bond rating system work?

Highest Quality

Moody's

Standard & Poor's

High Quality

Aaa

AAA

Good Quality

Aa

AA

Medium Quality

Baa

BBB

Speculative Elements

Ba

BB

Speculative

B

B

More Speculative

Caa

CCC

Highly Speculative

Ca

CC

In Default

-

D

Not Rated

N

N

▼ How do interest rates affect bond prices?

Generally bond prices and interest rates have an inverse relationship - as interest rates drop, bond prices rise and vice versa.

▼ How does maturity affect bond prices?

Bond prices are heavily influenced by maturity - the longer the maturity, the greater the change in price for a change in interest rates. If interest rates rise, it would make a larger difference in the 20 year bond, as opposed to a 10 year bond. Because of this, bond fund managers will attempt to change the fund's average maturity to anticipate changes in interest rates.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate  transactions or financial statements, please give us a call at 305-274-5811.

Source: Thomson Reuters

Posted by Admin Posted on July 16 2018

- Veterans owed refunds for overpayments attributable to disability severance payments should file amended returns to claim tax refunds

Posted by Admin Posted on July 16 2018

Veterans owed refunds for overpayments attributable to disability severance payments should file amended returns to claim tax refunds

 

The Internal Revenue Service today is advising certain veterans who received disability severance payments after January 17, 1991, and included that payment as income that they should file Form 1040X, Amended U.S. Individual Income Tax Return, to claim a credit or refund of the overpayment attributable to the disability severance payment.

This is a result of the Combat-Injured Veterans Tax Fairness Act passed in 2016.

Most veterans who received a one-time lump-sum disability severance payment when they separated from their military service will receive a letter from the Department of Defense with information explaining how to claim tax refunds they are entitled to; the letters include an explanation of a simplified method for making the claim. The IRS has worked closely with the DoD to produce these letters, explaining how veterans should claim the related tax refunds.

Statute of Limitations

The amount of time for claiming these tax refunds is limited. However, the law grants veterans an alternative timeframe – one year from the date of the letter from DoD. Veterans making these claims have the normal limitations period for claiming a refund or one year from the date of their letter from the DoD, whichever expires later. As taxpayers can usually only claim tax refunds within 3 years from the due date of the return, this alternative time frame is especially important since some of the claims may be for refunds of taxes paid as far back as 1991.

Amount to Claim

Veterans can submit a claim based on the actual amount of their disability severance payment by completing Form 1040X, carefully following the instructions. However, there is a simplified method. Veterans can choose instead to claim a standard refund amount based on the calendar year (an individual’s tax year) in which they received the severance payment. Write “Disability Severance Payment” on line 15 of Form 1040X and enter on lines 15 and 22 the standard refund amount listed below that applies:

  • $1,750 for tax years 1991 – 2005
  • $2,400 for tax years 2006 – 2010
  • $3,200 for tax years 2011 – 2016

Claiming the standard refund amount is the easiest way for veterans to claim a refund, because they do not need to access the original tax return from the year of their lump-sum disability severance payment.

Special Instructions

All veterans claiming refunds for overpayments attributable to their lump-sum disability severance payments should write either “Veteran Disability Severance” or “St. Clair Claim” across the top of the front page of the Form 1040X that they file. Because all amended returns are filed on paper, veterans should mail their completed Form 1040X, with a copy of the DoD letter, to:

Internal Revenue Service
333 W. Pershing Street, Stop 6503, P5
Kansas City, MO  64108

Veterans eligible for a refund who did not receive a letter from DoD may still file Form 1040X to claim a refund but must include both of the following to verify the disability severance payment:

  • A copy of documentation showing the exact amount of and reason for the disability severance payment, such as a letter from the Defense Finance and Accounting Services (DFAS) explaining the severance payment at the time of the payment or a Form DD-214, and
  • A copy of either the VA determination letter confirming the veteran’s disability or a determination that the veteran’s injury or sickness was either incurred as a direct result of armed conflict, while in extra-hazardous service, or in simulated war exercises, or was caused by an instrumentality of war.

Veterans who did not receive the DoD letter and who do not have the required documentation showing the exact amount of and reason for their disability severance payment will need to obtain the necessary proof by contacting the Defense Finance and Accounting Services (DFAS)

Source: IRS

Preparing for a Disaster: Taxpayers and Businesses

Posted by Admin Posted on July 16 2018

Preparing for a Disaster: Taxpeyers and businesses

 

Planning what to do in case of a disaster is an important part of being prepared. The Internal Revenue Service encourages taxpayers to safeguard their records. Some simple steps can help taxpayers and businesses protect financial and tax records in case of disasters.

Listed below are tips for individuals and businesses on preparing for a disaster.

Take Advantage of Paperless Recordkeeping for Financial and Tax Records

Many people receive bank statements and documents by e-mail. This method is an outstanding way to secure financial records. Important tax records such as W-2s, tax returns and other paper documents can be scanned onto an electronic format.

Be sure you back up your electronic files and store them in a safe place. Making duplicates and keeping them in a separate location is a good business practice. Other options include copying files onto a CD or DVD. Also, many retail stores sell computer software packages that you can use for recordkeeping.

When choosing a place to keep your important records, convenience to your home should not be your primary concern. Remember, a disaster that strikes your home is also likely to affect other facilities nearby, making quick retrieval of your records difficult and maybe even impossible.

Document Valuables and Business Equipment

The IRS has disaster loss workbooks for individuals ( Publication 584, Casualty, Disaster, and Theft Loss Workbook) and businesses ( Publication 584-B, Business Casualty, Disaster, and Theft Loss Workbook) that can help you compile a room-by-room list of your belongings or business equipment. This will help you recall and prove the market value of items for insurance and casualty loss claims.

One option is to photograph or videotape the contents of your home and/or business, especially items of greater value. You should store the photos with a friend or family member who lives away from the geographic area at risk.

Check on Fiduciary Bonds

Employers who use payroll service providers should ask the provider if they have a fiduciary bond in place. The bond could protect the employer in the event of default by the payroll service provider.

Continuity of Operations Planning for Businesses

How quickly your company can get back to business after a disaster often depends on emergency planning done today. Start planning now to improve the likelihood that your company will survive and recover. Review your emergency plans annually. Just as your business changes over time, so do your preparedness needs. When you hire new employees or when there are changes in how your company functions, you should update your plans and inform your people.

There are real benefits to being prepared for disasters. The following preparedness strategies are common to all disasters. You plan only once, and are able to apply your plan to all types of hazards.

  • Get informed about hazards and emergencies and learn what to do for specific hazards.
  • Develop an emergency plan.
  • Learn where to seek shelter from all types of hazards.
  • Back up your computer data systems regularly.
  • Decide how you will communicate with employees, customers and others.
  • Use cell phones, walkie-talkies, or other devices that do not rely on electricity as a backup to your telecommunications system.
  • Collect and assemble a disaster supplies kit. Include a portable generator.
  • Identify the community warning systems and evacuation routes.
  • Include required information from community and school plans.
  • Practice and maintain your plan.

Update Emergency Plans

Emergency plans should be reviewed annually. Personal and business situations change over time and so do preparedness needs. Individual taxpayers should make sure they are saving documents everybody should keep including such things as W-2s, home closing statements and insurance records. When employers hire new employees or when a company or organization changes functions, plans should be updated accordingly and employees should be informed of the changes.

Make sure you have a means of receiving severe weather information; if you have a NOAA Weather Radio, put fresh batteries in it. Make sure you know what you should do if threatening weather approaches.

Count on the IRS

Immediately after a casualty, you can request a copy of a return and all attachments (including Form W-2) by using Form 4506, Request for Copy of Tax Return (PDF).

If you just need information from your return, you can order a free transcript by calling (800) 829-1040 or using Form 4506-T, Request for Transcript of Tax Return (PDF). Requests for Transcripts are also available using the online and mail options found on the Get Transcript page. Transcripts are available for the current year and returns processed in the three prior years. IRS.gov is an indispensable resource as you prepare for and recover from disaster.

Source: IRS

- BLINDA TU IDENTIDAD CON EL IP PIN

Posted by Admin Posted on July 15 2018

blinda tu identidad con el ip pin

 

A los aspirantes a contribuyentes se les asigna un número de 6 dígitos llamado IP PIN, el cual te ayuda a prevenir el uso indebido de sus números de Seguro Social  en  cualquier declaración fraudulenta del impuesto federal sobre los ingresos.

Después de haber obtenido tu IP PIN no puedes renunciar a él. Este número deberá ser utilizado cada vez que realices una declaración de impuesto federal, ya sea del presente año o en años posteriores para poder verificar su identidad.

A través del portal web de IRS podrás solicitar tu IP PIN.

 

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

- CONSEJOS PARA AGRICULTORES EN LOS ESTADOS UNIDOS

Posted by Admin Posted on July 15 2018

consejos para agricultores en los estados unidos

 

Si eres agricultor: Estos 10 tips te facilitarán el pago de impuestos

1. Seguro de cosecha.  Los pagos que recibe del seguro por daños a la cosecha cuentan como ingreso. Generalmente, debe reportar estos pagos el año que los recibe.

2. Venta de artículos comprados para reventa.  Ya sea ganado u otros artículos que se van a revender, deben declararse.

3. Ventas relacionadas al clima.  El mal tiempo como una sequía o una inundación puede forzarlo a vender más ganado de lo normal para ese año. De ser así, podría retrasar la declaración de las ganancias por vender los animales adicionales.

4. Gastos de granja.  Puedes deducir gastos ordinarios y necesarios  que hayas pagado por tu negocio.

5. Salarios de empleados.  Puede deducir los sueldos razonables que haya pagado a trabajadores en su granja de tiempo completo y tiempo parcial. Debe retener el Seguro Social, Medicare e impuestos federales de los salarios.

6. Pago de préstamos. Se pueden deducir los intereses que pagó por un préstamo si éste se utilizó para su negocio agrícola, no personales.

7. Pérdidas netas de operación. Si sus gastos son mayores que sus ingresos para ese año, es posible que tenga una pérdida neta de operación. Puede aplicar la pérdida a otros años y entonces deducirla. Podría obtener un reembolso por una fracción o el monto total de los impuestos que pagó en años anteriores. También podría reducir sus impuestos en años futuros.

8. Promedio de ingresos agrícolas.  Es posible que pueda promediar  todos o algunos de los ingresos agrícolas del año en curso con la distribución a lo largo de los últimos tres años. Esto puede reducir sus impuestos si su ingreso agrícola es alto en el año en curso y bajo en uno o más en los últimos tres años.

9. Crédito o reembolso tributario. Es posible que pueda reclamar un crédito tributario o el reembolso de los impuestos por el costo del combustible usado en las actividades de su granja.

10. Guía tributaria para granjeros.  Para más detalles sobre este tema, vea la Publicación 225 (en inglés) Guía Tributaria para Granjeros. Se puede conseguir en IRS.gov/forms en cualquier momento.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Fuente: IRS

- ¿QUÉ REGISTROS PODRÍA PEDIRTE EL IRS EN UNA AUDITORÍA?

Posted by Admin Posted on July 15 2018

que registros podria pedirte el irs en una auditoria

 

El IRS te pedirá llevar ciertos documentos para comprobar los ingresos, créditos o deducciones que usted reclamó en su declaración de impuestos. Se supone que usted contó con todos estos documentos para preparar la declaración, por eso, la solicitud de los mismos no debería acarrear otra preparación.

Recuerde que nunca debe enviar los registros originales. Envíe copias. Para mayor rapidez organice los registros por año y clase de ingreso o gasto, e incluya un resumen de las transacciones.

Registros que podrían solicitar:

- Recibos: Presente los recibos por fecha, con notas que indican para qué fueron y qué tiene que ver el recibo con su negocio. Además de indicar los dólares pagados o recibidos por un servicio o producto.

- Facturas:  Incluya el nombre de la persona u organización que recibe el pago, la clase de servicio y las fechas en  que pagó las facturas.

- Cheques cancelados: Agrupe los cheques con copias de las facturas que pagaron, y con cualquier reintegro aplicable recibido del empleador.

- Papeles legales: Incluya una descripción del asunto bajo juicio, y cuándo ocurrió y qué tiene que ver con el negocio, el crédito o la deducción. Ejemplos incluyen:  

- Decretos de divorcio que incluyen acuerdos de custodia de hijos.

- Papeles de defensa criminal o civil.

- Adquisición de propiedad

- Preparación de impuestos o asesoramiento

- Contratos de préstamo: Incluya una copia del préstamo original, junto con los siguientes:

- Nombres de los prestatarios

- Ubicación de la propiedad

- Institución financiera prestataria

- Cantidad prestada

- Términos (el número de meses permitidos para el pago)

- Hoja de liquidación: Si el préstamo fue prestado por una institución, incluya un estado del final del año tributario que muestra los intereses pagados.

Si el préstamo fue realizado por una institución, incluya una declaración del beneficiario que indica los intereses pagados ese año además de la dirección y número de Seguro Social del beneficiario.

- Libros o diarios: Estos pueden mostrar las fechas y destinos de sus viajes del negocio, además del propósito de negocio y las millas recorridas en las mismas. También podrían mostrar las ganancias o pérdidas de juegos de azar, y las fechas y lugares de los mismos. También podrían mostrar actividades y gastos de buscar trabajo.

- Boletos: Escriba en los boletos de viaje el propósito de negocio del viaje, y agrúpelos con otros recibos del mismo viaje. Boletos de lotería ayudan a comprobar las ganancias o pérdidas.

- Registros médicos y dentales.

- Estados de sus cuentas de ahorros médicos

- Copia de  una guía u otro estado, que muestre las políticas de beneficio y reintegro.

- Declaraciones de los médicos.

- Registros de mejoras de capital por propósitos médicos, inclusive tasación de propiedad antes y después de las mejoras.

- Contrato del cuidado de un asistente médico.

- Documentos de robo o pérdida.

- Informes del seguro que detallan la naturaleza de la pérdida o el daño. Si no tiene seguro, copias de los informes de policía o bomberos sobre el robo, pérdida o accidente.

- Fotos o video que muestra la gravedad de los daños (si los hay).

- Formulario de tasación de un perito calificado que muestra el valor justo del mercado de la propiedad antes y después, además de un estimado de los daños.

- Documentos de empleo: Pueden incluir políticas sobre uniformes o de vestimenta, requisitos de educación continua, estados de reintegro o políticas del W-2.

- Anexos K-1: Estos se usan para declarar la parte correspondiente a cada accionista de los ingresos, pérdidas, deducciones, y créditos cuando una sociedad anónima de tipo S presenta su declaración anual de impuestos.

Cuestionarios

Si el IRS practica su auditoría por correo, también pueden solicitarles que rellenen un cuestionario. Estos son algunos de los formularios más comunes, todos en inglés.

 

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Fuente: IRS

- SOLICITUD ELECTRÓNICA PARA EL ACUERDO DE PAGOS A PLAZOS

Posted by Admin Posted on July 15 2018

solicitud electronica para el acuerdo de pagos a plazos

 

Esta solicitud le permite a usted o a su representante autorizado (por Poder Legal) la oportunidad de evitar largas esperas telefónicas o la necesidad para escribir a, o visitar una oficina del IRS para solicitar un plan de pagos a plazos. Al completar el proceso por Internet, recibirá notificación inmediata de la aprobación o denegación del acuerdo solicitado.

También puede usar los enlaces a continuación para “solicitar” la mayoría de las revisiones a un Plan de Pagos ya establecido (en inglés) o modificar sus datos de seguridad para la autenticación electrónica.

Cargos Administrativos y Disponibilidad del Sistema

Si aprobamos su plan de pagos, uno de los siguientes cargos se le añadirá a su deuda tributaria:

- $31 por un plan de pagos a plazos por débito directo establecido a través del Acuerdo de Pagos a Plazos por internet (OPA)

- $149 por un plan de pagos establecido a través del OPA pero sin débito directo desde su cuenta bancaria

- $107 por un plan de pagos a plazos por débito directo que no fue establecido a través del OPA

- $225 por un plan de pagos a plazos sin débito directo desde su cuenta bancaria y que no fue establecido a través del OPA

- $43 si su ingreso está por debajo de cierto nivel ($31 por un plan de pagos a plazos por débito directo asegurado a través del OPA)

- No habrá cargo administrativo si califica para un acuerdo a corto plazo (120 días o menos)

Disponibilidad del Sistema

- Lunes a viernes 6 a.m. a las 12:30 a.m. Horario del este

- Sábado, 6 a.m. a las 10 p.m. Horario del este

- Domingo, 6 p.m. a la medianoche. Horario del este

Individuos

¿Reúne usted los requisitos?

Usted adeuda $50,000 o menos en impuestos, multas e intereses y presentó todas las declaraciones requeridas. También puede calificar para un acuerdo de pago a corto plazo si su deuda es menor de $100,000.

¿Qué necesita para solicitar?

- Nombre

- Dirección de correo electrónico válida

- Dirección utilizada en la declaración de impuestos tramitada más recientemente

- Fecha de nacimiento

- Estado civil para efectos de la declaración

- Su número de Seguro Social (o de su cónyuge si presentaron un declaración conjunta) o el de identificación de contribuyente individual (ITIN). Si su estado civil para efectos de la declaración es de casado que presenta conjuntamente, la solicitud por Internet para un Plan de Pagos solo aceptará el primer Número de Seguro Social (SSN, por sus siglas en inglés) que aparece en su declaración de impuestos. Si su SSN aparece en segundo lugar, usted debe llamar al número que aparece en su factura o aviso, o seguir las instrucciones en nuestra página de información sobre los acuerdos de planes de pagos.

Poder Legal para un individuo

¿Está solicitando un Poder Legal (POA) para una persona física? Usted necesita:

- El número de Seguro Social (SSN) del contribuyente o el Número de identificación de contribuyente individual (ITIN)

- Su número registrado en el Archivo Central de Autorizaciones (CAF)

- Número de identificación de llamada en el Aviso o la fecha de la firma del POA en el Formulario 2848(SP)

- El ingreso ajustado bruto del año anterior (AGI) (si recientemente presentó el del 2016, utilice el AGI del 2015)

Negocios

¿Reúne usted los requisitos?

Usted adeuda $25,000 o menos en impuestos, multas e intereses para el año actual o el año anterior, y presentó todas las declaraciones requeridas.

¿Qué necesita para solicitar?

- Su Número de identificación de empleador (EIN)

- Fecha en que se asignó su EIN (mes y año)

- Dirección utilizada en la declaración de impuestos tramitada más recientemente

- Su número de identificación de llamada en el Aviso

- Poder Legal

- ¿Está solicitando un Poder Legal (POA) para un negocio? Usted necesita:

- Su Número de identificación de empleador (EIN)

- Su número registrado en el Archivo Central de Autorizaciones (CAF)

- Número de identificación de llamada en el Aviso o la fecha de la firma del POA en el Formulario 2848(SP)

Basado en el tipo de acuerdo solicitado, puede que también necesite:

- Domicilio del negocio según mostrado en la declaración de impuesto que presentó más recientemente

- Formulario de impuestos que presentó o que fue examinado

- Periodo de impuestos que presentó o que fue examinado

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Fuente: IRS

- FACING THE TAX CHALLENGES OF SELF-EMPLOYMENT & PHASEOUTS AND REDUCTIONS

Posted by Admin Posted on July 15 2018

Facing the Tax Challenges of self- exployment

 

Today’s technology makes self-employment easier than ever. But if you work for yourself, you’ll face some distinctive challenges when it comes to your taxes. Here are some important steps to take:

Learn your liability. Self-employed individuals are liable for self-employment tax, which means they must pay both the employee and employer portions of FICA taxes. The good news is that you may deduct the employer portion of these taxes. Plus, you might be able to make significantly larger retirement contributions than you would as an employee.

However, you’ll likely be required to make quarterly estimated tax payments, because income taxes aren’t withheld from your self-employment income as they are from wages. If you fail to fully make these payments, you could face an unexpectedly high tax bill and underpayment penalties.

Distinguish what’s deductible. Under IRS rules, deductible business expenses for the self-employed must be “ordinary” and “necessary.” Basically, these are costs that are commonly incurred by businesses similar to yours and readily justifiable as needed to run your operations.

The tax agency stipulates, “An expense does not have to be indispensable to be considered necessary.” But pushing this grey area too far can trigger an audit. Common examples of deductible business expenses for the self-employed include licenses, accounting fees, equipment, supplies, legal expenses and business-related software.

Don’t forget your home office! You may deduct many direct expenses (such as business-only phone and data lines, as well as office supplies) and indirect expenses (such as real estate taxes and maintenance) associated with your home office. The tax break for indirect expenses is based on just how much of your home is used for business purposes, which you can generally determine by either measuring the square footage of your workspace as a percentage of the home’s total area or using a fraction based on the number of rooms.

The IRS typically looks at two questions to determine whether a taxpayer qualifies for the home office deduction:

1. Is the specific area of the home that’s used for business purposes used only for business purposes, not personal ones?

2. Is the space used regularly and continuously for business?

If you can answer in the affirmative to these questions, you’ll likely qualify. But please contact our firm for specific assistance with the home office deduction or any other aspect of filing your taxes as a self-employed individual.

- AVOID IDENTITY THEFT; LEARN HOW TO RECOGNIZE PHISHING SCAMS

Posted by Admin Posted on July 15 2018

avoid identity theft learn how pishing scams

 

Simply ask for it. That’s the easiest way for an identity thief to steal your personal information.

Each day, people fall victim to phishing scams through emails, texts or phone calls and mistakenly turn over important data. In turn, cybercriminals try to use that data to file fraudulent tax returns or commit other crimes.

The Internal Revenue Service, state tax agencies and the tax industry -- all partners in the fight against identity theft -- urge you to learn to recognize and avoid phishing scams.

We need your help in the fight against identity theft. That’s why, as part of the Security Summit effort, we launched a public awareness campaign that we call Taxes. Security. Together. We’ve launched a series of security awareness tips that can help protect you from cybercriminals.

It’s called “phishing” because thieves attempt to lure you into the scam mainly through impersonations. The scam may claim to be from a friend, a company with whom you do business, a prize award – anything to get you to open the email or text.

A good general rule: Don’t give out personal information based on an unsolicited email request.

Here are a few basic tips to recognize and avoid a phishing email:

It contains a link. Scammers often pose as the IRS, financial institutions, credit card companies or even tax companies or software providers. They may claim they need you to update your account or ask you to change a password. The email offers a link to a spoofing site that may look similar to the legitimate official website. Do not click on the link. If in doubt, go directly to the legitimate website and access your account.

It contains an attachment. Another option for scammers is to include an attachment to the email. This attachment may be infected with malware that can download malicious software onto your computer without your knowledge. If it’s spyware, it can track your keystrokes to obtain information about your passwords, Social Security number, credit cards or other sensitive data. Do not open attachments from sources unknown to you.

It’s from a government agency. Scammers attempt to frighten people into opening email links by posing as government agencies. Thieves often try to imitate the IRS and other government agencies.

It’s an “off” email from a friend. Scammers also hack email accounts and try to leverage the stolen email addresses. You may receive an email from a “friend” that just doesn’t seem right. It may be missing a subject for the subject line or contain odd requests or language. If it seems off, avoid it and do not click on any links.

It has a lookalike URL. The questionable email may try to trick you with the URL. For example, instead of www.irs.gov, it may be a false lookalike such as www.irs.gov.maliciousname.com. You can place your cursor over the text to view a pop-up of the real URL.

Use security features. Your browser and email provider generally will have anti-spam and phishing features. Make sure you use all of your security software features.

Opening a phishing email and clicking on the link or attachment is one of the most common ways thieves are able not just steal your identity or personal information but also to enter into computer networks and create other mischief.

Learning to recognize and avoid phishing emails – and sharing that knowledge with your family members – is critical to combating identity theft and data loss. Businesses should educate employees about the dangers. 

The IRS, state tax agencies and the tax industry joined as the Security Summit to enact a series of initiatives to help protect you from tax-related identity theft in 2017. You can help by taking these basic steps.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please give us a call at 305-274-5811.

Source: IRS

- HOW IDENTITY THEFT CAN AFFECT YOUR TAXES

Posted by Admin Posted on July 15 2018

how identity theft can affect your taxes

 

Tax-related identity theft normally occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Many people first find out about it when they do their taxes.

The IRS is working hard to stop identity theft with a strategy of prevention, detection and victim assistance. Here are nine key points:

- Taxes. Security. Together. The IRS, the states and the tax industry need your help. We can’t fight identity theft alone. The Taxes. Security. Together. awareness campaign is an effort to better inform you about the need to protect your personal, tax and financial data online and at home.

- Protect your Records. Keep your Social Security card at home and not in your wallet or purse. Only provide your Social Security number if it’s absolutely necessary. Protect your personal information at home and protect your computers with anti-spam and anti-virus software. Routinely change passwords for internet accounts.

- Don’t Fall for Scams.  Criminals often try to impersonate your bank, your credit card company, even the IRS in order to steal your personal data. Learn to recognize and avoid those fake emails and texts. Also, the IRS will not call you threatening a lawsuit, arrest or to demand an immediate tax payment. Normal correspondence is a letter in the mail. Beware of threatening phone calls from someone claiming to be from the IRS.

- Report Tax-Related ID Theft to the IRS. If you cannot e-file your return because a tax return already was filed using your SSN, consider the following steps: • File your taxes by paper and pay any taxes owed. • File an IRS Form 14039 Identity Theft Affidavit. Print the form and mail or fax it according to the instructions. You may include it with your paper return. • File a report with the Federal Trade Commission using the FTC Complaint Assistant; • Contact one of the three credit bureaus so they can place a fraud alert or credit freeze on your account;

- IRS Letters. If the IRS identifies a suspicious tax return with your SSN, it may send you a letter asking you to verify your identity by calling a special number or visiting a Taxpayer Assistance Center. This is to protect you from tax-related identity theft.

- IP PIN. If you are a confirmed ID theft victim, the IRS may issue an IP PIN. The IP PIN is a unique six-digit number that you will use to e-file your tax return. Each year, you will receive an IRS letter with a new IP PIN.

- Report Suspicious Activity. If you suspect or know of an individual or business that is committing tax fraud, you can visit IRS.gov and follow the chart on How to Report Suspected Tax Fraud Activity.

- Combating ID Theft.  In 2015, the IRS stopped 1.4 million confirmed ID theft returns and protected $8.7 billion. In the past couple of years, more than 2,000 people have been convicted of filing fraudulent ID theft returns. 

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please give us a call at 305-274-5811.

Source: IRS

- DON'T MISS THIS!!! ARE YOU GETTING MARRIED THIS SUMMER?

Posted by Admin Posted on July 15 2018

are you getting married this summer

 

Getting married this summer? Congratulations! You’ve tied the knot and cut the cake. Soon, you’ll be filing your first joint income tax return. Here are some simple steps to make this event less stressful.

Step 1: Marriage can mean a change in name. Make sure that the names you enter on your first tax return match the names and Social Security numbers on file with the Social Security Administration. For example, if you are taking your spouse’s surname, you should notify SSA of the change in your name.

Step 2: No matter when you get married, even on Dec. 31, the IRS considers you to have been married for the entire year for tax purposes. To make sure you are having enough taxes taken out of your paychecks, check your withholding. If both you and your spouse work, your combined income may place you in a higher tax bracket.

The IRS Withholding Calculator will help you figure the correct amount of withholding for a married couple. Making a change to your withholding now can eliminate or reduce a tax bill when it’s time to file your tax return. Use Form W-4, Employee’s Withholding Allowance Certificate, to make the needed adjustments and give the form to your employer.

Step 3: Let the IRS know your new address by completing Form 8822, Change of Address. Mail the completed change of address form to the address listed on Page 2 of the form.

Step 4: The U.S. postmaster will also want to make sure the post office has your correct address. So, don’t forget to notify the U.S. Postal Service when you move, so it can forward any IRS correspondence or refunds.

Step 5: Just in case you forgot to invite your employer to the wedding, make sure you let them know about any name and address changes. This will ensure that you receive your Form W-2, Wage and Tax Statement, after the end of the year. Make sure banks or other payers that may send you year-end tax statements have your updated name and address as well.

Step 6: If you receive advance payments of the premium tax credit, you should report changes in circumstances, such as your marriage, to your Health Insurance Marketplace. Other changes that you should report include a change in your income or family size. Advance payments of the Premium Tax Credit provide financial assistance to help you pay for the insurance you buy through the Health Insurance Marketplace. Reporting changes in circumstances will allow the Marketplace to adjust your advance credit payments. This adjustment will help you avoid getting a smaller refund or owing money that you did not expect to owe on your federal tax return.

If one or both of you received the benefit of advance credit payments for the year, you may be eligible to use an alternative calculation to determine your excess advance credit payments. The alternative calculation can be used to reduce excess advance credit payments, but not to increase your net premium tax credit. See the instructions for Form 8962, Premium Tax Credit, for eligibility. If you’re eligible, you need to complete Form 8962, Part 5, Alternative Calculation of Year of Marriage.

 Step 7: Select the right tax form. Choosing the right individual income tax form can help save money. Newly married taxpayers may find that they now have enough deductions to itemize on their tax returns. You must claim itemized deductions on a Form 1040, U.S. Individual Income Tax Return, not a Form 1040A or Form 1040EZ. Step

8: Choose the best filing status. A person’s marital status on Dec. 31 determines whether the person is considered married for that year. Generally, the tax law allows married couples to choose to file their federal income tax return either jointly or separately in any given year. Figuring the tax both ways can determine which filing status will result in the lowest tax, but usually filing jointly is more beneficial. When it comes to wedding planning, details are important. Why not take these steps now to be sure your first tax season as a married couple goes smoothly.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please give us a call at 305-274-5811.

Source: IRS

- SAVING FOR RETIREMENT WHEN YOU BELONG TO MULTIPLE RETIREMENT PLANS

Posted by Admin Posted on July 15 2018

saving for retirement when you belong to multiple retirement plans

 

The most you can contribute from your wages to retirement plans each calendar year is your individual contribution limit. Although your limit is affected by the plan terms, it generally doesn’t depend on how many plans you participate in or on the type of employer who is sponsoring those plans. If you exceed your individual contribution limit and the excess isn’t returned by April 15 (sooner for a 457(b) plan) of the next year, you could be subject to double taxation:

• once in the year you deferred your salary, and

• again when you receive a distribution. Limits

• General limit for 2016 — You may contribute a total of $18,000 in pre-tax or designated Roth contributions to all your plans (not counting 457(b) plans).

• Age-50 catch-up contributions — If you are age 50 or older by the end of 2016, you may be able contribute an additional $6,000 in total to your 401(k), 403(b) or governmental 457(b) plan.

• 403(b) plans’ 15-year catch-up contribution — If you have at least 15 years of service with your employer, you may be able to contribute up to an additional $3,000 to your 403(b) plan.

• 457(b) plans’ separate contribution limit — A separate individual contribution level for 457(b) plans and additional catch-up amounts depend on whether the plan sponsor is a state or local government, or some other tax-exempt organization. Check your plan documents for the amount you can contribute to the plan, and make sure you don’t exceed your limit.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please give us a call at 305-274-5811.

Source: IRS

- IF YOU MISSED THE TAX DEADLINE, THESE TIPS CAN HELP

Posted by Admin Posted on July 15 2018

if you missed the tax dedline these tips can help

 

The tax filing deadline has come and gone. If you didn’t file a tax return or an extension, but should have, you need to take action now. Here are some tips to help you.

• File as soon as you can. If you owe taxes, you should file and pay as soon as you can. This will stop the interest and penalties that you’ll owe. IRS Direct Pay offers a free, secure and easy way to pay your tax directly from your checking or savings account. There is no penalty for filing a late return if you are due a refund. The sooner you file, the sooner you’ll get it.

• Use IRS e-file to do your taxes. No matter who prepares your tax return, you can use IRS e-file through Oct. 17. E-file is the easiest, safest and most accurate way to file your taxes. The IRS will confirm that it received your tax return. The IRS issues more than nine out of 10 refunds in less than 21 days.

• E-file using IRS Free File, if you qualify. Nearly everyone can use IRS Free File to e-file their federal taxes for free. If your income was $62,000 or less, you can use free brand-name tax software. If you made more than $62,000, use Free File Fillable Forms to e-file. This program uses electronic versions of IRS paper forms. It does some of the math, and it works best for those who are used to doing their own taxes. Either way, you have a free option that you can only access on IRS.gov. It’s available at least through the Oct. 17 extension period.

• Pay as much as you can. If you owe tax but can’t pay it in full, you should pay as much as you can when you file your tax return. IRS electronic payment options are the quickest and easiest way to pay your taxes. Pay the rest of the tax you still owe as soon as possible. Doing so will reduce future penalties and interest.

• Use the IRS.gov tool to pay over time. If you need more time to pay your tax, you can apply for an installment agreement with the IRS. The best way to apply is to use the IRS Online Payment Agreement tool. You can use the IRS.gov tool to set up a direct debit agreement. You don’t need to write and mail a check each month with a direct debit plan. If you don’t use the tool, you can use Form 9465, Installment Agreement Request, to apply. You can get the form on the IRS.gov Forms and Publications page at any time.

• A refund may be waiting. If you are due a refund, you should file as soon as possible to get it. Even if you are not required to file, you may still get a refund. This could apply if you had taxes withheld from your wages or you qualify for certain tax credits. If you do not file your return within three years, you could lose your right to the refund.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please give us a call at 305-274-5811.

Source: IRS

- CONSEJOS SOBRE PROPINAS QUE DEBES TENER EN CUENTA

Posted by Admin Posted on July 08 2018

consejos sobre propinas para tener en cuenta

 

¿Sabías que todo lo que recibas en propinas es tributable? Toma en cuenta lo siguiente:

1.- Usa el Asistente Tributario Interactivo. El Asistente Tributario Interactivo es un recurso de ley tributaria que hace a los contribuyentes una serie de preguntas y proporciona respuestas.

2.- Declarar todas las propinas en la declaración de impuestos. Usa el Formulario 4137 (en inglés), Impuesto al Seguro Social y al Medicare sobre los ingresos de propinas no declaradas, para declarar la cantidad de todo ingreso de propinas no declaradas, para incluirlas como salarios adicionales. Esto incluye el valor de artículos no monetarios que alguien recibe como propina, tales como entradas o boletos a un evento.

3.- Declara todo tipo de propinas. Como contribuyente debes pagar impuestos sobre todas las propinas que recibas durante el año, incluyendo las que recibas:

- Directamente de los clientes.

- Agregadas a las tarjetas de crédito.

- De un acuerdo de compartir las propinas con otros empleados.

4.- Declara las propinas a tu jefe. Si recibes $20 o más en propinas en cualquier mes, debes informar a tu jefe las propinas para ese mes, a más tardar el 10º día del mes siguiente, incluyendo las propinas recibidas en efectivo, cheque y tarjeta de crédito. Pues como empleador éste debe retener el impuesto federal sobre los ingresos y los impuestos al Seguro Social y al Medicare sobre las propinas declaradas.

5.- Lleva un registro diario de propinas. Usa la Publicación 1244(PR), Registro Diario de Propinas Recibidas por el(la) Empleado(a) e Informa al Patrono, para registrar las propinas. Esto ayudará a declarar la cantidad correcta de propinas en una declaración de impuestos.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Fuente: IRS

- ¿SABES QUÉ ES EL PHISHING?

Posted by Admin Posted on July 08 2018

que es el phishing w

 

Ten en cuenta que los correos no solicitados que dicen ser del IRS o de alguno de sus programas, deberá reportarse a la dirección phishing@irs.gov, pues se han reportado casos en que el Sistema de Pago Electrónico de impuestos federales (EFTPS) es utilizado para atraer a víctimas.

Cabe destacar que, si experimentas pérdidas financieras debido a un incidente relacionado con el IRS debe reportarlo al Inspector General del Tesoro para la Administración Tributaria y presentar una queja con la Comisión Federal de Comercio a través del Asistente de Quejas.

 

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

 

Fuente: IRS

- ASÍ PROTEGE TU IDENTIDAD EL IRS

Posted by Admin Posted on July 08 2018

asi protege tu identidad el irs

 

El robo de identidad representa un problema para sus víctimas y todo un desafío para los negocios, organizaciones y agencias gubernamentales, incluyendo al IRS. El IRS combate el robo de identidad relacionado a los impuestos por medio de una estrategia estricta de prevención, detección y asistencia a las víctimas. Aunque se ha ido progresando en la lucha contra este crimen, continúa siendo una de sus principales prioridades.

El robo de identidad relacionado a los impuestos, sucede cuando alguien utiliza su número de Seguro Social robado y presenta una declaración de impuestos reclamando un reembolso fraudulento. Si llegas a ser una víctima de este crimen, el IRS está comprometido a ayudarte a resolver tu caso lo más pronto posible.

Cumbre de Seguridad

El IRS, los estados y la industria privada de impuestos trabajan juntos para identificar nuevas medidas de seguridad para proteger de manera más efectiva a los contribuyentes y combatir el robo de identidad. Pero necesitan tu ayuda.

Recuerda: el IRS no se comunica con los contribuyentes por correo electrónico para solicitar información personal o financiera. Esto incluye cualquier tipo de comunicación electrónica, tales  como mensajes de texto y redes sociales. El IRS no llama a los contribuyentes con amenazas de demandas o detenciones.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Fuente: IRS

- 6 TIPS PARA USAR TUS TARJETAS DE CRÉDITO

Posted by Admin Posted on July 08 2018

6 tips para usar tus tarjetas de credito

 

1- Realiza los consumos posteriores a tu fecha de corte.

2- Apréndete los datos básicos:  conoce la fecha de corte, fecha de pago y el límite de crédito.

3- Trata de pagar antes de la fecha indicada para que te cataloguen como responsable.

4- Te recomendamos tener un máximo de 3 tarjetas y utilizarlas de la siguiente manera: una para tus gastos comunes, otra como herramienta de crédito para adquirir activos o gastos necesarios, ejemplo comprar un electrodoméstico. Por último, ten una tarjeta de crédito para emergencias, por cualquier gasto imprevisto.

5- Cuando vayas a realizar el pago, trata de abonar más del mínimo requerido para que vean que tienes facilidad de pago.

6- Recuerda que los bancos evaluarán qué tan disciplinado eres con ellas para aumentar los límites, necesitas ganarse su confianza.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: instituto-finanzas

- WHAT EVERY STUDENT SHOULD KNOW ABOUT SUMMER JOBS AND TAXES

Posted by Admin Posted on July 08 2018

WHAT EVERY STUDENT SHOULD KNOW ABOUT SUMMER JOBS AN TAXES

 

Many students take a job in the summer after school lets out. If it’s your first job, it gives you a chance to learn about the working world. That includes taxes we pay to support the place we live, our state and our nation. Here are eight things you should know about taxes:

1. Don’t be surprised when your employer withholds taxes from your paychecks. That’s how you pay your taxes when you’re an employee. If you’re selfemployed, you may have to pay estimated taxes directly to the IRS on certain dates during the year. This is how our pay-as-you-go tax system works.

2. As a new employee, you’ll need to fill out a Form W-4, Employee’s Withholding Allowance Certificate. Your employer will use it to figure how much federal income tax to withhold from your pay. The IRS Withholding Calculator tool on IRS.gov can help you fill out the form.

3. Keep in mind that all tip income is taxable. If you get tips, you must keep a daily log so you can report them. You must report $20 or more in cash tips in any one month to your employer, and you must report all of your yearly tips on your tax return.

4. Money you earn doing work for others is taxable. Some work you do may count as self-employment. This can include jobs like baby-sitting and lawn mowing. Keep good records of expenses related to your work. You may be able to deduct (subtract) those costs from your income on your tax return. A deduction may help lower your taxes.

5. If you’re in ROTC, your active duty pay, such as pay you get for summer camp, is taxable. A subsistence (living) allowance you get while in advanced training isn’t taxable.

6. You may not earn enough from your summer job to owe income tax, but your employer usually must withhold Social Security and Medicare taxes from your pay. If you’re self-employed, you may have to pay them yourself. They count toward your coverage under the Social Security system.

7. If you’re a newspaper carrier or distributor, special rules apply. If you meet certain conditions, you’re considered self-employed. If you don’t meet those conditions and are under age 18, you are usually exempt from Social Security and Medicare taxes.

8. You may not earn enough money from your summer job to be required to file a tax return. Even if that’s true, you may still want to file. For example, if your employer withheld income tax from your pay, you’ll have to file a return to get your taxes refunded. You can prepare and e-file your tax return for free using IRS Free File. It’s available exclusively on IRS.gov

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please give us a call at 305-274-5811.

Source: IRS

Posted by Admin Posted on July 08 2018

- FIVE TAX TIPS ABOUT HOBBIES THAT EARN INCOME

Posted by Admin Posted on July 08 2018

five tax tips about hobbies that earn income

 

Millions of people enjoy hobbies. Hobbies can also be a source of income. Some of these types of hobbies include stamp or coin collecting, craft making and horse breeding. You must report any income you get from a hobby on your tax return. How you report the income from hobbies is different from how you report income from a business. There are special rules and limits for deductions you can claim for a hobby. Here are five basic tax tips you should know if you get income from your hobby:

Business versus Hobby. There are nine factors to consider to determine if you are conducting business or participating in a hobby. Make sure to base your decision on all the facts and circumstances of your situation.

- Allowable Hobby Deductions. You may be able to deduct ordinary and necessary hobby expenses. An ordinary expense is one that is common and accepted for the activity. A necessary expense is one that is helpful or appropriate.

- Limits on Expenses. As a general rule, you can only deduct your hobby expenses up to the amount of your hobby income. If your expenses are more than your income, you have a loss from the activity. You can’t deduct that loss from your other income.

- How to Deduct Expenses. You must itemize deductions on your tax return in order to deduct hobby expenses. Your costs may fall into three types of expenses. Special rules apply to each type. See Publication 535 for how you should report them on Schedule A, Itemized Deductions.

- Use IRS Free File. Hobby rules can be complex. IRS Free File can make filing your tax return easier. IRS Free File is available until Oct. 17. If you make $62,000 or less, you can use brand-name tax software. If you earn more, you can use Free File Fillable Forms, an electronic version of IRS paper forms. You can only access Free File through IRS.gov.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please give us a call at 305-274-5811.

Source: IRS

- COLLEGE FOR THE KIDS OR RETIREMENT

Posted by Admin Posted on July 08 2018

COLLEGE FOR THE KIDS AND RETIREMENT

 

JUGGLING FAMILY WEALTH MANAGEMENT IS NO TRICK

Family Wealth Management & Amending Your Tax Return
JUGGLING FAMILY WEALTH MANAGEMENT IS NO TRICK
Preserving and managing family wealth requires addressing a number of major issues. These include saving for your children’s education and funding your own retirement. Juggling these competing demands is no trick. Rather, it requires a carefully devised and maintained family wealth management plan.

Start with the basics

First, a good estate plan can help ensure that, in the event of your death, your children will be taken care of and, if your estate is large, that they won’t lose a substantial portion of their inheritances to estate taxes. It can also guarantee that your assets will be passed along to your heirs according to your wishes.

Second, life insurance is essential. The right coverage can provide the liquidity needed to repay debts, support your children and others who depend on you financially, and pay estate taxes.

Prepare for the challenge

Most families face two long-term wealth management challenges: funding retirement and paying for college education. While both issues can be daunting, don’t sacrifice saving for your own retirement to finance your child’s education. Scholarships, grants, loans and work-study may help pay for college — but only you can fund your retirement.

Uncle Sam has provided several education incentives that are worth checking out, including tax credits and deductions for qualifying expenses and tax-advantaged savings pportunities such as 529 plans and Education Savings Accounts (ESAs). Because of income limits and phaseouts, many higher-income families won’t benefit from some of these tax breaks. But, your children (or your parents, in the case of contributing to an ESA) may be able to take advantage of them.

Give assets wisely

Giving money, investments or other assets to your children or other family members can save future income tax and be a sound estate planning strategy as well. You can currently give up to $14,000 per year per individual ($28,000 if married) without incurring gift tax or using your lifetime gift tax exemption. Depending on the number of children and grandchildren you have, and how many years you continue this gifting program, it can really add up.

By gifting assets that produce income or that you expect to appreciate, you not only remove assets from your taxable estate, but also shift income and future appreciation to people who may be in lower tax brackets.

Also consider using trusts to facilitate your gifting plan. The benefit of trusts is that they can ensure funds are used in the manner you intended and can protect the assets from your loved ones’ creditors.

Overcome the complexities

Creating a comprehensive plan for family wealth management and following through with it may not be simple — but you owe it to yourself and your family. We can help you overcome the complexities and manage your tax burden.

Sidebar: Charitable giving’s place in family wealth management

Do charitable gifts have a place in family wealth anagement? absolutely. Properly made gifts can avoid gift and estate taxes, while possibly qualifying for an income tax deduction. Consider a charitable trust that allows you to give income-producing assets to charity, but keep the income for life — or for the charity to receive the earnings and the assets to later pass to your heirs. These are just two examples; there are more ways to use trusts to accomplish your charitable goals.


NEED A DO-OVER? AMEND YOUR TAX RETURN
Like many taxpayers, you probably feel a sense of relief after filing your tax return. But that feeling can change if, soon after, you realize you’ve overlooked a key detail or received additional information that should have been considered. In such instances, you may want (or need) to amend your return.

Typically, an amended return — Form 1040X, to be exact — must be filed within three years from the date you filed the original tax return or within two years of the date the applicable tax was paid (whichever is later). Your choice of timing should depend on whether you expect a refund or a bill.

If claiming an additional refund, you should typically wait until you’ve received your original refund. Then cash or deposit the first refund check while waiting for the second. If you owe additional dollars, file the amended return and pay the tax immediately to minimize interest and penalties.

Bear in mind that, as of this writing, the IRS doesn’t offer amended returns via e-file. You can, however, track your amended return electronically. The IRS now offers an automated status-tracking tool called “Where’s My Amended Return?” at https://www.irs.gov/Filing/Individuals/Amended-Returns-(Form-1040-X)/Wheres-My-Amended-Return-1.

If you have any questions, please do not hesitate to call me at (305) 274-5811, our firm has a network of professionals that includes International Tax Attorneys, Real Estate Attorneys and Immigration Attorneys that will assist you and your clients to ensure that the whole process of buying, holding and selling real estate in the United States is smooth.  

Source: PDI Global, Inc.

-FIVE FACTS ABOUT THE SMALL BUSINESS HEALTH CARE TAX CREDIT

Posted by Admin Posted on July 08 2018

five facts about small business healt care tax credit

 

If you are a small employer, there is a tax credit that can put money in your pocket. The small business health care tax credit benefits employers that:

- Offer coverage through the small business health options program, also known as the SHOP marketplace

- Have fewer than 25 full-time equivalent employees

- Pay an average wage of less than $50,000 a year

- Pay at least half of employee health insurance premiums

Here are five facts about this credit:

- The maximum credit is 50 percent of premiums paid for small business employers and 35 percent of premiums paid for small tax-exempt employers. 

- To be eligible for the credit, you must pay premiums on behalf of employees enrolled in a qualified health plan offered through a Small Business Health Options Program Marketplace, or qualify for an exception to this requirement.

- The credit is available to eligible employers for two consecutive taxable years beginning in 2014 or later. You may be able to amend prior year tax returns to claim the credit for tax years 2010 through 2013 in addition to claiming this credit for those two consecutive years.

- You can carry the credit back or forward to other tax years if you do not owe tax during the year.

- You may get both a credit and a deduction for employee premium payments. Since the amount of your health insurance premium payments will be more than the total credit, if you are eligible, you can still claim a business expense deduction for the premiums in excess of the credit.    For more information, see the small business health care tax credit page on IRS.gov. 

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please give us a call at 305-274-5811.

Source: IRS

- STORING TAX RECORDS: HOW LONG IS LONG ENOUGH?

Posted by Admin Posted on July 08 2018

storing tax records how long is long enough

 

April 18 has come and gone and another year of tax forms and shoeboxes full of receipts is behind us. But what should be done with those documents after your check or refund request is in the mail?

Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time.

However, if the IRS believes you have significantly underreported your income (by 25 percent or more), it may go back six years in an audit. If there is any indication of fraud, or you do not file a return, no period of limitation exists.To be safe, use the following guidelines.

Business Records To Keep...

Personal Records To Keep...

1 Year

1 Year

3 Years

3 Years

6 Years

6 Years

Forever

Forever

Special Circumstances

 Business Documents To Keep For One Year

Correspondence with Customers and Vendors

Duplicate Deposit Slips

Purchase Orders (other than Purchasing Department copy)

Receiving Sheets

Requisitions

Stenographer's Notebooks

Stockroom Withdrawal Forms

 Business Documents To Keep For Three Years

Employee Personnel Records (after termination)

Employment Applications

Expired Insurance Policies

General Correspondence

Internal Audit Reports

Internal Reports

Petty Cash Vouchers

Physical Inventory Tags

Savings Bond Registration Records of Employees

Time Cards For Hourly Employees

 Business Documents To Keep For Six Years

Accident Reports, Claims

Accounts Payable Ledgers and Schedules

Accounts Receivable Ledgers and Schedules

Bank Statements and Reconciliations

Cancelled Checks

Cancelled Stock and Bond Certificates

Employment Tax Records

Expense Analysis and Expense Distribution Schedules

Expired Contracts, Leases

Expired Option Records

Inventories of Products, Materials, Supplies

Invoices to Customers

Notes Receivable Ledgers, Schedules

Payroll Records and Summaries, including payment to pensioners

Plant Cost Ledgers

Purchasing Department Copies of Purchase Orders

Sales Records

Subsidiary Ledgers

Time Books

Travel and Entertainment Records

Vouchers for Payments to Vendors, Employees, etc.

Voucher Register, Schedules

 Business Records To Keep Forever

While federal guidelines do not require you to keep tax Records "forever," in many cases there will be other reasons you'll want to retain these documents indefinitely.

Audit Reports from CPAs/Accountants

Cancelled Checks for Important Payments (especially tax payments)

Cash Books, Charts of Accounts

Contracts, Leases Currently in Effect

Corporate Documents (incorporation, charter, by-laws, etc.)

Documents substantiating fixed asset additions

Deeds

Depreciation Schedules

Financial Statements (Year End)

General and Private Ledgers, Year End Trial Balances

Insurance Records, Current Accident Reports, Claims, Policies

Investment Trade Confirmations

IRS Revenue Agent Reports

Journals

Legal Records, Correspondence and Other Important Matters

Minutes Books of Directors and Stockholders

Mortgages, Bills of Sale

Property Appraisals by Outside Appraisers

Property Records

Retirement and Pension Records

Tax Returns and Worksheets

Trademark and Patent Registrations

 Personal Documents To Keep For One Year

While it's important to keep year-end mutual fund and IRA contribution statements forever, you don't have to save monthly and quarterly statements once the year-end statement has arrived.

 Personal Documents To Keep For Three Years

Credit Card Statements

Medical Bills (in case of insurance disputes)

Utility Records

Expired Insurance Policies

 Personal Documents To Keep For Six Years

Supporting Documents For Tax Returns

Accident Reports and Claims

Medical Bills (if tax-related)

Sales Receipts

Wage Garnishments

Other Tax-Related Bills

 Personal Records To Keep Forever

CPA Audit Reports

Legal Records

Important Correspondence

Income Tax Returns

Income Tax Payment Checks

Property Records / Improvement Receipts (or six years after property sold)

Investment Trade Confirmations

Retirement and Pension Records (Forms 5448, 1099-R and 8606 until all distributions are made from your IRA or other qualified plan)

 Special Circumstances

Car Records (keep until the car is sold)

Credit Card Receipts (keep until verified on your statement)

Insurance Policies (keep for the life of the policy)

Mortgages / Deeds / Leases (keep 6 years beyond the agreement)

Pay Stubs (keep until reconciled with your W-2)

Sales Receipts (keep for life of the warranty)

Stock and Bond Records (keep for 6 years beyond selling)

Warranties and Instructions (keep for the life of the product)

Other Bills (keep until payment is verified on the next bill)

Depreciation Schedules and Other Capital Asset Records (keep for 3 years after the tax life of the asset)

 

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial Statements, please give us a call at 305-274-5811.

 

Source: Thomson Reuters

- WHY SHOULD I HAVE LIFE INSURANCE?

Posted by Admin Posted on July 08 2018

why should i have life insurance

 

The main reason that people purchase life insurance is to know that in the event of their passing, their children and loved ones will be taken care of. Life insurance can also help with the distribution of your estate. Your payout could go to family, charity, or wherever you choose to distribute it.

The main reasons to buy life insurance would be because you have dependents that would be put in a tough position without you providing for them. For example, if you have a spouse, a child, or a parent who is dependent on your income, you should have life insurance.

If you have a spouse and young children, you will need more insurance than someone with older children, because they will be dependents for a longer amount of time than older children. If you are in a position where you and your spouse both earn for the family, then you should both be insured in proportion to the incomes that you garner.

If you have a spouse and older children or no children, you will still want to have life insurance, but you won't need the same level of insurance as in the first example, just enough to ensure that your spouse will be provided for, to cover your burial expenses, and to settle the debts that you have accumulated.

If you don't have children or a spouse, you will only need enough insurance to make sure that your burial expenses are covered, unless you would like to have an insurance policy in order to help in the distribution of your estate.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate  transactions or financial statements, please give us a call at 305-274-5811.

Source: Thomson Reuters

- Tax Saving Techniques

Posted by Admin Posted on July 02 2018

Tax Saving Techniques

 

Following are some generally recognized financial planning tools that may help you reduce your tax bill.

Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.

Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible contributions to your account to pay for medical expenses. Unlike flexible spending arrangements (FSAs), the contributions can carry over for medical expenses in future years.

ROTH IRAs - Contributions to a ROTH IRA are not tax deductible but the qualified distributions, including earnings are tax-free.

Municipal Bonds - Interest earned on these types of investments is tax-exempt.

Own a home - most of the cost of this type of investment is financed and the interest (on mortgages up to $1,000,000) is tax deductible. When the property is sold, individuals may exclude up to $250,000 ($500,000 if married jointly) of the gain.

Retirement Plans - Participate in your employer sponsored retirement plan, especially if there is a matching component. You will receive a current tax deduction and the tax-deferred compounding can add up to a large retirement savings.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811
 

Source: Thomson Reuters

Posted by Admin Posted on July 02 2018

- Combined business and vacation travel

Posted by Admin Posted on July 01 2018

Combined business and vacation travel

 

If you go on a business trip within the U.S. and add on some vacation days, you know you can deduct some of your expenses. The question is how much.

First, let’s cover just the pure transportation expenses. Transportation costs to and from the scene of your business activity are 100% deductible as long as the primary reason for the trip is business rather than pleasure. On the other hand, if vacation is the primary reason for your travel, then generally none of your transportation expenses are deductible. Transportation costs include travel to and from your departure airport, the airfare itself, baggage fees and tips, cabs, and so forth. Costs for rail travel or driving your personal car also fit into this category.

The number of days spent on business vs. pleasure is the key factor in determining if the primary reason for domestic travel is business. Your travel days count as business days, as do weekends and holidays if they fall between days devoted to business, and it would be impractical to return home. Standby days (days when your physical presence is required) also count as business days, even if you are not called upon to work on those days. Any other day principally devoted to business activities during normal business hours is also counted as a business day, and so are days when you intended to work, but could not due to reasons beyond your control (local transportation difficulties, power failure, etc.).

You should be able to claim business was the primary reason for a domestic trip whenever the business days exceed the personal days. Be sure to accumulate proof and keep it with your tax records. For example, if your trip is made to attend client meetings, log everything on your daily planner and copy the pages for your tax file. If you attend a convention or training seminar, keep the program and take some notes to show you attended the sessions.

Once at the destination, your out-of-pocket expenses for business days are fully deductible. Out-of-pocket expenses include lodging, hotel tips, meals (subject to the 50% disallowance rule), seminar and convention fees, and cab fare. Expenses for personal days are nondeductible.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811
 

Source: Thomson Reuters

Posted by Admin Posted on July 01 2018

Which type of mortage loan meets your needs?

Posted by Admin Posted on July 01 2018

Which type of mortage loan meets your needs

 

Few purchases during your lifetime will be as expensive as buying a home. Whether it’s your primary residence, a vacation home or an investment property, how you choose to pay for it can have a significant impact on your financial situation over time. If you’re considering a mortgage loan, understanding the main categories of mortgages — fixed-rate and adjustable-rate — and the situations they’re best designed for will help you match the right type for your needs.

Fixed-rate loans offer stability

A fixed-rate mortgage, as its name suggests, is a loan whose interest rate remains constant for the life of the loan — typically 15 or 30 years. One of the primary benefits of a fixed-rate loan is that it provides a measure of certainty about one of the biggest expenses in your monthly budget. With interest rates likely to rise after an extended period of historically low rates, you won’t have to worry about potentially higher payments in the future if you select a fixed-rate loan.

That said, if interest rates were to fall again, your fixed-rate loan would leave you unable to take advantage of the shift unless you refinance, which might involve fees. You’re also paying a premium for the stability offered by a fixed-rate mortgage. You could consider a 15-year fixed-rate loan, which would charge a lower rate than a 30-year loan, but the tradeoff will be higher monthly payments.

ARMs provide flexibility

Adjustable-rate mortgages (ARMs) typically offer a fixed interest rate for an initial period of years. This rate, which is usually lower than that of a comparable fixed-rate mortgage, resets periodically based on a benchmark interest rate. For example, a 5/1 ARM means that your interest rate is fixed for the first five years and then will adjust every year after that.

Paying less interest in the beginning frees your cash for other investments. You might also take advantage of an ARM if you’re confident that you’ll have more money in the future than you do today, or if you plan on selling your house before or soon after the initial fixed-rate period expires. When considering an ARM, you’ll need to assess your ability to keep up with potentially higher payments — say, if the initial period expires, your rate goes up and you’re unable to sell the home, or if your income changes.

The best for you

The right loan type depends, naturally, on your financial position. But whether you’re buying a primary residence, vacation home or investment property also plays a role. Regardless of which type of home you’re purchasing, having a basic knowledge of the loan types can help ease the buying process. Let our firm assist you in evaluating the best mortgage for your needs.

 

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811


Source: Thomson Reuters

4 QUESTIONS TO ASK BEFORE HIRING HOUSEHOLD HELP

Posted by Admin Posted on July 01 2018

4 questions to ask before hiring household help

 

When you hire someone to work in your home, you may become an employer. Thus, you may have specific tax obligations, such as withholding and paying Social Security and Medicare (FICA) taxes and possibly federal and state unemployment insurance. Here are four questions to ask before you say, “You’re hired.”

1. Who’s considered a household employee?

A household worker is someone you hire to care for your children or other live-in family members, clean your house, cook meals, do yard work or provide similar domestic services. But not everyone who works in your home is an employee.

For example, some workers are classified as independent contractors. These self-employed individuals typically provide their own tools, set their own hours, offer their services to other customers and are responsible for their own taxes. To avoid the risk of misclassifying employees, however, you may want to assume that a worker is an employee unless your tax advisor tells you otherwise.

2. When do I pay employment taxes?

You’re required to fulfill certain state and federal tax obligations for any person you pay $2,100 or more annually (in 2018) to do work in or around your house. (The threshold is adjusted annually for inflation.)

In addition, you’re required to pay the employer’s half of FICA (Social Security and Medicare) taxes (7.65% of cash wages) and to withhold the employee’s half. For employees who earn $1,000 or more in a calendar quarter, you must also pay federal unemployment taxes (FUTA) equal to 6% of the first $7,000 in cash wages. And, depending on your resident state, you may be required to make state unemployment contributions, but you’ll receive a FUTA credit for those contributions, up to 5.4% of wages.

You don’t have to withhold federal (and, in most cases, state) income taxes, unless you and your employees agree to a withholding arrangement. But regardless of whether you withhold income taxes, you’re required to report employees’ wages on Form W-2.

3. Are there exceptions?

Yes. You aren’t required to pay employment taxes on wages you pay to your spouse, your child under age 21, your parent (unless an exception is met) or an employee who is under age 18 at any time during the year, providing that performing household work isn’t the employee’s principal occupation. If the employee is a student, providing household work isn’t considered his or her principal occupation.

4. How do I make tax payments?

You pay any federal employment and withholding taxes by attaching Schedule H to your Form 1040. You may have to pay state taxes separately and more frequently (usually quarterly). Keep in mind that this may increase your own tax liability at filing, though the Schedule H tax isn’t subject to estimated tax penalties.

If you owe FICA or FUTA taxes or if you withhold income tax from your employee’s wages, you need an employer identification number (EIN).

There’s no statute of limitations on the failure to report and remit federal payroll taxes. You can be audited by the IRS at any time and be required to pay back taxes, penalties and interest charges. Our firm can help ensure you comply with all the requirements.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

                                     

Source: Thomson Reuters

5 Tips For Early Preparation

Posted by Admin Posted on June 30 2018

5 tips early preparation

 

Earlier is better when it comes to working on your taxes. The IRS encourages everyone to get a head start on tax preparation. Not only do you avoid the last-minute rush, early filers also get a faster refund.

There are five easy ways to get a good jump on your taxes long before the April 15 deadline rolls around:

  1. Gather your records in advance. Make sure you have all the records you need, including W-2s and 1099s. Don't forget to save a copy for your files.
  2. Get the right forms. They're available around the clock on IRS.gov in the Forms and Publications section.
  3. Take your time. Don't forget to leave room for a coffee break when filling out your tax return. Rushing can mean making a mistake — and that can be expensive!
  4. Double-check your math and Social Security number. These are among the most common errors on tax returns. Taking care on these reduces your chances of hearing from the IRS.
  5. Get the fastest refund. When you file early, you get your refund faster. Using e-filing with direct deposit gets you a refund in half the time as paper filing.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811
 


Source: Thomson Reuters

Top 3 Summer Scams

Posted by Admin Posted on June 30 2018

Top 3 Summer Scams

 

With tax season completed, the Internal Revenue Service warned taxpayers to remain vigilant for phishing emails and telephone scams. Summertime tends to be a favorite period for scammers because many taxpayers have recently filed a return and may be waiting for a response from the IRS.

The IRS and its Security Summit partners – the state tax agencies and the tax industry – urge taxpayers to remain alert to tax scams year-round, especially immediately after the tax filing season ends. Even after the April deadline passes, the tax scam season doesn’t end.

While many of the scams are variations on a theme and tend to evolve over time, taxpayers should be on the lookout for any attempt to get them to disclose personal information like Social Security numbers, account information or passwords. If in doubt, don’t give it out. Those receiving such calls should hang up and initiate correspondence with the agency that is purportedly inquiring about their account using a well-known phone number or email address. Clicking on links provided in emails or calling back unfamiliar phone numbers is not recommended.

Phone scams

The IRS does not call and leave pre-recorded, urgent messages asking for a call back. In this tactic, the victim is told if they do not call back, a warrant will be issued for their arrest. Other variations may include threat of other law-enforcement agency intervention, deportation or revocation of licenses.

Criminals are able to fake or “spoof” caller ID numbers to appear to be anywhere in the country, including from an IRS office. This prevents taxpayers from being able to verify the true call number. Fraudsters also have spoofed local sheriff’s offices, state Department of Motor Vehicles, federal agencies and others to convince taxpayers the call is legitimate.

Email phishing scams

If a taxpayer receives an unsolicited email that appears to be from either the IRS or a program closely linked to the IRS, such as the Electronic Federal Tax Payment System (EFTPS), report it by sending it to phishing@irs.gov. Learn more by going to the Report Phishing and Online Scamspage.

The IRS does not initiate contact with taxpayers by email to request personal or financial information. The IRS initiates most contacts through regular mail delivered by the United States Postal Service. However, there are special circumstances in which the IRS will call or come to a home or business, such as when a taxpayer has an overdue tax bill, to secure a delinquent tax return or a delinquent employment tax payment, or to tour a business as part of an audit or during criminal investigations.

Telltale signs of a scam

The IRS (and its authorized private collection agencies) will never:

Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. The IRS does not use these methods for tax payments. Generally, the IRS will first mail a bill to any taxpayer who owes taxes. All tax payments should only be made payable to the U.S. Treasury and checks should never be made payable to third parties.Threaten to immediately bring in local police or other law-enforcement groups to have the taxpayer arrested for not paying.Demand that taxes be paid without giving the taxpayer the opportunity to question or appeal the amount owed.Ask for credit or debit card numbers over the phone.

For anyone who doesn’t owe taxes and has no reason to think they do:

Do not give out any information. Hang up immediately.Contact the Treasury Inspector General for Tax Administration to report the call. Use their IRS Impersonation Scam Reporting web page.Report the caller ID and/or callback number to the IRS by sending it to phishing@irs.gov(Subject: IRS Phone Scam).Report it to the Federal Trade Commission. Use the FTC Complaint Assistant on FTC.gov. Add "IRS Telephone Scam" in the notes.

For anyone who owes tax or thinks they do:

View tax account information online at IRS.gov to see the actual amount owed. Taxpayers can then also review their payment options.Call the number on the billing notice, orCall the IRS at 800-829-1040. IRS workers can help.

The IRS does not use text messages or social media to discuss personal tax issues, such as those involving bills or refunds. For more information, visit the Tax Scams and Consumer Alerts page on IRS.gov. Additional information about tax scams is also available on IRS social media sites, including YouTube videos.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811



Source: IRS

 

¿Factura tributaria este año? Verifique la retención pronto, evite otra el próximo año

Posted by Admin Posted on June 30 2018

¿Factura tributaria este año? Verifique la retención pronto, evite otra el próximo año

 

Los contribuyentes que adeudaban impuestos adicionales cuando presentaron su declaración de impuestos federales de 2017 a principios de este año, pueden evitar otra factura tributaria posiblemente mayor el próximo año si hacen una "revisión de su cheque de pago" tan pronto como sea posible, según el Servicio de Impuestos Internos (IRS).

La Ley de Empleos y Reducción de Impuestos, la legislación de reforma tributaria aprobada en diciembre, introdujo cambios importantes en la ley tributaria, que incluyen el aumento de la deducción estándar, eliminación de exenciones personales, aumento del crédito tributario por hijos, limitación o descontinuación de ciertas deducciones, y cambios en las tasas y categorías tributarias.

Estos cambios de largo alcance podrían tener un gran impacto en el reembolso de impuestos o en la factura adeudada en la declaración de impuestos que los contribuyentes presentarán el próximo año. El IRS alienta a cada empleado a hacer una "revisión de su cheque de pago" pronto para verificar que se les retenga la cantidad correcta de impuestos de su sueldo.

Verificar y ajustar la retención ahora puede evitar una factura tributaria inesperada, así como multas el próximo año. La Calculadora de Retención del IRS y la Publicación 505, Retención de impuestos e impuestos estimados (en inglés), pueden ayudar.

El IRS anima a los contribuyentes a ser proactivos:

Haga una 'revisión de su cheque de pago' pronto

La Calculadora de Retención puede ayudar a los contribuyentes a aplicar la nueva ley a su situación financiera específica, y a tomar una decisión informada acerca de si cambiar su retención este año.

Los contribuyentes deben ajustar su retención tan pronto como sea posible para una cantidad uniforme y consistente de retención durante el resto del año.

Los contribuyentes con situaciones más complejas pueden necesitar la Publicación 505. La publicación es más útil para empleados que adeudan impuestos sobre el trabajo por cuenta propia, el impuesto mínimo alternativo o el impuesto sobre el ingreso no derivado del trabajo de dependientes. También puede ayudar a quienes reciben ingresos no salariales, como dividendos, ganancias de capital, rentas y regalías. La Publicación 505 incluye hojas de trabajo y ejemplos para guiar a los contribuyentes a través de sus situaciones particulares.


Multas por pago insuficiente

Los contribuyentes pueden evitar una multa por impuestos estimados al asegurarse de que se les retienen suficientes impuestos de sus cheques, y de pagos de impuestos estimados apropiados. Por lo general, los contribuyentes pueden evitar esta multa al pagar al menos el 90 por ciento de sus impuestos durante el año.

En general, los contribuyentes deben hacer pagos de impuestos estimados si esperan adeudar al menos $1,000 en impuestos después de restar la retención y los créditos reembolsables.

Uso de la Calculadora de Retención o la Publicación 505

Los contribuyentes deben tener a la mano su declaración de impuestos de 2017 completa para ayudar a estimar la cantidad de ingresos, deducciones, ajustes y créditos a ingresar. También necesitarán sus comprobantes de pago más recientes para ayudar a calcular su retención hasta la fecha este año. Los resultados de estas herramientas dependen de la precisión de la información que proporciona el contribuyente.

Los empleados pueden usar los resultados de la Calculadora de Retención o la Publicación 505 para ayudar a determinar si deben completar un nuevo Formulario W-4, Certificado de Retención del Empleado y, de ser así, qué información incluir.

La calculadora también puede ser útil para los beneficiarios de ingresos de pensión y anualidades. Estos destinatarios pueden cambiar su retención al completar el Form W-4P y entregárselo o a su pagador.

Si las circunstancias personales de un contribuyente cambian durante el año, debe verificar su retención nuevamente.

Ajuste de la retención

Si un empleado determina que debe ajustar su retención, debe completar un nuevo Formulario W-4 y enviarlo a su empleador lo antes posible.

Algunos empleadores tienen un método electrónico para actualizar un Formulario W-4.

Los contribuyentes que cambien su retención para 2018 deben volver a verificar su retención al inicio de 2019. Un cambio de retención a mitad de año en 2018 puede tener un impacto anual diferente en 2019. Por lo tanto, si los contribuyentes no presentan un nuevo Formulario W-4 para 2019, su retención podría ser mayor o menor de lo previsto.

Si un empleado tiene un cambio en las circunstancias personales que reduce el número de retenciones que puede reclamar, debe presentar un nuevo Formulario W-4 dentro de los 10 días del cambio.

Mientras menos descuentos de retención ingrese un empleado en el Formulario W-4, mayor será su retención de impuestos. Ingresar "0" o "1" en la línea 5 del Formulario W-4 significa que se retendrán más impuestos. Ingresar un número mayor significa menos retención de impuestos.

Información adicional

La Calculadora de Retención no solicita información de identificación personal como nombre, número de seguro social, dirección o números de cuentas bancarias. El IRS no almacena ni graba la información ingresada en la calculadora. Como siempre, los contribuyentes deben tener cuidado con las estafas tributarias, especialmente por correo electrónico o por teléfono, y estar alertas a los delincuentes cibernéticos que se hacen pasar por el IRS. El IRS no envía correos electrónicos relacionados con la calculadora o la información ingresada en ésta.

La calculadora y la Publicación 505 no son herramientas de planificación tributaria. Los contribuyentes que necesiten asesoramiento con respecto a la nueva ley tributaria y su situación personal deben consultar a un profesional de impuestos de confianza.

Los contribuyentes pueden obtener más información acerca de estos temas en www.irs.gov/retención. Además, al visitar IRS.gov/getready y luego seleccionar Español, los contribuyentes pueden encontrar información acerca de los pasos que pueden tomar ahora para lograr un buen inicio en los impuestos del próximo año, incluida la manera en que la nueva ley tributaria puede afectarlos.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.
 


Fuente: IRS

5 consejos para la preparación temprana de impuestos

Posted by Admin Posted on June 30 2018

5 consejos para la preparacion temprana de impuestos

 

Cuando se trata de trabajar en tus impuestos, mientras más pronto los hagas: ¡MEJOR!  El IRS alienta a todos a adelantarse en la preparación de impuestos. No solo evitas las prisas de último momento, los primeros contribuyentes también obtienen un reembolso más rápido.

Aquí te decimos 5 maneras que te ayudarán a prepararte para el próximo 15 de abril:

1. Recopila tus registros por adelantado. Asegúrate de tener todos los registros que necesita, incluidos W-2 y 1099. No olvides guardar una copia para tus archivos.

2. Obtenga los formularios correctos. Están disponibles en nuestro sitio web (www.lbcpa.com) y el el portal web  del  IRS, en la sección de Formularios y Publicaciones.

3. Tómate tu tiempo... y un café al momento de completar tu declaración de impuestos. Correr puede significar cometer un error, ¡Y eso puede ser costoso!

4. Verifica nuevamente tus cuentas y  tu número de Seguridad Social. Estos se encuentran entre los errores más comunes en las declaraciones de impuestos. Cuidar de estos detalles reduce tus posibilidades de recibir una visita inesperada del IRS.

5. Obten tu reembolso más rápido. El preparar tus impuestos anticipadamente, es altamente probable que recibas tu reembolso más rápido. El uso de la herramienta “declarar electrónicamente”, con depósito directo, te devuelve un reembolso en la mitad del tiempo que cuando se presenta en papel.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.


Fuente: Thomson Reuters

¿Cómo efectúo mis pagos de impuestos trimestrales?

Posted by Admin Posted on June 30 2018

Como efectuo mis pagos de impuestos trimestrales

 

El impuesto estimado es un método utilizado para pagar el impuesto del Seguro Social, Medicare y el impuesto sobre el ingreso, debido a que no tiene un empleador que haga las debidas retenciones para estos impuestos por usted. El Formulario 1040-ES, Impuesto estimado para individuos (Form 1040-ES, Estimated Tax for Individuals) (en inglés) (PDF), es utilizado para calcular estos impuestos. El Formulario 1040-ES contiene una hoja de trabajo que es similar a la que está en el Formulario 1040. Usted necesitará su declaración de impuestos del año anterior para poder llenar el Formulario 1040-ES.

Utilice la hoja de trabajo que se encuentra en el Formulario 1040-ES, Impuesto estimado para individuos (en inglés), para determinar si usted está obligado a presentar trimestralmente el impuesto estimado.

El Formulario 1040-ES también contiene cupones en blanco que puede utilizar cuando envíe su pago del impuesto estimado por correo, o puede emitir sus pagos electrónicamente utilizando el Sistema de pago electrónico federal. Si éste es el primer año en el cual usted es un empleado por cuenta propia, tendrá que estimar la cantidad del ingreso que espera ganar para el año. Si sobrestimó sus ingresos, simplemente complete otra hoja de trabajo del Formulario 1040-ES para recalcular su impuesto estimado para el próximo trimestre. Si subestimó sus ingresos, complete nuevamente otra hoja de trabajo del Formulario 1040-ES para recalcular su impuesto estimado para el próximo trimestre.

Refiérase a la página Impuestos estimados (en inglés), para más información. La página del impuesto sobre el trabajo por cuenta propia (en inglés), tiene más información sobre los impuestos del Seguro Social y Medicare.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.


Fuente: IRS

 

¿Cómo notificar al IRS sobre un cambio de dirección?

Posted by Admin Posted on June 30 2018

Como notificar al IRS un cambio de direccion

 

Si su dirección cambió, necesita notificárselo al IRS para asegurarse de recibir toda correspondencia o reembolso de parte del IRS. Hay varias maneras de notificar al IRS sobre un cambio de dirección.

Al presentar su declaración de impuestos

Si usted cambia su dirección antes de presentar la declaración, escriba la nueva dirección en la declaración cuando la presente. Al tramitar su declaración, actualizaremos sus registros. Cerciórese de notificar también al encargado de preparar su declaración.

Notificar en la oficina de correo

Si cambia su dirección después de presentar la declaración, deberá notificárselo a la oficina de correos que entrega correo en su antiguo domicilio. Como no todas las oficinas de correo reenvían cheques del gobierno, notificarle el cambio de dirección a la oficina de correo que entrega el correo en su antiguo domicilio garantiza que su correspondencia será reenviada, pero no necesariamente su cheque de reembolso.

Por formulario

Para cambiar su dirección con el IRS, puede completar el Formulario 8822 (PDF), Change of Address (For Individual, Gift, Estate, or Generation-Skipping Transfer Tax Returns) (Cambio de dirección (Para las declaraciones de personas físicas, donativos, patrimonios o de transferencia a generaciones subsiguientes)), en inglés, y/o el  Formulario 8822-B (PDF), Change of Address or Responsible Party — Business (Cambio de dirección o parte responsable ― comercial), en inglés, y enviarlos a la dirección indicada en dichos formularios. Para obtener información sobre el cambio de la “parte responsable”, véase el Formulario 8822-B. Puede descargar o imprimir los Formularios 8822 y 8822-B que se pueden llenar en línea o los puede pedir llamando al 800-TAX-FORM (800-829-3676).

Por escrito

También, puede escribir para informarnos de su cambio de dirección. Si nos escribe, necesitamos su:

nombre completodirección anterior y la nuevanúmero de seguro social, número de identificación de contribuyente individual o número de identificación del empleador y firma.

Declaraciones conjuntas - Si presentó una declaración conjunta, debe proveer la información y las firmas para ambos cónyuges. Envíe la información acerca del cambio de su dirección por escrito a la dirección regional indicada en las instrucciones de los formularios de impuestos que presentó.

Cónyuges separados - Si presentó una declaración conjunta y ahora tienen residencias separadas, cada uno de ustedes debe notificarnos sus nuevas direcciones por separado.

Declaraciones de impuestos sobre nómina

Si el cambio de dirección corresponde a una declaración de impuestos sobre nómina, el IRSemitirá notificaciones de confirmación (Notificaciones 148A y 148B, en inglés) del cambio tanto a la dirección anterior como a la nueva.

Procesamiento

El procesamiento completo de una solicitud de cambio de dirección puede demorar entre cuatro y seis semanas.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.


Fuente: IRS
 

Venta de una empresa

Posted by Admin Posted on June 27 2018

Venta de una empresa

 

Al momento de vender un negocio, debes tomar en cuenta que no es la venta de un solo activo. Por el contrario, se tienen que vender todos los activos de la empresa. Cuando esto sucede, cada activo se trata por separado para determinar el tratamiento de ganancia o pérdida.

Las empresas generalmente tienen muchos activos. Si se venden, los activos deben clasificarse como: activos de capital, activos depreciables, propiedad real utilizada en el negocio o propiedad mantenida para la venta a los clientes, como inventario o existencias en el comercio. Es importante destacar que la ganancia o pérdida de cada activo se calcula por separado.

La venta de los activos de capital, resulta en ganancia o pérdida de capital. La venta de bienes inmuebles o propiedad depreciable utilizada en la empresa y que se mantiene por más de un año da como resultado una ganancia o pérdida de una transacción de la sección 1231. La venta del inventario da como resultado un ingreso ordinario o una pérdida.

Con información de IRS

Los contribuyentes cuentan con protección de sus derechos civiles

Posted by Admin Posted on June 27 2018

Los contribuyentes cuentan con protección de sus derechos civiles

 

El IRS no tolera cualquier tipo de discriminación hacia las personas debido a su color de piel, edad, discapacidad, raza, religión, orientación sexual, ideología, dominio del inglés, entre otros

Esta postura del Servicio de Impuestos Internos también se extiende a quien cumpla función de voluntario o trabaje con contribuyentes como parte de cualquier programa con asistencia federal o cualquier programa dirigido a nivel federal. A su vez, se incluye la interacción con empleados del IRS o actividades patrocinadas por el IRS o los centros de asistencia comunitaria:  

  • Clínicas de impuestos de bajos ingresos
  • Asistencia Voluntaria al Impuesto sobre la Renta o
  • Asesoramiento fiscal para personas mayores

A solicitud de un contribuyente, los empleados del IRS y el personal / voluntarios en uno de los sitios del programa asistido, éstos proporcionarán un alojamiento razonable o asistencia con el idioma.

Con información de IRS

Conéctate con el IRS desde tu teléfono

Posted by Admin Posted on June 27 2018

Conéctate con el IRS desde tu teléfono

 

Los contribuyentes que tengan dudas sobre impuestos, pueden consultarlas de manera inmediata a través de su teléfono inteligente mediante la aplicación IRS2Go, que se encuentra disponible para dispositivos con sistema operativo iOS y Android totalmente gratis. La aplicación puede ser utilizada para:

 

  • Verifica el estado de su reembolso. Luego de que el IRS reciba su reembolso, los contribuyentes podrán verificar el estado de su reembolso dentro de las 24 horas siguientes. 
     
  • Realizar un pago. Esta aplicación te brinda acceso a opciones de pago optimizadas como IRS Direct PAy a través de los dispositivos móviles. Asimismo, los usuarios también pueden pagar con tarjeta de crédito o débito mediante un procesador de pagos aprobado. 
     
  • Encuentre asistencia de preparación de impuestos gratis. Los contribuyentes que apliquen pueden preparar y presentar su declaración, a su vez, pueden obtener sus reembolsos mediante la aplicación.
     
  • Obtenga consejos e información útil. Las personas puedes vincularse a las cuentas del IRS en las redes sociales a través de esta aplicación para ver videos útiles y obtener todo tipo de información necesaria sobre los impuestos. Los contribuyentes también pueden usarla para suscribirse para recibir sugerencias por correo electrónico.
     
  • Mantente seguro. Los usuarios pueden usar IRS2Go para crear códigos de seguridad  de inicio de sesión para ciertos servicios en línea del IRS y también recuperarlos en caso de haberlo olvidado. 

IRS2Go se encuentra disponible en inglés y español.

Con información de IRS

Conoce los requisitos de presentación para organizaciones políticas

Posted by Admin Posted on June 27 2018

Conoce los requisitos de presentación para organizaciones políticas

 

Toda organización con fines políticos como partidos, comités de campaña para candidatos a cargos federales, estatales o locales, están sujetos a impuestos.

En la mayoría de los casos, se les exige a dichas organizaciones que presenten uno o mas de los siguientes requisitos:

1.     Un aviso inicial

2.     Informes periódicos sobre contribuciones y gastos

3.     Declaraciones de impuestos anuales 

4.     Devoluciones de información anual

Es importante destacar que toda organización política debe poseer su propio número de identificación patronal (EIN), así no tenga ningún empleado.

Asimismo, generalmente las organizaciones políticas deben presentar electrónicamente sus informes periódicos. Es necesario que posea un nombre de usuario y contraseña para presentar estos informes electrónicamente, los cuales serán otorgados después de presentar su notificación inicial

Fuente: IRS

Pasos a seguir si tu empresa ha sido víctima de violación de datos

Posted by Admin Posted on June 27 2018

Pasos a seguir si tu empresa ha sido víctima de violación de datos

 

Cuando se tiene un negocio, generalmente se recauda y se mantiene información personal de los clientes, incluyendo nombres, direcciones, números de seguridad social, entre otros. En el caso que esta información se extravíe o se hurte, se podría poner en riesgo de robo de identidad a estas personas.

A continuación, se indican los tres pasos importantes que debe seguir su empresa tras ser víctima de tal delito.

  • Notificar a la policía: llame de inmediato al departamento de policía local. Notifique su situación y el riesgo potencial de robo de identidad.
  • Notificar a las empresas afectadas: otras empresas también pueden resultar afectadas, como bancos o emisores de crédito. Comuníquese con las oficinas de crédito principales si los nombres y números de Seguro Social han sido robados.
  • Notificar a las personas: se puede mitigar el uso indebido de la información de las personas si se realiza una notificación temprana a éstas. 

Fuente: IRS

Información que necesitas para determinar si tus gastos de salud son deducibles

Posted by Admin Posted on June 25 2018

Información que necesitas para determinar si tus gastos de salud son deducibles

 

El IRS te brinda la opción de llenar un cuestionario que te permite verificar si tus gastos médicos y dentales son deducibles. Al momento de realizar la entrevista, es importante que tengas a la mano la siguiente información:

  • Estado civil.
  • Tipo y monto de los gastos pagados.
  • Especificar el año en que se pagaron los gastos.
  • Su ingreso bruto ajustado.
  • Si recibió un reembolso o si los gastos se pagaron de una cuenta de ahorros de salud o una cuenta de ahorros médicos de Archer.

El cuestionario está disponible en la pagina web del IRS y fue diseñado para los contribuyentes ciudadanos estadounidenses o extranjeros durante el año fiscal que están verificando. En el caso de estar casado, el cónyuge también debe haber sido residente o ciudadano estadounidense durante todo ese año fiscal. 

FUENTE: IRS

Acciones que debes tomar en cuenta para recuperar tu EIN

Posted by Admin Posted on June 19 2018

Acciones que debes tomar en cuenta  para recuperar tu EIN

 

Si habías solicitado y recibido un EIN para tu negocio, pero lo perdiste o lo traspapelaste, puedes  tomar las siguientes para localizar el número:

  • Debes buscar el aviso impreso que te envió el IRS cuando solicitaste tu EIN. Este aviso es expedido como confirmación de su solicitud y además representa un acuse de recibo del EIN.
  • Es importante que se comunique con el banco o agencia donde utilizó su EIN al momento de abrir su cuenta bancaria, o para solicitar cualquier tipo de licencia estatal o local y así obtener nuevamente su EIN.
  • Ubica tu EIN en  una declaración de impuestos realizada previamente para la entidad existente,  de la cual lo has perdido o traspapelado.
  • Solicítale al IRS que haga una búsqueda de tu EIN llamando a la Línea de Negocios e Impuestos Especializados, al (800) 829-4933.

Con información de IRS

 

Cómo selecciono mi estado civil tributario

Posted by Admin Posted on June 19 2018

Como selecciono mi estado civil tributario

 

Al presentar tu declaración de impuestos, es importante que utilices el estado civil tributario correcto, porque podría afectar la cantidad de impuestos adeudada durante el año. También podría hasta determinar si deben o no presentar una declaración. Los contribuyentes deben recordar que su estado civil al 31 de diciembre determina el estado civil tributario para todo el año.

Los cinco estados civiles tributarios son:

1.     Soltero. Normalmente este estado civil se le designa a los contribuyentes que no están casados, que están divorciados, o legalmente separados bajo las leyes estatales.

2.     Casado declarando en conjunto. Si los contribuyentes están casados, pueden declarar en conjunto. Si un cónyuge falleció en 2016, frecuentemente, el viudo/a puede declarar en conjunto ese año.

3.     Casado declarando por separado. Una pareja casada puede decidir presentar dos declaraciones de impuestos por separado. Esto puede beneficiarle, si resulta en menos impuestos adeudados que si declaran en conjunto. Los contribuyentes podrían preparar sus impuestos de ambas formas antes de seleccionar el estado civil que prefieren utilizar. También pueden utilizar este estado civil tributario si cada uno desea ser responsable solamente de su propia declaración de impuestos.

4.     Jefe de familia. En la mayoría de los casos, este estado civil aplica a un contribuyente que no está casado, pero tiene ciertas reglas. Por ejemplo, el contribuyente debe haber pagado más de la mitad para mantener el hogar para sí mismo y para otra persona calificada. No seleccione este estado civil erróneamente. Asegúrese de verificar todas las reglas relacionadas.

5.     Viudo/a calificado con hijo dependiente. Este estado puede aplicarle a un contribuyente si su cónyuge falleció durante 2014 o 2015 y tienen un hijo dependiente.

Con información de IRS

 

Conoce los impuestos sobre el empleo

Posted by Admin Posted on June 19 2018

Conoce los impuestos sobre el empleo

 

Por ley, los patronos están en la obligación de retener impuestos patronales de sus empleados. Estos incluyen:

  • Retención de impuestos federales
  • Contribuciones al Seguro Social y Medicare

Los impuestos sobre ingresos son “se pagan conforme se devengan”.  Se debe pagar impuestos según va recibiendo ingresos durante el año. Para la mayoría de los empleados, esto se hace mediante la retención de impuestos de su cheque salarial. Las personas que poseen negocio propio también están obligadas a efectuar el pago de impuestos estimados durante el año.

 El sistema de pago de impuestos conforme se devengan los ingresos fue diseñado para asegurar que los contribuyentes puedan cumplir con sus obligaciones contributivas a tiempo.

Las contribuciones al seguro social y Medicare se usan para pagar los beneficios que los trabajadores y sus familias reciben bajo la Ley de la Contribución Federal al Seguro Social (Federal InsuranceContributionsAct, o FICA, por sus siglas en inglés).  Las contribuciones al seguro social pagan beneficios para personas de edad avanzada, a sobrevivientes, y parte del seguro por discapacidad de FICA. Las contribuciones al Medicare pagan beneficios de hospitalización.  Cada empleado aporta parte de estos impuestos y el patrono aporta una cantidad igual. 

Los contribuyentes con negocio propio también tienen la obligación de pagar las contribuciones al Seguro Social y Medicare, pagando impuestos sobre su ingreso por cuenta propia. 

Los programas que reciben fondos de impuestos patronales proveen beneficios esenciales a muchos trabajadores. La importancia de estos programas continuará creciendo conforme más trabajadores se acerquen a la edad de jubilación. La contribución bajo la Ley Federal de Impuestos De Contribución para el Desempleo (Federal UnemploymentTaxAct, o FUTA, por sus siglas en inglés), junto con los sistemas de desempleo estatales, provee el pago de compensación por concepto de desempleo a trabajadores que han perdido sus empleos.

Con información de IRS

 

Posted by Admin Posted on June 19 2018

Lo que debes saber sobre la evasión del impuesto sobre la nómina

Posted by Admin Posted on June 19 2018

Lo que debes saber sobre la evasion del impuesto sobre la nomina

 

1.- Planes de Evasión del Impuesto sobre la Nómina

Hay varios planes de evasión de los impuestos sobre la nómina. Algunos de estas maneras incluyen estafas de pirámide; la subcontratación de empleados, el pago a los empleados en efectivo, el presentar declaraciones del impuesto sobre la nómina falsas, o el no presentar declaración del impuesto sobre la nómina.

2.- Monopolio Financiero Piramidal

El “Monopolio financiero piramidal” del impuesto sobre la nómina ocurre cuando un negocio retiene el impuesto sobre la nómina de los sueldos de sus empleados, pero intencionalmente rehúsa remitir los impuestos al IRS. Los negocios involucrados en esta actividad frecuentemente se declaran en bancarrota y de esa manera se desligan de la responsabilidad financiera y empiezan un nuevo negocio bajo otro nombre y ponen en marcha un nuevo plan abusivo.

3.- Subcontratación de Empleados

La subcontratación de empleados es un método utilizado por algunos negocios para contratar personal que desempeñe los trabajos administrativos, de personal, y de nómina para sus empleados. En algunos casos, las compañías de subcontratación de empleados no le pagan al IRS ninguna porción de los impuestos sobre la nómina que les retuvieron a sus empleados.

Estos impuestos frecuentemente son gastados por los dueños para saldar gastos del negocio o gastos personales. Generalmente, la compañía se disuelve, dejando millones de dólares en impuestos sobre la nómina sin pagar.

4.- Pagos a Empleados en Efectivo

Un método común para evadir los impuestos es pagar a los empleados parcial o totalmente en efectivo, el cual tiene como resultado grandes pérdidas de ingreso al gobierno, a la vez que genera una pérdida o reducción en los beneficios futuros del Seguro Social y Medicare del empleado.

5.- Presentación de declaraciones de nómina falsas o incumplimiento del requisito de presentar declaraciones de impuestos de nómina

El preparar declaraciones de impuestos de nómina falsas, representando una cantidad reducida de  salarios sujetos a impuestos y el no presentar declaraciones del impuesto sobre la nómina son métodos comunes utilizados para evadir el pago de impuestos sobre la nómina.

Con información de IRS

 

¿Cuánto es la multa por pago insuficiente del Impuesto Estimado?

Posted by Admin Posted on June 19 2018

¿Cuánto es la multa por pago insuficiente del Impuesto Estimado?

 

Si no realizó el pago suficiente de impuestos durante todo el año, ya sea a través de la retención o efectuando pagos del impuesto estimado, puede tener que pagar una multa por el pago insuficiente del impuesto estimado.

Por lo general, la mayoría de los contribuyentes evitarán esta multa si adeudan menos de $1,000 en impuestos después de restar sus retenciones y créditos, o si pagaron al menos el 90% del impuesto para el año en curso, o el 100% del impuesto mostrado en la declaración para el año anterior, lo que sea menor.

Sin embargo, si recibió sus ingresos de forma desigual durante el año, puede evitar o reducir la multa al anualizar sus ingresos y efectuar pagos desiguales. La exención de la multa puede ser posible si:

El incumplimiento de efectuar los pagos estimados fue a causa de un hecho fortuito, desastre, u otra circunstancia inusual y sería injusto imponer la multa.

Usted se jubiló (después de cumplir los 62 años de edad) o se discapacitó durante el año tributario para el cual se le requerían efectuar los pagos estimados o en el año tributario anterior, y el pago insuficiente tuvo una causa razonable y no a negligencia intencional.

Con información de IRS

Proteja datos de contribuyentes asegurando su oficina

Posted by Admin Posted on June 18 2018

Proteja datos de contribuyentes asegurando su oficina

 

Echando un vistazo a sus oficinas, los profesionales de impuestos pueden ayudar a proteger los datos de los contribuyentes. Asegurar sus instalaciones es tan importante como asegurar sus computadoras. 

Al evaluar la seguridad de su oficina, considere las siguientes preguntas:

¿Están protegidos todos los lugares en la oficina en donde se almacena la información de los contribuyentes contra los accesos no autorizados, y de amenazas potenciales, tales como robo, inundaciones y tornados?  

¿Tiene procedimientos por escrito que describen cómo prevenir accesos y trámites no autorizados?

¿Se deja la información del contribuyente, inclusive los datos guardados en su hardware y en otros medios, inseguros? Verifique sobre escritorios o fotocopiadoras, dentro de buzones de correo, vehículos y recipientes de basura?Que tal en salas en la oficina o casa, donde podría suceder un acceso no autorizado?

¿Quién autoriza y/o controla la entrega y eliminación de la información de los contribuyentes, incluso la almacenada en su hardware y medios de comunicación?

¿Están cerradas con llave las puertas a la sala de archivos y/o la sala de computadoras?

¿Proporciona usted servicio de destrucción segura de la información del contribuyente, tal como triturador, receptáculo para quemar registros (burn boxes), o un área designada para archivar información temporeramente hasta que pueda destruirla de forma segura?

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

For new tax on some private colleges, stepped-up basis may apply to property sold at a gain; new basis rule may limit tax impact

Posted by Admin Posted on June 11 2018

For new tax on some private colleges, stepped-up basis may apply to property sold at a gain; new basis rule may limit tax impact

 

A private college or university, subject to the new 1.4 percent excise tax on net investment income, that sells property at a gain generally may use the property’s fair market value at the end of 2017 as its basis for figuring the tax on any resulting gain, the Internal Revenue Service said today. In many instances, this new stepped-up basis rule will reduce the amount of gain subject to the new tax. Normal basis rules will continue to apply for calculating any loss.

In Notice 2018-55, posted today on IRS.gov, the Treasury Department and the IRS said they plan to issue proposed regulations addressing this and other matters relating to the new excise tax. In the meantime, affected taxpayers may rely on the special basis step-up rule described in the notice. The notice also requests public comment on other issues addressed in the notice, as well as any other matters that should be addressed in future guidance. See the notice for details on submitting comments.
 
The excise tax was included in the Tax Cuts and Jobs Act (TCJA), tax reform legislation enacted in December. The tax applies to any private college or university with at least 500 full-time tuition-paying students, more than half of whom are located in the United States, that has an endowment of at least $500,000 per student. An estimated 40 or fewer institutions are affected.

According to the notice, the basis of property held on Dec. 31, 2017, that is later sold at a gain will be not less than its fair market value on Dec. 31, 2017, plus or minus subsequent normal basis adjustments. Similarly, Treasury and IRS intend to propose regulations under which losses may offset gains to the extent of gains, but no capital loss carryovers or carrybacks will be allowed. Proposed regulations also may permit losses from property sales by related organizations to offset gains realized by other related organizations.

Updates on the implementation of this and other TCJA provisions can be found on the Tax Reform page of IRS.gov.

 

June 15 tax filing deadline approaches for taxpayers living and working abroad; Check withholding for 2018

Posted by Admin Posted on June 11 2018

June 15 tax filing deadline approaches for taxpayers living and working abroad

 

The Internal Revenue Service today reminded taxpayers living and working out of the country that they must file their 2017 federal income tax return by Friday, June 15.

The special June 15 deadline is available to both U.S. citizens and resident aliens abroad, including those with dual citizenship. An extension of time is available for those who cannot meet it. 

Some key points to keep in mind:

Most people abroad need to file

An income tax filing requirement generally applies even if a taxpayer qualifies for tax benefits, such as the Foreign Earned Income exclusion or the Foreign Tax credit, which substantially reduce or eliminate U.S. tax liability. These tax benefits are only available if an eligible taxpayer files a U.S. income tax return.

A taxpayer qualifies for the special June 15 filing deadline if both their tax home and abode are outside the United States and Puerto Rico. Those serving in the military outside the U.S. and Puerto Rico on the regular due date of their tax return also qualify for the extension to June 15. Be sure to attach a statement indicating which of these two situations applies.

Interest, currently at the rate of five percent per year, compounded daily, still applies to any tax payment received after the original April 18 deadline. For details, see the “When to File and Pay” section in Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad.

The IRS is offering penalty and filing relief to many of those subject to the new transition tax on foreign earnings. See IR-2018-131 for details.

Special income tax return reporting for foreign accounts and assets

Federal law requires U.S. citizens and resident aliens to report any worldwide income, including income from foreign trusts and foreign bank and securities accounts. In most cases, affected taxpayers need to complete and attach Schedule B to their tax return. Part III of Schedule B asks about the existence of foreign accounts, such as bank and securities accounts, and usually requires U.S. citizens to report the country in which each account is located.

In addition, certain taxpayers may also have to complete and attach to their return Form 8938, Statement of Foreign Financial Assets. Generally, U.S. citizens, resident aliens and certain nonresident aliens must report specified foreign financial assets on this form if the aggregate value of those assets exceeds certain thresholds. See the instructions for this form for details.

Deadline for reporting foreign accounts

Separate from reporting foreign financial accounts on their tax return, taxpayers with an interest in, or signature or other authority over, foreign financial accounts whose aggregate value exceeded $10,000 at any time during 2017, must file electronically with the Treasury Department a Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Because of this threshold, the IRS encourages taxpayers with foreign assets, even relatively small ones, to check if this filing requirement applies to them. The form is only available through the BSA E-filing System website.

The deadline for filing the annual Report of Foreign Bank and Financial Accounts (FBAR) is now the same as for a federal income tax return. This means that the 2017 FBAR, Form 114, was normally required to be filed electronically with the Financial Crimes Enforcement Network (FinCEN) by April 18, 2018. But FinCEN is granting filers missing the original deadline an automatic extension until Oct. 15, 2018, to file the FBAR. Specific extension requests are not required.

Choose Free File

U.S. citizens and resident aliens living abroad can use IRS Free File to prepare and electronically file their returns for free. This means both U.S. citizens and resident aliens living abroad with adjusted gross incomes (AGI) of $66,000 or less can use brand-name software to prepare their tax returns and then e-file them for free. A limited number of companies provide tax software that can accommodate foreign addresses. A second option, Free File Fillable Forms, the electronic version of IRS paper forms, has no income limit and is best suited to people who are comfortable preparing their own tax return.

Both the e-file and Free File electronic filing options are available until Oct. 15, 2018, for anyone filing a 2017 tax return. Check out the e-file link on IRS.gov for details on the various electronic filing options. Free File is not available to non-resident aliens required to file Form 1040NR.

Automatic extensions available

Taxpayers abroad who can’t meet the June 15 deadline can still get more time to file, but they need to ask for it. Their extension request must be filed by June 15. Automatic extensions give people until Oct. 15, 2018, to file; however, this does not extend the time to pay tax.

An easy way to get the extra time to file is through the Free File link on IRS.gov. In a matter of minutes, anyone, regardless of income, can use this free service to electronically request an extension on Form 4868. To get the extension, taxpayers must estimate their tax liability on this form and pay any amount due.

Another option for taxpayers is to pay electronically and get an extension of time to file. IRS will automatically process an extension when taxpayers select Form 4868 and they are making a full or partial federal tax payment using Direct Pay, the Electronic Federal Tax Payment System (EFTPS) or a debit or credit card. There is no need to file a separate Form 4868 when making an electronic payment and indicating it is for an extension. Electronic payment options are available at IRS.gov/payments.  International taxpayers who do not have a U.S. bank account should refer to the Foreign Electronic Payments section on IRS.gov for more payment options and information.

Combat zone taxpayers get more time without having to ask for it

Members of the military and eligible support personnel serving in a combat zone have at least 180 days after they leave the combat zone to file their tax returns and pay any taxes due. This includes those serving in Iraq, Afghanistan and other combat zones. A complete list of designated combat zones can be found in Publication 3, Armed Forces’ Tax Guide, available on IRS.gov.

Various circumstances affect the exact length of the extension available to any given taxpayer. Details, including examples illustrating how these extensions are calculated, can be found in the Extensions of Deadlines section in Publication 3.

Report in U.S. dollars

Any income received or deductible expenses paid in foreign currency must be reported on a U.S. tax return in U.S. dollars. Likewise, any tax payments must be made in U.S. dollars.

Both Forms 114 and 8938 require the use of a Dec. 31 exchange rate for all transactions, regardless of the actual exchange rate on the date of the transaction. Generally, the IRS accepts any posted exchange rate that is used consistently. For more information on exchange rates, see Foreign Currency and Currency Exchange Rates.

Expatriate reporting

Taxpayers who relinquished their U.S. citizenship or ceased to be lawful permanent residents of the United States during 2017 must file a dual-status alien tax return, attaching Form 8854, Initial and Annual Expatriation Statement. A copy of the Form 8854 must also be filed with Internal Revenue Service, Philadelphia, PA 19255-0049, by the due date of the tax return (including extensions). See the instructions for this form and Notice 2009-85, Guidance for Expatriates Under Section 877A, for further details.

Check withholding

Taxpayers who owe tax for 2017 can avoid having the same problem for 2018 by increasing the amount of tax withheld from their paychecks. For help determining the right amount to withhold, use the Withholding Calculator on IRS.gov.

More information available

Any U.S. taxpayer living abroad with tax questions can refer to International Taxpayers page on IRS.gov and use the IRS Tax Map and the International Tax Topic Index to get answers.

Taxpayers who are looking for tax return preparers abroad should visit the Directory of Federal Tax Return Preparers with Credentials and Select Qualifications.

To help avoid delays with tax refunds, taxpayers living abroad should visit the Helpful Tips for Effectively Receiving a Tax Refund for Taxpayers Living Abroad page.

More information on the tax rules that apply to U.S. citizens and resident aliens living abroad can be found in Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad, available on IRS.gov.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: IRS

Interest rates remain the same in the third quarter of 2018

Posted by Admin Posted on June 11 2018

Interest rates remain the same in the third quarter of 2018

 

The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2018, as they were in the quarter that began on April 1. The rates will be:

5 percent for overpayments, 4 percent in the case of a corporation;

2.5 percent for the portion of a corporate overpayment exceeding $10,000;

5 percent for underpayments; and

7 percent for large corporate underpayments. 

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis.  For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.

Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points. The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus 0.5 of a percentage point.

The interest rates announced today are computed from the federal short-term rate determined during April 2018 to take effect May 1, 2018, based on daily compounding.

Revenue Ruling 2018-18, announcing the rates of interest, is attached and will appear in Internal Revenue Bulletin 2018-26, dated June 25, 2018.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: IRS

Three common types of IRS tax penalties

Posted by Admin Posted on June 11 2018

Three common types of IRS tax penalties

 

Around this time of year, many people have filed and forgotten about their 2017 tax returns. But you could get an abrupt reminder in the form of an IRS penalty. Here are three common types and how you might seek relief:

1. Failure-to-file and failure-to-pay. The IRS will consider any reason that establishes that you were unable to meet your federal tax obligations despite using “all ordinary business care and prudence” to do so. Frequently cited reasons include fire, casualty, natural disaster or other disturbances. The agency may also accept death, serious illness, incapacitation or unavoidable absence of the taxpayer or an immediate family member.

If you don’t have a good reason for filing or paying late, you may be able to apply for a first-time penalty abatement (FTA) waiver. To qualify for relief, you must have: 1) received no penalties (other than estimated tax penalties) for the three tax years preceding the tax year in which you received a penalty, 2) filed all required returns or filed a valid extension of time to file, and 3) paid, or arranged to pay, any tax due. Despite the expression “first-time,” you can receive FTA relief more than once, so long as at least three years have elapsed.

2. Estimated tax miscalculation. It’s possible, but unlikely, to obtain relief from estimated tax penalties on grounds of casualty, disaster or other unusual circumstances. You’re more likely to get these penalties abated if you can prove that the IRS made an error, such as crediting a payment to the wrong tax period, or that calculating the penalty using a different method (such as the annualized income installment method) would reduce or eliminate the penalty.

3. Tax-filing inaccuracy. These penalties may be imposed, for example, if the IRS finds that your return was prepared negligently or that there’s a substantial understatement of tax. You can obtain relief from these penalties if you can demonstrate that you properly disclosed your tax position in your return and that you had a reasonable basis for taking that position.

Generally, you have a reasonable basis if your chances of withstanding an IRS challenge are greater than 50%. Reliance on a competent tax advisor greatly improves your odds of obtaining penalty relief. Other possible grounds for relief include computational errors and reliance on an inaccurate W-2, 1099 or other information statement.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: Thomson Reuters

Deducting home equity interest under the tax cuts and jobs act

Posted by Admin Posted on June 11 2018

Deducting home equity interest under the tax cuts and jobs act

 

Passage of the Tax Cuts and Jobs Act (TCJA) in December 2017 has led to confusion over some longstanding deductions. In response, the IRS recently issued a statement clarifying that the interest on home equity loans, home equity lines of credit and second mortgages will, in many cases, remain deductible.

How it used to be

Under prior tax law, a taxpayer could deduct “qualified residence interest” on a loan of up to $1 million secured by a qualified residence, plus interest on a home equity loan (other than debt used to acquire a home) up to $100,000. The home equity debt couldn’t exceed the fair market value of the home reduced by the debt used to acquire the home.

For tax purposes, a qualified residence is the taxpayer’s principal residence and a second residence, which can be a house, condominium, cooperative, mobile home, house trailer or boat. The principal residence is where the taxpayer resides most of the time; the second residence is any other residence the taxpayer owns and treats as a second home. Taxpayers aren’t required to use the second home during the year to claim the deduction. If the second home is rented to others, though, the taxpayer also must use it as a home during the year for the greater of 14 days or 10% of the number of days it’s rented.

In the past, interest on qualifying home equity debt was deductible regardless of how the loan proceeds were used. A taxpayer could, for example, use the proceeds to pay for medical bills, tuition, vacations, vehicles and other personal expenses and still claim the itemized interest deduction.

What’s deductible now

The TCJA limits the amount of the mortgage interest deduction for taxpayers who itemize through 2025. Beginning in 2018, for new home purchases, a taxpayer can deduct interest only on acquisition mortgage debt of $750,000.

On February 21, the IRS issued a release (IR 2018-32) explaining that the law suspends the deduction only for interest on home equity loans and lines of credit that aren’t used to buy, build or substantially improve the taxpayer’s home that secures the loan. In other words, the interest isn’t deductible if the loan proceeds are used for certain personal expenses, but it is deductible if the proceeds go toward, for example, a new roof on the home that secures the loan. The IRS further stated that the deduction limits apply to the combined amount of mortgage and home equity acquisition loans — home equity debt is no longer capped at $100,000 for purposes of the deduction.

Further clarifications

As a relatively comprehensive new tax law, the TCJA will likely be subject to a variety of clarifications before it settles in. Please contact our firm for help better understanding this provision or any other.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: Thomson Reuters

Así la ley del cuidado de salud podría afectar tus impuestos

Posted by Admin Posted on June 10 2018

Así la ley del cuidado de salud podría afectar tus impuestos

 

La Ley de cuidado de salud podría afectarte dependiendo de tu estado laboral, si participaste o no en un plan de seguro médico favorecido por los impuestos y su edad.

1.      Estado Laboral

- Tu empleador puede reportar el valor del seguro médico proporcionado a usted en su W-2 en la casilla 12 con el código DD. Sin embargo, no está sujeto a impuestos.

Si trabajas por cuenta propia, puedes deducir el costo de las primas de seguro médico, dentro de los límites, en su declaración de impuestos.

2.      Plan de Seguro Médico favorecido por los impuestos

-Si tienes un acuerdo flexible para gastos médicos (FSA, por sus siglas en inglés) a través de tu empleo, el dinero que pone normalmente reduce tus ingresos sujetos a impuestos.

-Si tienes una cuenta de ahorros de salud (HSA, por sus siglas en inglés) a través de tu empleo, el dinero que su empleador añade, dentro de los límites, no está sujeto a impuestos.

-El dinero que pones en una HSA generalmente se considera una deducción detallada por gastos médicos y puede reducir tus impuestos.

-El dinero que extraes de una HSA para gastos médicos calificados no es un ingreso sujeto a impuestos; sin embargo, los retiros para otros propósitos son gravables e inclusive pueden estar sujetos a un impuesto adicional.

-Si tienes un acuerdo de reembolso de salud (HRA, por sus siglas en inglés) a través de su empleo, el dinero que recibes del acuerdo generalmente no está sujeto a impuestos.

3.      Edad

Si tienes 65 años o más, el umbral para deducciones médicas detalladas permanece en 7.5 por ciento de tu ingreso bruto ajustado (AGI) hasta el 2017; para otros el umbral aumentó a 10 por ciento del AGI en el 2013. Su AGI aparece en su Formulario de Impuestos 1040.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

¿Conoces el departamento de apelaciones?

Posted by Admin Posted on June 10 2018

¿Conoces el departamento de apelaciones?

 

El IRS generalmente es responsables de tomar decisiones en cuanto a cómo aplicar la ley tributaria ante problemas de los contribuyentes. A veces no es posible llegar a un acuerdo sobre estas decisiones o determinaciones debido a que el contribuyente no está de acuerdo con la determinación.

Es por tal motivo que el IRS cuenta con el departamento de Apelaciones que es totalmente independiente de cualquier otra oficina del IRS y sirve de foro administrativo informal para los contribuyentes que no estén de acuerdo con una decisión.

El departamento de Apelaciones es la sede donde se puede resolver los desacuerdos sobre la aplicación de la ley tributaria, de manera justa e imparcial tanto para el contribuyente como para el gobierno. Su misión es resolver disputas tributarias sin tener que pasar por los tribunales ni por juicio formal.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

Lo que debes saber sobre las estafas por email

Posted by Admin Posted on June 10 2018

Lo que debes saber sobre las estafas por email

 

Por razones de seguridad, el Servicio de Impuestos Internos (IRS), las agencias tributarias estatales y la industria de impuestos siempre han advertido sobre estafas por correo electrónico tipo phishing a los profesionales de impuestos y a los contribuyentes para evitar que sean víctima de este delito.

Con el pasar del tiempo, estas estafas han ido aumentando y por eso es de preocuparse. El IRS instó a todos los contribuyentes a estar muy atentos ante cualquier actividad sospechosa.

Los delincuentes cibernéticos se encuentran en constante evolución y hacen uso de sus habilidades para estafar y engañar a las personas a que divulguen información confidencial.

Una de las estafas que se presentan con mayor frecuencia es la de un contribuyente pidiendo a su preparador de impuestos que haga un cambio de último minuto a su destino de reembolso, a menudo a una tarjeta de débito prepagada. Es por ello que  los preparadores de impuestos deben reconfirmar verbalmente la información con el cliente si reciben una solicitud por correo electrónico de último momento para cambiar una dirección o una cuenta de depósito para reembolsos.

Es importante que los profesionales de impuestos cambien y fortalezcan sus contraseñas de correo electrónico para blindar de manera más efectiva sus cuentas de correo electrónico utilizadas para intercambiar datos confidenciales con los clientes.

En el caso que los contribuyentes reciban un correo electrónico sospechoso, haciéndose pasar por un proveedor de impuestos o del IRS, deben reportarlo a la dirección de correo electrónico a phishing@irs.gov. Recuerde nunca abrir archivos adjuntos o enlaces desde una fuente desconocida.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

Víctimas de desastres: esto es lo que necesitas para reconstruir tus archivos.

Posted by Admin Posted on June 10 2018

Víctimas de desastres: esto es lo que necesitas para reconstruir tus archivos.

 

Si eres víctima de un desastre es posible que necesites reconstruir tus archivos para comprobar tu pérdida. Puedes tomar en cuenta estas sugerencias:

- Puedes obtener transcripciones de tus declaraciones de impuestos gratuitamente con la herramienta Ordenar Transcripción en IRS.gov. También pueden llamar al 800-908-9946 para ordenarla por teléfono.

- Para establecer la extensión de los daños, debes tomar fotografías o videos tan pronto sea posible después del desastre.

- Puedes comunicarte con la compañía de título, con la compañía de depósito de garantía, o con el banco que manejó la compra de su casa para obtener las copias de los documentos apropiados.

- Los dueños de casa deben revisar su póliza de seguro ya que la misma usualmente tiene el valor de la estructura para así establecer una cantidad base (mínima) a ser reemplazada.

- Los contribuyentes que hicieron mejoras a su casa deben ponerse en contacto con los contratistas que realizaron el trabajo para así verificar si existen archivos disponibles. Si es posible, el dueño de la casa debe obtener los estados de cuenta de los contratistas para verificar el trabajo y el costo. También pueden obtener testimonios escritos de amigos o parientes que vieron la casa antes y después de cualquier mejora.

- Para propiedad heredada, los contribuyentes pueden revisar los archivos de la corte para obtener valores de sucesiones. Si existió un fideicomiso o patrimonio, el contribuyente puede comunicarse con el abogado que manejó el patrimonio.

- Si no existen otros archivos, el contribuyente puede verificar con el asesor del condado si existen archivos previos que se refieran al valor de la propiedad.

- Existen varios recursos que pueden ayudarle a alguien a determinar el valor actual y justo del mercado de la mayoría de los autos. Los recursos están disponibles en línea o en la biblioteca.

1.- Kelley’s Blue Book

2.- National Automobile Dealers Association

3.- Edmunds

- Pueden buscar fotos en su teléfono móvil que muestren la propiedad antes del desastre.

- Los contribuyentes pueden apoyar el valor de la propiedad con fotografías, vídeos, cheques cancelados, recibos u otra evidencia.

- Si compraron artículos con una tarjeta de crédito o débito deben comunicarse con la compañía de tarjeta de crédito o con el banco para obtener sus estados de cuenta pasados.

- Si un contribuyente no tiene fotografías o vídeos de su propiedad, un método simple para recordar los artículos perdidos es hacer un dibujo de cada habitación afectada.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

Consejos para contratar a un profesional de seguridad cibernética

Posted by Admin Posted on June 10 2018

Consejos para contratar a un profesional de seguridad cibernética

 

Si eres preparador de impuestos deberías contratar un profesional de seguridad cibernética para proteger tu negocio y los datos de tus clientes.

Ten en cuenta esto:


1.- En última instancia, un preparador tendrá que seleccionar a la persona en la que más confía. Deben elegir a alguien con quien se sientan cómodos hablando de la seguridad de sus negocios y sus clientes.

2.- Debes formular preguntas a los candidatos para conocer cuánta experiencia tienen en la protección de datos. Estas son 6 preguntas que puedes hacerles:

- ¿Cómo funciona el ransomware y qué podemos hacer para proteger nuestros sistemas?

- ¿Cuáles son las mejores opciones para respaldar de forma segura los datos y por qué son las mejores opciones

- ¿Tiene algunas sugerencias acerca de lo siguiente: la encriptación de datos, malware, firewalls, herramientas de recuperación tras un desastre y de acceso remoto?

- ¿Ha creado alguna vez un plan de seguridad para un negocio similar?

- ¿Puede evaluar mis sistemas y procesos para encontrar vulnerabilidades o debilidades? Si es así, ¿me proporcionará recomendaciones para fortalecer la seguridad?

- ¿Proporcionará vigilancia continua de mis sistemas a medida que evolucionen las amenazas de seguridad? Si es así, ¿con qué frecuencia recomienda los cambios?

3.- Debes obtener un acuerdo o carta de compromiso para asegurar que ambas partes entienden los términos del acuerdo.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

Medidas que deben tomar los preparadores de impuestos

Posted by Admin Posted on June 04 2018

Medidas que deben tomar los preparadores de impuestos

 

El Servicio de Impuestos Internos insta a todos los preparadores de declaraciones de impuestos a realizar un análisis exhaustivo de seguridad de sus unidades y dispositivos informáticos.

El IRS les recomienda que tomen las siguientes medidas de manera inmediata:

Asegúrete de que tú y tus empleados tengan software efectivo con programas de seguridad que ayuden a bloquear cualquier virus y que se mantenga encendido y activo a todo momento.

Utilice la función "análisis en profundidad" para recorrer completamente todas las unidades de las computadoras y archivos para cualquier tipo de virus. Estos virus se pueden esconder en lugares que un "análisis rápido" no busca. Es importante realizar periódicamente un análisis profundo.

Asegúrese de que el software de seguridad se actualice automáticamente para que esté siempre al día y en guardia contra nuevos y emergentes virus.

Revise el plan de seguridad para su oficina y sus operaciones.

Eduque a sus empleados sobre los peligros de “phishing”, correos electrónicos y otras estafas que podrían infectar a su computadora con un virus. Un correo electrónico de “phishing” puede resultar en que todas las computadoras de la oficina sean “hackeadas” de información privada.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

Consejos tributarios para estudiantes y padres

Posted by Admin Posted on June 04 2018

Consejos tributarios para estudiantes y padres

 

El retorno a la universidad causa estrés a los padres y estudiantes. De manera útil, el IRS te brinda consejos de beneficios tributarios de educación que te pueden ayudar a reducir gastos y a quitarte preocupaciones.

Crédito Tributario de la Oportunidad Americana. Este crédito puede ser de hasta $2,500 por estudiante aspirante y está disponible para los primeros cuatro años de educación post-secundaria. El cuarenta por ciento del crédito es reembolsable. Esto significa que usted puede recibir hasta $1,000, aunque no deba impuestos. Los gastos calificados incluyen matrícula, cuotas, libros, suministros y equipo.

Crédito Perpetuo por Aprendizaje. Con el Crédito Perpetuo por Aprendizaje, podría reclamar hasta $2,000 para gastos calificados de educación en su declaración federal de impuestos. No hay límite en el número de años que puede reclamar el Crédito Perpetuo por Aprendizaje para un estudiante que aplique.

Se puede reclamar un solo crédito por estudiante en la declaración de impuestos federales, pero si pagas gastos universitarios por mas de un estudiante en el mismo año, podría optar por tomar créditos en función de cada estudiante.

Deducción de intereses de préstamos estudiantiles.  Generalmente no puede deducir el interés que paga, a menos que sea el interés hipotecario. Sin embargo, puede deducir el interés pagado sobre un préstamo estudiantil calificado. La deducción puede reducir la cantidad de ingresos tasables por hasta $2,500. 

Dependiendo de sus ingresos, estos beneficios educativos están sujetos a limitaciones de ingresos, y pueden ser reducidos o eliminados.

 

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

¿Cómo crear una sociedad anónima?

Posted by Admin Posted on June 03 2018

¿Cómo crear una sociedad anónima?

 

Cuando creas una sociedad anónima, los accionistas potenciales intercambian dinero, propiedad, o ambos, para el capital social de la sociedad anónima. Por lo general se toman las mismas deducciones que un dueño único para calcular sus ingresos tributables.

A su vez, también puede generar deducciones especiales. Teniendo en cuenta el impuesto federal sobre los ingresos, una sociedad anónima de tipo C se reconoce como una entidad contribuyente separada. Una sociedad anónima lleva a cabo operaciones, realiza ingresos o pérdidas netas, paga impuestos y distribuye las ganancias a los accionistas.

Los impuestos sobre la ganancia de una sociedad anónima se imponen al momento de percibir la ganancia, y luego el impuesto se impone a los accionistas cuando es distribuida como dividendos. Esto resulta en un impuesto doble. La sociedad anónima no recibe una deducción tributaria al distribuir los dividendos a los accionistas. Los accionistas no pueden deducir ninguna pérdida de la sociedad anónima.

Cabe destacar que las sociedades anónimas que poseen activos de $10 millones o más y presentan al menos 250 declaraciones anualmente, están obligadas a presentar electrónicamente sus Formularios 1120 y 1120S para los años tributarios que terminan el 31 de diciembre de 2007 o posteriores. 

 

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

Lo que debes tener para solicitar el Crédito Tributario por Ingreso del Trabajo

Posted by Admin Posted on June 03 2018

Lo que debes tener para solicitar el Crédito Tributario por Ingreso del Trabajo

 

Para recibir el Crédito Tributario por Ingreso de Trabajo (EITC) debes presentar una declaración del impuesto federal para reclamarlo.

Debes tener en cuenta que si reclamas el Crédito Tributario por Ingreso del Trabajo (EITC) o el Crédito Tributario Adicional por Hijos (ACTC) en tu declaración de impuestos, el IRS está obligado a aguantar tu reembolso hasta mediados de febrero – incluyendo la porción no asociada con el EITC o el ACTC.

Documentos a recuperar antes de empezar a preparar tu declaración de impuestos:

 

   - Tarjetas de Seguro Social, una carta de verificación del número de Seguro Social, u otro documento del gobierno del EE.UU. para toda persona que usted nombre en su declaración.

   - Fechas de nacimiento para toda persona que nombre en su declaración.

    -Copias de las declaraciones federales y estatales del año pasado, si las tienes.

   - Toda declaración de sus ingresos: los Formularios W-2 y 1099; declaraciones del Seguro Social, de compensación por desempleo; y otras declaraciones, tales como las de su pensión, su cuenta de acciones, de intereses, u otro documento que muestra los impuestos retenidos. Si usted es dueño de u opera un negocio o granja, mantenga registros de todos sus gastos.

   - Registros de todos tus gastos, tales como matrículas, intereses hipotecarios o impuestos sobre los bienes raíces. Si eres dueño u operas un negocio o granja, lleva registros de todos tus gastos.

    -Todos los formularios para reportar información tales como el Formulario 1095-A (PDF), Formulario 1095-B (PDF) o el Formulario 1095-C (PDF).

   - Los números de ruta y de tu cuenta bancaria para que cualquier reembolso sea depositado directamente a esa cuenta.

    -Información sobre servicios de guardería para los hijos dependientes: nombre y dirección de la entidad a quien pagó y el número de Seguro Social u otro número de identificación tributario del mismo.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

¿Cómo evitar un embargo?

Posted by Admin Posted on June 03 2018

¿Cómo evitar un embargo?

 

Un embargo se puede evitar al presentar las declaraciones a tiempo y pagar los impuestos cuando vencen. Si quieres más tiempo para presentar, tienes la opción de solicitar una prórroga. Si no puedes pagar lo que adeuda, debe pagar todo lo que puedas por el momento y trabajar de la mano con el IRS para terminar con el saldo pendiente.

Es posible que se pueda establecer un plan de pagos a plazos, liquidar tu deuda tributaria por menos de la cantidad pendiente completa, o tal vez tengas otras opciones para pagar tus impuestos.

El IRS podría embargar tu propiedad si no respondes a los avisos de cobro de IRS, y no trabajas para resolver su deuda tributaria. Aunque creas que no debes los impuestos citados, igual debes comunicarte con el IRS.

Si recibes una factura del IRS titulada Aviso Final de la Intención de Embargo y Sus Derechos a una Audiencia, comunícate con el IRS de inmediato. Llama al número de teléfono anotado en su aviso, o si es individual, puede llamar al IRS al 1-800-829-1040.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

IRS warns tax pros of new scam posing as professional associations

Posted by Admin Posted on May 28 2018

IRS warns tax pros of new scam posing as professional associations

 

The IRS and its state and industry Security Summit partners today warned tax practitioners to beware of phishing emails posing as state accounting and professional associations.

This week, the IRS received reports from tax professionals who received fake emails that were trying to trick them into disclosing their email usernames and passwords.

Cybercriminals specifically targeted tax professionals in Iowa, Illinois, New Jersey and North Carolina. The IRS also received reports about a Canadian accounting association.

The awkwardly worded phishing email states: “We kindly request that you follow this link HERE and sign in with your email to view this information from (name of accounting association) to all active members. This announcement has been updated for your kind information through our secure information sharing portal which is linked to your email server.”

Tax practitioners nationwide should be on guard because cybercriminals can easily change their tactics, using other association names or making other adjustments in their scam attempts.

Tax practitioners who are members of professional associations should go directly to those associations’ websites rather than open any links or attachments. Tax practitioners who receive suspicious emails related to taxes or the IRS, or phishing attempts to gain access to practitioner databases, should forward those emails to phishing@irs.gov.

This scam serves as a reminder to all tax professionals that cybercriminals are targeting their offices in an attempt to steal client data.

To assist tax professionals with safeguards, the Security Summit partners urge practitioners to follow these minimal security steps:

Learn to recognize phishing emails, especially those pretending to be from the IRS, e-Services, a tax software provider or cloud storage provider. Never open a link or any attachment from a suspicious email. Remember: The IRS never initiates initial contact with a tax pro via email.

Create a data security plan using IRS Publication 4557, Safeguarding Taxpayer Data, and Small Business Information Security – The Fundamentals, by the National Institute of Standards and Technology.

Review internal controls:

Install anti-malware/anti-virus security software on all devices (laptops, desktops, routers, tablets and phones) and keep software set to automatically update.

Create passwords of at least eight characters; longer is better. Use different passwords for each account, use special and alphanumeric characters and phrases. Password protect wireless devices and consider a password manager program.

Encrypt all sensitive files/emails and use strong password protections.

Back up sensitive data to a safe and secure external source not connected fulltime to a network.

Wipe clean or destroy old computer hard drives and printers that contain sensitive data.

Limit access to taxpayer data to individuals who need to know.

Check IRS e-Services account weekly for number of returns filed with EFIN.

Report any data theft or data loss to the appropriate IRS Stakeholder Liaison.

Stay connected to the IRS through subscriptions to e-News for Tax ProfessionalsQuick Alerts and Social Media.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: IRS

New law gives individuals and businesses more time to challenge a wrongful IRS levy

Posted by Admin Posted on May 28 2018

New law gives individuals and businesses more time to challenge a wrongful IRS levy

 

 Individuals and businesses have additional time to file an administrative claim or to bring a civil action for wrongful levy or seizure, according to the Internal Revenue Service.

An IRS levy permits the legal seizure and sale of property including wages, money in bank or other financial accounts, vehicles, real estate and other personal assets to satisfy a tax debt.

The Tax Cuts and Jobs Act of 2017, the tax reform law enacted in December, extended the time limit for filing an administrative claim and for bringing a suit for wrongful levy from nine months to two years. If an administrative claim for return of the property is made within the two-year period, the two-year period for bringing suit is extended for 12 months from the date of filing of the claim or for six months from the disallowance of the claim, whichever is shorter. The change in law applies to levies made after Dec. 22, 2017, and on or before that date, if the previous nine-month period hadn’t yet expired.

The timeframes apply when the IRS has already sold the property it levied. As under prior law, there is no time limit for the administrative claim if the IRS still has the property it levied. Also, as under prior law, taxpayers may not file a wrongful levy claim or bring a wrongful levy suit as the law only applies to those other than the taxpayer. Usually, wrongful levy claims involve situations where an individual or business believes that either the property belongs to them, or they have a superior claim to the property that the IRS is not recognizing.

Anyone who receives an IRS bill titled, Final Notice of Intent to Levy and Notice of Your Right to A Hearing, should immediately contact the IRS. By doing so, a taxpayer may be able to make arrangements to pay the liability, instead of having the IRS proceed with the levy.

It’s also important that those who receive a levy for their employees, vendors, customers or other third parties comply with the levy. Failure to do so may subject the party receiving the levy to personal liability. For more information, see the What is a Levy?page on IRS.gov.

To file an administrative wrongful levy claim, send a letter to the IRS Advisory Group for the area where the levy was made. For a list of Advisory Group offices, see Publication 4235, Collection Advisory Group Numbers and Addresses, available on IRS.gov. For more information on wrongful levy claims, including details on what information to include in the letter, see newly-revised Publication 4528, Making an Administrative Wrongful Levy Claim Under Internal Revenue Code Section 6343(b), also available on IRS.gov.

If, following a claim, the IRS determines it has wrongfully levied property, it will return one of the following:

the property,

an amount of money equal to the amount of money levied upon, or

an amount of money equal to the money received from the sale of the property.

Anyone whose wrongful levy claim is denied by the IRS has the right to appeal through the agency’s Collection Appeals Program. For more information about these appeal rights, see Publication 1660, Collection Appeal Rights.

The right to appeal an IRS decision in an independent forum is one of many rights taxpayers have when dealing with the IRS. These rights have been grouped into 10 broad categories as the Taxpayer Bill of Rights. For more information, see Publication 1, Your Rights as a Taxpayer, available on IRS.gov.

 

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: IRS

Law change affects moving, mileage and travel expenses

Posted by Admin Posted on May 28 2018

Law change affects moving, mileage and travel expenses

 

The Internal Revenue Service today provided information to taxpayers and employers about changes from the Tax Cuts and Jobs Act that affect:

Move related vehicle expenses

Un-reimbursed employee expenses

Vehicle expensing

Changes to the deduction for move-related vehicle expenses

The Tax Cuts and Jobs Act suspends the deduction for moving expenses for tax years beginning after Dec. 31, 2017, and goes through Jan. 1, 2026. Thus, during the suspension no deduction is allowed for use of an automobile as part of a move using the mileage rate listed in Notice 2018-03. This suspension does not apply to members of the Armed Forces of the United States on active duty who move pursuant to a military order related to a permanent change of station.

Changes to the deduction for un-reimbursed employee expenses

The Tax Cuts and Jobs Act also suspends all miscellaneous itemized deductions that are subject to the 2 percent of adjusted gross income floor. This change affects un-reimbursed employee expenses such as uniforms, union dues and the deduction for business-related meals, entertainment and travel.

Thus, the business standard mileage rate listed in Notice 2018-03, which was issued before the Tax Cuts and Jobs Act passed, cannot be used to claim an itemized deduction for un-reimbursed employee travel expenses in taxable years beginning after Dec. 31, 2017, and before Jan. 1, 2026. The IRS issued revised guidance today in Notice 2018-42.

Standard mileage rates for 2018

As mentioned in Notice 2018-03, the standard mileage rates for the use of a car, van, pickup or panel truck for 2018 remain:

54.5 cents for every mile of business travel driven, a 1 cent increase from 2017.

18 cents per mile driven for medical purposes, a 1 cent increase from 2017.

14 cents per mile driven in service of charitable organizations, which is set by statute and remains unchanged.

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical purposes is based on the variable costs.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.
Increased depreciation limits

The Tax Cuts and Jobs Act increases the depreciation limitations for passenger automobiles placed in service after Dec. 31, 2017, for purposes of computing the allowance under a fixed and variable rate plan. The maximum standard automobile cost may not exceed $50,000 for passenger automobiles, trucks and vans placed in service after Dec. 31, 2017. Previously, the maximum standard automobile cost was $27,300 for passenger automobiles and $31,000 for trucks and vans.

More information

Notice 2018-42 is posted on IRS.gov and contains information about the update to the standard mileage rates, including the details about the suspension of the deduction for operating a vehicle for moving purposes.

 

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: IRS

Beneficios de la aplicación móvil IRS2Go

Posted by Admin Posted on May 28 2018

Beneficios de la aplicación móvil IRS2Go

 

1.- Estado de su reembolso: Chequea el estado de tu reembolso de impuestos federales usando IRS2Go. Se puede comprobar el estado de tu reembolso 24 horas después de que el IRS hayas recibido la declaración electrónica, o al menos cuatro (4) semanas después que enviaste tu declaración en papel.

2.- Hacer un Pago: Podrás acceder de manera fácil a opciones de pago compatibles con tu dispositivo móvil, tales como Direct Pay (Pago Directo), que te ofrece una manera gratis y segura de pagar directamente desde tu cuenta bancaria. También puedes hacer un pago por tarjeta de crédito o débito, a través de un tramitador de pagos aprobado.

3.- Ayuda tributaria gratuita: Puedes acceder desde tu dispositivo móvil a software GRATIS para rápidamente preparar y presentar tu declaración de impuestos y obtener un reembolso. O, si usted prefiere recibir ayuda en persona, puede buscar un sitio del Programa de Ayuda Voluntaria a los Contribuyentes (VITA, por sus siglas en inglés) o el Programa de Asesoramiento Tributario para Personas Mayores (TCE, por sus siglas en inglés)..

Código de Seguridad

El IRS2Go puede generar códigos de seguridad para iniciar sesiones de ciertos servicios electrónicos del IRS, lo cual te permite recibir tus códigos a través del IRS2Go en vez de por mensaje de texto. 

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

Consigue la información tributaria del año anterior

Posted by Admin Posted on May 28 2018

Consigue la información tributaria del año anterior

 

Es importante conservar tus archivos tributarios durante un mínimo de tres años.

-Usa una declaración de impuestos para verificar la identidad

Los contribuyentes que usen por primera vez un producto de software tributario para presentar los impuestos, pueden necesitar su ingreso bruto ajustado (AGI, en inglés) de la declaración de impuestos del año anterior para verificar su identidad.

Aquellos que necesitan una copia de su declaración de impuestos, deben consultar primero con su proveedor de software o con el preparador de impuestos, ya que las copias de declaraciones de impuestos de años anteriores están disponibles en el IRS por una cuota. 

Ordenar una transcripción

Los contribuyentes que no pueden obtener una copia de una declaración de un año anterior, pueden ordenar una transcripción de impuestos del IRS. Una transcripción resume la información de la declaración de impuestos e incluye el AGI. Son gratis y están disponibles para el año tributario más reciente después de que el IRS haya tramitado la declaración. También pueden solicitarlas para los últimos tres años.

Esto debe ser planificarlo con anticipación, ya que el plazo de entrega para pedidos en línea y por teléfono generalmente tarda de 5 a 10 días a partir del día en que el IRS recibe la solicitud. Los contribuyentes que ordenen por correo, deben dejar pasar 30 días para recibir transcripciones y 75 días para recibir declaraciones de impuestos. 

Hay tres maneras en que los contribuyentes pueden solicitar una transcripción:

En línea a través de Ordenar Transcripción. Puede usar Ordenar Transcripción en línea, en Irs.gov/espanol, para ver, imprimir o descargar una copia de todo tipo de transcripción.

Por teléfono. El número es 800-908-9946.

Por correo. Los contribuyentes pueden completar y enviar al IRS el Formulario 4506-T, o el Formulario 4506T-EZ(SP), para recibirla por correo. Se usa el Formulario 4506-T para solicitar otros archivos tributarios: transcripción de la cuenta tributaria, registro de la cuenta, salarios e ingresos y la verificación de la no presentación. Estos formularios están disponibles en la página Formularios, Instrucciones y Publicaciones (en inglés) en IRS.gov.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

Contribuyentes deben informar cambio de nombre

Posted by Admin Posted on May 28 2018

Contribuyentes deben informar cambio de nombre

 

Los nombres en la declaración de impuestos de un contribuyente deben concordar con los registros de la Administración de Seguro Social. Una falta de concordancia del nombre puede demorar un reembolso de impuestos. 

Los contribuyentes que deben informar a la Administración de Seguro Social un cambio de nombre incluyen:

Los contribuyentes que se han casado y utilizan el apellido del cónyuge.

Los contribuyentes casados recientemente que ahora utilizan un apellido con guion.

Los contribuyentes divorciados que ahora utilizan su apellido anterior. 

A su vez, los contribuyentes deben informar a la Administración de Seguro Social si el nombre de un dependiente cambió. Esto incluye el hijo adoptado que ahora tienen un nuevo apellido.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

Consejos al momento de alquilar tu casa en vacaciones

Posted by Admin Posted on May 28 2018

Consejos al momento de alquilar tu casa en vacaciones

 

Resulta muy frecuente que los contribuyentes en la época del verano alquilen su propiedad con fines recreacionales. Pero los dueños deben tener presente las implicaciones tributarias de los alquileres residenciales y casas de vacaciones para no incurrir en ningún delito.

En el caso que esto suceda, por lo general tendrán que informar los ingresos de alquiler en una declaración de impuestos.

Casa de vacaciones: puede ser una casa, un apartamento, un condominio, una casa móvil, un barco, una casa de vacaciones o una propiedad similar. Es posible usar más de una vivienda como residencia durante el año.

 

Uso como vivienda: cuando la propiedad se usa como una vivienda, la deducción de los gastos de alquiler es limitada. Esto significa que los gastos de alquiler no pueden ser más que el alquiler recibido.

 

Uso personal: el uso personal significa el uso por el dueño, la familia del dueño, los amigos, otros dueños y sus familias. El uso personal incluye a cualquiera que pague menos de un precio justo de alquiler.

Divida los gastos: generalmente, las reglas especiales se aplican a los gastos de alquiler de una propiedad que el contribuyente usa como residencia durante el año tributable. Por lo general, es necesario declarar los ingresos de alquiler en su totalidad y dividir todos los gastos entre los propósitos personales y de negocio.

 

Cómo declarar: los contribuyentes usan el Anexo E en el IRS para declarar los ingresos y gastos de alquiler. Los ingresos de alquiler podrían también estar sujetos al Impuesto sobre los ingresos netos de inversión.

Reglas especiales: si se alquila la vivienda por menos de 15 días durante el año, no hay que declarar ninguna parte de los ingresos de alquiler y no puede deducir ninguno de los gastos de alquiler.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

¿Para qué sirve la calculadora de retención?

Posted by Admin Posted on May 28 2018

¿Para qué sirve la calculadora de retención?

 

La Calculadora de Retención es el medio efectivo para determinar la cantidad correcta de retención, te permite hacerlo de manera fácil y precisa. A través de ella puedes incluir ingresos múltiples de trabajo de dos cónyuges empleados.  También es garantía que los contribuyentes apliquen sus deducciones, ajustes y créditos tributarios de 2018 solo una vez y no varias veces con distintos empleadores.

Si una pareja o un contribuyente corre el riesgo de que se les retengan muy pocos impuestos, la calculadora recomendará una cantidad adicional de retención de impuestos para cada trabajo.

Es necesario que los contribuyentes tengan sus declaraciones de impuestos del año 2017 y los comprobantes de pago más recientes para poder utilizar la Calculadora de Retención. 

Esta herramienta no solicita información de identificación personal, como nombre, número de seguro social, dirección o números de cuentas bancarias. Los datos que han sido ingresados en la calculadora, no los guarda ni los registra el IRS. Es importante que los contribuyentes estén siempre atentos a los fraudes de impuestos y alerta a los delincuentes cibernéticos que buscar robar tu información. El IRS no envía correos electrónicos con la información ingresada o relacionados con la calculadora. 

Los datos que se ingresan deben ser precisos porque sus resultados dependerán de la exactitud de la información suministrada.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

Taxpayers who usually itemize deductions should check their withholding to avoid tax surprises

Posted by Admin Posted on May 20 2018

Taxpayers who usually itemize deductions should check their withholding to avoid tax surprises

 

The Internal Revenue Service encourages taxpayers who typically itemized their deductions on Schedule A of the Form 1040 to use the Withholding Calculator this year to perform a “paycheck checkup.”

People who have itemized before may be affected by changes from the Tax Cuts and Jobs Act. Taxpayers who itemize should use the IRS Withholding Calculator to make sure their employers are withholding the appropriate amount of tax from their paychecks for their financial situation.

The law changes are effective in 2018 and affect the tax returns taxpayers will file in 2019. The new law makes a number of major changes, including:

Limiting the deductions for state and local taxes

Limiting the deduction for home mortgage interest in certain cases (see IR-2018-32 for more information)

Excluding deductions for employee business expenses, tax preparation fees and investment expenses, including investment management fees, safe deposit box fees and investment expenses from pass-through entities

The Tax Cuts and Jobs Act nearly doubled standard deductions and changed several itemized deductions. Some individuals who formerly itemized may now find it more beneficial to take the standard deduction, and this could affect how much a taxpayer needs to have their employer withhold from their pay. Also, even those who continue to itemize deductions should check their withholding because of changes made by the new tax law.

The IRS urges taxpayers to complete their “paycheck checkup” as early as possible so that if a withholding amount adjustment is necessary, there’s more time for withholding to take place evenly throughout the year. Waiting means there are fewer pay periods to make the tax changes – which could have a bigger impact on each paycheck.

Having too little tax withheld could result in an unexpected tax bill or penalty at tax time in 2019. Adjusting withholding after a “paycheck checkup” can also prevent employees from having too much tax withheld. With the average refund topping $2,800, some taxpayers might prefer to have less tax withheld up front and receive more in their paychecks.

Using the Withholding Calculator

When taxpayers use the Withholding Calculator, they can indicate whether they are taking the standard deduction or itemizing their deductions. If they are itemizing, they’ll enter estimates of their deductions. The Withholding Calculator applies the new law to these amounts when figuring the user’s withholding.

It’s helpful if taxpayers have their completed 2017 tax return when using the Withholding Calculator. It can help them estimate the amount of income, deductions, adjustments and credits to enter. They’ll also need their most recent pay stubs. These help the calculator compute the employee’s withholding so far this year.

Calculator results depend on the accuracy of information entered. If a taxpayer’s personal circumstances change during the year, they should return to the calculator to check whether their withholding should be changed.

Employees can use the results from the Withholding Calculator to help determine if they should complete a new Form W-4 and, if so, what information to put on a new Form W-4.

The Withholding Calculator does not request personally-identifiable information, such as name, Social Security number, address or bank account numbers. The IRS does not save or record the information entered on the calculator. As always, taxpayers should watch out for tax scams, especially via email or phone and be alert to cybercriminals impersonating the IRS. The IRS does not send emails related to the Withholding Calculator or the information entered.

Adjusting withholding

Employees who need to complete a new Form W-4 should submit it to their employers as soon as possible. Employees with a change in personal circumstances that reduce the number of withholding allowances must submit a new Form W-4 with corrected withholding allowances to their employer within 10 days of the change.

As a general rule, the fewer withholding allowances an employee enters on the Form W-4, the higher their tax withholding will be. Entering “0” or “1” on line 5 of the W-4 means more tax will be withheld. Entering a bigger number means less tax withholding, resulting in a smaller tax refund or potentially a tax bill or penalty.

 

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: IRS

 

IRS accepting applications for 2019 Low Income Taxpayer Clinic grants

Posted by Admin Posted on May 20 2018

IRS accepting applications for 2019 Low Income Taxpayer Clinic grants

 

The Internal Revenue Service today announced that the application period for Low Income Taxpayer Clinic (LITC) grants for calendar year 2019 will run from May 16, 2018, to June 27, 2018.

The LITC program is a federal grant program administered by the Office of the Taxpayer Advocate at the IRS, led by the National Taxpayer Advocate, Nina E. Olson. Under the program, the IRS awards matching grants of up to $100,000 per year to qualifying organizations to develop, expand or maintain an LITC.  An LITC must provide services for free or for no more than a nominal fee.

For calendar year 2018, the IRS awarded just over $11.8 million in matching grants to 134 organizations across the country for the development, expansion or continuation of LITCs. A listing of the 2018 LITC grant recipients is available on IRS.gov.

The mission of LITCs is to ensure the fairness and integrity of the tax system for taxpayers who are low income or speak English as a second language:

By providing pro bono representation on their behalf in tax disputes with the IRS;

By educating them about their rights and responsibilities as taxpayers; and

By identifying and advocating for issues that impact low income taxpayers.

LITC grants come from appropriated funds. The clinics, their employees and their volunteers operate independently from the IRS. Examples of qualifying organizations include:

Clinical programs at accredited law, business or accounting schools whose students represent low income taxpayers in tax disputes with the IRS; and

Organizations exempt from tax under Internal Revenue Code Section 501(a) that provide representation to low income taxpayers in tax disputes with the IRS and may also make referrals to qualified volunteers to provide representation.

The IRS welcomes all applications and will ensure that each application receives full consideration. The IRS is committed to achieving maximum access to representation for low income taxpayers under the terms of the LITC program. Thus, in awarding LITC grants for calendar year 2019, the IRS will continue to work toward the following program goals:

Obtaining coverage for the states of Hawaii, North Dakota, and the territory of Puerto Rico to ensure that each state (plus the District of Columbia and Puerto Rico) has at least one clinic;

Expanding coverage to counties in the following areas that are currently not being served by an LITC:  mid-Florida, northeast Arizona, northern Pennsylvania, and southeast New York (not including boroughs of New York City); and

Ensuring that grant recipients demonstrate they are serving geographic areas that have sizable populations eligible for and requiring LITC services.

The IRS is authorized to award a multi-year grant not to exceed three years. For an organization not currently receiving a grant for 2018, an organization that received a single-year grant for 2018 or an organization whose multi-year grant ends in 2018, the organization must submit a full grant application electronically at www.grants.gov. For an organization currently receiving a grant for 2018 that is requesting funding for the second or third year of a multi-year grant, the organization must submit the non-competing continuation request electronically at www.grantsolutions.gov. All organizations must use the funding number of TREAS-GRANTS-052019-001, and applications and funding requests must be submitted by 11:59 p.m. EDT on June 27, 2018.

The complete program requirements and application instructions can be found in Publication 3319 on www.irs.gov.

 

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: IRS

 

Crédito para primas de seguros médicos… ¿Calificas?

Posted by Admin Posted on May 20 2018

Crédito para primas de seguros médicos… ¿Calificas?

 

El crédito tributario de prima (PTC, por sus siglas en inglés), es un crédito reembolsable que ayuda a personas y familias elegibles a cubrir las primas de un seguro médico comprado a través del Mercado de Seguros Médicos. Para obtener este crédito, debes cumplir con ciertos requisitos y presentar una declaración de impuestos.

¿Quién califica?

Quienes cumplan con todos los siguientes requisitos:

1.- Tienes un ingreso familiar que se encuentra dentro de ciertos límites.

2.- No presentas una declaración de impuestos bajo el estado civil tributario de Casado presentando por separado. Hay una excepción a esta regla que permite a ciertas víctimas de abuso doméstico y abandono conyugal reclamar el crédito mediante el estado civil tributario de Casado presentando por separado.

3.- Otra persona no puede reclamarlo como dependiente.

4.- Cumple con estos requisitos adicionales: usted o un miembro de su familia:

-Tienen cobertura a través de un Mercado de Seguros Médicos.

-No pueden obtener una cobertura accesible a través de un plan elegible patrocinado por un empleador que proporciona un valor mínimo.

- No son elegibles para cobertura a través de un programa de gobierno, como Medicaid, Medicare, CHIP o TRICARE.

- Pagan la cuota de las primas no cubiertas por los pagos adelantados del crédito.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

Carta de Derechos del Contribuyente en EEUU.

Posted by Admin Posted on May 20 2018

Carta de Derechos del Contribuyente en EEUU.

 

Los contribuyentes de los Estados Unidos están protegidos cada vez que tienen alguna interacción con el IRS, mediante 10 derechos que derivan de la Carta de Derechos del Contribuyente.

El derecho de estar informado.

El derecho de un servicio de calidad.

El derecho de pagar no más de la cantidad correcta de impuestos.

El derecho de cuestionar la posición del IRS y de ser escuchado.

El derecho de apelar una decisión del IRS en un foro independiente.

El derecho de llegar a una resolución.

El derecho de privacidad.

El derecho de confidencialidad.

El derecho de contratar a un representante.

El derecho de tener un sistema de impuestos que sea justo y adecuado.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

Tipos de reembolso de los impuestos federales individuales

Posted by Admin Posted on May 20 2018

Tipos de reembolso de los impuestos federales individuales

 

Estas son las opciones para recibir tu reembolso de los impuestos federales individuales sobre los ingresos.

1.- Depósito directo: La manera más rápida es por depósito directo a tu cuenta corriente o de ahorros, incluyendo una cuenta de jubilación individual (IRA, por sus siglas en inglés).

2.- Depositar a una cuenta en línea de TreasuryDirect, para la compra de valores negociables y bonos de ahorros del Tesoro de los Estados Unidos.

3.- IRA Tradicional, Roth o SEP: Deposita directamente todo o parte de tu reembolso en un IRA Tradicional, un Roth IRA, o un SEP-IRA, pero no en un IRA sencillo. Tiene que tener ya una cuenta IRA antes de presentar tu declaración y tu número de ruta y número de cuenta.

4.- Bonos de Ahorros: Para la compra de Bonos de Ahorro de la Serie I de los EE.UU de hasta $5,000 (en inglés);

5.- Cuenta de Ahorros para Gastos Médicos (HSA, por sus siglas en inglés);

Cuenta Archer MSA.

6.- Cuenta de Ahorros para Estudios Coverdell (ESA, por sus siglas en inglés).

7.- Cheque impreso: Por cheque impreso enviado a la dirección indicada en su declaración de impuestos.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

La razón por la que no debes esconder tus ingresos en el extranjero

Posted by Admin Posted on May 20 2018

La razón por la que no debes esconder tus ingresos en el extranjero

 

Durante muchos años, una gran cantidad de personas han sido identificadas por evadir impuestos en los Estados Unidos, pretendiendo ocultar su dinero en bancos en el extranjero mediante el uso de tarjetas de débito, crédito y transferencias para acceder a sus fondos.

El IRS ha podido ubicar a los contribuyentes con cuentas no declaradas mediante la información obtenida en rigurosas investigaciones, lo mismo sucede con los bancos y los banqueros sospechosos de ayudar a sus clientes a ocultar activos en el extranjero. Es importante destacar que el IRS trabaja en estrecha colaboración con el Departamento de Justicia para procesar casos de evasión tributaria.

Mantener cuentas en el extranjero no necesariamente tiene que ser un delito, solo que existen una serie de requisitos de reporte que deben cumplirse. Los contribuyentes estadounidenses que no cumplen con los requisitos de reporte están violando la ley y se arriesgan a recibir sanciones y multas significativas, así como la posibilidad de procesamiento criminal.

Desde el 2009, decenas de miles de personas se han presentado voluntariamente para divulgar sus cuentas financieras en el extranjero, aprovechando oportunidades especiales para cumplir al sistema de impuestos de los Estados Unidos y resolver sus obligaciones tributarias. Y, con los nuevos requisitos de presentación de informes de cuentas extranjeras estableciéndose progresivamente en los próximos años, el esconder ingresos en el extranjero es cada vez más difícil.

A principios del 2012, el IRS abrió nuevamente el Programa de divulgación voluntaria de cuentas extranjeras (OVDP, por sus siglas en inglés) (en inglés) continuando el afanoso interés por parte de los contribuyentes y los profesionales de impuestos después de la clausura de los programas del 2011 y 2009. Este programa estará abierto por un período indefinido hasta nuevo aviso.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

Tu actividad económica es… ¿Negocio o pasatiempo?

Posted by Admin Posted on May 20 2018

Tu actividad económica es… ¿Negocio o pasatiempo?

 

El Servicio de Impuestos Internos te recuerda que como contribuyente debes cumplir con ciertos reglamentos para determinar si tu actividad es un negocio o sólo un pasatiempo, y no una actividad de la que se espera recibir ganancias.

El IRS con la finalidad de educar al contribuyente sobre sus obligaciones de presentar su declaración, explica los requisitos para determinar si una actividad califica como negocio, y qué limitaciones son aplicables si la actividad no es un negocio. En la actualidad según datos obtenidos por el IRS, cerca de $30 mil millones en impuestos no son pagados, debido a reclamos, enmiendas, deducciones, exenciones y créditos excesivos. El deducir incorrectamente gastos de pasatiempo representa un porcentaje de las deducciones incorrectas.

Generalmente, el contribuyente puede deducir gastos ordinarios y necesarios para el manejo de su negocio.  Un gasto ordinario es un gasto que es común y aceptable en el negocio o empresa del contribuyente.  Un gasto necesario es uno que es apropiado para el negocio.  Normalmente, una actividad califica como negocio si ésta se maneja con una expectativa razonable de obtener ganancias.

Se considera que una actividad es un negocio si reditúa ganancias durante un período de tres años dentro de los últimos cinco años de la actividad, incluyendo el año en curso y durante por lo menos dos años de los últimos siete si la actividad consiste primordialmente en criar, exhibir, adiestrar o correr caballos.

Si la actividad no es con el fin de obtener ganancias, las pérdidas que ésta produzca no pueden utilizarse para contrarrestar otros ingresos. Cuando los gastos exceden los ingresos, se podría decir que la actividad está produciendo pérdida.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

Cómo solicitar el número de Identificación del Empleador

Posted by Admin Posted on May 20 2018

Cómo solicitar el número de Identificación del Empleador

 

- En Línea

El método preferido es tramitar la solicitud para el EIN por Internet (en inglés). Tras completar la solicitud durante la sección en línea, la información es validada y un EIN es expedido inmediatamente.

Dicho proceso está disponible para todas las entidades cuyo negocio principal, agencia u oficina, o residencia legal (en el caso de un individuo) está localizada en los Estados Unidos o Territorios de los Estados Unidos.

Por FAX

Los contribuyentes pueden enviar por FAX el Formulario SS-4, luego de verificar que el mismo contenga toda la información necesaria, al número de FAX que les corresponde Si se determina que la entidad necesita un nuevo EIN, te asignarán uno utilizando los procedimientos adecuados para el tipo de entidad. Si el contribuyente nos provee su número de fax, le enviarán el EIN por fax dentro de cuatro (4) días laborables.

Por Correo

El periodo de tiempo para el procesamiento de una solicitud para el EIN que se recibe por correo es de cuatro semanas. Asegúrate de que el Formulario SS-4 contenga toda la información necesaria.

Si determinan que la entidad necesita un nuevo EIN, uno será asignado utilizando los procedimientos adecuados para el tipo de entidad y enviado al contribuyente a vuelta de correo.

Por Teléfono (Internacional).

Los solicitantes internacionales pueden obtener un EIN llamado al número 267-941-1099 (que no es un número de teléfono libre de cargos) entre las 6 a.m. y 11 p.m. (horario del este) de lunes a viernes.

La persona que hace la llamada tiene que estar autorizada a recibir el EIN y a contestar preguntas relacionadas al Formulario SS-4, Solicitud para el Número de Identificación del Empleador.

Debes completar la sección para la Designación de un Tercero, solamente si quieres autorizar al individuo nombrado en ésta a contestar preguntas para completar el Formulario SS-4, y a recibir el EIN de la entidad. Debes firmar en el área designada para la firma para que dicha autorización sea válida.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

- Tax credit can help employers hiring new workers; key certification requirement applies

Posted by Admin Posted on May 13 2018

- Tax credit can help employers hiring new workers; key certification requirement applies

 

With many businesses facing a tight job market, the Internal Revenue Service reminds employers to check out a valuable tax credit available to them for hiring long-term unemployment recipients and other categories of workers with employment barriers.

During National Small Business Week — April 29 to May 5 — the Internal Revenue Service is highlighting tax benefits and resources designed to help new and existing small businesses.

The Work Opportunity Tax Credit (WOTC) is a long-standing income tax benefit that encourages employers to hire designated categories of workers who face significant barriers to employment. For any employer considering this option, the WOTC may be able to help.
For those who haven’t claimed the WOTC in a while, the IRS noted that legislation enacted in recent years has both expanded and modified the credit. For example, legislation effective Jan. 1, 2016, added a new category for long-term unemployment recipients who had been unemployed for a period of at least 27 weeks and received state or federal unemployment benefits during part or all of that time.

Here’s how it works.

The credit, usually claimed on Form 5884, Work Opportunity Credit, is generally based on wages paid to eligible workers during the first two years of employment. To qualify for the credit, an employer must first request certification by filing IRS Form 8850, Pre-screening Notice and Certification Request for the Work Opportunity Credit, with the state workforce agency within 28 days after the eligible worker begins work. Other requirements and further details can be found in the instructions to Form 8850.

There are now 10 categories of WOTC-eligible workers. Besides long-term unemployment recipients, the other categories include certain veterans and recipients of various kinds of public assistance, among others.

The 10 categories are:

Qualified IV-A Temporary Assistance for Needy Families (TANF) recipients

Unemployed veterans, including disabled veterans

Ex-felons

Designated community residents living in Empowerment Zones or Rural Renewal Counties

Vocational rehabilitation referrals

Summer youth employees living in Empowerment Zones

Food stamp (SNAP) recipients

Supplemental Security Income (SSI) recipients

Long-term family assistance recipients

Qualified long-term unemployment recipients.

Eligible businesses claim the WOTC on their income tax return. The credit is first figured on Form 5884 and then becomes a part of the general business credit claimed on Form 3800, General Business Credit.

Though the credit is not available to tax-exempt organizations for most categories of new hires, a special rule allows them to get the WOTC for hiring qualified veterans. These organizations claim the credit on Form 5884-C, Work Opportunity Credit for Qualified Tax Exempt Organizations Hiring Qualified Veterans. Visit the WOTC page on IRS.gov for more information.

 

Many tax-exempt organizations must file information returns by May 15

Posted by Admin Posted on May 13 2018

TAX EXEMPT ORGANIZATIONS MUST FILE BY MAY 15

 

Many tax-exempt organizations must file information returns by May 15; do not include Social Security numbers or personal data

The Internal Revenue Service reminded certain tax-exempt organizations that the Tuesday, May 15 filing deadline for Form 990-series information returns is fast approaching.

Form 990-series information returns and notices are normally due on the 15th day of the fifth month after an organization’s tax-year ends. Many organizations use the calendar year as their tax year, making May 15, 2018 the deadline to file for 2017.

No Social Security numbers on Forms 990

The IRS generally does not ask organizations for Social Security Numbers and cautions filers not to provide them on Form 990. By law, both the IRS and most tax-exempt organizations are required to publicly disclose most parts of Form 990 filings, including schedules and attachments. Public release of SSNs and other personally identifiable information about donors, clients or benefactors could give rise to identity theft. More information on this can be found in the “general instructions” section of the Instructions for Form 990, Return of Organization Exempt from Income Tax.

The IRS also urges tax-exempt organizations to file forms electronically to reduce the risk of inadvertently including SSNs or other unnecessary personal information. Electronic filing also provides acknowledgement that the IRS has received the return and reduces normal processing time, making compliance with reporting and disclosure requirements easier.

Tax-exempt forms that must be made public by the IRS are clearly marked “Open to Public Inspection” in the top right corner of the first page. These include Form 990, Form 990-EZ, Form 990-PF and others.

Forms to file

Small tax-exempt organizations with average annual gross receipts of $50,000 or less may file an electronic notice called a Form 990-N (e-Postcard). This form requires only a few basic pieces of information. Tax-exempt organizations with average annual gross receipts above $50,000 must file a Form 990 or 990-EZ, depending on their receipts and assets. Private foundations must file Form 990-PF.

Organizations that need additional time to file a Form 990, 990-EZ or 990-PF may obtain an automatic six-month extension. Use Form 8868, Application for Extension of Time to File an Exempt Organization Return, to request an extension. The request must be filed by the due date of the return. Note that no extension is available for filing the Form 990-N (e-Postcard).

Many organizations risk loss of tax-exempt status

By law, organizations that fail to file annual reports for three consecutive years will see their federal tax exemptions automatically revoked as of the due date of the third year for which they are required to file an annual report. The Pension Protection Act of 2006 mandates that most tax-exempt organizations file annual Form 990-series information returns or notices with the IRS. The law, which went into effect at the beginning of 2007, also imposed a new annual filing requirement for small organizations. Churches and church-related organizations are not required to file annual reports.

Check tax-exempt status online

The IRS publishes a list of organizations identified as having automatically lost tax-exempt status for failing to file annual reports for three consecutive years. Organizations that have had their exemptions automatically revoked can apply for reinstatement of their tax-exempt status and pay the appropriate user fee.

The IRS now offers an enhanced, mobile friendly search tool, called Tax Exempt Organization Search (TEOS). TEOS provides easy access to publicly available information about exempt organizations. Users can find key information about the federal tax status and filings of certain tax-exempt organizations, including whether organizations have had their federal tax exemptions automatically revoked and if an organization is eligible to receive tax-deductible contributions.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: IRS

 

Estas son tus obligaciones tributarias si eres trabajador por cuenta propia

Posted by Admin Posted on May 13 2018

Estas son tus obligaciones tributarias si eres trabajador por cuenta propia

 

1.- Debes presentar una declaración anual y pagar los impuestos estimados trimestralmente

2.- Deben pagar el impuesto al trabajo por cuenta propia (impuesto SE) así como el impuesto a las ganancias.

3.- Antes de poder determinar si está sujeto al impuesto sobre la renta y el impuesto a la renta por cuenta propia, debe calcular su ganancia neta o la pérdida neta de su negocio. Esto lo hace restando los gastos de su negocio a los ingresos de su negocio.

4.- Debe presentar una declaración de impuestos si sus ganancias netas del trabajo por cuenta propia fueron de $ 400 o más. Si sus ganancias netas de trabajo por cuenta propia fueron menos de $ 400, deberá presentar la declaración solo si cumple cualquier otro requisito el formulario 1040 del IRS.

Fuente: IRS

Datos sobre el ITIN para estudiantes extranjeros

Posted by Admin Posted on May 12 2018

Datos sobre el ITIN para estudiantes extranjeros

 

En la mayoría de los casos, los extranjeros pueden solicitar un Número de Seguridad Social o un Número de Identificación Personal del Contribuyente para utilizarlos en trámites relacionados con impuestos.  

Normalmente, la mayoría de los extranjeros que ingresan a los Estados Unidos en un estado migratorio que les permite trabajar, bajo las leyes de inmigración del país, pueden pedir un Número de Seguridad Social (SSN).

Los  estudiantes y académicos extranjeros en estatus no inmigrante F-1, J-1, M-1, Q-1 y Q-2 pueden aspirar a ser empleados en los Estados Unidos, por lo que son candidatos para optar por un Número de Seguro Social.

En el caso que no puedan aspirar al SSN, pueden solicitar un Número de Identificación de Contribuyente Individual (ITIN) del Servicio de Impuestos Internos si tienen una razón de peso para necesitar un ITIN.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

Beneficios fiscales especiales de los miembros de las Fuerzas Armadas

Posted by Admin Posted on May 12 2018

Beneficios fiscales especiales de los miembros de las Fuerzas Armadas

 

¿Sabías que los miembros del ejército pueden calificar para exenciones de impuestos y beneficios? Aquí te decimos quiénes califican.

1.- Combat Pay Exclusion. Si alguien presta servicios en una zona de combate o brinda apoyo directo, parte o incluso la totalidad de su paga de combate está libre de impuestos. Sin embargo, hay limitaciones para los oficiales comisionados. Vea el Crédito Tributario por Ingreso del Trabajo a continuación para obtener información importante.

2.- Extensiones de fecha límite. Algunos miembros del ejército, como los que sirven en una zona de combate, pueden posponer la mayoría de las fechas límite de impuestos. Aquellos que califiquen pueden obtener extensiones automáticas de tiempo para presentar y pagar sus impuestos.

3.- Deducciones especiales:

- Viajes de reservistas. Los reservistas cuyos deberes los llevan a más de 100 millas de su hogar pueden deducir sus gastos de viaje no reembolsados ​​en el Formulario 2106, incluso si no detallan sus deducciones.

- Gastos de mudanza. Los contribuyentes que prestan servicios pueden deducir algunos de sus costos de mudanza no reembolsados ​​en la Forma 3903. Esto normalmente se aplica si la mudanza se debe a un cambio permanente de la estación.

- Uniforme. Los militares pueden deducir el costo y el mantenimiento de su uniforme, pero solo si las reglas dicen que no pueden usarlo fuera de servicio. Además, deben reducir su deducción por cualquier asignación uniforme que reciban por esos costos.

4.- Crédito Tributario por Ingreso del Trabajo o EITC. Si los servidores reciben un pago por combate no tributable, pueden optar por incluirlo en su ingreso sujeto a impuestos para aumentar la cantidad de EITC. Eso significa que podrían deber menos impuestos y obtener un reembolso mayor. Para el año fiscal 2016, el crédito máximo para los contribuyentes es $ 6,269. Lo mejor es calcular el crédito en ambos sentidos para descubrir cuál funciona mejor.

5.- Firma de Devoluciones Conjuntas. Ambos cónyuges normalmente deben firmar una declaración conjunta de impuestos. Si el servicio militar lo impide, uno de los cónyuges puede firmar por el otro u obtener un poder.

6.- Permisos ROTC. Algunas cantidades pagadas a los estudiantes del ROTC en capacitación avanzada no están sujetas a impuestos. Esto se aplica a las asignaciones para educación y subsistencia. El pago ROTC activo está sujeto a impuestos. Por ejemplo, pagar por el campamento avanzado de verano es imponible.

7.- Separación y transición a la vida civil. Si los miembros del servicio abandonan el ejército y buscan trabajo, es posible que puedan deducir algunos gastos de búsqueda de empleo, incluidos los gastos de viaje, reanudación y colocación laboral.

8.- Ayuda impositiva. La mayoría de las bases militares ofrecen preparación gratuita de impuestos y asistencia para la presentación de impuestos durante la temporada de declaración de impuestos.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

¿Cómo consigo mi declaración de impuestos enmendada?

Posted by Admin Posted on May 12 2018

¿Cómo consigo mi declaración de impuestos enmendada?

 

El IRS te deja conocer el estado de tu declaración enmendada (Formulario 1040X) del año en curso y de hasta tres años anteriores.

- La declaración enmendada tarda hasta 3 semanas a partir de la fecha de envío para ser registrada en su sistema.

-  El trámite de la misma puede tardar hasta 16 semanas

-Necesitas: Número de Seguro Social, fecha de nacimiento y código postal.

- Halla en el buscador del IRS tu declaración enmendada, donde debes llenar los datos indicados.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

Blinda tu identidad con el IP PIN

Posted by Admin Posted on May 12 2018

Blinda tu identidad con el IP PIN

 

A los aspirantes a contribuyentes se les asigna un número de 6 dígitos llamado IP PIN, el cual te ayuda a prevenir el uso indebido de sus números de Seguro Social  en  cualquier declaración fraudulenta del impuesto federal sobre los ingresos.

Después de haber obtenido tu IP PIN no puedes renunciar a él. Este número deberá ser utilizado cada vez que realices una declaración de impuesto federal, ya sea del presente año o en años posteriores para poder verificar su identidad.

A través del portal web de IRS podrás solicitar tu IP PIN.

 

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: IRS

Small Business and Self-Employed: Self-Paying Yourself

Posted by Admin Posted on May 06 2018

Small Business and Self-Employed: Self-Paying Yourself

 

The procedures for compensating yourself for your efforts in carrying on a trade or business will depend on the type of business structure you elect. Below are topics that frequently arise when new business owners ask the Internal Revenue Service questions about paying themselves.

Corporate officers

An officer of a corporation is generally an employee, but an officer who performs no services or only minor services, and who neither receives nor is entitled to receive any pay, is not considered an employee. Refer to "Who Are Employees?" in Publication 15-A, Employer's Supplemental Tax Guide (PDF).

Partners

Partners are not employees and should not be issued a Form W-2 in lieu of Form 1065, Schedule K-1, for distributions or guaranteed payments from the partnership. Refer to partnerships for more information.

Dividend distributions

Any distribution to shareholders from earnings and profits is generally a dividend. However, a distribution is not a taxable dividend if it is a return of capital to the shareholder. Most distributions are in money, but they may also be in stock or other property. For information on shareholder reporting of dividends and other distributions, refer to Publication 550, Investment Income and Expenses.

Form 1099-MISC or Form W-2

You cannot designate a worker, including yourself, as an employee or independent contractor solely by the issuance of Form W-2 or Form 1099-MISC. It does not matter whether the person works full time or part time. You use Form 1099-MISC, Miscellaneous Income (PDF) to report payments to others who are not your employees. You use Form W-2 to report wages, car allowance, and other compensation for employees.

Treating employees as nonemployees

You will be liable for social security and Medicare taxes and withheld income tax if you do not deduct and withhold them because you treat an employee as a nonemployee, including yourself if you are a corporate officer, and you may be liable for a  trust fund recovery penalty. Refer to Publication 15, Circular E, Employer's Tax Guide for details about the trust fund recovery penalty or Independent Contractor for more information on employee classification.

Shareholder loan or officer's compensation?

A loan by a corporation to a corporate officer should include the characteristics of a loan made at arm's length. That is, there should be a contract with a stated interest rate, a specified length of time for repayment, and a consequence for failure to repay the loan. Collateral would also be an indication of a loan. A below-market loan is a loan which provides for no interest or interest at a rate below the federal rate that applies. If a corporation issues you, as a shareholder or an employee, a below-market loan, the lender's payment to the borrower is treated as a gift, dividend, contribution to capital, payment of wages, or other payment, depending on the substance of the transaction.

See "Below-market interest rate loans" under Employees' Pay / Kinds of Pay / Loans or Advances in Publication 535, Business Expenses for more information.

Reasonable compensation

Because an officer of a corporation is generally an employee with wages subject to withholding, corporate officers may question what is considered reasonable compensation for the efforts they contribute to conducting their trade or business. Wages paid to you as an officer of a corporation should generally be commensurate with your duties. Refer to "Employee's Pay, Tests for Deducting Pay" in Publication 535, Business Expenses for more information. Public libraries may have reference sources that provide averages of compensation paid for various types of services. The Internal Revenue Service may determine that adjustments must be made to the income and expenses of tax returns for both the corporation and an individual shareholder if the officer is substantially underpaid for services provided.

Draw account

If you are a sole proprietor  or partner in a partnership, the money or other forms of payment you take from your business should be accounted for in a draw account. This helps you know what amount of benefits you have taken from the business during the year. You cannot deduct the sole proprietor s own salary or any personal withdrawals made from the business.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: IRS

FOREIGN ACCOUNTS CALL FOR SPECIFIC REPORTING REQUIREMENTS

Posted by Admin Posted on May 06 2018

FOREIGN ACCOUNTS CALL FOR SPECIFIC REPORTING REQUIREMENTS

 

In an increasingly globalized society, many people choose to open offshore accounts to deposit a portion of their wealth. When doing so, it’s important to follow the IRS’s strict foreign accounts reporting requirements. In a nutshell, if you have a financial interest in or signature authority over any foreign accounts, including bank accounts, brokerage accounts, mutual funds or trusts, you must disclose those accounts to the IRS and you may have additional reporting requirements.

To do so, your tax preparer will check the box on line 7a of Schedule B (“Interest and Ordinary Dividends”) of Form 1040 — regardless of the account value. If the total value of your foreign financial assets exceeds $50,000 ($100,000 for joint filers) at the end of the tax year or exceeds $75,000 ($150,000 for joint filers) at any time during the tax year, you must provide account details on Form 8938 (“Statement of Specified Foreign Financial Assets”) and attach it to your tax return.

Finally, if the aggregate value of your foreign accounts is $10,000 or more during the calendar year, file FinCEN (Financial Crimes Enforcement Network) Form 114 — “Report of Foreign Bank and Financial Accounts (FBAR).” The current deadline for filing the form electronically with FinCEN is April 15, 2018, with an automatic extension to October 15.

Failure to disclose an offshore account could result in substantial IRS penalties, including collecting three to six years’ worth of back taxes, interest, a 20% to 40% accuracy-related penalty and, in some cases, a 75% fraud penalty. For further information, contact us.

 

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: Thomson Reuters

 

GET AN EARLY TAX "REFUND" BY ADJUSTING YOUR WITHHOLDING

Posted by Admin Posted on May 06 2018

 

 

Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year, which isn’t the best use of your money.

Fortunately, there’s a way to begin collecting your 2018 refund now: You can review the amounts you’re having withheld and/or what estimated tax payments you’re making, and adjust them to keep more money in your pocket during the year.

Choosing to adjust

It’s particularly important to check your withholding and/or estimated tax payments if:

You received an especially large 2017 refund,

You’ve gotten married or divorced or added a dependent,

You’ve bought a home,

You’ve started or lost a job, or

Your investment income has changed significantly.

Even if you haven’t encountered any major life changes during the past year, changes in the tax law may affect withholding levels, making it worthwhile to double-check your withholding or estimated tax payments.

Making a change

You can modify your withholding at any time during the year, or even more than once within a year. To do so, you simply submit a new Form W-4 to your employer. Changes typically will go into effect several weeks after the new Form W-4 is submitted. For estimated tax payments, you can make adjustments each time quarterly payments are due.

While reducing withholdings or estimated tax payments will, indeed, put more money in your pocket now, you also need to be careful that you don’t reduce them too much. If you don’t pay enough tax throughout the year on a timely basis, you could end up owing interest and penalties when you file your return, even if you pay your outstanding tax liability by the April 2019 deadline.

Getting help

One timely reason to consider adjusting your withholding is the passage of the Tax Cuts and Jobs Act late last year. In fact, the IRS had to revise its withholding tables to account for the increase to the standard deduction, suspension of personal exemptions, and changes in tax rates and brackets. If you’d like help determining what your withholding or estimated tax payments should be for the rest of the year, please contact us.

 

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: Thomson Reuters

6 Tips para usar tus tarjetas de crédito

Posted by Admin Posted on May 06 2018

6 tips para usar tus tarjetas de crédito

 

1- Realiza los consumos posteriores a tu fecha de corte.

2- Apréndete los datos básicos:  conoce la fecha de corte, fecha de pago y el límite de crédito.

3- Trata de pagar antes de la fecha indicada para que te cataloguen como responsable.

4- Te recomendamos tener un máximo de 3 tarjetas y utilizarlas de la siguiente manera: una para tus gastos comunes, otra como herramienta de crédito para adquirir activos o gastos necesarios, ejemplo comprar un electrodoméstico. Por último, ten una tarjeta de crédito para emergencias, por cualquier gasto imprevisto.

5- Cuando vayas a realizar el pago, trata de abonar más del mínimo requerido para que vean que tienes facilidad de pago.

6- Recuerda que los bancos evaluarán qué tan disciplinado eres con ellas para aumentar los límites, necesitas ganarse su confianza.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Con información de: instituto-finanzas

¿Sabes qué es el Phishing?

Posted by Admin Posted on May 06 2018

¿Sabías qué es el Phishing?

 

Phishing es una práctica fraudulenta realizada a través de correos electrónicos no solicitados y/o sitios web que se presentan como sitios legítimos, logrando convencer a las personas para que revelen su información personal y financiera.

Ten en cuenta que los correos no solicitados que dicen ser del IRS o de alguno de sus programas, deberá reportarse a la dirección phishing@irs.gov, pues se han reportado casos en que el Sistema de Pago Electrónico de impuestos federales (EFTPS) es utilizado para atraer a víctimas.

Cabe destacar que, si experimentas pérdidas financieras debido a un incidente relacionado con el IRS debe reportarlo al Inspector General del Tesoro para la Administración Tributaria y presentar una queja con la Comisión Federal de Comercio a través del Asistente de Quejas.

 

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Fuente: IRS

Así protege tu identidad el IRS

Posted by Admin Posted on May 06 2018

Así protege tu identidad el IRS

 

El robo de identidad representa un problema para sus víctimas y todo un desafío para los negocios, organizaciones y agencias gubernamentales, incluyendo al IRS. El IRS combate el robo de identidad relacionado a los impuestos por medio de una estrategia estricta de prevención, detección y asistencia a las víctimas. Aunque se ha ido progresando en la lucha contra este crimen, continúa siendo una de sus principales prioridades.

El robo de identidad relacionado a los impuestos, sucede cuando alguien utiliza su número de Seguro Social robado y presenta una declaración de impuestos reclamando un reembolso fraudulento. Si llegas a ser una víctima de este crimen, el IRS está comprometido a ayudarte a resolver tu caso lo más pronto posible.

Cumbre de Seguridad

El IRS, los estados y la industria privada de impuestos trabajan juntos para identificar nuevas medidas de seguridad para proteger de manera más efectiva a los contribuyentes y combatir el robo de identidad. Pero necesitan tu ayuda.

Recuerda: el IRS no se comunica con los contribuyentes por correo electrónico para solicitar información personal o financiera. Esto incluye cualquier tipo de comunicación electrónica, tales  como mensajes de texto y redes sociales. El IRS no llama a los contribuyentes con amenazas de demandas o detenciones.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Fuente: IRS

Consejos para Agricultores en los Estados Unidos

Posted by Admin Posted on May 06 2018

Consejos para Agricultores en los Estados Unidos

 

Si eres agricultor: Estos 10 tips te facilitarán el pago de impuestos

1. Seguro de cosecha.  Los pagos que recibe del seguro por daños a la cosecha cuentan como ingreso. Generalmente, debe reportar estos pagos el año que los recibe.

2. Venta de artículos comprados para reventa.  Ya sea ganado u otros artículos que se van a revender, deben declararse.

3. Ventas relacionadas al clima.  El mal tiempo como una sequía o una inundación puede forzarlo a vender más ganado de lo normal para ese año. De ser así, podría retrasar la declaración de las ganancias por vender los animales adicionales.

4. Gastos de granja.  Puedes deducir gastos ordinarios y necesarios  que hayas pagado por tu negocio.

5. Salarios de empleados.  Puede deducir los sueldos razonables que haya pagado a trabajadores en su granja de tiempo completo y tiempo parcial. Debe retener el Seguro Social, Medicare e impuestos federales de los salarios.

6. Pago de préstamos. Se pueden deducir los intereses que pagó por un préstamo si éste se utilizó para su negocio agrícola, no personales.

7. Pérdidas netas de operación. Si sus gastos son mayores que sus ingresos para ese año, es posible que tenga una pérdida neta de operación. Puede aplicar la pérdida a otros años y entonces deducirla. Podría obtener un reembolso por una fracción o el monto total de los impuestos que pagó en años anteriores. También podría reducir sus impuestos en años futuros.

8. Promedio de ingresos agrícolas.  Es posible que pueda promediar  todos o algunos de los ingresos agrícolas del año en curso con la distribución a lo largo de los últimos tres años. Esto puede reducir sus impuestos si su ingreso agrícola es alto en el año en curso y bajo en uno o más en los últimos tres años.

9. Crédito o reembolso tributario. Es posible que pueda reclamar un crédito tributario o el reembolso de los impuestos por el costo del combustible usado en las actividades de su granja.

10. Guía tributaria para granjeros.  Para más detalles sobre este tema, vea la Publicación 225 (en inglés) Guía Tributaria para Granjeros. Se puede conseguir en IRS.gov/forms en cualquier momento.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Fuente: IRS

 

Consejos sobre propinas que debes tener en cuenta

Posted by Admin Posted on May 06 2018

Consejos sobre propinas que debes tener en cuenta

¿Sabías que todo lo que recibas en propinas es tributable? Toma en cuenta lo siguiente:

1.- Usa el Asistente Tributario Interactivo. El Asistente Tributario Interactivo es un recurso de ley tributaria que hace a los contribuyentes una serie de preguntas y proporciona respuestas.

2.- Declarar todas las propinas en la declaración de impuestos. Usa el Formulario 4137 (en inglés), Impuesto al Seguro Social y al Medicare sobre los ingresos de propinas no declaradas, para declarar la cantidad de todo ingreso de propinas no declaradas, para incluirlas como salarios adicionales. Esto incluye el valor de artículos no monetarios que alguien recibe como propina, tales como entradas o boletos a un evento.

3.- Declara todo tipo de propinas. Como contribuyente debes pagar impuestos sobre todas las propinas que recibas durante el año, incluyendo las que recibas:

- Directamente de los clientes.

- Agregadas a las tarjetas de crédito.

- De un acuerdo de compartir las propinas con otros empleados.

4.- Declara las propinas a tu jefe. Si recibes $20 o más en propinas en cualquier mes, debes informar a tu jefe las propinas para ese mes, a más tardar el 10º día del mes siguiente, incluyendo las propinas recibidas en efectivo, cheque y tarjeta de crédito. Pues como empleador éste debe retener el impuesto federal sobre los ingresos y los impuestos al Seguro Social y al Medicare sobre las propinas declaradas.

5.- Lleva un registro diario de propinas. Usa la Publicación 1244(PR), Registro Diario de Propinas Recibidas por el(la) Empleado(a) e Informa al Patrono, para registrar las propinas. Esto ayudará a declarar la cantidad correcta de propinas en una declaración de impuestos.

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Fuente: IRS

¿Qué registros podría pedirte el IRS en una auditoría?

Posted by Admin Posted on Apr 29 2018

¿Qué registros podría pedirte el IRS en una auditoría?

 

El IRS te pedirá llevar ciertos documentos para comprobar los ingresos, créditos o deducciones que usted reclamó en su declaración de impuestos. Se supone que usted contó con todos estos documentos para preparar la declaración, por eso, la solicitud de los mismos no debería acarrear otra preparación.

Recuerde que nunca debe enviar los registros originales. Envíe copias. Para mayor rapidez organice los registros por año y clase de ingreso o gasto, e incluya un resumen de las transacciones.

Registros que podrían solicitar:

- Recibos: Presente los recibos por fecha, con notas que indican para qué fueron y qué tiene que ver el recibo con su negocio. Además de indicar los dólares pagados o recibidos por un servicio o producto.

- Facturas:  Incluya el nombre de la persona u organización que recibe el pago, la clase de servicio y las fechas en  que pagó las facturas.

- Cheques cancelados: Agrupe los cheques con copias de las facturas que pagaron, y con cualquier reintegro aplicable recibido del empleador.

- Papeles legales: Incluya una descripción del asunto bajo juicio, y cuándo ocurrió y qué tiene que ver con el negocio, el crédito o la deducción. Ejemplos incluyen:  

- Decretos de divorcio que incluyen acuerdos de custodia de hijos.

- Papeles de defensa criminal o civil.

- Adquisición de propiedad

- Preparación de impuestos o asesoramiento

- Contratos de préstamo: Incluya una copia del préstamo original, junto con los siguientes:

- Nombres de los prestatarios

- Ubicación de la propiedad

- Institución financiera prestataria

- Cantidad prestada

- Términos (el número de meses permitidos para el pago)

- Hoja de liquidación: Si el préstamo fue prestado por una institución, incluya un estado del final del año tributario que muestra los intereses pagados.

Si el préstamo fue realizado por una institución, incluya una declaración del beneficiario que indica los intereses pagados ese año además de la dirección y número de Seguro Social del beneficiario.

- Libros o diarios: Estos pueden mostrar las fechas y destinos de sus viajes del negocio, además del propósito de negocio y las millas recorridas en las mismas. También podrían mostrar las ganancias o pérdidas de juegos de azar, y las fechas y lugares de los mismos. También podrían mostrar actividades y gastos de buscar trabajo.

- Boletos: Escriba en los boletos de viaje el propósito de negocio del viaje, y agrúpelos con otros recibos del mismo viaje. Boletos de lotería ayudan a comprobar las ganancias o pérdidas.

- Registros médicos y dentales.

- Estados de sus cuentas de ahorros médicos

- Copia de  una guía u otro estado, que muestre las políticas de beneficio y reintegro.

- Declaraciones de los médicos.

- Registros de mejoras de capital por propósitos médicos, inclusive tasación de propiedad antes y después de las mejoras.

- Contrato del cuidado de un asistente médico.

- Documentos de robo o pérdida.

- Informes del seguro que detallan la naturaleza de la pérdida o el daño. Si no tiene seguro, copias de los informes de policía o bomberos sobre el robo, pérdida o accidente.

- Fotos o video que muestra la gravedad de los daños (si los hay).

- Formulario de tasación de un perito calificado que muestra el valor justo del mercado de la propiedad antes y después, además de un estimado de los daños.

- Documentos de empleo: Pueden incluir políticas sobre uniformes o de vestimenta, requisitos de educación continua, estados de reintegro o políticas del W-2.

- Anexos K-1: Estos se usan para declarar la parte correspondiente a cada accionista de los ingresos, pérdidas, deducciones, y créditos cuando una sociedad anónima de tipo S presenta su declaración anual de impuestos.

Cuestionarios

Si el IRS practica su auditoría por correo, también pueden solicitarles que rellenen un cuestionario. Estos son algunos de los formularios más comunes, todos en inglés.

 

Si tiene preguntas sobre contabilidad, impuestos nacionales o internacionales, representación con el IRS o implicaciones tributarias en bienes raíces, entre otros temas, no dude en llamar a Lord Breakspeare Callaghan LLC al 305-274-5811.

Fuente: IRS

Report foreign bank and financial accounts each April

Posted by Admin Posted on Apr 22 2018

Report Foreign bank and financial accounts each April

 

In a global economy, many people in the United States have foreign financial accounts. The law requires owners of foreign financial accounts to report their accounts to the U.S Treasury Department, even if the accounts don’t generate any taxable income. Account owners need to report accounts by the April due date following the calendar year that they own a foreign financial account.

The U.S. government requires individuals to report foreign financial accounts because foreign financial institutions may not be subject to the same reporting requirements as domestic ones.

Who needs to report

Since 1970, the Bank Secrecy Act requires U.S. persons who own a foreign bank account, brokerage account, mutual fund, unit trust or other financial account to file a Report of Foreign Bank and Financial Accounts (FBAR) if they have:

Financial interest in, signature authority or other authority over one or more accounts in a foreign country, and

The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.

A U.S. person is a citizen or resident of the United States or any domestic legal entity such as a partnership, corporation, limited liability company, estate or trust.

A foreign country includes any area outside the United States or outside these U.S. territories and possessions:

Northern Mariana Islands,

District of Columbia,

American Samoa,

Guam,

Puerto Rico,

United States Virgin Islands,

Trust Territories of the Pacific Islands and

Indian lands, as defined in the Indian Gaming Regulatory Act.

How to report

Those required to report their foreign accounts should file the FBAR electronically using the BSA E-Filing System. The FBAR is due April 15. If April 15 falls on a Saturday, Sunday or legal holiday, the FBAR is due the next business day. Taxpayers don’t file the FBAR with individual, business, trust or estate tax returns.

Jointly-owned accounts. If two people jointly keep a foreign financial account or if several people each own a partial interest in an account, then each person has a financial interest in that account. Each person must report the entire value of the account on an FBAR.

Spouses. Spouses don’t need to file separate FBARs if they complete and sign Form 114a, Record of Authorization to Electronically File FBARs, and: 

All reportable financial accounts are jointly owned with the filing spouse, and

The filing spouse reports the jointly-owned accounts on a timely-filed FBAR.

Otherwise, both spouses must file separate FBARs, and each spouse must report the entire value of the jointly-owned accounts.

The e-filing system will not allow both spouses’ signatures on the same electronic form. Spouses need to complete Form 114a to designate which one will file the FBAR. The Form 114a is not submitted with the FBAR, it should be kept with other financial and tax records.

Children. Generally, a child is responsible for filing their own FBAR. If a child can’t file their own FBAR for any reason, such as age, the child's parent or guardian must file it for them. If the child can’t sign their FBAR, a parent or guardian must sign it.

Accounts not reported on FBAR

Individuals don’t report individual retirement accounts and tax-qualified retirement plans described in Internal Revenue Code Sections 401(a), 403(a) or 403(b) on the FBAR. The FBAR instructions list other exceptions.

How to figure the greatest account value of foreign financial accounts

Those filing the FBAR need to reasonably figure and report the greatest value of currency or non-monetary assets in their accounts during the calendar year. They may rely on their periodic account statements if the statements fairly show the greatest account value during the year.

Filers figure the greatest value in the currency of the account, then they convert that value into U.S. dollars using the exchange rate on the last day of the calendar year. They may use another valid exchange rate and give the source of the rate, if there’s no Treasury Financial Management Service rate available. For example, someone would typically value an account located in Japan in yen. They would figure the greatest value of the account in yen and then convert it into U.S. dollars.

The IRS FBAR Reference Guide has other examples of how to report account value. The Financial Crimes Enforcement Network (FinCEN) website has steps for Reporting Maximum Account Value.

Comparison of Form 8938 and FBAR requirements

Certain U.S. taxpayers file Form 8938, Statement of Specified Foreign Financial Assets, as part of their tax return, but these accounts often need to be reported on the FBAR, too. Unlike the FBAR, taxpayers file Form 8938 with their income tax returns.

Filing Form 8938 doesn’t relieve taxpayers of the separate requirement to file the FBAR. Depending on a taxpayer’s situation, they may need to file Form 8938 or the FBAR or both forms, and they may need to report certain foreign accounts on both forms. Taxpayers can find a comparison of Form 8938 and FBAR requirements on IRS.gov.

Extended due date for filing the FBAR

Those who didn’t meet the April 15 due date must file by Oct. 15, the automatically extended due date for the FBAR. They don’t need to request the extension. If they don’t have all their information to file by the extended due date, they should file as complete a return as possible and amend the report when they have more information.

Amending an FBAR

Those who used the BSA E-Filing system to file their original FBAR but later need to change it, must complete a new FBAR and check the “Amend” box in Item 1. They’ll need to give their Prior Report BSA Identifier. Filers receive this identifier by email or secure message from the BSA E-Filing System when they file. For those who don’t know their identifier, they should enter 00000000000000 in the Prior Report BSA Identifier field.

Filing late FBARs

If a person learns that they should have filed an FBAR for a previous year, they should electronically file the late FBAR as soon as possible. The BSA E-Filing System allows them to enter the calendar year they’re reporting, including past years. It also offers them an option to explain the reason for the late filing or show if it’s part of an IRS compliance program.

Penalties for failure to file an FBAR

Individuals who don’t file an FBAR when required may be subject to civil and criminal penalties. The largest civil penalty for a willful violation of the FBAR requirements is the greater of $124,588 or 50 percent of the balance in the account at the time of the violation. Non-willful violations can result in a penalty as high as $12,459 for each violation. Criminal violations of FBAR rules can result in a fine and/or five years in prison. The government adjusts the penalty amounts annually for inflation. The penalties section of the IRS FBAR Reference Guide has more details about penalties.

The IRS will not penalize those individuals who properly report foreign financial account on a late-filed FBAR, and the IRS finds they have reasonable cause for late filing.

Recordkeeping

Generally, individuals filing an FBAR should keep records of accounts that need reporting for five years from the due date of the report. They should keep the:

Name on each account,

Account number or other designation,

Name and address of the foreign bank or other person who keeps the account,

Type of account, and

Greatest value of each account during the reporting period.

They should also keep copies of their filed FBARs. However, officers or employees who file an FBAR to report control over an employer’s foreign financial account don’t need to personally keep records on their employer’s accounts.

FBAR help

For help completing the FBAR, call 866-270-0733 (toll-free inside the U.S.) or 313-234-6146 (not toll-free, for callers outside the U.S.) Monday through Friday, 8 a.m. to 4:30 p.m. Eastern Time. Taxpayers can also email questions to FBARquestions@irs.gov.

For help with electronic filing, email questions to BSAEFilingHelp@fincen.gov or call the BSA E-Filing Help Desk at 866-346-9478. It’s open Monday through Friday from 8 a.m. to 6 p.m. Eastern Time.

For answers to questions about BSA regulations or to discuss acceptable alternatives to electronic filing, contact FinCEN’s Regulatory Helpline at 800-949-2732. Callers from outside the United States can contact the helpline at 703-905-3975.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: IRS

NO KIDDING: CHILD CREDIT TO GET EVEN MORE VALUABLE

Posted by Admin Posted on Apr 22 2018

CHILD CREDIT

 

The child credit has long been a valuable tax break. But, with the passage of the Tax Cuts and Jobs Act (TCJA) late last year, it’s now even better — at least for a while. Here are some details that every family should know.

Amount and limitations

For the 2017 tax year, the child credit may help reduce federal income tax liability dollar-for-dollar by up to $1,000 for each qualifying child under age 17. So if you haven’t yet filed your personal return or you might consider amending it, bear this in mind.

The credit is, however, subject to income limitations that may reduce or even eliminate eligibility for it depending on your filing status and modified adjusted gross income (MAGI). For 2017, the limits are $110,000 for married couples filing jointly, and $55,000 for married taxpayers filing separately. (Singles, heads of households, and qualifying widows and widowers are limited to $75,000 in MAGI.)

Exciting changes

Now the good news: Under the TCJA, the credit will double to $2,000 per child under age 17 starting in 2018. The maximum amount refundable (because a taxpayer’s credits exceed his or her tax liability) will be limited to $1,400 per child.

The TCJA also makes the child credit available to more families than in the past. That’s because, beginning in 2018, the credit won’t begin to phase out until MAGI exceeds $400,000 for married couples or $200,000 for all other filers, compared with the 2017 phaseouts of $110,000 and $75,000. The phaseout thresholds won’t be indexed for inflation, though, meaning the credit will lose value over time.

In addition, the TCJA includes (starting in 2018) a $500 nonrefundable credit for qualifying dependents other than qualifying children (for example, a taxpayer’s 17-year-old child, parent, sibling, niece or nephew, or aunt or uncle). Importantly, these provisions expire after 2025.

Qualifications to consider

Along with the income limitations, there are other qualification requirements for claiming the child credit. As you might have noticed, a qualifying child must be under the age of 17 at the end of the tax year in question. But the child also must be a U.S. citizen, national or resident alien, and a dependent claimed on the parents’ federal tax return who’s their own legal son, daughter, stepchild, foster child or adoptee. (A qualifying child may also include a grandchild, niece or nephew.)

As a child gets older, other circumstances may affect a family’s ability to claim the credit. For instance, the child needs to have lived with his or her parents for more than half of the tax year.

Powerful tool

Tax credits can serve as powerful tools to help you manage your tax liability. So if you may qualify for the child credit in 2017, or in years ahead, please contact our firm to discuss the full details of how to go about claiming it properly.

 

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: Thomson Reuters

THE NEW DEAL ON EMPLOYEE MEALS (AND ENTERTAINMENT)

Posted by Admin Posted on Apr 22 2018

THE NEW DEAL ON EMPLOYEE MEALS (AND ENTERTAINMENT)

 

Years and years ago, the notion of having a company cafeteria or regularly catered meals was generally feasible for only the biggest of businesses. But, more recently, employers providing meals to employees has become somewhat common for many midsize to large companies. A recent tax law change, however, may curtail the practice.

As you’re likely aware, in late December 2017 Congress passed and the President signed the Tax Cuts and Jobs Act. The law will phase in a wide variety of changes to the way businesses calculate their tax liabilities — some beneficial, some detrimental. Revisions to the treatment of employee meals and entertainment expenses fall in the latter category.

Before the Tax Cuts and Jobs Act, taxpayers generally could deduct 50% of expenses for business-related meals and entertainment. But meals provided to an employee for the convenience of the employer on the employer’s business premises were 100% deductible by the employer and tax-free to the recipient employee. Various other employer-provided fringe benefits were also deductible by the employer and tax-free to the recipient employee.

Under the new law, for amounts paid or incurred after December 31, 2017, deductions for business-related entertainment expenses are disallowed. Meal expenses incurred while traveling on business are still 50% deductible, but the 50% disallowance rule now also applies to meals provided via an on-premises cafeteria or otherwise on the employer’s premises for the convenience of the employer. After 2025, the cost of meals provided through an on-premises cafeteria or otherwise on the employer’s premises will be completely nondeductible.

If your business regularly provides meals to employees, let us assist you in anticipating the changing tax impact.

 

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: Thomson Reuters

Tax Time Guide: Taxpayers who owe taxes have multiple options

Posted by Admin Posted on Apr 05 2018

Tax Time Guide: Taxpayers who owe taxes have multiple options

 

The Internal Revenue Service today reminded taxpayers that there are several easy options to pay taxes electronically. For those unable to pay on time, the IRS offers a variety of ways to take care of a tax liability.

This is the fifth in a series of nine IRS news releases called the Tax Time Guide, designed to help taxpayers navigate common tax issues.

This year’s tax-filing deadline is April 17. Taxpayers who owe taxes can choose among the following quick and easy electronic payment options:

Electronic Funds Withdrawal (EFW). This option allows taxpayers to e-file and pay from their bank account when using tax preparation software or a tax professional. EFW is only available when electronically filing a tax return.
 

Direct Pay. Available at IRS.gov/directpay, this free online tool allows taxpayers to securely pay their taxes directly from checking or savings accounts without any fees or preregistration. Taxpayers can schedule payments up to 30 days in advance. Those using the tool will receive immediate confirmation when they submit their payment. Taxpayers can opt in to receive email notifications about their payments each time they use Direct Pay.
 

Credit or Debit Card. Pay online, by phone or with a mobile device through any of the authorized debit and credit card processors. The processor charges a fee. The IRS doesn’t receive or charge any fees for payments made with a debit or credit card. Go to https://www.irs.gov/payments for authorized card processors and phone numbers.
 

IRS2Go. The IRS2Go mobile app is free and offers taxpayers the option to make a payment with Direct Pay for free or by debit or credit card through an approved payment processor for a fee. Download IRS2Go free from Google Play, the Apple App Store or the Amazon App Store.
 

Electronic Federal Tax Payment System. This free service gives taxpayers a safe and convenient way to pay individual and business taxes by phone or online. To enroll and for more information, call 800-555-4477, or visit eftps.gov. Both business and individual taxpayers can opt in to receive email notifications about their payments.
 

Cash. Taxpayers paying with cash can use the PayNearMe option. Payments are limited to $1,000 per day, and a $3.99 fee applies to each payment. The IRS urges taxpayers choosing this option to start early, because PayNearMe involves a four-step process. Initiating a payment well ahead of the tax deadline will help taxpayers avoid interest and penalty charges. The IRS offers this option in cooperation with OfficialPayments.com/fed and participating 7-Eleven stores in 34 states. Details, including answers to frequently asked questions, are at IRS.gov/paywithcash.
 

Same-Day Wire Payments. Taxpayers may be able to do a same-day wire transfer from their financial institution. Contact the financial institution for availability, cost and cut-off times. Download and complete the Same-Day Taxpayer Worksheetand take it to the desired financial institution. If paying for more than one tax form or period, complete a separate worksheet for each payment.    

Taxpayers must file their 2017 tax returns by April 17, 2018, or request a six-month extension. Extensions can be requested using Free File, by filing Form 4868 or by paying all or part of  the estimated income tax due and indicating that the payment is for an extension using Direct Pay, the Electronic Federal Tax Payment System (EFTPS) or a credit or debit card. Taxpayers do not have to file a separate extension form and they receive a confirmation number for their records.

Taxpayers who choose to pay by check or money order should make the payment out to the “United States Treasury.” To help ensure that the payment gets credited promptly, also enclose a Form 1040-V payment voucher. Also, print on the front of the check or money order: “2017 Form 1040”; name; address; daytime phone number; and Social Security number.

Taxpayers can go to IRS.gov/account to securely access information about their federal tax account. They can view the amount they owe, pay online or set up an online payment agreement; access their tax records online; review the past 18 months of payment history; and view key tax return information for the current year as filed. Visit IRS.gov/secureaccess to review the required identity authentication process.

Taxpayers who owe, but cannot pay the balance in full, do have options. Often, they qualify for one of several relief programs, including:

Payment Plans, Installment Agreements -- Most individuals can set up a payment plan, including an installment agreement, with the IRS using the Online Payment Agreement application in a matter of minutes. If you owe $50,000 or less in combined tax, penalties and interest you may qualify for a long-term payment plan of up to 72 months. If you owe less than $100,000 in combined tax, penalties and interest, you may qualify for a short-term payment plan of up to 120 days. With the Online Payment Agreement, no paperwork is required, there is no need to call, write or visit the IRS. Alternatively, for a long-term payment plan, taxpayers can request an installment agreement by filing Form 9465. Download the form from IRS.gov and mail it along with a tax return, IRS bill or notice.

Offer in Compromise -- Some taxpayers may qualify for an offer in compromise. This is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the full amount owed. To help determine eligibility, individual taxpayers may use the Offer in Compromise Pre-Qualifier, a free online tool available on IRS.gov.

Taxpayers can find answers to tax questions, tax forms and instructions and easy-to-use tools online at IRS.gov 24 hours a day, seven days a week. No appointments needed and no waiting on hold.

 

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: IRS

Tax Time Guide: Guard personal, financial, tax information thoroughly

Posted by Admin Posted on Apr 04 2018

Tax Time Guide: Guard personal, financial, tax information thoroughly

 

The Internal Revenue Service today urged taxpayers to remain vigilant in protecting their personal and tax information. Scams and schemes using the IRS as a lure can take on many variations, so practicing personal information security is vital.

The IRS also reminds taxpayers to help protect themselves against identity theft by reviewing safety tips offered by the Security Summit, a collaborative effort between the IRS, states and the private-sector tax community.

This is the fourth in a series of nine IRS news releases called the Tax Time Guide, designed to help taxpayers navigate common tax issues. This year’s tax-filing deadline is April 17.

Protect Personal Information

Treat personal information like cash – don’t hand it out to just anyone. Social Security numbers, credit card numbers, bank and even utility account numbers can be used to help steal a person’s money or open new accounts. Every time a taxpayer receives a request for personal information, they should think about whether the request is truly necessary. Scammers will do everything they can to appear trustworthy and legitimate.

Avoid Phishing Scams

The easiest way for criminals to steal sensitive data is simply to ask for it. Learn to recognize phishing emails, calls or texts that pose as familiar organizations such as banks, credit card companies or even the IRS. These ruses generally urge taxpayers to give up sensitive data such as passwords, Social Security numbers and bank account or credit card numbers. They are called phishing scams because they attempt to lure the receiver into taking the bait.

Also, don’t assume internet advertisements, pop-up ads or emails are from reputable companies. If an ad or offer looks too good to be true, take a moment to check out the company behind it. Type the company or product name into a search engine with terms like “review,” “complaint” or “scam.”

The IRS urges people to never download “security” software from a pop-up ad. A pervasive ploy is a pop-up ad that indicates it has detected a virus on the computer. Don’t fall for it. The download most likely will install some type of malware on the victim’s computer. Reputable security software companies do not advertise in this manner.

Safeguard Personal Data in Daily, Online Activity

Taxpayers should safeguard their Social Security number. Provide it only when necessary. Occasionally businesses will request it when it is not essential.

Provide personal information over encrypted websites only. Shopping or banking online should be done only on sites that use encryption. People should look for “https” at the beginning of a web address (the “s” stands for secure) and be sure “https” is on every page of the site.

Use Strong Passwords

The longer the password, the tougher it is to crack. Use at least 10 characters; 12 is ideal for most home users. Mix letters, numbers and special characters. Try to be unpredictable – don’t use names, birthdates or common words. Don’t use the same password for many accounts and don’t share them on the phone, in texts or by email. Legitimate companies will not send messages asking for passwords. Receiving such a message probably means it’s a scam. Keep passwords in a secure place.

Set password and encryption protections for wireless networks. If a home or business Wi-Fi is unsecured, it allows any computer within range to access the wireless network and potentially steal information from connected devices.

Use Security Software

A good broad-based anti-malware program should provide protection from viruses, Trojans, spyware and adware. The IRS urges people, especially tax professionals, to use an anti-malware program and always keep it up to date.

Set security software to update automatically so it can be upgraded as threats emerge. Also, make sure the security software is “on” at all times. Invest in encryption software to prevent unauthorized access by hackers or identity thieves. Educate children about the threats of opening suspicious web pages, emails or documents.

Back Up Files

No system is completely secure. Copy important files, including federal and state tax returns, onto a removable disc or a back-up drive, and store it in a safe place. Save tax returns and records. Federal and state tax returns are important financial documents. People need them from time to time for home mortgages or college financial aid applications. These steps also can help taxpayers more easily prepare next year’s tax return. If storing sensitive tax and financial records on a personal computer, use a file encryption program to add an additional layer of security.

The IRS, state tax agencies and the tax industry recently launched a public awareness campaign called Taxes. Security. Together. It provides additional safety tips for taxpayers. Also, see Publication 4524, Security Awareness for Taxpayers.

Taxpayers can find answers to questions, forms and instructions and easy-to-use tools online at IRS.gov 24 hours a day, seven days a week. No appointments required and no waiting on hold.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: IRS

Tax Time Guide: Request online extension, get 6 more months to file

Posted by Admin Posted on Apr 02 2018

Tax Time Guide: Request online extension, get 6 more months to file

 

The Internal Revenue Service reminds taxpayers who may have trouble meeting the April 17 tax filing deadline that Free File provides an easy, online option to get more time. Taxpayers submitting Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, will automatically be granted a six-month filing extension. By using Free File on IRS.gov, the process is free, simple and fast.

This is the seventh in a series of nine IRS news releases called the Tax Time Guide, designed to help taxpayers navigate common tax issues.

The IRS offers the extra time to file, automatically, to all taxpayers requesting it. A filing extension allows taxpayers until Oct. 15 to gather, prepare and file their taxes with the IRS. However, it does not extend the time to pay any tax due.

Applying for an extension requires answering a few questions on Form 4868. Part I of the form asks personal information such as name, address and Social Security number. Part II is tax related and asks about estimated tax liability, payments and residency. By going through Free File on IRS.gov, taxpayers can make the request electronically for free. Besides Free File, taxpayers can request an extension through a paid tax preparer, tax-preparation software or by mailing in a paper Form 4868. Tax forms can be downloaded from IRS.gov/forms.

Other fast, free and easy ways to get an extension include using IRS Direct Pay, the Electronic Federal Tax Payment System or by paying with a credit or debit card. There is no need to file a separate Form 4868 extension request when making an electronic payment and indicating it is for an extension. The IRS will automatically count it as an extension.

Direct Pay is available online and on the IRS2Go app. It’s free, does not require preregistration and gives instant confirmation when taxpayers submit a payment. It also provides the option of scheduling a payment up to 30 days in advance. Taxpayers using a credit or debit card can pay online, by phone or with the IRS2Go app. The IRS does not charge any fees for this service but the card processor does.

The IRS emphasizes that a request for an extension provides extra time to file a tax return, but not extra time to pay any taxes owed. Payments are still due by the original deadline. Taxpayers should file even if they can’t pay the full amount. By filing either a regular return or requesting an extension by the April 17 filing deadline, they will avoid the late-filing penalty, which can be 10 times as costly as the penalty for not paying.

Taxpayers who pay as much as they can by the due date reduce the overall amount subject to penalty and interest charges. The interest rate is currently five percent per year, compounded daily. The late-filing penalty is typically five percent per month and the late-payment penalty is normally 0.5 percent per month.

Other options to pay such as getting a loan or paying by credit card may help resolve a tax debt. Most people can set up an installment agreement with the IRS using the Online Payment Agreement tool on IRS.gov.

Other taxpayers who get more time to file without having to ask for extensions include:

U.S. citizens and resident aliens living and working abroad have until June 15 to file their tax returns. However, interest is still charged on any tax payments made after April 17.

Disaster victims, including those in American Samoa, Puerto Rico and the Virgin Islands, have until June 29, 2018 to file and pay. Similarly, taxpayers in parts of California have until April 30, 2018 to file and pay. For information about this and other disaster relief, see the disaster relief page on IRS.gov.

Members of the military on duty outside the United States and Puerto Rico receive an automatic two-month extension to file. Those serving in combat zones have 180 days after they leave the combat zone to file tax returns and pay any taxes due. Details are available in the Armed Forces’ Tax Guide Publication 3.

In addition to having payment options, taxpayers who find that they can’t pay what they owe should know that the IRS will work with them. Taxpayers can find answers to questions, forms and instructions and easy-to-use tools online at IRS.gov anytime. No appointments needed and no waiting on hold.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: IRS

Tax Time Guide: Where's my refund?

Posted by Admin Posted on Mar 30 2018

Tax Time Guide: Where's my refund?

 

The Internal Revenue Service today said that most tax refunds are issued in less than 21 days, although some may take longer. As of March 16, the IRS had already issued more than 61 million refunds averaging $2,960. Taxpayers can check the status of their refund online at IRS.gov by visiting the “Where’s My Refund?” tool or through the IRS2Go mobile app.

This is the last in a series of nine IRS tips called the Tax Time Guide. The guide is designed to help taxpayers as they near the April 17 tax filing deadline.

There are many factors that can affect the timing of a tax refund. Some tax returns take longer to process because the return includes errors or is incomplete, is affected by identity theft or fraud or, in general, needs further review. The IRS will contact taxpayers by mail if more information is needed to process a return. Once a refund has been approved the time it takes a bank to post the refund to an account can also have an impact. If requesting a paper refund check, taxpayers should also take into consideration the time it takes for it to arrive in the mail.

Taxpayers can use “Where’s My Refund?” to start checking on the status of their return within 24 hours after the IRS receives an e-filed return or four weeks after the taxpayers mailed a paper return. The tool has a tracker that displays progress through three phases: (1) Return Received; (2) Refund Approved; and (3) Refund Sent.

Those who use “Where’s My Refund?” on IRS.gov or the IRS2Go app must have information from their current tax return to access their information.

The IRS updates “Where’s My Refund?” once a day, usually overnight. Rather than calling the IRS and waiting on hold or ordering a tax transcript, taxpayers are encouraged to visit the website and use the tool. The information available online is the same information available to IRS telephone assistors.

Some taxpayers believe they can learn about the status of their refund by ordering a tax transcript. The IRS notes that the information on a transcript does not necessarily reflect the amount or timing of a refund. While taxpayers can use a transcript for help with tax preparation and to validate past income and tax filing status for certain loan applications, they should use the “Where’s My Refund?” tool to check the status of their refund.

The use of e-file and direct deposit continue to be the fastest and safest way to file an accurate return and receive a tax refund. More than four out of five tax returns are expected to be filed electronically, with a similar proportion of refunds issued through direct deposit.

The IRS Free File program offers free brand-name software to those with incomes of $66,000 or less. Seventy percent of the nation’s taxpayers are eligible for IRS Free File. All taxpayers, regardless of income, can use Free File fillable forms, which provide electronic versions of IRS paper forms to complete and file. Both options are available only through IRS.gov.

Taxpayers can find answers to questions, forms and instructions and easy-to-use tools online at IRS.gov anytime. No appointment required and no waiting on hold.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: IRS

IRS reminds taxpayers to report virtual currency transactions

Posted by Admin Posted on Mar 28 2018

IRS reminds taxpayers to report virtual currency transactions

 

The Internal Revenue Service today reminded taxpayers that income from virtual currency transactions is reportable on their income tax returns.

Virtual currency transactions are taxable by law just like transactions in any other property. The IRS has issued guidance in IRS Notice 2014-21 for use by taxpayers and their return preparers that addresses transactions in virtual currency, also known as digital currency.

Taxpayers who do not properly report the income tax consequences of virtual currency transactions can be audited for those transactions and, when appropriate, can be liable for penalties and interest.

In more extreme situations, taxpayers could be subject to criminal prosecution for failing to properly report the income tax consequences of virtual currency transactions. Criminal charges could include tax evasion and filing a false tax return. Anyone convicted of tax evasion is subject to a prison term of up to five years and a fine of up to $250,000. Anyone convicted of filing a false return is subject to a prison term of up to three years and a fine of up to $250,000.

Virtual currency, as generally defined, is a digital representation of value that functions in the same manner as a country’s traditional currency. There are currently more than 1,500 known virtual currencies. Because transactions in virtual currencies can be difficult to trace and have an inherently pseudo-anonymous aspect, some taxpayers may be tempted to hide taxable income from the IRS.

Notice 2014-21 provides that virtual currency is treated as property for U.S. federal tax purposes. General tax principles that apply to property transactions apply to transactions using virtual currency. Among other things, this means that:

A payment made using virtual currency is subject to information reporting to the same extent as any other payment made in property.

Payments using virtual currency made to independent contractors and other service providers are taxable, and self-employment tax rules generally apply.  Normally, payers must issue Form 1099-MISC.

Wages paid to employees using virtual currency are taxable to the employee, must be reported by an employer on a Form W-2 and are subject to federal income tax withholding and payroll taxes.

Certain third parties who settle payments made in virtual currency on behalf of merchants that accept virtual currency from their customers are required to report payments to those merchants on Form 1099-K, Payment Card and Third Party Network Transactions.

The character of gain or loss from the sale or exchange of virtual currency depends on whether the virtual currency is a capital asset in the hands of the taxpayer.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: IRS

IRS encourages ‘Paycheck Checkup’ for taxpayers to check their withholding

Posted by Admin Posted on Mar 28 2018

IRS encourages ‘Paycheck Checkup’ for taxpayers to check their withholding

 

Launching a special week of activities, the Internal Revenue Service today continued its effort to encourage taxpayers to do a “paycheck checkup” to make sure they have the right amount of tax taken out of their paychecks for their personal situation.

To help taxpayers understand the implications of the Tax Cuts and Jobs Act, the IRS unveiled several new features to help people navigate the issues affecting withholding in their paychecks. The effort includes a new series of plain language Tax Tips, a YouTube video series and other special efforts to help people understand the importance of checking their withholding as soon as possible.

“The IRS is taking special steps to help taxpayers understand these tax law changes,” said Acting IRS Commissioner David Kautter. “We encourage people to do a paycheck checkup to help make sure they’re having the right amount of tax withheld for their unique personal situation. To help with this, the IRS has added and updated a variety of tools and information to help taxpayers.”

The new tax law could affect how much tax someone should have their employer withhold from their paycheck. To help with this, the IRS urged taxpayers to visit the Withholding Calculator on IRS.gov. The Withholding Calculator can help prevent employees from having too little or too much tax withheld from their paycheck. Having too little tax withheld can mean an unexpected tax bill or potentially a penalty at tax time in 2019. And with the average refund topping $2,800, some taxpayers might prefer to have less tax withheld up front and receive more in their paychecks.

Taxpayers can use the Withholding Calculator to estimate their 2018 income tax. The Withholding Calculator compares that estimate to the taxpayer’s current tax withholding and can help them decide if they need to change their withholding with their employer.  When using the calculator, it’s helpful to have a completed 2017 tax return available. 

Taxpayers who need to adjust their withholding will need to submit a new Form W-4, Employee’s Withholding Allowance Certificate, to their employer. If an employee needs to adjust their withholding, doing so as quickly as possible means there’s more time for tax withholding to take place evenly during the rest of the year. But waiting until later in the year means there are fewer pay periods to make the tax changes – which could have a bigger impact on each paycheck.

Information on “Paycheck Checkup” Available in Several Ways

The IRS is launching a sweeping effort to advise taxpayers about the importance of doing a “paycheck checkup” as soon as possible. In addition to updating the Withholding Calculator and issuing a new Form W-4, the agency is collaborating with tax professionals, partner organizations, employers, community groups and the tax and payroll industries to educate employers and employees about the importance of checking their withholding.

The IRS is also taking additional steps this week:

Launching a series of Tax Reform Tax Tips, an addition to the IRS’s Tax Tips email-subscription program. These tips will begin this week and continue through 2018. Written in plain language, they can help taxpayers learn about major tax reform topics in understandable terms. The special series begins this week with daily tips covering withholding topics. The series will highlight other law changes in the weeks and months ahead, and taxpayers can subscribe on IRS.gov.

Issuing a special news release series. During the series, the IRS will focus on some of those groups most likely to be affected by the withholding changes and how the new law may affect their tax situation.

Sharing new YouTube videos to walk taxpayers through what they need to know about withholding, the Withholding Calculator and filling out a new Form W-4, if needed.

Using social media to spread the word about #PaycheckCheckup.

Who Needs a Paycheck Checkup

The IRS always recommends employees check their withholding at the beginning of each year or when their personal circumstances change to make sure they’re having the right amount of tax withheld from their paychecks. With the new tax law changes, it’s especially important for certain people to use the Withholding Calculator on IRS.gov to make sure they have the right amount of withholding.

The IRS always recommends employees check their withholding at the beginning of each year or when their personal circumstances change to make sure they’re having the right amount of tax withheld from their paychecks. With the new tax law changes, it’s especially important for certain people to use the Withholding Calculator on IRS.gov to make sure they have the right amount of withholding.

Among the groups who should check their withholding are:

Two-income families.

People working two or more jobs or who only work for part of the year.

People with children who claim credits such as the Child Tax Credit.

People with older dependents, including children age 17 or older.

People who itemized deductions in 2017.

People with high incomes and more complex tax returns.

People with large tax refunds or large tax bills for 2017.

The law increased the standard deduction, removed personal exemptions, increased the child tax credit, limited or discontinued certain deductions and changed the tax rates and brackets.

When personal circumstances change that reduce withholding allowances they are entitled to claim, including divorce, starting a second job, or a child no longer being a dependent, an employee has 10 days to submit a new Form W-4 to their employer claiming the proper number of withholding allowances.

After Using the Withholding Calculator, Change Withholding by Submitting New Form W-4

Taxpayers can use the results from the Withholding Calculator to determine if they should complete a new Form W-4, Employee’s Withholding Allowance Certificate, and, if so, what information to put on it.

If changes to withholding should be made, the Withholding Calculator gives employees the information they need to fill out a new Form W-4. Employees will submit the completed Form W-4 to their employer.

For more details on withholding issues, taxpayers are encouraged to visit IRS.gov.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: IRS

2018 ‘Dirty Dozen’ list of tax scams

Posted by Admin Posted on Mar 23 2018

2018 ‘Dirty Dozen’ list of tax scams

 

The Internal Revenue Service today concluded its annual "Dirty Dozen" list of tax scams with a warning to taxpayers to remain vigilant about these aggressive and evolving schemes throughout the year.

This year's “Dirty Dozen” list highlights a wide variety of schemes that taxpayers may encounter throughout the year, many of which peak during tax-filing season. The schemes can run the gamut from simple refund inflation scams to technical tax shelter deals. A common theme throughout these: Scams put taxpayers at risk.

Taxpayers need to guard against ploys to steal their personal information. And they should be wary of shady promoters trying to scam them out of money or talk them into engaging in questionable tax schemes.

The IRS reminds people that participating in illegal schemes can lead to significant fines and possible criminal prosecution. IRS Criminal Investigation works closely with the Department of Justice to shut down scams and prosecute the criminals behind them.

Taxpayers should always keep in mind that they are legally responsible for what is on their tax return even if it is prepared by someone else. Consumers can help protect themselves by choosing a reputable tax preparer. For more see the Choosing a Tax Professional page.

2018 "Dirty Dozen" scams:

Phishing: Taxpayers should be alert to potential fake emails or websites looking to steal personal information. The IRS will never initiate contact with taxpayers via email about a bill or tax refund. Don’t click on one claiming to be from the IRS. Be wary of emails and websites that may be nothing more than scams to steal personal information. 

Phone Scams: Phone calls from criminals impersonating IRS agents remain an ongoing threat to taxpayers. The IRS has seen a surge of these phone scams in recent years as con artists threaten taxpayers with police arrest, deportation and license revocation, among other things. 

Identity Theft: Taxpayers should be alert to tactics aimed at stealing their identities, not just during the tax filing season, but all year long. The IRS, working in the Security Summit partnership with the states and the tax industry, has made major improvements in detecting tax return related identity theft during the last two years. But the agency reminds taxpayers that they can help in preventing this crime. The IRS continues to aggressively pursue criminals that file fraudulent tax returns using someone else’s Social Security number.

Return Preparer Fraud: Be on the lookout for unscrupulous return preparers. The vast majority of tax professionals provide honest, high-quality service. There are some dishonest preparers who operate each filing season to scam clients, perpetuating refund fraud, identity theft and other scams that hurt taxpayers. 

Fake Charities: Groups masquerading as charitable organizations solicit donations from unsuspecting contributors. Be wary of charities with names similar to familiar or nationally-known organizations. Contributors should take a few extra minutes to ensure their hard-earned money goes to legitimate charities. IRS.gov has the tools taxpayers need to check out the status of charitable organizations. 

Inflated Refund Claims: Taxpayers should take note of anyone promising inflated tax refunds. Those preparers who ask clients to sign a blank return, promise a big refund before looking at taxpayer records or charge fees based on a percentage of the refund are probably up to no good. To find victims, fraudsters may use flyers, phony storefronts or word of mouth via community groups where trust is high. 

Excessive Claims for Business Credits: Avoid improperly claiming the fuel tax credit, a tax benefit generally not available to most taxpayers. The credit is usually limited to off-highway business use, including use in farming. Taxpayers should also avoid misuse of the research credit. Improper claims often involve failures to participate in or substantiate qualified research activities or satisfy the requirements related to qualified research expenses. 

Falsely Padding Deductions on Returns: Taxpayers should avoid the temptation to falsely inflate deductions or expenses on their tax returns to pay less than what they owe or potentially receive larger refunds. Think twice before overstating deductions, such as charitable contributions and business expenses, or improperly claiming credits, such as the Earned Income Tax Credit or Child Tax Credit.

Falsifying Income to Claim Credits: Con artists may convince unsuspecting taxpayers to invent income to erroneously qualify for tax credits, such as the Earned Income Tax Credit. Taxpayers should file the most accurate tax return possible because they are legally responsible for what is on their return. This scam can lead to taxpayers facing large bills to pay back taxes, interest and penalties.

Frivolous Tax Arguments: Frivolous tax arguments may be used to avoid paying tax. Promoters of frivolous schemes encourage taxpayers to make unreasonable and outlandish claims about the legality of paying taxes despite being repeatedly thrown out in court. The penalty for filing a frivolous tax return is $5,000. 

Abusive Tax Shelters: Abusive tax structures are sometimes used to avoid paying taxes. The IRS is committed to stopping complex tax avoidance schemes and the people who create and sell them. The vast majority of taxpayers pay their fair share, and everyone should be on the lookout for people peddling tax shelters that sound too good to be true. When in doubt, taxpayers should seek an independent opinion regarding complex products they are offered. 

Offshore Tax Avoidance: Successful enforcement actions against offshore cheating show it’s a bad bet to hide money and income offshore. People involved in offshore tax avoidance are best served by coming in voluntarily and getting caught up on their tax-filing responsibilities. 

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: IRS

COMBINED BUSINESS AND VACATION TRAVEL

Posted by Admin Posted on Mar 22 2018

COMBINED BUSINESS AND VACATION TRAVEL

 

If you go on a business trip within the U.S. and add on some vacation days, you know you can deduct some of your expenses. The question is how much.

First, let’s cover just the pure transportation expenses. Transportation costs to and from the scene of your business activity are 100% deductible as long as the primary reason for the trip is business rather than pleasure. On the other hand, if vacation is the primary reason for your travel, then generally none of your transportation expenses are deductible. Transportation costs include travel to and from your departure airport, the airfare itself, baggage fees and tips, cabs, and so forth. Costs for rail travel or driving your personal car also fit into this category.

The number of days spent on business vs. pleasure is the key factor in determining if the primary reason for domestic travel is business. Your travel days count as business days, as do weekends and holidays if they fall between days devoted to business, and it would be impractical to return home. Standby days (days when your physical presence is required) also count as business days, even if you are not called upon to work on those days. Any other day principally devoted to business activities during normal business hours is also counted as a business day, and so are days when you intended to work, but could not due to reasons beyond your control (local transportation difficulties, power failure, etc.).

You should be able to claim business was the primary reason for a domestic trip whenever the business days exceed the personal days. Be sure to accumulate proof and keep it with your tax records. For example, if your trip is made to attend client meetings, log everything on your daily planner and copy the pages for your tax file. If you attend a convention or training seminar, keep the program and take some notes to show you attended the sessions.

Once at the destination, your out-of-pocket expenses for business days are fully deductible. Out-of-pocket expenses include lodging, hotel tips, meals (subject to the 50% disallowance rule), seminar and convention fees, and cab fare. Expenses for personal days are nondeductible.

 

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: Thomson Reuters

BUSINESS OWNERS: BRUSH UP ON BONUS DEPRECIATION

Posted by Admin Posted on Mar 21 2018

BUSINESS OWNERS: BRUSH UP ON BONUS DEPRECIATION

 

Every company needs to upgrade its assets occasionally, whether desks and chairs or a huge piece of complex machinery. But before you go shopping this year, be sure to brush up on the enhanced bonus depreciation tax breaks created under the Tax Cuts and Jobs Act (TCJA) passed late last year.

Old law

Qualified new — not used — assets that your business placed in service before September 28, 2017, fall under pre-TCJA law. For these items, you can claim a 50% first-year bonus depreciation deduction. This tax break is available for the cost of new computer systems, purchased software, vehicles, machinery, equipment, office furniture and so forth.

In addition, 50% bonus depreciation can be claimed for qualified improvement property, which means any qualified improvement to the interior portion of a nonresidential building if the improvement is placed in service after the date the building is placed in service. But qualified improvement costs don’t include expenditures for the enlargement of a building, an elevator or escalator, or the internal structural framework of a building.

New law

Bonus depreciation improves significantly under the TCJA. For qualified property placed in service from September 28, 2017, through December 31, 2022 (or by December 31, 2023, for certain property with longer production periods), the first-year bonus depreciation percentage is increased to 100%. In addition, the 100% deduction is allowed for both new and used qualifying property.

The new law also allows 100% bonus depreciation for qualified film, television and live theatrical productions placed in service on or after September 28, 2017. Productions are considered placed in service at the time of the initial release, broadcast or live commercial performance.

In later years, bonus depreciation is scheduled to be reduced to 80% for property placed in service in 2023, 60% for property placed in service in 2024, 40% for property placed in service in 2025 and 20% for property placed in service in 2026.

Important: For certain property with longer production periods, the preceding reductions are delayed by one year. For example, 80% bonus depreciation will apply to long-production-period property placed in service in 2024.

More details

If bonus depreciation isn’t available to your company, a similar tax break — the Section 179 deduction — may be able to provide comparable benefits. Please contact our firm for more details on how either might help your business.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: Thomson Reuters

HELP PREVENT TAX IDENTITY THEFT BY FILING EARLY

Posted by Admin Posted on Mar 20 2018

HELP PREVENT TAX IDENTITY THEFT BY FILING EARLY

 

If you’re like many Americans, you might not start thinking about filing your tax return until close to this year’s April 17 deadline. You might even want to file for an extension so you don’t have to send your return to the IRS until October 15.

But there’s another date you should keep in mind: the day the IRS begins accepting 2017 returns (usually in late January). Filing as close to this date as possible could protect you from tax identity theft.

Why it helps

In an increasingly common scam, thieves use victims’ personal information to file fraudulent tax returns electronically and claim bogus refunds. This is usually done early in the tax filing season. When the real taxpayers file, they’re notified that they’re attempting to file duplicate returns.

A victim typically discovers the fraud after he or she files a tax return and is informed by the IRS that the return has been rejected because one with the same Social Security number has already been filed for the same tax year. The IRS then must determine who the legitimate taxpayer is.

Tax identity theft can cause major complications to straighten out and significantly delay legitimate refunds. But if you file first, it will be the tax return filed by a potential thief that will be rejected — not yours.

What to look for

Of course, in order to file your tax return, you’ll need to have your W-2s and 1099s. So another key date to be aware of is January 31 — the deadline for employers to issue 2017 W-2s to employees and, generally, for businesses to issue 1099s to recipients of any 2017 interest, dividend or reportable miscellaneous income payments. So be sure to keep an eye on your mailbox or your employer’s internal website.

Additional bonus

An additional bonus: If you’ll be getting a refund, filing early will generally enable you to receive and enjoy that money sooner. (Bear in mind, however, that a law requires the IRS to hold until mid-February refunds on returns claiming the earned income tax credit or additional child tax credit.) Let us know if you have questions about tax identity theft or would like help filing your 2017 return early.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: Thomson Reuters

DYNASTY TRUSTS ARE MORE VALUABLE THAN EVER

Posted by Admin Posted on Mar 19 2018

DYNASTY TRUSTS ARE MORE VALUABLE THAN EVER

 

The Tax Cuts and Jobs Act (TCJA), signed into law this past December, affects more than just income taxes. It’s brought great changes to estate planning and, in doing so, bolstered the potential value of dynasty trusts.

Exemption changes

Let’s start with the TCJA. It doesn’t repeal the estate tax, as had been discussed before its passage. The tax was retained in the final version of the law. For the estates of persons dying, and gifts made, after December 31, 2017, and before January 1, 2026, the gift and estate tax exemption and the generation-skipping transfer tax exemption amounts have been increased to an inflation-adjusted $10 million, or $20 million for married couples (expected to be $11.2 million and $22.4 million, respectively, for 2018).

Absent further congressional action, the exemptions will revert to their 2017 levels (adjusted for inflation) beginning January 1, 2026. The marginal tax rate for all three taxes remains at 40%.

GST avoidance

Now let’s turn to dynasty trusts. These irrevocable arrangements allow substantial amounts of wealth to grow free of federal gift, estate and generation-skipping transfer (GST) taxes, largely because of their lengthy terms. The specific longevity of a dynasty trust depends on the law of the state in which it’s established. Some states allow trusts to last for hundreds of years or even in perpetuity.

Where the TCJA and dynasty trusts come together is in the potential to avoid the GST tax. It levies an additional 40% tax on transfers to grandchildren or others that skip a generation, potentially consuming substantial amounts of wealth. The key to avoiding the tax is to leverage your GST tax exemption, which, under the TCJA, will be higher than ever starting in 2018.

Assuming you haven’t yet used any of your gift and estate tax exemption, you can transfer $10 million to a properly structured dynasty trust. There’s no gift tax on the transaction because it’s within your unused exemption amount. And the funds, plus future appreciation, are removed from your taxable estate.

Most important, by allocating your GST tax exemption to your trust contributions, you ensure that any future distributions or other transfers of trust assets to your grandchildren or subsequent generations will avoid GST taxes. This is true even if the value of the assets grows well beyond the exemption amount or the exemption is reduced in the future.

Best interests

Naturally, setting up a dynasty trust is neither simple nor quick. You’ll need to choose a structure, allocate assets (such as securities, real estate, life insurance policies and business interests), and name a trustee. Our firm can work with your attorney to maximize the tax benefits and help ensure the trust is in the best interests of your estate.

Sidebar: Nontax reasons to set up a dynasty trust

Regardless of the tax implications, there are valid nontax reasons to set up a dynasty trust. First, you can designate the beneficiaries of the trust assets spanning multiple generations. Typically, you might provide for the assets to follow a line of descendants, such as children, grandchildren, great-grandchildren, etc. You can also impose certain restrictions, such as limiting access to funds until a beneficiary earns a college degree.

Second, by placing assets in a properly structured trust, those assets can be protected from the reach of a beneficiary’s creditors, including claims based on divorce, a failed business or traffic accidents.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: Thomson Reuters

HIGHLIGHTS OF THE NEW TAX REFORM LAW

Posted by Admin Posted on Feb 27 2018

HIGHLIGHTS OF THE NEW TAX REFORM LAW

 

The new tax reform law, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the biggest federal tax law overhaul in 31 years, and it has both good and bad news for taxpayers.

Below are highlights of some of the most significant changes affecting individual and business taxpayers. Except where noted, these changes are effective for tax years beginning after December 31, 2017.

Individuals

Drops of individual income tax rates ranging from 0 to 4 percentage points (depending on the bracket) to 10%, 12%, 22%, 24%, 32%, 35% and 37% — through 2025

Near doubling of the standard deduction to $24,000 (married couples filing jointly), $18,000 (heads of households), and $12,000 (singles and married couples filing separately) — through 2025

Elimination of personal exemptions — through 2025

Doubling of the child tax credit to $2,000 and other modifications intended to help more taxpayers benefit from the credit — through 2025

Elimination of the individual mandate under the Affordable Care Act requiring taxpayers not covered by a qualifying health plan to pay a penalty — effective for months beginning after December 31, 2018

Reduction of the adjusted gross income (AGI) threshold for the medical expense deduction to 7.5% for regular and AMT purposes — for 2017 and 2018

New $10,000 limit on the deduction for state and local taxes (on a combined basis for property and income taxes; $5,000 for separate filers) — through 2025

Reduction of the mortgage debt limit for the home mortgage interest deduction to $750,000 ($375,000 for separate filers), with certain exceptions — through 2025

Elimination of the deduction for interest on home equity debt — through 2025

Elimination of the personal casualty and theft loss deduction (with an exception for federally declared disasters) — through 2025

Elimination of miscellaneous itemized deductions subject to the 2% floor (such as certain investment expenses, professional fees and unreimbursed employee business expenses) — through 2025

Elimination of the AGI-based reduction of certain itemized deductions — through 2025

Elimination of the moving expense deduction (with an exception for members of the military in certain circumstances) — through 2025

Expansion of tax-free Section 529 plan distributions to include those used to pay qualifying elementary and secondary school expenses, up to $10,000 per student per tax year

AMT exemption increase, to $109,400 for joint filers, $70,300 for singles and heads of households, and $54,700 for separate filers — through 2025

Doubling of the gift and estate tax exemptions, to $10 million (expected to be $11.2 million for 2018 with inflation indexing) — through 2025

Businesses

Replacement of graduated corporate tax rates ranging from 15% to 35% with a flat corporate rate of 21%

Repeal of the 20% corporate AMT

New 20% qualified business income deduction for owners of flow-through entities (such as partnerships, limited liability companies and S corporations) and sole proprietorships — through 2025

Doubling of bonus depreciation to 100% and expansion of qualified assets to include used assets — effective for assets acquired and placed in service after September 27, 2017, and before January 1, 2023

Doubling of the Section 179 expensing limit to $1 million and an increase of the expensing phaseout threshold to $2.5 million

Other enhancements to depreciation-related deductions

New disallowance of deductions for net interest expense in excess of 30% of the business’s adjusted taxable income (exceptions apply)

New limits on net operating loss (NOL) deductions

Elimination of the Section 199 deduction, also commonly referred to as the domestic production activities deduction or manufacturers’ deduction — effective for tax years beginning after December 31, 2017, for noncorporate taxpayers and for tax years beginning after December 31, 2018, for C corporation taxpayers

New rule limiting like-kind exchanges to real property that is not held primarily for sale

New tax credit for employer-paid family and medical leave — through 2019

New limitations on excessive employee compensation

New limitations on deductions for employee fringe benefits, such as entertainment and, in certain circumstances, meals and transportation

More to consider

This is just a brief overview of some of the most significant TCJA provisions. There are additional rules and limits that apply, and the law includes many additional provisions. Contact your tax advisor to learn more about how these and other tax law changes will affect you in 2018 and beyond.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: Thomson Reuters

MAKING 2017 RETIREMENT PLAN CONTRIBUTIONS IN 2018

Posted by Admin Posted on Feb 21 2018

MAKING 2017 RETIREMENT PLAN CONTRIBUTIONS IN 2018

 

The clock is ticking down to the tax filing deadline. The good news is that you still may be able to save on your impending 2017 tax bill by making contributions to certain retirement plans.

For example, if you qualify, you can make a deductible contribution to a traditional IRA right up until the April 17, 2018, filing date and still benefit from the resulting tax savings on your 2017 return. You also have until April 17 to make a contribution to a Roth IRA.

And if you happen to be a small business owner, you can set up and contribute to a Simplified Employee Pension (SEP) plan up until the due date for your company’s tax return, including extensions.

Deadlines and limits

Let’s look at some specifics. For IRA and Roth IRA contributions, the maximum regular contribution is $5,500. Plus, if you were at least age 50 on December 31, 2017, you are eligible for an additional $1,000 “catch-up” contribution.

There are also age limits. You must have been under age 70½ on December 31, 2017, to contribute to a traditional IRA. Contributions to a Roth can be made regardless of age, if you meet the other requirements.

For a SEP, the maximum contribution is $54,000, and must be made by the April 17th date, or by the extended due date (up to Monday, October 15, 2018) if you file a valid extension. (There’s no SEP catch-up amount.)

Phase-out ranges

If not covered by an employer’s retirement plan, your contributions to a traditional IRA are not affected by your modified adjusted gross income (MAGI). Otherwise, when you (or a spouse, if married) are active in an employer’s plan, available contributions begin to phase out within certain MAGI ranges.

For married couples filing jointly, the MAGI range is $99,000 to $119,000. For singles or heads of household, it’s $62,000 to $72,000. For those married but filing separately, the MAGI range is $0 to $10,000, if you lived with your spouse at any time during the year. A phase-out occurs between AGI of $186,000 and $196,000 if a spouse participates in an employer-sponsored plan.

Contributions to Roth IRAs phase out at mostly different ranges. For married couples filing jointly, the MAGI range is $186,000 to $196,000. For singles or heads of household, it’s $118,000 to $133,000. But for those married but filing separately, the phase-out range is the same: $0 to $10,000, if you lived with your spouse at any time during the year.

Essential security

Saving for retirement is essential for financial security. What’s more, the federal government provides tax incentives for doing so. Best of all, as mentioned, you still have time to contribute to an IRA, Roth IRA or SEP plan for the 2017 tax year. Please contact our firm for further details and a personalized approach to determining how to best contribute to your retirement plan or plans.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: Thomson Reuters

When an Elderly Parent Might Qualify as Your Dependent

Posted by Admin Posted on Feb 20 2018

When an Elderly Parent Might Qualify as Your Dependent

 

It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for an adult-dependent exemption to deduct up to $4,050 for each person claimed on your 2017 return.

Basic qualifications

For you to qualify for the adult-dependent exemption, in most cases your parent must have less gross income for the tax year than the exemption amount. (Exceptions may apply if your parent is permanently and totally disabled.) Social Security is generally excluded, but payments from dividends, interest and retirement plans are included.

In addition, you must have contributed more than 50% of your parent’s financial support. If you shared caregiving duties with one or more siblings and your combined support exceeded 50%, the exemption can be claimed even though no one individually provided more than 50%. However, only one of you can claim the exemption in this situation.

Important factors

Although Social Security payments can usually be excluded from the adult dependent’s income, they can still affect your ability to qualify. Why? If your parent is using Social Security money to pay for medicine or other expenses, you may find that you aren’t meeting the 50% test.

Also, if your parent lives with you, the amount of support you claim under the 50% test can include the fair market rental value of part of your residence. If the parent lives elsewhere — in his or her own residence or in an assisted-living facility or nursing home — any amount of financial support you contribute to that housing expense counts toward the 50% test.

Easing the burden

An adult-dependent exemption is just one tax break that you may be able to employ on your 2017 tax return to ease the burden of caring for an elderly parent. Contact us for more information on qualifying for this break or others.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: Thomson Reuters

BUSINESS OWNER: DID YOU KNOW...

Posted by Admin Posted on Jan 22 2018

- ENGLISH VERSION

 

Essential Business Accounting

 

 

- SPANISH VERSION

 

Contabilidad Esencial Para Negocios

 

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811.

Source: Lord Breakspeare Callaghan LLC. Certified Public Accountants

Eight Steps to Keep Online Data Safe

Posted by Admin Posted on Dec 21 2017

Eight Steps to Keep Online Data Safe

 

During the holiday shopping season, shoppers are looking for the perfect gifts. At the same time, criminals are looking for sensitive data. This data includes credit card numbers, financial accounts and Social Security numbers. Cybercriminals can use this information to file a fraudulent tax return.

This tip is part of National Tax Security Awareness Week. The IRS is partnering with state tax agencies, the tax industry and groups across the country to remind people about the importance of data protection.

Anyone with an online presence can do a few simple things to protect their identity and personal information. Following these eight steps can also help taxpayers protect their tax return and refund in 2018:

- Shop at familiar online retailers. Generally, sites with an “s” in “https” at the start of the URL are secure. Users can also look for the “lock” icon in your browser’s URL bar. That said, some criminals may get a security certificate, so the “s” may not always mean a site is legitimate.

- Avoid unprotected Wi-Fi. Users should not do online financial transactions when using unprotected public Wi-Fi. Unprotected public Wi-Fi hotspots may allow thieves to view transactions.

- Learn to recognize and avoid phishing emails that pose as a trusted source. These emails can come from a source that looks like a legitimate bank or even the IRS. These emails may include a link that takes the user to a fake website. From there, the thieves can steal usernames and passwords.

- Keep a clean machine. This includes computers, phones and tablets. Users should install security software to protect against malware that may steal data. This software also protects against viruses that may damage files.

- Use passwords that are strong, long and unique. Experts suggest a minimum of 10 characters. Use a combination of letters, numbers and special characters. Use a different password for each account.

- Use multi-factor authentication when available. Some financial institutions, email providers and social media sites allow users to set their accounts for multi-factor authentication. This means users may need a security code, usually sent as a text to their mobile phone, in addition to a username and password.

- Sign up for account alerts. Some financial institutions will send email or text alerts to an account holder when there is a withdrawal or change to their accounts. Generally, people can check their account profile to see what added protections may be available.

- Encrypt sensitive data and protect it with a password. People who keep financial records, tax returns or any personal information on their computer should protect this data. Users should also back up important data to an external source. When disposing of a computer, mobile phone or tablet, people should make sure they wipe the hard drive of all information before trashing.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: IRS

Get Ready for Taxes: Filing Electronically a Safe, Easy Way to File

Posted by Admin Posted on Dec 20 2017

Get Ready for Taxes: Filing Electronically a Safe, Easy Way to File

 

The Internal Revenue Service said today that it expects more than 90 percent of all 2017 individual tax returns to be prepared using tax software. The majority of those will be e-filed. Since 1986 when the IRS started accepting electronically filed tax returns, more than 1.8 billion have been securely processed.

The IRS urges taxpayers to wait until they have all the forms and documents needed before preparing a tax return. Most documents arrive before the end of January. This includes Forms W-2 from employers and Forms 1099 from banks and other payers. Those claiming the Premium Tax Credit need Form 1095-A from the Marketplace. Not having all required documents may cause a return to have an error that delays processing and therefore, delays the refund.

Taxpayers have options to prepare and e-file a return:

IRS Free File, free brand-name software for taxpayers with incomes below $66,000

Commercial tax preparation software,

Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs, sites with IRS-certified volunteers, or

Tax professionals. Tips for choosing a return preparer and details about national tax professional groups are available on IRS.gov.

The IRS2Go Mobile App can help find free tax preparation assistance, check a refund status and more.

Taxpayers should keep copies of their most recent tax returns. Taxpayers using a software product for the first time may need their Adjusted Gross Income amount from their prior-year return to verify their identity. Taxpayers can learn more about how to verify their identity and electronically sign tax returns at Validating Your Electronically Filed Tax Return.

Taxpayers concerned about identify theft should know the IRS continues to work with state tax authorities and the tax industry to increase security protections as part of the Security Summit. Summit efforts have led to a nearly 50 percent decline in the number of new reports of stolen identities on federal tax returns. While working to stop fraudulent refunds, the IRS remains focused on releasing legitimate refunds as quickly as possible in 2018.

Faster Refunds with Direct Deposit

Choosing e-file remains the safest way to file an accurate income tax return and combining it with direct deposit is the fastest way to receive a refund. In 2017, more than 88 million tax refunds worth over $260 billion were directly deposited into taxpayer’s bank accounts.

In 2018, the IRS again expects to issue more than nine out of 10 refunds in less than 21 days. However, by law the IRS cannot issue refunds if the return claims the Earned Income Tax Credit or Additional Child Tax Credit before mid-February. The change applies to the entire refund and helps ensure that taxpayers get the refund they are owed by giving the IRS more time to help detect and prevent tax fraud.

 

Standard Mileage Rates for 2018

Posted by Admin Posted on Dec 19 2017

Standard Mileage Rates for 2018

 

The Internal Revenue Service today issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

54.5 cents for every mile of business travel driven, up 1 cent from the rate for 2017.

18 cents per mile driven for medical or moving purposes, up 1 cent from the rate for 2017.

14 cents per mile driven in service of charitable organizations.

The business mileage rate and the medical and moving expense rates each increased 1 cent per mile from the rates for 2017. The charitable rate is set by statute and remains unchanged.

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously. These and other requirements are described in Rev. Proc. 2010-51.

Notice 2018-03, posted today on IRS.gov, contains the standard mileage rates, the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan.

If you have any questions regarding accounting, domestic taxation, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please. give us a call at 305-274-5811

Source: IRS

Federal Tax Reform Legislation May Be Imminent Impact to 2018 Payroll Calculations May Be Delayed

Posted by Admin Posted on Dec 19 2017

Federal Tax Reform Legislation May Be Imminent Impact to 2018 Payroll Calculations May Be Delayed

 

Different versions of H.R. 1, the Tax Cuts and Jobs Act, were enacted by the House and Senate, and a Conference Committee has been established to reconcile the differences. Any revised legislation from the conference committee would need to be presented to both the House and Senate for approval, and signed by the President. Congressional leadership and the White House have targeted December 22 for enactment.

While the legislation provides that the revised tax rates will take effect on January 1, ADP has already spoken with the Internal Revenue Service (IRS) about implementation and possible transition measures. On December 7, the IRS indicated that they would delay guidance until the legislation is finalized.

IRS guidance, which is typically released in advance of each new tax year – including withholding tables,

Form W-4, Employee’s Withholding Allowance Certifi cate; Circular E, Employer’s Tax Guide (Publication 15), and others – will not be issued for some time. Further, since the IRS and Treasury will need to analyze the legislation and develop new withholding tables and related guidance, employers should continue using 2017 withholding calculations and 2017 Forms W-4 until revised IRS forms, withholding calculations, and other guidance is released.

On December 13, the IRS released the following statement:

“The IRS is continuing to closely monitor the pending legislation in Congress, and we are taking the initial steps to prepare guidance on withholding for 2018. We anticipate issuing the initial withholding guidance (Notice 1036) in January refl ecting the new legislation, which would allow taxpayers to begin seeing the benefi ts of the change as early as February. The IRS will be working closely with the nation’s payroll and tax professional community during this process.”

Historical Perspective

The American Recovery and Reinvestment Act of 2009 (Public Law 111-5), was enacted on February 17, 2009, but effective January 1, 2009. The IRS issued revised withholding tables within days of enactment, announcing that the new tables should be implemented “as soon as possible, but not later than April 1.” 

White House press release related to the ARRA, April 15, 2009:

“According to ADP, the nation’s largest payroll service provider, more than 80% of workers paid through ADP received the Making Work Pay tax credit in paychecks dated March 1 or later, and virtually all of their clients began using the new withholding tables by March 6th.”

 

Form W-4 Expected to Be Substantially Revised

Both the House and Senate versions eliminated personal exemptions, which are currently key factors in withholding calculations. Employees typically establish withholding allowances on Forms W-4, based in part on the number of personal exemptions that they expect to report on income tax returns. It seems likely that Forms W-4 may need to be substantially revised and reissued by the IRS, which could take a number of weeks or months. In the meantime, the IRS expects to issue guidance permitting employers to continue relying on existing Forms W-4, and will permit a reasonable transition period when the revised Form W-4 is issued.

The IRS spokesman noted that, “For example, if you have employees who c