Well, welcome to 2018. The IRS has finally released important dates for filing of 2017 tax returns as follows: 1. IRS will accept e-filed returns on January 29, 2018. 2. Forms W2 and 1099-MISC with box 7 filled out need to be filed with the government by January 31, 2018 3. IRS will begin releasing individual returns with Earned Income Tax Credits (EITC) and Additional Child Tax Credits (ACTC) by February 15, 2018, but the earliest the refunds will appear in bank accounts will be February 27, 2018. 4. The filing due date without extensions for 2017 S-Corporations, Partnerships and LLCs (except single person LLCs) is March 15, 2018, with the extended due date of September 15, 2018. 5. The filing due date for Individuals, calendar Trusts and Estates and calendar C-Corporations is April 17, 2018 (remember good old Emancipation Day!), with the extended due date of October 15, 2018. 6. Fiscal Year business entities have other due dates depending on their year-end. Here you go; now make sure you file on time! For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com AWARDED BEST ACCOUNTANT IN BURBANK, CA BY BEST BUSINESSES 2016, 2015 AND 2014! ALSO CHOSEN [...]
Tax Musings of a Burbank CPA: How Tax Reform Will Change Some Industries and Professions
Well, the House of Representatives and the Senate have passed their Tax Reform packages, and now we will wait for the reconcilation to find out what tax laws we will have for 2018 onward. Now let me say that the top 1% of the tax population (over approximately $465,000 a year in income) should be very happy – it seems they and large corporations are going to be getting a lot of the tax savings in this bill, whether it be reduced rates, reduction or repeal of the AMT (Alternative Minimum Tax) and reduction of the Estate Tax. Lower income people will also get some additional tax savings. What about the middle class (those earning between $60,000 and $140,000 a year)? They will either get a small tax break or get screwed depending on how their income and deductions pencil out. Let’s talk about people in the entertainment field and sales people on payroll with their companies. I have many people in this area who write off all of their out of pocket expenses not reimbursed by their employers on Schedule A as miscellaneous itemized deductions. Guess what, guys? In both versions of tax reform, these types of itemized deductions [...]
Musings of a Burbank CPA: Customer Portals and Are They For You?
If you have a business where you have to send documents of any kind to your customers, then you may benefit from a portal. You can save time on customer service and possibly postage and labor. You will also look most professional while increasing service delivery. What Is a Portal? A portal is software in the cloud that allows users to upload and download files from a secure space that only they have access to. For each client you have, you can set up a private virtual filing cabinet where only you and the client will have the key. Your client will have their own user ID and password into their area of the portal. There, they can upload and download documents. Some portals also have secure signature capability to help you take the paperwork out of obtaining signatures. How Can I Use a Portal? Think of all the paperwork that occurs between you and your customer, and that will give you several ideas about how to use a portal. If your business is data-intensive, you will definitely benefit from a portal; imagine moving all of those documents out of email and into a clean, private [...]