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Dear Valued Client,
Protax Consulting Services Inc. ("Protax") is actively engaged in the 2016 tax season, we are off to our most robust and busiest start ever in our history. Please do not delay to submit your 2016 Protax Tax Organizer, the April 18th individual tax filing deadline is upon us. Yes, you get three extra days this year. Let's avoid a last minute rush! In order that we properly optimize your tax liabilities and ensure proper compliance we need enough time to proactively complete your income taxes, please do not delay! Protax is thrilled to be able to care for your needs through our well-known white glove methodical thorough approach.
Sincerely, Protax Consulting Services Inc. June 18, 2014- New Streamlined and OVDI Guidance- New Streamlined Represents BONANZA GIFT for Non Reported U.S. Tax Return Filers
***NEWS FLASH*** June 18, 2014- New Streamlined and OVDI Guidance New Streamlined Represents BONANZA GIFT for Non Reported U.S. Tax Return Filers July 26, 2014 by: Marc J. Strohl, CPA Protax Consulting Services Inc. www.protaxconsulting.com Read the article »
Foreign Banks Forced to Report US Account Owners’ Tax Information to IRSThe Foreign Account Tax Compliance Act (FATCA) is a United States law that requires United States persons, including individuals who live outside of the US, to report their financial accounts held outside of the United States to the Treasury Department. This is done by completing and attaching IRS Form 8938, Statement of Foreign Financial Assets, to the individual’s income tax return, and is generally required if the value of the foreign accounts exceeds $50,000 (this threshold is higher for US persons residing abroad). In addition, FATCA requires foreign financial institutions to report about their US clients to the IRS. Congress enacted FATCA in order to make it more difficult for US taxpayers to conceal assets held in offshore accounts and shell corporations and thus, recoup federal tax revenues on unreported foreign-source income. The penalties for not reporting the accounts are draconian.Read the article »
Tax Filing Deadline is Around the CornerJust a reminder to those who have not yet filed their 2016 tax return that April 18, 2017 is the due date to either file your return and pay any taxes owed, or file for the automatic six-month extension and pay the tax you estimate to be due. The due date is normally April 15, but the 15th falls on a weekend and the next business day, April 17, is Emancipation Day, a legal holiday in Washington D.C., so the due date in 2017 is April 18.Read the article »
Important Due Date: Foreign Account Reporting Requirements (FBAR)U.S. citizens and residents with a financial interest in or signature or other authority over any foreign financial account need to report that relationship by filing FinCEN Form 114 by April 18, 2017 if the aggregate value of the accounts exceeds $10,000 at any time during 2016. Failure to file can result in draconian penalties.Read the article »
Health Reimbursement Arrangements Approved For Qualified Small EmployersUnder the Affordable Care Act (ACA or Obamacare), a health reimbursement arrangement (HRA) is treated as a group health plan, and as such, it has to meet all of the ACA’s market-reform requirements, which is not possible for the typical HRA. Stand-alone HRAs do not meet two key requirements of the ACA in that they:Read the article »
Checking the Status of Your Federal Tax Refund is EasyIf your 2016 federal return has already been filed and you are due a refund, you can check the status of your refund online.Read the article »
Don't Be Scammed by Fake CharitiesEach year at this time, the IRS publishes its list of the "dirty dozen" tax scams. Among the dirty dozen are groups that masquerade as charitable organizations to attract donations from unsuspecting contributors. Before you write a check, be aware that fraudsters are out there soliciting on behalf of bogus charities and that some so-called charities aren't entirely honest about how they use contributions. Read the article »
Tax Deductions for Owner-Operator TruckersAs an owner-operator in the trucking industry, your tax situation is unique. You benefit from special allowances for meals, are allowed very large write-offs for tractors and other equipment, must pay additional taxes and permit costs, and may have special reporting requirements in addition to your tax returns. The following is an overview of the tax issues that may apply to owner-operators.Read the article »
For more information about - Protax Consulting Services, Inc., go to http://www.protaxconsulting.com. This message was sent using ClientWhys Persyst. View our permission marketing policy. Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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Phone: (212) 714-9070
Fax: (212) 714-6654 www.protaxconsulting.com protax@protaxconsulting.com Seven Penn Plaza, Suite 416 New York, New York 10001 |
