Articles Posted in Uncategorized

Dear Client:

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Factors that compound the planning challenge this year include political and economic uncertainty, and Congress’s all too familiar failure to act on a number of important tax breaks that will expire at the end of 2016.

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FINAL REGS ISSUED ON PARTNERSHIP VARYING INTERESTS RULE

T.D. 9728, 07/31/2015, Reg. § 1.706-1, Reg. § 1.706-4, Reg. § 1.706-5

IRS has issued final regs on the determination of a partner’s distributive share of partnership items of income, gain, loss, deduction, and credit when a partner’s interest varies during a partnership tax year. The final regs also modify the existing regs on the required tax year of a partnership.

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I came across this good article, and I wanted to share with you.

Checking Up on the Affordable Care Act

By Rande Spiegelman

SOURCE: SCHWAB

 With all the commentary and debate surrounding the Patient Protection and Affordable Care Act, or “Obamacare,” it can be difficult to figure out what to expect as an individual. The effects of the new law will vary from person to person and state to state, but as investors, we should pay particular attention to five key tax changes.

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Once you come to know that your tax return is to be audited by the IRS, panicking will be your first instinct. There will be no need for panicking if you seek professional help. Mike Habib is a  tax professional and will help you in preparing for the IRS tax audit and ensure that you achieve the best possible outcome.  Generally, it is a proven fact that individuals must not handle the proceedings of audits themselves. The reason for this is that individuals aren’t aware about the IRS and their proceedings; they may even give out certain information that can open up an even more thorough investigation.

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Taxation is the area in which there can’t be any error, especially if it’s a business. There are so many mistakes an individual can possibly make like penalties, interest and additional taxes. Poor record keeping can result in an audit which is quite an expensive and time consuming procedure. An audit can lead to penalties which can further cause you to lose money. This is the reason why hiring a tax professional is better as compared to doing your taxes yourself.

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If you haven’t filed taxes for a few years, first and foremost, take a big breath. It’s not great news, but it’s not the end of the world either. You might like to know that you are not alone; there are roughly 6 million non-filers in the U.S every year. There are many reasons people do not file, with IRS research showing that often people do not file in years that they have status changes, like the death of a spouse or a divorce. Emotional and financial hardships are also cited as reasons that people do not file their tax returns on time. There are also people who have simply procrastinated.

No matter what the reason, you need to know that the only way to deal with the back taxes is to get compliant and file your taxes. There’s no way around it. If you don’t, the IRS will determine what they think you should pay, and they will begin to put penalties and interest on top of what they estimate your tax liability to be.

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