Have Questions? We’re Here All Year!

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Many clients see their CPAs at tax time when the primary focus is on completing and filing their tax return. As a result, they may not take the opportunity to ask questions about long-term tax planning or other significant financial concerns. The good news is that we are available to you all year. We have a full-time, year-round staff of experts with extensive expertise in a broad range of financial areas. We’re ready when you are to take some time reviewing your financial situation, helping you understand your options and make the best decisions. We’re also here in an emergency to help address unexpected financial concerns. So, give us a call to discuss your substantial financial issues whenever they arise.

Top Treasury concerns

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The new Acting Assistant Attorney General of the U.S. Treasury Department Tax Division, David Hubbert, testified before a House Judiciary Committee and highlighted six areas of enforcement priorities: abusive tax shelters, unfair promotions, offshore tax evasion, employment tax enforcement, stolen identity refund fraud and tax defiers. His testimony included the factors that explain why each area draws scrutiny, such as the “enormous sums of money” typically involved in a tax shelter. Read the full testimony here: http://bit.ly/2sI3tcN

Relief from a Tax Penalty You May Not Have Even Known About!

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Did you know that small businesses that fail to file their annual retirement plan returns can face hefty fines of up to $15,000 per return? Fortunately, the Internal Revenue Service recognizes that some businesses may not even realize that this requirement applies to them. As a result, a tax penalty relief program allows them to pay $500 per return for late filings, up to a maximum of $1,500. The shelter aims at small businesses whose plans cover a 100% owner or partners in a business partnership, and their spouses. The U.S. Department of Labor also has a relief program for companies that have employees.

If you’re not sure whether the requirements—or the relief programs—apply to you, be sure to contact us. We can offer advice on how to remain in compliance with critical regulations and minimize your tax outlays.

IRS summons for Coinbase records challenged

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Three Republicans on U.S. congressional tax-writing committees have written to the IRS commissioner about the IRS’s issuance of a John Doe summons to Coinbase Inc. for records on an estimated 500,000 active U.S. customers who used digital currency from 2013 through 2015. They said the IRS didn’t provide a “reasonable basis” for the belief inherent in the summons that the individuals failed to comply with tax laws, and the demand will produce “millions of pages” of records with personally identifiable information.