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September 05, 2017

IRS Provides Penalty Relief for Partnerships that Filed Late Returns in 2017

IRS Provides Penalty Relief for Partnerships that Filed Late Returns in 2017
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The Internal Revenue Service today issued guidance providing penalty relief for certain partnerships that did not file the required returns by the new due date for tax years beginning in 2016. Partnerships file Form 1065 or Form 1065-B or request an automatic extension by filing Form 7004.

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 changed the date by which a partnership must file its annual return. For calendar year partnerships, the due date for filing the annual return or request for an extension changed from April 15 (April 18 in 2017) to March 15.

Many partnerships filed their returns or their extension requests for tax year 2016 by the April deadline, and if not for the Surface Transportation Act, these returns and requests for extension of time to file would have been on time.

Notice 2017-47 provides penalty abatement for these partnerships, provided:
(1) the partnership filed the returns with the IRS and furnished copies to the recipients (as appropriate) by the date that would have been timely, or
(2) the partnership filed Form 7004 to request an extension of time to file by the date that would have been timely.

Taxpayers who qualify for relief under Notice 2017-47 will not be treated as having received a first-time abatement under the IRS’s administrative penalty waiver program. Additional details are available in Notice 2017-47.

The new deadlines were provided in the instructions for Form 1065 and the instructions for Form 1065-B.

For calendar year partnerships, the due date for filing a return after receiving an extension is Sept 15. The IRS projected that corporations and partnerships will file almost 6.9 million extension requests during 2017 The IRS expects to receive more than 4 million partnership returns during 2017.

IRS Newswire – September 1, 2017

September 27, 2017

Save more for college through the tax advantages of a 529 savings plan

Save more for college through the tax advantages of a 529 savings plan
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With kids back in school, it’s a good time for parents (and grandparents) to think about college funding. One option, which can be especially beneficial if the children in question still have many years until they’ll be starting their higher education, is a Section 529 plan.

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September 26, 2017

Don’t Let “Founder’s Syndrome” Impede Your Succession Plan

Don’t Let “Founder’s Syndrome” Impede Your Succession Plan
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Are you the founder of your company? If so, congratulations — you’ve created something truly amazing! And it’s more than understandable that you’d want to protect your legacy: the company you created.
But, as time goes on, it becomes increasingly important that you give serious thought to a succession plan. When this topic comes up, many business owners show signs of suffering from an all-too-common affliction.
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September 24, 2017

Use a Giving Day to Raise Money — and Awareness — For Your Nonprofit

Use a Giving Day to Raise Money — and Awareness — For Your Nonprofit
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What are you doing November 28? If that date doesn’t ring a bell, your not-for-profit probably hasn’t made plans to participate in National Giving Tuesday. But considering the opportunities associated with it, maybe it should.

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September 19, 2017

How Profitable Are Your Customers?

How Profitable Are Your Customers?
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“We love our customers!” Every business owner says it. But all customers aren’t created equal, and it’s in your strategic interest to know which customers are really strengthening your bottom line and by how much.

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September 17, 2017

Make Sure Your Nonprofit’s SEO Strategy Keeps Pace With the Web

Make Sure Your Nonprofit’s SEO Strategy Keeps Pace With the Web
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When did you last Google your not-for-profit’s name or check to see if your website is among the top search results for relevant terms? Many organizations optimize their sites for search engines when they first launch and never revisit their search engine optimization (SEO) strategy. Unfortunately, this is a recipe for online obscurity.

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September 13, 2017

Business State and Tax Nexus

Business State and Tax Nexus
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Moshe Seidenfeld discusses the importance of recognizing your business’s nexus and applying the correct tax rules.

September 13, 2017 — BY Simcha Felder

Accountants You Can Count On

Accountants You Can Count On
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There is an old joke that goes: “What is the definition of an accountant?” The answer is “Someone who solves a problem you didn’t know you had in a way you don’t understand.”

However, in many cases this is not a joke, because by the time you realize you need one, you’re usually not laughing. Here’s a quick story I wanted to share:

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September 13, 2017 — BY Maurie Backman

5 Ways You’re Losing Money Without Even Realizing it

5 Ways You’re Losing Money Without Even Realizing it
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We all work hard for our money, so the last thing we want to do is throw any of it away. Yet a surprising number of us are kissing countless dollars goodbye due to ignorance or poor spending habits.

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http://money.cnn.com/2017/09/05/pf/losing-money/index.html?iid=Lead

September 13, 2017

Tax Planning Critical When Buying a Business

Tax Planning Critical When Buying a Business
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If you acquire a company, your to-do list will be long, which means you can’t devote all of your time to the deal’s potential tax implications. However, if you neglect tax issues during the negotiation process, the negative consequences can be serious. To improve the odds of a successful acquisition, it’s important to devote resources to tax planning before your deal closes.

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September 07, 2017

The ABCs of the Tax Deduction for Educator Expenses

The ABCs of the Tax Deduction for Educator Expenses
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At back-to-school time, much of the focus is on the students returning to the classroom — and on their parents buying them school supplies, backpacks, clothes, etc., for the new school year. But let’s not forget about the teachers. It’s common for teachers to pay for some classroom supplies out of pocket, and the tax code provides a special break that makes it a little easier for these educators to deduct some of their expenses.

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