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February 2016

Chili Cook-off Contest 2016

Great turnout for this years contest. Special thanks to our guest judge, Jeanne Stevens from Baldwin Real Estate.

AutismUp Awards

February 11, 2016

 

We were privileged to attend and be a sponsor at the 2016 AutismUp Awards Luncheon.  Special Honorees were Jason McElwain (J-Mac) and Coach Jim Johnson.  The Keynote Speaker was Roy Firestone.  To learn more about AutismUp, please visit:  http://autismup.org/

Get Ready to Roll: Strikes for Abilities 2016!

What is Strikes for Abilities?

Strikes for Abilities is an annual, community-wide bowling party hosted by the CDS Wolf Foundation that raises funds needed for year-round recreation, health, wellness, and socialization activities as well as emergency assistance for people at CDS Monarch. Many of our recreational services, for example Special Olympics, are made possible by people like you! Join the fun, […]

New ACA information forms debut for 2016 filing season

As the 2016 filing season gets underway, many individuals will be receiving new information returns from their employers and/or health insurance providers. The information returns reflect new reporting requirements put in place by the Affordable Care Act. Some taxpayers will need to wait to file their returns until they receive their information returns, but most taxpayers will not.

Background

The ACA generally […]

Transit benefits parity made retroactive and permanent

The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) extended and enhanced many popular tax breaks for individuals and businesses. Included in the large number of extended incentives is transit benefits parity. Moreover, Congress made transit benefits parity permanent. Many individuals may benefit from this tax break, depending on their employers.

Background

Many employers encourage employees to use mass transit […]

Tax-related identity theft remains serious problem as filing season begins

In recent years, identity theft has mushroomed and as the filing season starts, tax-related identity theft is especially prevalent. Identity thieves typically file fraudulent returns early in the filing season, before unsuspecting taxpayers file their legitimate returns. Criminals gamble that the IRS will not detect the false return and will issue a fraudulent refund.

Background

Tax-related identity theft occurs when criminals use […]

FAQ: Can the IRS impose penalties if a return is not filed/tax not paid?

Yes, the IRS can impose penalties if a tax return is not timely filed or if a tax liability is not timely paid. As with all IRS penalties, the rules are complex. However, a taxpayer may avoid a penalty if he or she shows reasonable cause.

Failure to file

The penalty for failure to file a timely return is five percent of […]

How do I? Prove business expenses

Everyone in business must keep records. Among other things, good records will help a business prepare the business tax returns, and will support items reported on tax returns. Taxpayers also must keep their business records available for inspection by the IRS.

In order to claim any deduction, a business owner, like any taxpayer, must prove two things: what expenses were for […]

February 2016 tax compliance calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of February 2016.

February 1
Individuals. Individuals may file their 2015 Form 1040 and avoid any penalty otherwise assessed for not making the final […]

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