Newsletters

Tax Filing Reminders

February 28th Due date for payers to provide Forms 1099-MISC (other than box 7 Non-Employee Compensation) to the IRS Due date for payers to provide Forms 1095 to the IRS if paper filing (Note: the due date is March 31st if filing electronically) March 4th  Due date to send individuals 2019 Form 1095-B, Health Coverage, and 2019 Form 1095-C, Employer-Provided Health Insurance Offer and Coverage March 16th Due date for 2019 calendar-year S corporation income tax returns Due date for 2019 calendar-year partnership returns Due date for calendar-year corporations to elect S corporation…

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Can You Write off Website Development Costs?

Despite the extensive use of the internet for business purposes, the IRS has issued little formal guidance regarding deductions in this area. The following discussion, however, sets forth a brief summary of some of the relevant factors that should be considered with respect to these expenses. Purpose of Website. If the website itself is the start-up of a new business (i.e., a new “.com” company), the website development costs generally are not deductible, unless an election is made to deduct the first $5,000 of such costs or the expenses otherwise…

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Form 1023 Is Now Required to Be Submitted Electronically

The IRS recently announced that it has revised Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, and its instructions, to help charities apply for 501(c)(3) tax-exempt status electronically for the first time. Beginning January 31, 2020, applications for recognition of exemption on Form 1023 must be submitted electronically online at www.pay.gov. The IRS will provide a 90-day grace period during which it will continue to accept paper versions of Form 1023 (Rev. 12-2017). The user fee for Form 1023 will remain $600 for…

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There still might be time to cut your tax bill with IRAs

If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the Wednesday, April 15, 2020, filing date and benefit from the resulting tax savings on your 2019 return. Do you qualify? You can make a deductible contribution to a traditional IRA if: You (and your spouse) aren’t an active participant in an employer-sponsored retirement plan, or…

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