Newsletter

 

Our regularly updated newsletter provides timely articles to help you achieve your financial goals.

 

MAY 2017

Tax deadlines for May

May 15 - Deadline for calendar-year exempt organizations to file 2016 information returns May 31 - Deadline for IRA, SEP, SIMPLE, Roth IRA, MSA, and education savings account trustees Read More...

2017 Conference

In addition to events and seminars sponsored in our local area, the shareholders and staff at Stanfield + O’Dell attend and present at various conferences and events around the U.S. Read More...

IRS is now using collection agencies

The IRS is now using outside collection agencies to collect unpaid tax obligations. This new program will start slowly with only a few hundred taxpayers receiving mailings. The number will Read More...

What to do if you are selected for a correspondence audit

The IRS is now handling many routine audit reviews through form letters called correspondence audits. These letters come from the IRS and ask for clarification and justification of specific deductions Read More...

Schedule your midyear tax planning session

Most people don't include tax planning on their summertime agenda, but maybe they should. The problem with waiting until the end of the year is that you reduce the time Read More...

Everyone knows someone who missed the boat

This year's April 18 tax deadline has come and gone, but not everyone has filed a 2016 tax return. While many have filed an extension and intend on getting their Read More...

APRIL 2017

What's due on April 18?

Tuesday, April 18, is a major tax deadline. Here are some of the tax filing and related deadlines: 2016 individual income tax returns Calendar-year 2016 C corporation income tax returns Read More...

2017 Conference

In addition to events and seminars sponsored in our local area, the shareholders and staff at Stanfield + O’Dell attend and present at various conferences and events around the U.S. Read More...

Apply for an extension if you can't file by April 18

Tax time can be stressful, but don’t panic if you can’t file your tax return on time. There’s still time to get an automatic six-month deadline extension. There are four ways Read More...

IRS interest rates remain the same for second quarter 2017

Interest rates charged by the IRS on underpaid taxes and applied by the IRS on tax overpayments will remain the same for the second quarter of 2017 (April 1 through Read More...

Springtime remodeling - know the tax impacts

Spring fever often influences homeowners to update and remodel. Maybe you’re considering a new project, too. You may need to replace your deck or remodel your kitchen. If you have Read More...

2013 unclaimed tax refunds

The IRS announced that an estimated one million taxpayers who did not file an income tax return in 2013 could claim their share of $1 billion in unclaimed refunds for Read More...

MARCH 2017

First Quarter 2017 Tax Deadlines

  March 1 – Farmers and fishermen who did not make 2016 estimated tax payments must file 2016 tax returns and pay taxes in full. March 2 – Large employers Read More...

2017 Conferences

In addition to events and seminars sponsored in our local area, the shareholders and staff at Stanfield + O’Dell attend and present at various conferences and events around the U.S. We Read More...

Reminder Partnership tax returns are due one month earlier

Remember, partnership tax returns are now due on March 15.  This is a month earlier than last year. The change is important to note, as filing the tax return late Read More...

2016 proof of health insurance: the Form 1095 wrinkle

Under the current Affordable Care Act (ACA), all Americans must have health insurance. If you receive your health insurance through the ACA marketplace or from your employer, you will receive Read More...

Current tax law requires health insurance

During his first week in office, President Trump signed an executive order asking federal agencies to reduce the economic burden the Patient Protection and Affordable Care Act (ACA) puts on Read More...

More credits require questions

Common errors have helped to make the Earned Income Tax Credit (EIC) a major source of what the IRS calls "improper payments." The agency estimates that of the $66 billion Read More...

FEBRUARY 2017

First Quarter 2017 Tax Deadlines

  Tax return filing season has arrived, which means it's time to mark your calendar for these 2017 tax deadlines. February 28 – Payers must file information returns (except certain Forms Read More...

2017 Conferences

In addition to events and seminars sponsored in our local area, the shareholders and staff at Stanfield & O’Dell attend and present at various conferences and events around the U.S. Read More...

Making the most of your tax refund

If you are expecting a tax refund, you might consider investing your refund or using it to increase your financial security.  While everyone's needs are different, here are some optional Read More...

Time to plan for inflation-adjusted 2017 tax numbers

Each year, certain tax figures are adjusted for inflation.  While most figures are unchanged versus 2016, there is more than a 7% increase to the maximum earnings subject to social Read More...

Can bartering be an effective business strategy?

Have you ever thought about bartering as a way to get the goods and services you need for your business?  A growing number of businesses are finding ways to use Read More...

JANUARY 2017

Mark your calendar: First quarter 2017 tax deadlines

  Tax return filing season has arrived, which means it's time to mark your calendar for these 2017 tax deadlines. January 17 – Due date for the fourth and final installment Read More...

Note the new due dates for Forms W-2 and 1099

Did you spot the new due dates on the tax calendar? As you begin your January payroll preparation, take into account earlier due dates for two common information reporting forms. Forms Read More...

IRS extended the due date for Forms 1095

When you're an applicable large employer (generally, when you employ 50 or more full-time workers and equivalents), you're required to provide information about health coverage to the IRS and to Read More...

2017 Financial shape up: Small steps toward big goals

Shaping up your finances in 2017 may seem like a big goal, perhaps even too daunting. But if you take one small step at a time, these small steps will Read More...

Standard mileage rates go down for 2017

Have you noticed the price of gas? So has the IRS – and the reimbursement rate for business mileage has gone down as a result. The new rate for 2017 Read More...

Some federal income tax refunds may be temporarily delayed

In general, you can expect your federal refund to be issued approximately 21 days after your electronically filed tax return has been accepted. However, identity theft is still a major Read More...

DECEMBER 2016

No change to nanny tax threshold

The social security coverage threshold for domestic employees, including nannies, will remain at $2,000 for 2017, the same as the 2016 threshold.  If your household workers earn less than $2,000, Read More...

Judge blocks Obama rule extending overtime pay to 4.2 millio...

Late last month, a federal judge in Texas blocked the Department of Labor's ruling on overtime pay, which was set to take effect on December 1st.  This is the ruling Read More...

Tax reminders

December 15 – Due date for calendar-year corporations to pay the last installment of 2016 estimated income tax. December 31 – Deadline to complete 2016 tax-free gifts of up Read More...

Be prepared for a higher social security wage base in 2017

For 2017, the wage base for withholding social security tax from wages has increased to $127,200, up from $118,500 in 2016. The “wage base” is the amount of wages on Read More...

Check your basis in your S corporation before the end of the...

Losses can be hard to take – so if you think your S corporation will show a loss for 2016, now’s the time to plan to make sure you’ll get Read More...

Have you prepared for Affordable Care Act reporting deadline...

The IRS has pushed back the reporting deadline for 1095-B and 1095-C, originally scheduled for January 31, 2017.  The new deadline for submitting these documents will be March 2, 2017. The Read More...

NOVEMBER 2016

Save yourself some stress. Start your year-end tax review n...

An important part of our service to you is to help identify actions you can take before year-end to minimize your personal 2016 federal income tax bill. Accelerating or delaying Read More...

Insurance enrollment begins this month

Beginning this month, you can sign up for a new 2017 health insurance policy on the health insurance Marketplace. You can also change or renew the policy you purchased during Read More...

Can your business survive these seven potential disasters?

Disasters, natural or otherwise, could ultimately lead to your company’s demise. Fortunately, advance planning can keep you on track. Here are seven scenarios to be prepared for. A natural disaster. Read More...

Stay ahead of the deadline for 2016 required minimum distrib...

If you’re over 70½ and are required to take distributions from your IRA or other retirement account, remember that you must take your 2016 required minimum distribution by December 31. Read More...

Time to renew Individual Taxpayer Identification Numbers

Individual Taxpayer Identification Numbers (ITINs) are nine-digit numbers issued by the IRS so certain taxpayers who do not have a social security number can file a tax return. According to Read More...

OCTOBER 2016

Plan ahead for year-end business tax savings

As the end of the year approaches, turn your attention to ways you can reduce your 2016 tax liability. Here are suggestions. Business equipment. Take advantage of end-of-year sales on Read More...

New procedure for 60-day rollover errors

Did you inadvertently miss the 60-day time limit for making an IRA or retirement plan rollover? You may be able to avoid taxes and possible penalties by notifying your account Read More...

Tax relief for Louisiana storm victims

Victims of the August storms and floods in Louisiana have until January 17, 2017, to file individual and business federal tax returns with due dates on or after August 11, Read More...

Smart financial decisions are simple, but not easy

Seeing purchases your friends post on social media can leave you envious – and might also foster a desire to buy a similar item. That can be a problem if Read More...

Tax filing reminders

● October 17 – Deadline for filing your 2015 individual tax return if you requested an automatic six-month extension of the April deadline. ● October 17 – If you converted a regular Read More...

SEPTEMBER 2016

IRS sets 2017 HSA limits

  The IRS announced inflation-adjusted limits for deductible contributions to health savings accounts (HSAs) for 2017. For family coverage, the contribution limit will be $6,750, and for individual coverage, the limit Read More...

Tax planning for college

         If you are a parent with college-bound children, you are concerned with setting up a financial plan to fund future college costs. If your children are already college age, Read More...

FSA or HSA? Choosing between health accounts

  Are you confused about your choices for paying medical expenses under your employer's benefit plan? Here are differences between two types of commonly offered accounts: a health savings account (HSA) Read More...

Update on Challenge to Minister's Tax-Free Housing Allowance

  The IRS has conceded that the Freedom From Religion Foundation has legal standing to challenge the constitutionality of the minister housing allowance. After previous failed attempts, the case brought by Read More...

Tax filing reminders

  September 15 – Third quarter installment of 2016 individual estimated income tax is due. September 15 – Filing deadline for 2015 tax returns for calendar-year corporations that received an Read More...

AUGUST 2016

IRS grants more time to benefit from this tax credit

  When you hire workers from specified groups that typically experience high unemployment, you may qualify for a tax break known as the Work Opportunity Tax Credit. You typically have 28 Read More...

The part-year withholding method can increase your paycheck

  If you’re starting your first job this fall, you probably want to avoid overpaying your federal income tax. Consider asking your employer to use a special formula known as the Read More...

Get organized and improve your business

  The art of placing information in a logical order, more prosaically called organization, is key to the efficiency of your business, which can in turn increase productivity. Fortunately, you can Read More...

Avoid penalties by keeping accurate information return recor...

  Did you file all required information returns for 2015 and earlier years? Information returns include Forms 1099, the forms you complete when you pay for certain business expenses such as Read More...

Plan for the fate of your digital assets

  An important step in estate planning is creating an inventory of your assets. Your executor – the person you designate in your will to carry out your last wishes – Read More...

JULY 2016

Will you be ready for the new overtime pay rules?

  In May, the Department of Labor updated the rules for paying overtime. Under the new rules, salaried employees who earn less than $913 per week ($47,476 per year) will be Read More...

Follow these steps to a comfortable retirement

  Planning can help you achieve a comfortable retirement. Here are five suggestions to consider. Start a retirement savings program as early as possible and contribute regularly. The longer and more Read More...

Are you at risk of an audit?

  According to recent statistics, budget cuts, staff attrition, and a heavy workload for IRS employees mean your chances of undergoing a tax audit are less than 1%. Does that sound Read More...

Form 5500 filing reminder - and changes to note

  August 1, 2016, is the deadline for filing retirement or employee benefit returns (5500 series) for plans on a calendar year. (The usual due date of July 31, 2016, is Read More...

JUNE 2016

Make June business tax planning time

  Looking for suggestions to reduce your 2016 business tax liability? Here are three tips to consider as summer gets underway. Business trips. When you travel on business this summer, you Read More...

Did you get your new "chip" card?

  The latest credit cards have a new feature: a half-inch square on the card’s face that looks like a mini circuit board. The square is a small computer chip called Read More...

Report your foreign financial accounts by June 30

  June 30, 2016, is the deadline for filing the 2015 Form 114, Report of Foreign Bank and Financial Accounts, known as the FBAR. Not sure if you need to file? Read More...

How to respond to an IRS notice

  If you find yourself on the IRS mailing list, here’s what to do. Scan the heading. The first line, generally printed in bold type and centered beneath your name and Read More...

Your business may qualify for this extended tax break

  The Work Opportunity Tax Credit gives employers a tax credit for hiring veterans and others who are members of “target” groups. Normally, you have 28 days after an eligible worker’s Read More...

June 15 is the deadline for your second estimated tax paymen...

  June 15, 2016, is the due date for making your second installment of 2016 individual estimated tax. You can pay online, by phone, with a credit or debit card, or Read More...

This newsletter is intended to provide generalized information that is appropriate in certain situations.  It is not intended or written to be used, and it cannot be used by the recipient, for the purpose of avoiding federal tax penalties that may be imposed on any taxpayer.  The contents of this newsletter should not be acted upon without specific professional guidance.  Please call us if you have questions.