Are you a working parent paying to put your child in daycare?
If so, did you know there’s a credit for child care expenses that could lower your taxes?
The average annual cost of care for an infant in a child care center in Arizona is $9,993, almost as much as college tuition at a four year college! The Child and Dependent Care Credit (a credit against your federal income taxes) can provide some tax relief for these expenses.
Even though most tax-exempt organizations do not pay federal taxes, most of them have to file an annual information return, which is called a Form 990.
Form 990 is an annual information return required to be filed with the IRS by most organizations exempt from income tax under section 501(a), and certain political organizations and nonexempt
Recently, more and more companies have been partnering up with QuickBooks Online to enhance your experience with cloud based accounting. Bill.com has been the most popular update to come up in the recent years, and it may be worth looking into for your business
What is Bill.com?
Bill.com is a US based cash flow management and accounting system. It has the capability to process bill payments, send invoices, collect payments,
The term “audit” usually sparks apprehension in us all. Most of us are familiar wit
h the term from the IRS. Let’s be honest, none of us “want” to be audited. However, it’s not always a bad thing.
In actuality, a financial audit most commonly refers to an independent review of an organization’s financial books. Usually conducted annually, it’s really just a part of a reliable checks-and-balances system to make sure everything is in order.
We’re often faced with the open-ended question from clients about how to strategically plan for retirement, and often, the answers are not as simple as “yes” or “no” to a client-posed question. Usually, the best retirement strategies are a culmination of careful tax planning over many years, but sometimes, changing circumstances warrant a re-evaluation of the approach. Individual Retirement Accounts (IRAs) are one of the typical areas that clients look into when it comes to retirement planning.
Are
you required to file Form 1099-MISC to report nonemployee compensation payments for the 2016 calendar year? This information is reported in box 7 on Form 1099-MISC. If so, please be advised that there is a new filing requirement for these returns. As in the past, the form is due to the recipient by January 31, 2017. However, new for 2016 returns, they are also due to the IRS by January 31, 2017 as well.
You’ve put a tremendous amount of time and effort in the months leading up to your wedding day to ensure everything is perfect so that your special day goes off without a hitch. Taxes are probably the last thing on your mind, however, they really are something you should address. The following are some basic tax considerations for newlyweds:
Name and Address Changes
When you file your income tax return,
On August 18, 2016, the Financial Accounting Standards Board (FASB) issued new rules for nonprofits: “Accounting Standards Update 2016-14 “Not-for-Profit Entities (Topic 958), Presentation of Financial Statements of Not-for-Profit Entities.” This is the first major set of changes to nonprofit financial statement presentation standards since 1993. The new rules take effect for fiscal years beginning after December 15, 2017
What organizations are affected by the new guidance?
The Financial Accounting Standards Board (FASB) introduced changes to not-for-profit accounting [Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities] on August 4, 2016, with the intention that these changes could more easily explain the purpose and mission of each organization via their financial statements.
The proposed changes will add detail to financial statement presentation and disclosure requirements that will deliver more value to not-for-profit stakeholders.
The Internal Revenue Service continues to make changes to the reporting requirements of foreign investments. Not all foreign income, investments, or assets are taxable; there may be a reporting requirement. These reporting requirements are for U.S. Citizens, U.S. Residents, and Business Entities. The foreign earned income exclusion or the foreign tax credit does not exempt you from filing.
One of the reporting requirements is filing a Foreign Bank and Financial Accounts (Form 114) to report financial interest in or signature authority over a foreign financial account.
HBL CPAs is a full-service Certified Public Accounting firm based in Tucson, Arizona. HBL has been providing tax services, accounting services, auditing and attestation services, consulting services, and various other services since 1973.
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