August 12, 2016
Steve Grgas
Blog Posts
0 CommentsAugust 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 federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of August 2016. August 1 Employers. File Form 941, Employer’s Quarterly […]
Read moreJuly 19, 2016Steve GrgasBlog Posts0 CommentsFAQ: Are contributions to foreign charities tax-deductible? Social media has helped to make our world smaller and when natural disasters and tragedies occur we want to help with contributions of money and/or other types of aid. At home, countless charitable organizations are providing all types of help and generally, your contributions to U.S. charities are […]
Read moreJune 08, 2016Steve GrgasBlog Posts0 CommentsFAQ: Who is eligible for the small business stock exclusion? Included among the many important individual and business incentives extended and enhanced by the massive tax bill passed in late December is a 100-percent exclusion of gain from the sale of qualified small business stock. Under the Tax Relief, Unemployment Reauthorization and Job Creation Act […]
Read moreApril 27, 2016Steve GrgasBlog Posts0 CommentsApril 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 federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of April 2016. April 1 Employers. Semi-weekly depositors must deposit employment […]
Read moreApril 27, 2016Steve GrgasBlog Posts0 CommentsHow do I? Set up a like-kind exchange Under Code Sec. 1031, a taxpayer can make a tax-free exchange of property held for productive use in a trade or business or for investment. The exchange must be made for other property that the taxpayer will continue to use in a trade or business or for […]
Read moreApril 27, 2016Steve GrgasBlog Posts0 CommentsIRS focuses on new partnership audit rules Legislation enacted in 2015 provides new rules for IRS partnership audits. The new rules are a drastic departure from current rules and the IRS is hopeful that the rules will simplify the audit process and allow the IRS to conduct more partnership audits. The provisions do not take […]
Read moreApril 27, 2016Steve GrgasBlog Posts0 CommentsFBAR, Form 8938 filings increase as taxpayers become more aware of reporting requirements Six years ago, Congress passed the Foreign Account Tax Compliance Act (FATCA), which set in motion a wave of new reporting and disclosure requirements by individuals, foreign financial institutions, and others. In response, the IRS created a host of new rules and […]
Read moreApril 26, 2016Steve GrgasBlog Posts0 CommentsFAQ: What is the Roth IRA contribution limit for 2016? Individuals may contribute up to $5,500 to a traditional and a Roth IRA for 2016. This is the same limit as 2015. An individual age 50 and older can make a catch-up contribution of an additional $1,000 for the year. The contribution is limited to […]
Read moreMarch 16, 2016Steve GrgasBlog Posts0 CommentsWhite House & Congress take action to increase participation in retirement plans Both Congress and the White House want to increase access, coverage and participation in retirement savings plans. A recent study indicates that a majority of American households may not be able to maintain their standard of living after retirement and that the current […]
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