March 16, 2016
Salvatore Russo
Blog Posts
0 CommentsMarch 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 March 2016. March 2 Employers. Semi-weekly depositors must deposit employment taxes […]
Read moreMarch 16, 2016Salvatore RussoBlog Posts0 CommentsFAQ: What is the self-rental rule? Under Code Sec. 469, passive losses can only be used to offset passive income. Taxpayers who have losses from a passive activity cannot use losses from a passive activity to offset nonpassive income, such as wages. A passive activity generally is an activity in which a taxpayer does not […]
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March 16, 2016Andrew PrestiBlog Posts0 CommentsHow do I? Arrange an installment payment agreement with the IRS? The IRS always urges taxpayers to pay their current tax liabilities when due, to avoid interest and penalties. Taxpayers who can’t pay the full amount are urged to pay as much as they can, for the same reason. But some taxpayers cannot pay their […]
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March 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 […]
Read moreMarch 16, 2016Salvatore RussoBlog Posts0 CommentsSmall business incentives, reforms to ACA taxes, and other proposals in Obama’s FY 2017 budget could gain traction in 2016 Tweaks to enhanced Code Sec. 179 expensing and the high-dollar health care excise tax are two proposals in President Obama’s fiscal year (FY) 2017 budget that could become law before the end of his term. […]
Read moreMarch 16, 2016Salvatore RussoBlog Posts0 CommentsTax law changes effective January 1, 2016 require some revised planning The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) made permanent many popular but previously temporary tax breaks for individuals and businesses. The PATH Act also enhanced many incentives. These enhancements should not be overlooked in tax planning both for 2016 and […]
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