IRS has recently provided procedures for filing a delinquent Report of Foreign Bank and Financial Accounts (FBAR), without penalty, by taxpayers that use neither the Offshore Voluntary Disclosure Program (OVDP) nor the Streamlined Filing Compliance Procedures. Background: U.S. Persons having a financial interest in or signature authority over one or more foreign financial accounts, […]
The IRS has replaced a temporary pilot relief program for 1-Participant retirement plans that file Form 5500-EZ, with a permanent relief program. The revised program applies to applications submitted on or after June 3, 2015. One participant plans are not covered by Title I of ERISA which makes them ineligible to participate in the Department of […]
Who needs them? Generally you must issue a Form 1099-MISC to any payee to whom you have paid at least $600 in services, rents, and other income payments in your trade or business. You don’t need to send them to corporations or for payments to real estate agents or sellers of merchandise. You do need […]
IRA Rollovers – The One-Per-Year Rule (clarified and further limited) A new interpretation of this rule can have a negative tax effect on those making rollovers if they don’t pay attention to dates. The Internal Revenue Code provides that an individual is permitted to make only one tax-free rollover in any one year period. Under […]
We will be open on Saturday’s now through April 15th from 9 a.m. – 1 p.m. Our elevators are locked so please contact our office to have a firm member…
Squire, Lemkin + Company, LLP is a Rockville, MD accounting firm providing audit, tax, accounting and not-for-profit consulting services to companies across the East Coast. Our firm has expertise in not-for-profit Organizations, Entrepreneurial Businesses, Professional Service Firms, High Net Worth Individuals, Estates and Trusts, Employee Benefit Plans and Individual Tax Returns.
We serve clients from our office Rockville, MD. We serve the Maryland, Virginia and Washington, D.C. metropolitan area.