Dear Client: As the end of the year approaches, it is a good time to think of planning strategies that will help lower your tax bill for this year and possibly the next. Factors that compound the planning challenge this year include political and economic uncertainty, and Congress’s all too familiar failure to act on […]
On July 31, 2015, President Obama signed into law P.L. 114-41, the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.” Although this new law was primarily designed as a 3-month stopgap extension of the Highway Trust Fund and related measures, it includes a number of important tax provisions, including revised due dates […]
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 […]
The new Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file FinCEN Form 114 (Report of Foreign Bank and Financial Accounts). Individuals must file each form for which they meet the relevant reporting threshold. Form 8938, Statement of Specified Foreign Financial Assets FinCEN Form 114, Report of Foreign […]
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 […]
In the ever evolving area of state tax filings we are seeing a number of new states changing and adopting new sourcing rules that speak to whether revenue generated in their state is subject to taxation. Many states are now adopting a market-based sourcing approach to sourcing revenue and are moving away from the traditional […]
On January 1, 2013, Congress passed, and President Obama signed the next day, the American Taxpayer Relief Act. The new law includes some valuable business tax incentives. Many of these business tax incentives are temporary so taxpayers have a limited window in which to maximize their potential tax savings. Tax rates Depending on how a […]
Although Congress averted many of the consequences of a possible tumble over the fiscal cliff with last-minute action, we would like you to be aware of the impact of the bill that was passed — known as the American Taxpayer Relief Act of 2012 — signed into law Jan. 2. We have compiled an overview […]
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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.