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Tax Briefing(s)

As the 2016 filing season gets underway, many individuals will be receiving new information returns from their employers and/or health insurance providers. The information returns reflect new reporting requirements put in place by the Affordable Care Act. Some taxpayers will need to wait to file their returns until they receive their information returns, but most taxpayers will not.


The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) extended and enhanced many popular tax breaks for individuals and businesses. Included in the large number of extended incentives is transit benefits parity. Moreover, Congress made transit benefits parity permanent. Many individuals may benefit from this tax break, depending on their employers.



In recent years, identity theft has mushroomed and as the filing season starts, tax-related identity theft is especially prevalent. Identity thieves typically file fraudulent returns early in the filing season, before unsuspecting taxpayers file their legitimate returns. Criminals gamble that the IRS will not detect the false return and will issue a fraudulent refund.


Yes, the IRS can impose penalties if a tax return is not timely filed or if a tax liability is not timely paid. As with all IRS penalties, the rules are complex. However, a taxpayer may avoid a penalty if he or she shows reasonable cause.


Everyone in business must keep records. Among other things, good records will help a business prepare the business tax returns, and will support items reported on tax returns. Taxpayers also must keep their business records available for inspection by the IRS.


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 February 2016.


Welcome

At Gibbons & Kawash, A.C. our focus is responding to your needs and exceeding your expectations. We combine broad technical knowledge developed from years of experience with an entrepreneurial approach to problem-solving to help our clients meet all the challenges before them. An extensive library of accounting, auditing, and tax planning materials and the latest in state-of-the-art technology are valuable tools in our development of innovative solutions. But perhaps the most important element in our approach is the personalized service that enables us to develop and maintain an in-depth knowledge of your business. Our professionals take the time to listen and acquire a thorough understanding of your business needs.

Firm News

Trusts Future

Trusts Can Bolster Your Financial Plans

When it comes to personal planning, trusts can be a useful tool for affluent individuals and families. But, with a wide variety of trusts available, it can be difficult to determine which type of trust is best to use in your situation.

Business Valuation 101

Business Valuation 101 - What You Should Know About the Appraisal Process

It's important that business owners know the current value of their business. Even if you're not considering selling your company or transferring ownership right now, it could happen sooner than you think.

Tax Gotcha

Take Steps to Avoid This Tax "Gotcha"

The Trade Preferences Extension Act has some buried provisions that businesses need to know about, or face penalties for financial statements and information returns filed after December 31, 2016.

Vacation Homes

Vacation Homes: Do You Understand the Tax Nuances?

A vacation home can provide a welcome retreat from the hustle and bustle of everyday life. But that's not all: Owning a vacation home can also offer valuable tax benefits.

A History Of Service

Over 20 years ago, our firm was founded on a commitment to provide clients with the highest quality services and professional guidance. That commitment remains paramount, and is deeply rooted in every aspect of our practice. It is the reason Gibbons & Kawash has become one of the area's leading accounting and consulting firms.

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2015 Year End
Tax Planning - UPDATE

2015 Year End Tax Planning Letter - UPDATE