Where will your business be in five years? Would strategic budget cuts in some areas improve your company‚Äôs health? Are there ways you can boost revenue? If you‚Äôre nearing retirement, is there a buyer or successor in the wings? These are the kinds of questions that keep many business owners up at night. Fortunately, as your CPA, we can probably help you sleep a little easier. Our firm is made up of highly qualified and educated professionals who work with clients like you all year long, serving as trusted business advisers. We act as coaches, guides and trainers for our business clients, helping them chart the best route to success. So be sure to turn to us with all your business questions or concerns.
Got Foreign Assets? FBAR May Apply to You
Are you aware of the nature of all your investments, domestic and international? Do you know if you have foreign accounts with an aggregate value higher than $10,000 at any time during the calendar year, U.S. taxpayers (including individuals and business entities) are required to report on foreign assets or investments they hold in offshore accounts? Under the Bank Secrecy Act, you may be required to e-file what is known as the FBAR directly with the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department. Given the diversity of assets that many people hold, we advise against assuming that the FBAR rules don‚Äôt apply to you. ¬†If you‚Äôre not sure, we can help you determine the answers.¬†¬†¬†¬†¬†
As is often the case with tax laws, there are some exceptions and intricacies to the FBAR rules, so be sure to contact our office for more details. We can help you understand whether the rules apply to you and what you need to do to comply with them.
Documenting Your Charitable Donations
Many people make donations to charities whose work they support, but if you are planning to take a tax deduction for your gift, you must have the proper paperwork. Assembling the right documentation can also be tricky because the requirements vary based on whether the donation is cash and on the value of your gift. If you donate less than $250 in cash, for example, a canceled check, credit card statement or similar record may be sufficient, but if you give more, you will need a written acknowledgement from the charity. An additional tax form‚Äîand possibly an appraisal‚Äîmay be needed for non-cash donations, depending on their value. Of course, the organization itself must also qualify as a charity under IRS rules.
We can offer advice that will make it possible for you to fund the causes you believe in and qualify for the deductions you deserve. We can also help you incorporate charitable giving into your long-term tax and estate planning. Be sure to contact us with all of your questions on charitable giving or any other financial concern.
Let Us Help You Leverage What You Can Learn from Your Tax Return
What does your tax return say about your financial situation? The fact is, the paperwork you file each year offers excellent information about how you are managing your money‚Äîand about areas where it might be wise to make changes in your financial habits. If you have questions about your financial situation, remember that we can help. Our firm is made up of highly qualified and educated professionals who work with clients like you all year long, serving as trusted business advisors.
¬†So whether you are concerned about budgeting; saving for college, retirement or another goal; understanding your investments; cutting your tax bite; starting a business; or managing your debt, you can turn to us for objective answers to all your tax and financial questions.
Know Your Rights as a Taxpayer
Internal Revenue Service audit. Those words would strike fear into the heart of any taxpayer, but did you know that the IRS has adopted a Taxpayer Bill of Rights that spells out the rules protecting people and businesses in any dealings with the Service? The 10 provisions include the right to challenge a position and be heard, to appeal an IRS decision in an independent forum and to pay no more than the correct amount of tax.
¬†You also have the right to retain representation. Remember that we can represent you before the IRS any time you need help sorting through a tax-related problem. Not only can we help you navigate complicated tax rules‚Äîand ensure that you‚Äôre complying with them‚Äîwe can also accompany you to meetings with IRS representatives or contact them directly to sort through any issues. Be sure to contact us with all your tax questions and concerns.