Wednesday, January 24, 2018

2018 Business Tax Filing Calendar

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Thursday, January 4, 2018

2018 Tax Filing Season Begins Jan. 29, Tax Returns Due April 17


The Internal Revenue Service announced today that the nation’s tax season will begin Monday, Jan. 29, 2018 and reminded taxpayers claiming certain tax credits that refunds won’t be available before late February. 

The IRS will begin accepting tax returns on Jan. 29, with nearly 155 million individual tax returns expected to be filed in 2018. The nation’s tax deadline will be April 17 this year – so taxpayers will have two additional days to file beyond April 15.

Many software companies and tax professionals will be accepting tax returns before Jan. 29 and then will submit the returns when IRS systems open. Although the IRS will begin accepting both electronic and paper tax returns Jan. 29, paper returns will begin processing later in mid-February as system updates continue. The IRS strongly encourages people to file their tax returns electronically for faster refunds.

The IRS set the Jan. 29 opening date to ensure the security and readiness of key tax processing systems in advance of the opening and to assess the potential impact of tax legislation on 2017 tax returns. 

The IRS reminds taxpayers that, by law, the IRS cannot issue refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) before mid-February. While the IRS will process those returns when received, it cannot issue related refunds before mid-February. The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards starting on Feb. 27, 2018, if they chose direct deposit and there are no other issues with the tax return.

Monday, January 1, 2018

Happy New Year From NFS!



Here's to a Happy, Healthy and Prosperous New Year!

"Always bear in mind that your own resolution to succeed is more important than any other."
-Abraham Lincoln

Thursday, December 28, 2017

IRS Advisory: Prepaid Real Property Taxes May Be Deductible in 2017 if Assessed and Paid in 2017

The Internal Revenue Service advised tax professionals and taxpayers today that pre-paying 2018 state and local real property taxes in 2017 may be tax deductible under certain circumstances.

The IRS has received a number of questions from the tax community concerning the deductibility of prepaid real property taxes. In general, whether a taxpayer is allowed a deduction for the prepayment of state or local real property taxes in 2017 depends on whether the taxpayer makes the payment in 2017 and the real property taxes are assessed prior to 2018.  A prepayment of anticipated real property taxes that have not been assessed prior to 2018 are not deductible in 2017.  State or local law determines whether and when a property tax is assessed, which is generally when the taxpayer becomes liable for the property tax imposed.

The following examples illustrate these points.

Example 1:  Assume County A assesses property tax on July 1, 2017 for the period July 1, 2017 – June 30, 2018.  On July 31, 2017, County A sends notices to residents notifying them of the

Friday, December 22, 2017

Happy Holidays From NFS!



Your friends at Northeast Financial Strategies want you to know how much your loyalty and friendship are appreciated this year and in all years past. At the holiday season, our thoughts turn gratefully to those who have made our success possible. It is in this spirit we say ... thank you and best wishes for the holidays and a happy new year.

From all of us here at NFS, THANKS!!

Monday, November 27, 2017

How to Know if the Knock on Your Door is Actually Someone From the IRS

People can avoid taking the bait and falling victim to a scam by knowing how and when the IRS does contact a taxpayer in person. This can help someone determine whether an individual is truly an IRS employee.

Here are eight things to know about in-person contacts from the IRS.

  • The IRS initiates most contacts through regular mail delivered by the United States Postal Service.
  • There are special circumstances when the IRS will come to a home or business. This includes:
    • When a taxpayer has an overdue tax bill
    • When the IRS needs to secure a delinquent tax return or a delinquent employment tax payment
    • To tour a business as part of an audit
    • As part of a criminal investigation
  • Revenue officers are IRS employees who work cases that involve an amount owed by a taxpayer or a delinquent tax return. Generally, home or business visits are unannounced. 
  • IRS revenue officers carry two forms of official identification.  Both forms of ID have serial numbers. Taxpayers can ask to see both IDs.
  • The IRS can assign certain cases to private debt collectors. The IRS does this only after giving written notice to the taxpayer and any appointed representative. Private collection agencies will never visit a taxpayer at their home or business.
  • The IRS will not ask that a taxpayer makes a payment to anyone other than the U.S. Department of the Treasury.
  • IRS employees conducting audits may call taxpayers to set up appointments, but not without having first notified them by mail. Therefore, by the time the IRS visits a taxpayer at home, the taxpayer would be well aware of the audit.
  • IRS criminal investigators may visit a taxpayer’s home or business unannounced while conducting an investigation. However, these are federal law enforcement agents and they will not demand any sort of payment.

Thursday, November 23, 2017

Happy Thanksgiving from NFS!



From All of us here at

Northeast Financial Strategies, Inc.

WE GIVE THANKS...

... For Our Families
... For Our Friends
... Four Our Clients
... For Our Communitiy
... For You

HAPPY THANKSGIVING!

Tuesday, November 21, 2017

Marijuana and the IRS

Currently, 29 states and the District of Columbia allow legal use of marijuana in some form. Several more will join in 2018, while advocates in other states are pushing to add marijuana initiatives to upcoming ballots. Marijuana sales are big business and generate needed tax revenue for the states. Although state law legalizes activities related to its production and sale, marijuana is considered a Schedule I drug under the Controlled Substances Act of 1970. As such, this activity continues to be illegal under federal law. This dichotomy of state and federal laws on the use and sale of marijuana presents unique challenges to the industry. 

Federal Taxation

As far as the IRS is concerned, all income is taxable, even illegal income. IRS publications state that “illegal activities, such as money from dealing illegal drugs, must be included in your income on Form 1040, line 21, or on Schedule C or Schedule C-EZ (Form 1040) if from your self-employment activity.” When no other crimes could be pinned to Al Capone, the Internal Revenue Service obtained a conviction for tax evasion. As the astonished Capone left the courthouse he said, "This is preposterous. You can't tax illegal income!" But the fact is income from whatever source derived (legal or illegal) is taxable income.

State legalization often comes with heavy regulation and oversight. In addition, growers, distributors and dispensaries incur costs like any other business. They hire employees and pay overhead costs. For federal tax purposes a legitimate business is allowed to deduct all “ordinary and necessary” costs from revenue in order to compute their taxable income. This is not the case for the trafficking of controlled substances such as marijuana. Although all illegal income is taxable, not all expenses are deductible.