The Internal Revenue Code generally requires non-U.S. citizens, whom the code defines as either resident or non-resident aliens, who are engaged in a trade or business within the U.S. to file tax returns. Non-resident aliens such as foreign students, teachers or trainees temporarily in the United States on F, J, M or Q visas are…

One common problem is shared by many non-profit organizations and it has to do with continuity. When organizations are managed at the local level by members or volunteers, and those people responsible for managing the affairs of the organization turn-over from year to year, things can fall through the cracks. In fact, in recent years…

10 Helpful Facts to Know When a person sells a capital asset, the sale normally results in a capital gain or loss. A capital asset includes inherited property or property someone owns for personal use or as an investment. Here are 10 facts that taxpayers should know about capital gains and losses: Capital assets include…

Sue Morgan was in the office this afternoon for her annual tax appointment. This was her 55th year coming to us! That’s right. Joel and Sue have been clients of this firm since 1962! Sue lost Joel last December and he will be missed by all. Sue brightens the day for everyone at the office…

Required Minimum Distributions (RMDs) You cannot keep retirement funds in your account indefinitely. You generally have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or retirement plan account when you reach age 70½. Roth IRAs do not require withdrawals until after the death of the owner. Your required minimum distribution is the…

IMPORTANT REMINDER – Partnership returns (Form 1065 & K-1s) are due March 15th this year, NOT April 15th as in the past. A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in…

The Internal Revenue Service wants working grandparents raising grandchildren to be aware of the Earned Income Tax Credit (EITC) and correctly claim it if they qualify. The EITC is a federal income tax credit for workers who don’t earn a high income ($53,505 or less for 2016) and meet certain eligibility requirements. Because it’s a…

Every day scammers come up with new ways to steal taxpayers’ identities and personal information. Some scammers pretend to be from the IRS with one goal in mind: to steal money. Be aware that con artists will use video relay services (VRS) to try to scam deaf and hard of hearing individuals. Don’t become a…

ACA Silent Returns A recent executive order directed federal agencies to exercise authority and discretion available to them to reduce potential burden regarding the Affordable Care Act. Consistent with that, the IRS has decided to make changes that will continue to allow electronic and paper 1040 returns to be accepted for processing in instances where…