Tax Filing Season Opens January 27, 2020!

The word is out! Everyone is talking about it; some are screaming it; but it's all the same news: The IRS announced today that the nation's tax season will start for on Monday, January 27, 2020!

ARE YOU READY?
Ensure to give your Tax Professional all required documents and information needed to e-file an accurate tax return - the first time. Please have a conversation with your CPA and notify him/her of any changes in  your life since the last tax return (newborn, new home, new business, marital status, relocation, etc.).

IP PIN - If you received an IP PIN, your tax professional will need it to file your tax returns. "The IP PIN is a six-digit number assigned to eligible taxpayers to help prevent the misuse of their Social Security number on fraudulent federal income tax returns. An IP PIN helps the IRS verify a taxpayer's identity and accept their electronic or paper tax return." (IRS).

FBAR - Report of Foreign Bank and Financial Accounts (FBAR)A United States person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate, must file an FBAR to report:

1. a financial interest in or signature or other authority over at least one financial account located outside the United States if
2. the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

Generally, an account at a financial institution located outside the United States is a foreign financial account. Whether the account produced taxable income has no effect on whether the account is a “foreign financial account” for FBAR purposes.

Entrepreneurs

Entrepreneurs should ensure their estimated tax payments, payroll tax deposits and all related liabilities, income tax payments are current and reflected in your respective bookkeeping.