The IRS’s Trust Fund Recovery Penalty: A Perilous Trap for the Unwary

Under the Internal Revenue Code (the “IRC”), employers must withhold certain taxes from employee pay.  These monies are referred to as “trust fund taxes” because they are held in trust on behalf of the government, and employers must turn these withheld amounts over to the government on a regular basis. For various reasons, employers sometimes […]

Tax Deadlines for 2018

Here are the tax filing deadlines for this year, for your 2017 tax returns. Form  2018 Filing Due Date (Tax Year 2017) Form W-2 (electronic or mail) Form 1065 – Partnerships Form 1120S – S Corporations Form 1040 – Individuals FinCEN 114 – FBAR (will be allowed to extend) January 31st March 15th March 15th […]

Tax Cuts and Jobs Act | New Tax Law 2017

The Tax Cuts and Jobs Act: What It Means for You

This information is current as of December 27, 2017. At the request of our clients, we have summarized some of the more important provisions of the sweeping new tax law (“TCJA”), which was signed into effect on December 22, 2017.  Please note that all of these provisions are subject to interpretation by the Internal Revenue […]

FBAR deadline is April 18

The annual due date for filing Reports of Foreign Bank and Financial Accounts (FBAR) for foreign financial accounts has been changed from June 30 of each year to April 15.  This date change was mandated by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, Public Law 114-41 (the Act).  Section 2006(b)(11) of […]