TAX FORM ORIGINAL DUE DATE EXTENDED DATE Form 1065, U.S. Return of Partnership Income March 15 for calendar year (15th day of the thrd month) September 15 (6 month extention) Form 1120S, U.S. Income Tax Return for an S Corporation March 15 (15th day of the third month) September 15 (6 month extention) Form 1041, […]

WASHINGTON — The Internal Revenue Service today warned taxpayers against telephone scammers targeting students and parents during the back-to-school season and demanding payments for non-existent taxes, such as the “Federal Student Tax.” People should be on the lookout for IRS impersonators calling students and demanding that they wire money immediately to pay a fake “federal […]

Are you aware that the Department of Labor and the Fair Standards Act will mean higher costs for some companies? Millions of additional Americans will qualify for overtime pay under a major change in federal labor law announced recently by the Obama administration. The change under the Fair Labor Standards Act doubles the annual salary […]

Play it conservative, and keep all your tax returns, along with insurance policies, pension-related and estate-planning documents (such as wills), forever. Keep cancelled checks, bank statements and receipts for at least three years, ideally seven – perhaps printing out copies if you receive them electronically. Do the same with any supporting documents for tax returns, […]

Cooke & Associates asserts that there should be nothing mysterious about accounting and finance from the investment side or the operational side of your business. The founder of Cooke & Associates has never been afraid of rolling up her sleeves to unravel seemingly complex issues for operating companies. Over the past twenty five years, we […]

Only one parent may claim a child in a divorce situation! In general, if you want to claim your child as a dependent, you must be the custodial parent. A custodial parent is the parent with whom the child lived with for the greater number of nights during the year. If the child was with […]

Tax credits help reduce the taxes you owe. Some credits are also refundable. That means that, even if you owe no tax, you may still get a refund. Here are five tax credits you shouldn’t overlook when filing your 2013 federal tax return: 1. The Earned Income Tax Credit is a refundable credit for people […]

WASHINGTON — For tax year 2016, the Internal Revenue Service today announced annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2015-53 provides details about these annual adjustments. The tax items for tax year 2016 of greatest interest to most taxpayers include the following dollar amounts: […]

Some of the tax provisions of the Affordable Care Act apply only to employers with fewer than 50 full-time or full-time equivalent employees. Employers with fewer than 50 employees should take note of these tax considerations: More than 95 percent of employers have fewer than 50 full-time employees or equivalents and are not subject to […]