Due Soon: DC Personal Property Tax Forms

Post By Veronica Calvo

It is almost that time of year again! All individuals, partnerships, executors, administrators, etc. that own or hold personal property in the District must file a District of Columbia personal property tax return (FP-31) by Monday, July 31st.
What constitutes DC personal property?
According to the general instructions for FP-31, DC personal property includes “used or available for use in DC in a trade or business, whether or not operated for profit; and kept in storage, held for rent […]

Watch Out! Summertime Tax Scams

Post By Veronica Calvo

Although tax filing season is over for most taxpayers, tax-related scams are still surfacing. Even though taxpayers should remain on high alert for these scams year-round, tax-related scams tend to be more frequent in the summer.

As the IRS commissioner John Koskinen states, “Many of these [evolving summer schemes] are variations of a theme, involving fictitious tax bills and demands to pay by purchasing and transferring information involving a gift card or iTunes card. Taxpayers can avoid […]

Join Us: Complimentary Not-For-Profit Tax Webinar Series

Bond Beebe is pleased to offer four complimentary not-for-profit tax CPE courses to our clients in June and again via replay in October. The courses, presented by the CalCPA Education Foundation, are taught by Bond Beebe Not-For-Profit Tax Director Richard Ruvelson. Courses cover a wide variety of intermediate to advanced taxation topics for a variety of tax-exempt organizations.

Throughout his career, Richard has taught at local and national training sessions of Big 4 and regional firms and has spoken on […]

States May Delay Refunds to Help Prevent Taxpayer Identity Theft

 

Post By William Thomas

DC posted a short note about potential delays is processing refunds to their new MyTax.DC.gov blog. The purpose is to “safeguard tax dollars and combat identity theft.” Taxpayer identity theft is rampant across the country and an issue many jurisdictions face – both the IRS and states across the union. While many taxpayers do not wish for their refunds to be delayed, these jurisdictions are taking measures to ensure the refunds are issued to the correct taxpayer, which takes […]

FinCEN Form 114 Due Date Change

 

Post By Jobe Dupre

Are you a U.S. person with a financial interest in or signature authority over a foreign financial account? In other words, do you have or have authority over a bank account in a foreign country? If so, you should be aware of the foreign reporting required, specifically the filing of FinCEN Form 114.

If the aggregate value of this foreign financial account exceeds $10,000 at any time during the year, you must file a FinCEN Form 114. Prior […]

Know Your Auto (Expenses):  Actual Versus Standard Mileage Rate Methods

Post By Scott Reddersen 

If you use your car for business purposes as a self-employed taxpayer or as an employee, you generally can deduct related expenses.  You have two methods from which to choose: the standard mileage rate, or actual car expenses incurred.

If you own your car and wish to use the standard mileage rate, you must utilize this method in the first year the car is available for use in the business.  In subsequent years, you can choose to use […]

IRS Warns About W-2 Phishing Scam

Post By Sean Urbany

Late last week, the Internal Revenue Service issued an urgent warning related to a recent spike in email phishing scams. The statement warns about a specific scam where cybercriminals are disguising their email address as to appear as an executive from the targeted organization. The cybercriminal then sends an email to individuals in the human resources or payroll departments of the organization requesting copies of all employee Form W-2s. The IRS indicates that this scam is […]

4th Quarter Estimates Are Due Soon

Post by: Kelly Lopez

As tax season approaches, we wanted to give you a friendly reminder that fourth quarter federal estimated tax payments are coming up soon.  Thus, if you have not done so yet, make sure you mail out your payments on or before the 17th January.  Most states follow a similar concept, each having their own rules so our discussion will focus on federal payments.

What are estimated taxes anyway?

While you only file your tax return once a year, the […]

New Filing Deadline for Employer W-2/1099-MISC FILING

Post by: Sarah McCraine

In an effort to reduce tax payer fraud, changes have been made to deadlines that will affect payroll filings starting in 2017.  The Protecting Americans from Tax Hikes (PATH) Act, passed in 2015, changed the deadline for reporting wages and nonemployee compensation. Previously, businesses & employers were required to provide recipient copies of forms 1099-MISC and W-2 by January 31st. The corresponding filing copies along with forms 1096 and W-3 were due to the IRS/Social Security […]

Decrease in Standard Mileage Rates for 2017

Post by Camille Smith

The IRS has announced the standard mileage rates for 2017. The rates, which are reviewed annually, have decreased from the 2016 amounts. Effective January 1, 2017, the rates are 53.5 cents per mile for business purposes and 17 cents per mile for medical or moving purposes.

Standard Mileage Rates
      2017
2016

Business Miles
53.5 cents/mile
54 cents/mile

Medical or Moving Miles
17 cents/mile
19 cents/mile

 

The standard mileage rate for charitable service miles remains at 14 cents per mile, as the rate is […]

Bond Beebe in now Withum

Bond Beebe is now Withum. This powerful union expands and enhances our capabilities and services. Read More>>

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