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The Accounting Blog of Koontz & Parkin

From the IRS: Amended Tax Returns

Saturday, April 26, 2014

From the IRS: Amended Tax Returns The Internal Revenue Service projects that almost 5 million taxpayers will amend their returns by filing Form 1040X during 2014. Taxpayers who need to amend their returns should file this form only after filing the ... Read More

Florida Businesses: Annual Reports Due on May 1

Thursday, April 24, 2014

Annual Reports Due May 1 All Florida Businesses registered with the Florida Department of State, Division of Corporations must file an annual report by May 1 of each year. The deadline for this year is coming up quickly and if the payment is late, ... Read More

From the IRS: Make Plans Now for Next Year’s Tax Return

Wednesday, April 23, 2014

From the Internal Revenue Service: Make Plans Now for Next Year’s Tax Return Most people stop thinking about taxes after they file their tax return. But there’s no better time to start tax planning than right now. And it’s never ... Read More

Annual Report Filing Deadline on May 1st

Tuesday, April 22, 2014

Annual Report Filing Deadline on May 1st Florida Secretary of State Ken Detzner released the following statement reminding business entities in Florida that the deadline for filing their annual reports is May 1, 2014. The filing deadline is ... Read More

Chance of Audit Declines

Monday, April 21, 2014

Chance of Audit Declines From: ACCOUNTINGTODAY.COMBy Michael Cohen, Editor-in-ChiefWashington, D.C. (April 17, 2014) The Internal Revenue Service is anticipating the chances of a tax return being audited to be the lowest in years. The IRS audited ... Read More

From the IRS: Virtual Currency

Thursday, April 17, 2014

From the Internal Revenue Service:IRS Virtual Currency Guidance: Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes; General Rules for Property Transactions Apply The Internal Revenue Service today issued a notice providing ... Read More

From the IRS: Ten Facts about Amended Tax Returns

Tuesday, April 15, 2014

From the Internal Revenue Service: Ten Facts about Amended Tax Returns Did you discover that you made a mistake after you filed your federal tax return? You can make it right by filing an amended tax return. Here are the top ten things to know ... Read More

IRS Tax Settlement with an Offer in Compromise (OIC)

Monday, April 14, 2014

Settlement with an Offer in Compromise If you owe money to the IRS, you may be able to reach an Offer in Compromise (OIC) to pay the money that you owe. An OIC provides a way to have a large portion of your tax debt forgiven. You must agree to pay ... Read More

From the IRS: Eight Common Tax Mistakes to Avoid

Wednesday, April 2, 2014

From the IRS: Eight Common Tax Mistakes to Avoid The Internal Revenue Service has recently posted the following tips to avoid errors on your tax return. We all make mistakes. But if you make a mistake on your tax return, the IRS may need to ... Read More

From the IRS: Time Expiring to Claim 2010 Tax Refund

Tuesday, March 25, 2014

From the Internal Revenue Service: Time Expiring to Claim $760 Million in Refunds for 2010 Tax ReturnsIf you did not file a tax return for 2010, you may be one of over 900,000 taxpayers who may be due a refund from that year. If you are, you must ... Read More

Tips on Deducting Charitable Contributions from the IRS

Monday, March 24, 2014

Tips on Deducting Charitable Contributions from the Internal Revenue Service If you are looking for a tax deduction, giving to charity can be a ‘win-win’ situation. It’s good for them and good for you. Here are eight things you ... Read More

Vehicle Depreciation Deductions

Monday, March 17, 2014

Guidance Issued on Vehicle Depreciation Deduction Limitations In late February, the IRS issued the tables indicating the depreciation deductions for owners of passenger automobiles, trucks and vans first placed in service during calendar year 2014. ... Read More

How to Avoid Identity Theft with Your Income Tax Return

Monday, March 17, 2014

How to Avoid Identity Theft with Your Income Tax Return The IRS reports that cyber-crimes often occur with tax returns. Cyber thieves are crafty and their numbers are increasing. Here are seven ways you can avoid identity theft. File as early as ... Read More

Declaration of Domicile for the State of Florida

Friday, February 21, 2014

Establishing Domicile in the State of Florida Welcome to Florida! To establish domicile in Florida, an individual should complete as many of the tasks listed below as are possible: 1. File a Florida Declaration of Domicile2. ... Read More

Tax Season Has Begun!

Saturday, February 1, 2014

Tax Season Has Begun !From the Internal Revenue Service:IRS Kicks Off 2014 Tax Season; Individual Returns Can Be Filed Now; Free Online Services Available to Help With Filing, Refunds, EITC WASHINGTON — On January 31st, the Internal Revenue ... Read More

Name Change Reminder from the IRS

Thursday, January 23, 2014

Report A Name Change before You File TaxesDid you change your name last year? Did your dependent have a name change? If the answer to either question is yes, be sure to notify the Social Security Administration before you file your tax return with ... Read More

Limited Liability Company Taxation for Real Estate Investors

Wednesday, January 8, 2014

The Limited Liability Company (LLC) has become an increasingly popular vehicle for the foreigner buyer, or real estate investor seeking to establish a level of personal liability and asset protection, while minimizing their tax liability. An LLC ... Read More

IRS Tips for Choosing a Tax Return Preparer

Thursday, January 2, 2014

Tips for Choosing a Tax Return Preparer The IRS urges you to choose your tax preparer wisely. Taxpayers are legally responsible for what’s on their tax return even if it is prepared by someone else. So, it is important to choose carefully when ... Read More