Florida and Georgia Eligible for Disaster Tax Relief
Taxpayers in Florida and Georgia who were affected by Hurricane Irma have now been granted tax deadline extensions. Most tax filing and payment deadlines have been moved to January 31, 2018. The extension includes any individual and corporate taxpayers with deadlines and payments due on or after the Florida start date (September 4, 2017) or the Georgia start date (September 7, 2017) and before January 31, 2018. This includes, but is not limited to, deadlines for: Taxpayers who already had a valid extension to file their 2016 returns by September 15, 2017, (corporate) or October 16, 2017 (individual) Quarterly estimated. Read More.
Virginia Approves Tax Amnesty Program for Businesses and Individuals
On September 5, 2017, the Virginia Department of Revenue (“VDR”) provided guidelines regarding how you can reap the benefits of its new Tax Amnesty Program. This program was authorized by Virginia’s General Assembly earlier in the year and waives all penalties and 50 percent of interest on a participant’s balance due. The program will run from September 13, 2017, to November 14, 2017, giving taxpayers just over two months to take advantage of this program and get a fresh tax start. Most liabilities that qualified for the program and are unpaid at the end of the amnesty period will be. Read More.
Protecting Yourself after the Large Equifax Hack
Cyber criminals have stolen 143 million credit records from Equifax, one of the three largest credit-reporting bureaus in North America. That means that your personal identifiable information (“PII”) – and that of millions of other people – may have been compromised. This includes your social security number, home addresses (past and present), and even your mother’s maiden name. Hackers can use this information to pretend to be you and open up credit lines in your name. They can also use it to pass themselves off as legitimate individuals or businesses and trick you into giving them sensitive information, such as. Read More.
Recovery Resources for 2017 Hurricane Season: Harvey and Irma
UPDATED September 20, 2017: The Internal Revenue Service (“IRS”) has announced that it will extend disaster tax relief to the entire state of Georgia , including the extension of filing and payment deadlines. The deadline extensions parallel relief given to Florida victims of Hurricane Irma, extending most filing and payment deadlines to January 31, 2018. For links to more resources, including the FEMA Georgia disaster declaration and the full IRS statement, please refer to the resource links at the end of this article. UPDATED September 18, 2017: The Florida Department of Revenue has announced that the due date for tax returns and estimated payments have been extended to February 15, 2018. The Internal Revenue. Read More.
Best Way to Start Recovery after Hurricane Harvey
The true impact and devastation of Hurricane Harvey won’t be completely known for weeks, maybe even months. And yet, it’s not too early to look forward to what it’s going to take to begin recovery efforts. If you have a business that’s been affected by this latest natural disaster, the first thing to do is make sure your people are taken care of and have shelter and food. Then, it’s time to start thinking about the long road ahead of insurance claims for both property damage and lost profits due to business interruption, casualty loss deductions on your tax returns,. Read More.
September 15 Corporate Tax Filing Deadline for FYE June 30
The corporate tax filing deadline for corporations with a fiscal year-end (“FYE”) of June 30 is coming up on September 15. The temporary regulations that govern this deadline also provide for a seven-month filing extension, which would expire April 15. (Please note that the extension to file doesn’t extend the time in which a corporation must pay any tax that’s due.) Both this deadline and the length of the extension are different from the tax filing deadlines of corporations with different fiscal year-end dates. Beginning with returns filed for the 2016 tax year, other C corporations generally file their tax. Read More.
Tax Amnesty Period Helps Users of Fulfillment Services
Updated as of August 22, 2017: The District of Columbia, Massachusetts, Minnesota, Missouri, and North Carolina have joined the Multistate Tax Commission (“MTC”) National Nexus Program since this tax alert was originally published. You can check the MTC’s Nexus Program landing page for updates as new states join the initiative. Do you sell products to customers in a state where you don’t have your own office or warehouse? If so, do you use a third party to handle the shipment of products to your customers? If you answered yes to these questions, you may be liable for state sales, income and/or franchise taxes. And, if your business. Read More.