Each U.S. person who has a financial interest in or signature or other authority over foreign bank accounts, securities accounts or other financial accounts must file a Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts or FBAR) for each calendar year during any part of which [...]
We wanted to take this time to remind you that if you are required to pay personal estimated tax payments, the deadline is approaching and payments should be made by September 15, 2011. The required annual payment for most individuals is the lower of 90% of the tax shown [...]
Each year, the IRS and state agencies send out millions of notices to taxpayers for various reasons. Over the last year, there has been a significant increase in the volume of these notices due to the enhanced matching program between the federal government and the state agencies. If you [...]
Each U.S. person who has a financial interest in or signature or other authority over foreign bank accounts, securities accounts or other financial accounts must file a Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts or FBAR) for each calendar year during any part of which [...]
The IRS assesses penalties for underpayment of income tax. If you did not pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax. What are the requirements to avoid penalties? The required [...]
For eligible individuals, HSAs offer a tax-favorable way to set aside funds (or have their employer do so) to meet future medical needs. Here are the key tax-related elements: Contributions you make to an HSA are deductible, with limits, Contributions your employer makes aren't taxed to you, Earnings on [...]
Ever wonder how someone is selected by the IRS for an audit? A computer program called the Discriminant Inventory Function System (DIF) assigns a numeric score to each individual return after it is processed. The higher the DIF score, the higher the potential that an exam will result in [...]
DAVID R. NATAN PROFILED IN THE BOSTON BUSINESS JOURNAL Waltham, MA - February 4, 2011 - Newburg & Company, LLP is pleased to announce that partner David R. Natan was chosen by the Boston Business Journal as part of their "Accounting: A Who's Who for 2011". David was amongst [...]
100% bonus depreciation is allowed after September 8, 2010 and before January 1, 2012 The 2010 Tax Relief Act provides that the bonus depreciation percentage is 100% (instead of 50%) for "qualified property" that is placed in service after September 8, 2010 and before January 1, 2012. The new [...]
Since 1984, Newburg & Company, LLP has been working with restaurants throughout the New England area. Below, we have compiled a list of some of the more important tax and accounting issues impacting restaurants and bars today (in no particular order of importance). 1. DEPRECIATION OPPORTUNITIES The cost of updating and [...]
