Important Highlights for Individuals and Small Businesses
On December 15, 2017, Congress released the 2017 Tax Cut and Jobs Act (“the Act”) that has now passed both the House and Senate and is expected to be signed immediately by President Trump. The Act represents the most sweeping changes in the tax code in over 30 years. Since the Act was published on December 15, we have been analyzing its details to advise clients on […]
Estate Tax Exemption Portability – Relief from missed portability election recently granted by IRS under Rev Proc 2017-34, but some estates will need to act quickly!
Internal Revenue Code 2010(c) grants a surviving spouse’s estate the ability to utilize unused estate tax exemption amounts from the estate of the first spouse to die in certain situations. This has been a most welcomed estate and gift tax management tool in recent years. In many cases it has simplified estate planning for married couples tremendously.
However, to qualify, an estate tax return (Form 706) must be timely filed, generally within 9 months of the […]
The next due date for individual estimated tax payments is September 15. Are you prepared?
Individuals must pay 25 percent of a required annual payment by Apr. 15, June 15, Sept. 15, and Jan. 15, to avoid an underpayment penalty. The required annual payment for most individuals is the lower of 90 percent of the tax shown on the current year’s return or 100 percent of the tax shown on the return for the previous year.
Taxpayers who can’t file a tax form on time can ask the Internal Revenue Service (IRS) for an extension to file the form. A new law enacted in 2015 has caused some confusion in the new due dates for extended income tax returns beginning with the 2016 tax form filings.
Below is a quick summary of the new extended due dates to help with any uncertainty you may have:
- Form 1120 (C-Corporation Income Tax Returns) have […]
At 8:30 a.m., the lights turn on at the office shadowing SunTrust Park. The hustle and bustle of Atlanta begins —car horns, whistles and cheers surround the new Atlanta Braves stadium.
However, that is nothing compared to the energy that flows throughout the office of CoNexus CPA Group.
CoNexus prides itself on upholding a team atmosphere. We believe that focusing on a common goal leads to great team results and that great team results translates into individual […]
As technology improves, so do cyberattack efforts. According to the Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3), “Since January 2015, there has been a 1,300 percent increase in identified exposed losses, now totaling over $3 billion.” This makes prevention and detection more difficult for businesses.
Although difficult, having strong internal controls is important. Businesses need strong internal controls to detect and prevent both intentional and unintentional misappropriations of assets.
At CoNexusCPA Group, […]
When thinking about cyber and fraud attacks, people tend to picture a malicious software or bug clinging to company files and acquiring all of the company’s information. However, fraud and cyber attacks have become easier. So easy that now your boss can be the one to trigger an attack. This happens through a cyberattack called “Executive Impersonation.”
Executive Impersonation is an attack trend, part of a set of attacks labeled Business Email Compromise (BEC). According to […]
With summer upon us, a lot of families are heading to the beach or the mountains for vacation, you may get the idea that it would be great to own a vacation home or condo to rent out when you are not using it. After all, with online rental platforms like Airbnb and VRBO, finding renters can be easy. And generating some revenue to cover ownership costs is nice as well as the associated tax […]