Retirement Plans—Saver’s Credit on Retirement Contributions
Posted by Kim Chen on January 31st, 2017
The IRS reminds low and moderate income workers that they should take steps now to save for retirement and earn a special tax credit in 2016 and future years. IRC Sec. 25B provides a nonrefundable tax credit (the saver’s credit) of up to $1,000 ($2,000 for married filing jointly) for contributions or elective deferrals by […]
Reminder: January 31 Due Date for W-2 and Certain 1099-MISC Forms
Posted by Kim Chen on January 24th, 2017
The due date for filing 2016 Form W-2 and Form 1099-MISC that report nonemployee compensation in Box 7 is 1/31/17, rather than the due date of February 28 (March 31 if filing electronically) that applied in prior years. The PATH Act made this change to provide the IRS more time to verify eligibility for tax […]
Due Date for FBARs Automatically Extended to October 15 Each Year
Posted by Kim Chen on January 20th, 2017
The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 changed the due date for filing FinCEN Form 114 (Report of Foreign Bank and Financial Accounts) to April 15 of the following calendar year, with a six-month extension to October 15 allowed. (Previously, the due date was June 30 of the following calendar […]
IRS Releases Fact Sheet on Significant 2016 Tax Changes
Posted by Kim Chen on January 17th, 2017
The IRS has released a fact sheet that highlights some of the important changes affecting the upcoming tax season. Among other things, the IRS reminds individual taxpayers that they have three extra days to file and pay their 2016 taxes (until Tuesday, 4/18/17). In addition, many early filers will not have access to tax refunds […]
Leaving a Legacy for Your Heirs
Posted by Kim Chen on January 8th, 2017
Despite its name, the term “dynasty trust” has nothing to do with aristocracy or the TV show that used to be popular. It involves preserving wealth for your heirs. A dynasty trust is sometimes called a legacy or perpetual trust. Some states have a law called the “Rule Against Perpetuities” that limits the duration of […]
