A Stone's Throw Accounting, Bookkeeping, & Tax Service San Fernando Valley

Dear Client: The following is a summary of important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are unfavorable. New guidance on how small businesses can use research credit to offset payroll tax. Bus...Continue reading

Blog: Choices for taxpayers who don't have cash to pay their income tax. http://tax-services-granada-hills.blogspot.com//choices-fo

https://mobile.nytimes.com//your-money-adviser-fafsa-irs.h

"Tax time is always a stressful time of year, but not with Jeff! He is honest, knowledgeable and fair. He also makes sure to have a relaxed, private and comfortable atmosphere when speaking about your personal finances. He is simply the best!! Highly recommend!!" https://www.yelp.com/biz/a-stones-throw-granada-hills

"We've had Jeff as our tax accountant for many years and he has been great! Not only does he know his stuff when it comes to taxes but he has a great mind for economics in general. We've had discussions with him about investing and starting a small business. Jeff will do anything to save you money on your taxes.....legally! We highly recommend this young man!" https://www.yelp.com/biz/a-stones-throw-granada-hills

If you are expecting a refund, but have tax debt, you might be receiving this notice from the IRS. Learn more... http://tax-services-granada-hills.blogspot.com//irs-notice

IRS posts sample letter telling taxpayers their account was referred to a collection agency IRS CP40 Notice, "We assigned your overdue tax account to a private collection agency" IRS has posted to its website a copy of the letter that it will send to taxpayers to notify them that their overdue account has been assigned to a private collection agency.... https://www.irs.gov/pub/notices/cp40.pdf

The Tax Court has concluded that a taxpayer couldn't exclude from her income California State Teachers' Retirement System (CalSTRS) service retirement payments, which began shortly after she reached normal retirement age and the CalSTRS disability payments that she had been receiving due to a service-connected disability terminated. In addition, the Court found that IRS didn't abuse its discretion in sustaining notices of Federal tax lien (NFTLs) relating to the taxpayer's unpaid tax liabilities.

A district court in the Third Circuit, following Third Circuit precedent while acknowledging that courts in other circuits have held differently, has held that an estate that filed its tax return by the date that its tax professional told its executors was the due date, but which was after the actual due date, was not subject to the late-filing penalty because it reasonably relied on the advice of the tax professional.

IRS has issued a news release reminding non-U.S. citizens who have taxable income, such as international students who receive scholarship funds, of their potential filing obligations. IRS also reminded withholding agents that accurately filing Forms 1042-S, Foreign Person's U.S. Source Income Subject to Withholding, will help speed any refunds to non-U.S. citizen taxpayers. An accompanying fact sheet further explained the Form 1042-S requirements, outlined common errors, and previewed changes to the 2017 version of the form.

On Friday, President Trump signed an executive order placing "regulatory reform" task forces within federal agencies to help identify "costly and unnecessary regulations." The watchdog groups will have 90 days to examine existing regulations and identify which ones "can be repealed or modified," The Hill reported. Trump signed the order shortly after reiterating his pledge to nix "75 percent of the repetitive, horrible regulations that hurt companies [and] hurt jobs" during his speech at the Conservative Political Action Conference. At a meeting with business executives last month, Trump suggested he might cut even more than 75 percent of existing regulations. Trump has already signed an executive order that aims to slash two existing regulations for every new regulation introduced.

Now you can do your taxes without filling out the insurance question. https://www.nytimes.com//trump-makes-it-easier-to-ignore-t

CMS Issues Proposed Rule to Increase Patients' Health Insurance Choices for 2018 https://www.cms.gov//2017-Press-releases-i/2017-02-15.html