You may need to fill out Treasury Department Form 90-22.1 (PDF) every year if you own, or have an interest in, any foreign bank accounts or other types of financial accounts based outside the United States. This report is separate from your income tax return, although the two reports can be interrelated.
Nonprofit Organizations: Are You Prepared For The Unknown?
There could be a fine line between being a “rich” organization; having several months of operating reserves…
Voted ‘Best Of Chapel Hill’
The editors of Chapel Hill Magazine have announced that Blackman & Sloop, CPAs, P.A. has been selected by our readers as “The Best Accountant” in Chapel Hill.
Expanded 1099 Requirements Repealed
With the passage of the Patient Protection and Affordable Care Act and the Small Business Jobs Act during 2010, you might have heard of new reporting requirements for Form 1099.
Latest Information On Health Care Benefits Reporting
Originally, with the passage of the new health care law, beginning in 2011, employers were to report health care benefits for employees. This amount would be reported on each employee’s form W-2, but it would not affect an employee’s individual taxable income.
Do You Have A “Mr. Forfeiture” In Your Plan?
Are you part of an Employee Benefit Plan or EBP? In the following BDO Seidman article, we discuss what happens when you don’t take advantage of such plans, and how you could be forfeiting a sizable personal investment. *
Does Your Business Have A Retirement Plan In Place?
If you answered no, you may want to consider the benefits to you and your employees a retirement plan can offer. A few of these benefits are a tax deduction for your contributions, the assets grow tax-free with compounding interest, and it is another benefit you can offer to attract and retain better employees.
IRS New Voluntary Disclosure
The Internal Revenue Service announced on February 8, 2011, a new voluntary disclosure initiative to encourage individuals with undisclosed income from hidden offshore accounts to get current with their federal tax obligations.
Mortgage Interest And You
The mortgage interest deduction has become one of the most popular itemized deductions on personal income tax returns. As home prices and home mortgage loans have dramatically increased, many people mistakenly believe that all home mortgage interest is deductible.
Selling Your Residence?
If you own your home, but are getting ready to sell, there are some tax exclusions you may need to be aware of.