May 16th deadline for many Tax-Exempt Organizations

With the May 16 filing deadline facing many tax-exempt organizations, the IRS today cautioned these groups not to include Social Security numbers (SSNs) or other unneeded personal information on their Forms 990, and consider taking advantage of the speed and convenience of electronic filing.
Form 990-series information returns and notices are due on the 15th day of the fifth month after an organization’s tax year ends. Many organizations use the calendar year as their tax year, making May 15 the deadline for them to file for 2015. However, because May 15 falls on a Sunday, the deadline this year moves to Monday, May 16.

For more information contact Neikirk, Mahoney & Smith at 502-896-2999.

3 Ways to save money on your Taxes

Here are three ways you could save money on your taxes.
Save for retirement:
By far, the best way to lower your taxes is to save more for your retirement. Not only do you get a lower tax bill now, you're also creating your own financial security in the process.
Buy a house:
There are several tax breaks that come along with homeownership, and they can combine to save you a good chunk of money on your taxes.
Give generously:
Another great way to save on your taxes is to contribute to causes near and dear to you. The IRS lets itemizers deduct donations to qualified non-profit organizations and charities, including cash donations as well as property.

For more information contact Neikirk, Mahoney & Smith at 502-896-2999.

Time for a PTC check up

When you applied for assistance to help pay the premiums for 2016 health coverage through the Marketplace, the Marketplace estimated the amount of your premium tax credit. Advance payments are based on an estimate of the premium tax credit that you will claim on your federal income tax return. You may be receiving the benefit of monthly advance payments to lower what you pay out-of-pocket for your monthly premiums.  Doing a PTC check-up now will help you avoid large differences between the advance credit payments made on your behalf and the amount of the premium tax credit you are allowed when you file your tax return next year.

For more information contact Neikirk, Mahoney & Smith at 502-896-2999

IRS Issues Rules on Self-Employment Taxes for Partners

The Internal Revenue Service has released final and temporary regulations on the self-employment tax treatment of partners in a partnership that owns a disregarded entity and whether they can participate in employee benefit plans.The regulations take effect Wednesday. The Tax Code states that, except as otherwise provided, a business entity that has a single owner and is not a corporation is disregarded as an entity separate from its owner, thus making it a “disregarded entity.” However, the Tax Code also says a disregarded entity is treated as a corporation for purposes of employment taxes. Therefore, the disregarded entity, rather than the owner, is considered to be the employer of the entity’s employees for purposes of employment taxes.

For more information on how this may affect you contact Neikirk, Mahoney, & Smith at 502-896-2999

Employers and Coverage Providers: Access Webinars to Learn about ACA Provisions

Employers and health coverage providers have access to newly updated webinars from the IRS.  These recorded webinars explain the employer provisions, information reporting, and related tax requirements that are part of the Affordable Care Act. If you are a business owner, tax manager, employee benefits manager, or health coverage provider, you can access and review these videos on the IRS Video Portal at your convenience.

For information contact Neikirk, Mahoney & Smith at 502-896-2999

Tax guidance for child care providers

The IRS is highlighting some of its most popular educational products, videos and webinars to help your small business thrive. A good example is the webinar: “Tax Related Guidance for Child Care Providers.” The online resource can help business owners and operators learn how to report common tax items linked with this type of business. Here are some of the topics included in the webinar:
Child Care Income.
Child Care Expenses.
Special Rules.
Other Expenses.

For more information contact Neikirk, Mahoney & Smith at 502-896-2999

IRS webinars for small businesses

The Internal Revenue Service is marking National Small Business Week, May 1 to 7, by encouraging small business owners and self-employed individuals to check out several products to help them understand and meet their tax obligations.

The products include a series of educational webinars to help them not only be tax compliant, but also to help their businesses thrive. The webinars start at 2 p.m. Eastern (11 a.m., Pacific; noon, Mountain; 1 p.m., Central). Topics include the following :

Tax Tips for your New Business, May 2
Staying Afloat: Planning for Emergencies Before they Happen, May 3
Worker Classification: Employee or Independent Contractor? (in Spanish), May 4
Tip Reporting and Tips vs. Service Charges, May 5

You can register for these at irs.gov ; and for all your tax questions contact Neikirk, Mahoney & Smith at 502-896-2999