More than 2 Million Individual Tax Payer Identification Numbers( ITINs) are set to expire at the end of 2018.
* Tax Payers whose ITIN is expiring and needs to file a Tax Return in 2019 must submit a Renewal Application.
* ITINs that are affected are the ones with the middle digits 73,74,75, 76, 77, 81 or 82. ( For Example: 9NN-73-NNNN) needs to be renewed even if the Tax Payer has used it in the last 3 Years.
*ITINS with middle digits of 70,71,72,78,79 or 80 have previously expired. Tax Payers with these ITINs can still renew at anytime.
The IRS will begin accepting 2016 Returns and processing Paper Ones on January 23,2017. The Closer you are to the front of the line, the safer your refund will be. So What Do you Need to Do?
*Start collecting your Tax information- Your W-2s, Mortgage Interest Statements and 1099s as soon as it begins arriving in the Mail.
* Pull Together Receipts and Other Information on your itemized deductions as soon as possible.
* Once you have everything you need, Schedule Time with your Accountant, Bookkeeper, Enrolled Agent or Tax Preparer.
a Business Owner, Be sure to Draw a Big Red Circle around the date January
31, 2017, on your Calendar; This is the new Due Date for filing Forms W-2 with
the Tax Authorities.
In an effort to combat Fraud, The Protecting Americans from Tax Hikes (PATH)
Act of 2015 was passed by Congress and signed last December. With this New Act, Employers and Small
Businesses have January 31st Filing Deadline to submit Forms W-2 and W-3 to the
Social Security Administration (Whether you file using Paper Forms or
Weather has finally arrived; soon it will be summer. Most Business Owners let
down their guard, let go on Vacations and have Fun. Coincidentally, it's
also a time that Online Scammers and Hackers get active and keep their
eyes looking for Accounts to hack and tamper the unfortunate company Account
Our Discussion today focuses on an area that is passionate to my heart. As a
matter of fact, I look forward to a day, that every company will be devoid of
fraud. Technology has given fraudsters an edge in recent years, and we see a
lot of fraudulent activities and online attacks on most Business Account.
It's the month of April and We're counting down to the final days of Tax Time. Have you filed your Taxes yet? Do you know that you have a few days left, to file your Taxes? Here are some quick ideas, to help you organize and get your documents ready for Tax Filing:
- Organize All your Income Statements -Get all your W-2s, 1099s , 1098s and 1095- A's( I spoke about this document in my earlier blog). Make a Checklist to ensure that none of these document is missing.
The Holidays are here and it's time to ensure that we have some cash tucked
somewhere for the Holiday Shopping, Gifts, Christmas Parties, as well as
In our last Newsletter, we uncovered the myth of profits, and learnt that,
understanding how transactions occur in our business and its effect on our
financial statement is key to managing our profits. Please feel free to
refer to our last newsletter for the full details. This Month, We will be
looking at 5 strategies of turning our Profits
-Understanding the Myth of Profits.
As a Business Owner, Have you ever wondered why you cannot seem to get hold of your profit? Most Business Owners ask the question....." I see that I made a Net Profit of $XXX, but where is it? ".We have been looking at the topic of profit making, and this topic is a great mystery in Businesses.
We agree that making Profit is a good thing and a negative profit (Loss) is not a good one; however, the mind game begins when there is profit, but no money in the Checking account.
Setting up the Right Accounting System for your Business.
Business needs a good Business Accounting System to increase their
Business' chance for success. When Starting a Business, the first focus should
be on building systems and processes, that allow us to accurately capture
as much data as possible, from the setup process; It is important to remember
that this process helps us to learn about our businesses and enhances our
decision making, as well as giving us a better idea, of what is going on in our
the eighth month of the Year, We are gradually getting to the end of the year,
and soon it will be time for Year End Reports. In our last Newsletter, We
discussed the concept of Cash Flow and how it affects our Business Operations;
this month, we will be looking at tips to manage our Business Cash Flow.
Being in Business for yourself is like being an Air traffic controller,
especially in the area of cash flow management ; You can imagine trying to
control 100 Airplanes landing simultaneously on two runways; this can be
an upheaval task, but we regularly see clients line up their monthly bills,
their projected income, business projects and business expenses and try to
combine all these activities, at the same time, trying to ensure a
steady cash flow into the business; you can imagine, the projected
outcome, if all these activities are not properly coordinated.
Welcome to the
month of July. We are done with the first half of the year and started the countdown to the remaining half of the year.
Our Newsletter for
this month is on an integral part of every business; an area that is generally
misunderstood by most business owners, but interestingly plays an important
role in every organization. Have you taken time to look at your Cash flow
Statement? Can you tell where Funds are disbursed in your Business? Do you
understand the effect of your Spendings?