FORMS TO DOWNLOAD:
Client Check-In Sheet for Tax Appointment
Tax Organizer
Self Employeed Business Sch - C
Un-Reimbursed Expenses from Employer
Home Office
Income or Loss from Rental Real Estate
Farm Schedule

New Information for 2016

2016 Tax Changes

LINKS:
Goodwill
Goodwill Valuation


TAX DUE DATES:

The due dates for federal C Corporations and Partnership returns have been changed as follows:

  • C Corporations (Form 1120)
    • Calendar year end - April 15
    • Fiscal year end - 15th day of the fourth month after the year end
  • Partnerships (Form 1065)
    • Calendar year end - March 15
    • Fiscal year end - 15th day of the third month after the year end
  • Foreign Bank and Financial Accounts Report (FBAR): The filing due date will now be April 15 (was June 15)
  • Form 990 (Exempt Organizations): An extension will now be for an automatic 6-month extension. 

MILEAGE UPDATE

  • 53.5 cents per mile for business miles driven, down from 54 cents in 2016
  • 17 cents per mile driven for medical or moving purposes, down from 19 center for 2016
  • 14 cents per mile driven in service of charitable organizations

SUNSET ACCOUNTING is a a small accounting firm that has opened a new office in the Charlotte, NC area, and continues to grow from our clients "Word of Mouth". There is no client too small.

Our experience:
Twenty years experience in General Accounting, Full Charge Bookkeeping, Payroll, sales and use tax,financial analysis and financial solutions. Fifteen years experience preparing Individual taxes, S-Corporation and sole proprietorship. Seven years in partnerships and C-Corporation, Three years experience in trust and non profit tax returns. 10 years experience in office management and CFO responsibilities.


Address
1216 Sunset Road
Charlotte, NC 28216

Important Information For 2016/2017

The IRS Will Never:

  • Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer or initiate contact by e-mail or text message. Generally, the IRS will first mail you a bill if you owe any taxes.
  • Threaten to immediately bring in local police or other law-enforcement groups to have you arrested for not paying.
  • Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
  •  Ask for credit or debit card numbers over the phone.

If you get a suspicious phone call from someone claiming to be from the IRS and asking for money, here’s what you should do:

  • Do not give out any information. Hang up immediately.
  • Search the web for telephone numbers scammers leave in your voicemail asking you to call back. Some of the phone numbers may be published online and linked to criminal activity.
  • Contact TIGTA to report the call. Use their “IRS Impersonation Scam Reporting” web page or call 800-366-4484.
  • Report it to the Federal Trade Commission. Use the “FTC Complaint Assistant” on FTC.gov. Please add “IRS Telephone Scam” in the notes.
  • If you think you might owe taxes, call the IRS directly at 800-829-1040.

If you receive an unsolicited email that appears to be from either the IRS or an organization closely linked to the IRS, such as the Electronic Federal Tax Payment System (EFTPS), report it by sending it to phishing@irs.gov.

The IRS also provides a variety of resources for tax professionals about security threats posed by identity theft issues targeting the industry through its Protect Your Clients; Protect Yourself campaign.

Federal Tax Law Changes that will Affect 2016 Federal Returns 12/8/16 

Earned Income Tax Credit (EITC)

  • Taxpayers can no longer file an amended return to claim the EITC for any year a qualifying child did not have a Social Security Number.
  • Taxpayers who the IRS finds have fraudulently claimed the EITC can now be barred from claiming the EITC for 10 years.
  • If the IRS finds that EITC has been erroneously claimed, the following penalties will apply:
    • Penalty for erroneous claim for refunds and credits
    • Underpayment penalty

Child Tax Credit and American Opportunity Credit

  • These two credits are now subject to the same due diligence requirements as the EITC. This is reflected on the revised 2016 Form 8867 (Paid Preparers Due Diligence Checklist). This also means that the Form 8867 must be included with tax returns that are claiming the Child Tax Credit and/or the American Opportunity Credit.
  • The IRS can bar a taxpayer from claiming the Child Tax Credit and American Opportunity Education Credit for two years if they have determined the individual has intentionally disregarded the rules for claiming either of these two credits.
  • If the taxpayer elects to exclude from gross income any amount of foreign earned income or foreign housing costs, he may not claim the refundable portion of the Child Tax Credit.
  • Taxpayers can no longer file an amended return to claim either of these credits for any year the qualifying child did not have a Social Security Number or ITIN.

New Due Dates
The due dates for federal C Corporations and Partnership returns have been changed as follows:

  • C Corporations (Form 1120)
    • Calendar year end - April 15
    • Fiscal year end - 15th day of the fourth month after the year end
  • Partnerships (Form 1065)
    • Calendar year end - March 15
    • Fiscal year end - 15th day of the third month after the year end
  • Foreign Bank and Financial Accounts Report (FBAR): The filing due date will now be April 15 (was June 15)
  • Form 990 (Exempt Organizations): An extension will now be for an automatic 6-month extension.

Education Credits and Tuition and Fees Deduction
A taxpayer must have received a Form 1098-T in order to claim an American Opportunity or Lifetime Learning Credit or the Tuition and Fees Deduction.