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The US government is announcing numerous endeavors to provide relief from the effects of the Coronavirus pandemic. As tax and business announcements become codified we will post them.<
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As part of our COVID-19 response, we are asking clients to submit tax information digitally, when possible, via our Document Access Portal, and are making extensive use video or telephone conferences in lue of appointments.<
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If you do not have a personal portal setup please use: Document Upload<

Below is a listing of our content based on your selected topic, click on the titles below for more information. If the term is unfamiliar, see the Term Glossary<.

2013 Year-End Tax Planning for Businesses

In recent years, end of year tax planning for businesses has been further complicated by uncertainty over the future availability of many tax incentives. The 2013 year-end is no different. In the early hours of January 1, 2013, the Senate passed the American Taxpayer Relief Act of 2012, which permanently extended the so-called Bush-era tax cuts. However, other popular provisions were only extended through 2013. Therefore, 2013 tax strategies include concerns over expiring provisions. But 2013 is also unique due to changes that are affecting businesses.

For example, as part of its primary purpose to facilitate health care reform, the Patient Protection and Affordable Care Act (PPAC<) includes key tax provisions that affect businesses. Some requirements are already in effect, while other provisions apply starting in 2013 or later. Higher tax rates may be imposed on distributions to owners and the net investment income regulations have the potential to impact individuals who are owners of pass-through entities. In addition, the U.S. Supreme Court's ruling in mid-July on the unconstitutionality of the federal Defense of Marriage Act (DOMA) means changes to retirement plans and employee benefits for same-sex marriages. Also, compliance with final repair regulations affects virtually all businesses.

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File State Annual Report

Most entities are required to file annual reports with the states that they are organized in. Be proactive about this, as it is generally a simple process that typically can be done in January every new year.

Additional Note: Due dates are not consistent from state to state, they may be based off of your fiscal year, the calendar year, or anniversary of entity registration. Make sure that you know your state requirements, and contact us< if you need assistance.

See the page: http://www.famiglio.com/state-corporate-filing-websites<  

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State Corporate Filing Websites

Typically corporations are required to file annual reports, most of which can be easily filed online. We hope that the following list will be helpful, please contact us< if you need any assistance. We have marked the most common states. 

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Tax filing deadline also moving to July 15

At @realDonaldTrump<’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.

— Steven Mnuchin (@stevenmnuchin1<)

As stated before, we are strongly encouraging clients, who have the ability, to send their tax information. Many state returns will not match the extended federal due date.

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Year-End Tax Planning for Businesses

In recent years, end of year tax planning for businesses has been complicated by uncertainty over the availability of many tax incentives. The 2014 year-end is no different. In the early hours of January 1, 2013, the Senate passed the American Taxpayer Relief Act of 2012, which permanently extended the so-called Bush-era tax cuts. However, other popular provisions were only extended through 2013. Therefore, 2014 tax strategies include concerns over the fate of the expired provisions. President Obama, the chairs of the House and Senate tax writing committees, and individual lawmakers all made tax reform proposals in 2014. The proposals ranged from comprehensive tax reform to more piece-meal approaches. However, any progress on legislation is stalled until after the elections and possibly into the beginning of 2015.

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