Now Is an Ideal Time for a Mid-Year Review
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Important Tax Deadlines
Sept. 15, 2021 -- If you pay quarterly, 3rd quarter estimate for 2021 is due September 15th.
Foreign Bank Accounts (FBAR) and Foreign Tax Returns
- You must file FINCEN FORM 114 by 10/15/21 for tax year 2020.
- Some taxpayers still have not complied with FBAR. There is still time to file. If you don’t files, remember penalties are steep!
Expect IRS audits to increase for corporations, large partnerships and high net-wealth individuals. Penalties are steep and enforcement is getting tougher.
Many Tax Rates Likely to Increase Soon
- C-corporation tax rates will likely increase to 28% (or may be 25%) from the current 21%.
- For corps., foreign income likely be taxed at 21%--twice the current rate of 10.5%.
- Strong push for a global minimum tax on C- corporations of 21%
IRS Cracking Down on Virtual Currency
A district court granted permission to issue a summons to Kraken, a digital currency exchange in the U.S., which would allow the Service to get names of U.S. customers who conducted at least $20,000 in transactions from 2016 to 2020.
Proposed Changes to 3.8% Surtax on Net Investment Income (NII)
Income from a passive activity is NII and subject to the 3.8% surtax if the recipient doesn’t materially participate in the operations, even if the income is from a business.
President Biden wants to expand the 3.8% Net Investment Income (NII) surtax to cover other types of income, especially for those earning over $400K.
Put Your Mind at Ease
Why Have a Personal Financial Statement?
- Helps your plan your overall wealth.
- Aids in estate planning, gifting and trusts.
=========================================Now Is a Great Time to Refinance
- Mortgage rates are at historic lows.
- Lower your monthly payments; increase cash flow.
Security - Phone scams. NEVER respond to phone calls or emails from the IRS. The IRS will only send you written communication by postal mail. Never email documents containing your Social Security numbers.
Why You Want an Independent Review of Your Company's Financial Statements
Banks, lenders, acquirers and auditors look more favorably at your financials if they’re independently reviewed or audited and you’ll likely receive better rates and terms.
Contact us for assistance with your personal and business financial statements.
We offer three levels of service:
1) Compilation. Simple compilation of financial statements.
2) Review. More analytical procedures performed.
3) International Tax Planning. (India-US specialty).