October 8, 2017
October is upon us and that means football, baseball playoffs and, of course, year-end planning! As we enter this 4th quarter of the year, the team at RCG is highlighting 5 areas that we have identified for your new or renewed attention:
Virginia's Tax Amnesty Program for Taxpayers
The Commonwealth of Virginia recently announced a tax amnesty program for Virginia taxpayers. It is not a relief from the tax liability itself, but it offers an opportunity to eliminate penalties and 50% of related interest. There are eligibility rules for each type of tax, exceptions that do not qualify and additional future penalties if you don't take advantage of the program during the open period which ends November 14, 2017. Please contact Mandy Sent (firstname.lastname@example.org) to discuss if you believe you may qualify.
Cybersecurity and Identity Protection
The news cycles continue to highlight concerns and challenges regarding cybersecurity and identity theft related issues. We are all aware that there are risks to data at all levels from the federal government to large corporations to local businesses and organizations. Most recently we have seen stories related to Equifax and Deloitte.
Equifax's situation has received a great deal of attention and has offered information and free services to anyone electing to enroll. Individuals must consider what is right for their situation, but if you have not previously enrolled in any monitoring services, or if you desire to add to the services you have already, you might want to review what Equifax is offering at this link - https://www.equifax.com/personal/?/
Consideration of Changes in your Tax Situation
Has anything changed in your tax life since we last spoke? If you have experienced a life event, unexpected income or an unexpected deduction or loss, you might want to review your tax planning for the current year or beyond. We are happy to help sort through the process with you. If any of your contact information has changed, please email email@example.com or call 804-270-6980.
As a follow-up to the previous point, the final three months of 2017 will go by quickly once the holiday season begins! Whether we work with you each and every quarter to review your tax planning, or you just have a situation that creates a question for this year, please call our office to schedule an appointment or a discussion so that we can review the need for any action while there is still an opportunity to do so.
Tax Season 2018 (for the 2017 Tax Year)
January 2018 is right around the corner and that kicks off the annual tax season traditionally raising awareness of your individual tax returns that are due by April 15th (April 17th in 2018) unless extended. This season also includes business tax returns, payroll tax filings, business licenses and personal property returns among other compliance reporting deadlines.
RCG plans to provide your annual Tax Organizer electronically through your portal unless you have previously requested a paper copy. If your preference has changed from our prior communications, please let us know by emailing firstname.lastname@example.org or call 804-270-6980 to update or confirm your preference. If you are a new client, for the 2018 tax season, let Mary know whether you would prefer an electronic or paper copy of your organizer. We will mail the organizers in early January 2018.
Our most precious commodity is time—and our attention is a close second. That’s why everyone can use some help on how to tune out daily distractions. We compiled the following helpful tips from copyblogger.com to get you started on dialing down distractions:
The April 15 filing deadline is rapidly approaching, so we encourage you to send us your tax documentation as soon as possible to expedite the filing process. Here are four important reasons why you should file your return sooner rather than later:
This tax season is an important one for many business owners because it’s the first that will be impacted by the Tax Cuts and Jobs Act (TCJA). How big of an impact is dependent on your unique situation. We’ve compiled this short list of provisions that may affect the business community: