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 (email@example.com) 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 firstname.lastname@example.org 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 email@example.com 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.
For many business owners, September tends to bring a bit of a slowdown. The chaos of getting kids prepared for going back to school has passed, and a focus on saving money tends to kick in as people prepare for the coming holiday spend. Combined, this can often translate into a lull for business owners.
This is a friendly reminder that the Q3 tax estimate payment deadline is coming up fast. Be sure to make your payment by September 15, 2018 to avoid penalties. Currently, penalties for late or no payment average about 4 percent. And wouldn’t you rather keep that money in your pocket?
According to new rules from the Tax Cuts & Jobs Act, meals and entertainment tax-deductible expenses for businesses have undergone considerable reform. Because the explanations of new deduction guidelines can be confusing, we’ve created this brief outline for you. A visit with your accounting professional to ensure your Chart of Accounts is correct may also be beneficial.