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Tax Preparers Questions We Ponder About….

August 4th, 2017 by Connie Morris-Moore

https://www.taxprotoday.com/news/the-questions-tax-preparers-just-cant-ask-clients

NEW YORK STATE INCOME TAX EXTENSION:

February 28th, 2017 by cmmfinancial
Web File your NYS income tax extension of time to file through your Individual Online Services account
The Tax Department has a new income tax extension Web File application that allows you to file an extension from any desktop or mobile device. In addition, if you wish to make an extension payment, you may now file your extension and make your payment within a single transaction—and it is still FREE*.  

E-file is the fastest, easiest, most secure way to file an extension. With this online service, you can Web File Form IT-370, Application for Automatic Six-Month Extension of Time to File for Individual, and Form IT-370-PF, Application for Automatic Extension of Time to File for Partnerships and Fiduciaries.

 

Benefits include:

  • use your mobile device to file your extension and make your extension payment within a single transaction
  • ability to pay directly from your bank account or with a credit or debit card*
  • schedule your payment to debit from your checking or savings account on a future date (up to and including the due date)
  • instant filing and payment confirmation in an email alert and OLS Message Center message

 

What to do next:

  1. Log in to your Individual Online Service account.

What You Should Not Provide During an IRS Audit?

July 20th, 2016 by cmmfinancial

 

You should not provide copies of your other years’ tax returns that are not in question. You should only bring relevant document for the specific years’ audit.  Doing so greatly expands audit risk by giving the auditor many things not to see, like patterns of income and deduction amounts over multiple years.

If you are asked by the IRS to provide other years not relating to the specific tax year listed in the audit notice. You are not required to provide information about any other year, except as it might relate to the year under audit- as carry over line items.

If the auditor asks you for a previous return, simply say “I don’t believe that this relates to the year or issues being examined.”  Almost always, that will end the matter.

 

 

Extension Payment Changes IT-370

April 11th, 2015 by cmmfinancial

 

My Fellow Tax Payers….!!

The New York State Department of Taxation & Finance have changed their payment rules and regulations for filing extensions for 2014 taxable calendar year.

The taxpayer is expected and must make full payment of the properly estimated tax balance due when requesting an extension of time to file.  Meaning no partial payments are being granted this year, it is full payment or nothing at the time of requesting an extension to file.  Please understand filing an extension does not grant an extension of payment, therefore after the taxpayer have successfully filed form IT-370, the taxpayer will have to wait to hear from State and then the State will forward the tax payer a bill for payment.  I would strongly recommend if you can make full payment of the tax debt owed and do so by April 15th.

Always servicing YOU!!

/cmmfinancial

 

 

 

 

Your Money Is Due April 15th – Even If You File an Extension

March 21st, 2015 by cmmfinancial

The IRS allows extensions of up to six months, but they’re meant for people who don’t have all the money.  Please be advised that you will incur a penalty and interest for missing the payment deadline, even with an extension.  To minimize those extra costs, estimate your tax bill and make a payment – you can get money back if necessary when you actually file.  You can take an estimated assumption of the information that is preventing you from filing. Maybe it is a 1099 form you’re missing or one deduction you’re waiting on.  It would be beneficial for you to estimate to pay it safe and send in the money owed to the IRS.

/cmmfinancial