(203) 956-4899 | (203) 291-9093
cecil@nazarethcpas.com
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Important Tax Deadlines
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May 17, 2021 – If requesting an extension for 2020 due to a late K-1 or a delayed Indian tax return, you must still file and pay in the U.S. by May 17th.
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May 17, 2021 – If you file and Indian tax return and don't have all your 2020 information yet due to COVID, please estimate your tax liability by May 17th.
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May 17, 2021 – If self-employed, you still have time to set up a SEP IRA or other retirement plan for tax year 2020. However, you must take action by May 17th.
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June 15, 2021 -- If you pay quarterly, 2nd quarter estimate for 2021 is due June 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!
- IF you have more than $10,000 in any foreign bank account, you need to file FBAR--a separate e-filing with the Department of Treasury (FINCEN FORM 114)
- File a tax return in the foreign country where income is earned even if no tax is due (e.g. India).
IRS Audits
Expect IRS audits to increase for corporations, large partnerships and high net-wealth individuals. Penalties are steep and enforcement 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%
Put your mind at ease.
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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.
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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.
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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).
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