(203) 956-4899 | (203) 291-9093
cecil@nazarethcpas.com
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Important Tax Deadlines
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April 15, 2021 – Corporation taxes are due. If information is incomplete, you can get a 6-month extension, but taxes owed must still be paid on time.
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May 17, 2021 – Individual taxes returns are due, including taxes owed. Extensions are available until Oct 15, 2021 to file your final 2020 tax return.
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If you pay quarterly 2021 estimates are still due at the usual time:
-- Q1/21 due April 15, 2021
-- Q2/21 due June 15, 2021
-- Q3/21 due Sept 15, 2021
-- Q4/21 due Jan 15, 2022
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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