Profile cover photo
Profile photo
E. Cohen and Company, CPAs
103 followers
103 followers
About
E. Cohen and Company, CPAs's posts

Post has attachment
Mobile apps and online platforms have revolutionized the way many businesses offer services to consumers. Examples of the so-called “Gig” are widespread — from ride sharing and vacation rentals to on-demand housekeeping and legal advice. If you decide to jump on the sharing economy bandwagon, it’s important to understand the tax rules for recognizing income, making estimated payments and deducting legitimate business expenses. https://ecohencpas.com/sharing-tax-issues-sharing-economy/

Post has attachment
On March 7, 2017 the Montgomery County MD Council passed Bill 42-16, which will provide a tax credit for people who are over 65 years of age and who either: Have owned and lived in the dwelling that they own for at least 40 consecutive years, or are retired from one of the United States’ armed forces (Air Force, Army, Coast Guard, Marine Corps, Navy). Click on the Full Article for more details and apply online. https://ecohencpas.com/new-property-tax-credit-elderly-individuals-military-retirees/

Post has attachment
Is your company using E-Verify? Many employers currently use the voluntary system, but you should know it may soon be mandatory. E-Verify is the federal government’s employee immigration status system that individuals and employers can use to ensure that members of their workforce have the legal right to work in the United States. This article provides some basics to help you prepare to use E-Verify. https://ecohencpas.com/prepare-e-verify-may-soon-become-mandatory/

Post has attachment
Have you ever thought about becoming a landlord? This option may be tempting if your local real estate market is surging and rental rates are strong, especially if you’re already planning to relocate or downsize to a smaller home. Ideally, you’ll be able to shelter most or all of the rental income with tax deductions and eventually sell the property for a higher price than you originally paid. In the meantime, however, it’s important to understand the confusing tax rules that apply when a personal residence is converted into a rental.
https://ecohencpas.com/consider-taxes-before-converting-your-home-to-a-rental-property/

Post has attachment
It’s important to notify the IRS if you move and change your address. Under tax law regulations, a taxpayer’s last known address is the one that appears on the tax return you filed most recently — unless the IRS is otherwise notified. In one court case, it was made clear that the burden of informing the IRS of address changes falls on taxpayers. The IRS is not obligated to find them. https://ecohencpas.com/notify-the-irs-if-you-change-your-address/

Post has attachment
In one significant case, the U.S. Tax Court allowed a taxpayer to claim deductions for meals that stretch the limits of the traditional “sleep-or-rest” rule for business travelers. https://ecohencpas.com/meal-deductions-tax-rest-weary/

Post has attachment
The IRS sometimes challenges deductions claimed for certain types of business expenses. In doing so, an examiner might claim that payments made by a corporation to a shareholder for personal items or that are above or below fair market value constitute “constructive dividends.” Reclassifying business expenses as dividends has adverse tax consequences, as a recent case demonstrates. https://ecohencpas.com/reclassifying-business-expenses-as-constructive-dividends/

Post has attachment
In recent years, the IRS has offered “green” tax credits to individuals who purchase qualifying residential energy-efficient equipment and certain electric vehicles. Some of these breaks expired at the end of 2016. But others are still ripe for the taking in 2017 and beyond. Here’s what you need to know to take advantage. https://ecohencpas.com/green-tax-breaks-claiming-credits-deserve/

Post has attachment
Summer — the traditional wedding season — is just around the corner. Marriage changes life in many ways. Here’s how it may affect your tax situation. https://ecohencpas.com/wedding-bells-taxes-tax-issues-consider-tying-knot/

Post has attachment
Individuals: If you are not paying your 2017 income tax through withholding (or you will not pay enough tax during the year that way), pay the second installment of your 2017 estimated tax. Corporations: Deposit the second installment payment for 2017 estimated income tax. Deposit payroll tax for May. Living Outside U.S.: File form 1040. Working for Tips: Report them to your employer (Form 4070). More Details… https://ecohencpas.com/individual-business-estimated-income-tax-payments-due-615/
Wait while more posts are being loaded