Nanavati & Associates, CPAs

Small businesses brace for Colorado’s new online sales tax rules some say could put them out of business Starting Dec. 1, the Colorado Department of Revenue will require all retailers who ship goods to a buyer in Colorado to assess, collect and remit sales taxes based on the buyer’s address, not…

Trump is changing your paycheck. Here's how. The IRS has issued the first set of guidelines determining how every American’s paycheck will change following the tax-cut bill President Trump signed in late December.

Its that time of the year again.Time to look at the tax situation and do some tax planning to avoid surprises and penalties at the time of tax preparation.
Tax Planning is taking advantage of all the tax knowledge and tools at your disposal before December 31 in order to estimate your income taxes, qualify for the right credits, deduct the most expenses, and ultimately to reduce your taxable income and pay less taxes.
Even though your tax return will not be submitted until April of next year, you only have until December 31 of this year to qualify for any tax deductions and tax credits. Take action now to claim deductions and credits on your next tax return and have your best tax year ever!
Avoid surprises call Nanavati & Associates, CPAs @ 303-630-9791 to know how we can help you save taxes.

YEAR END!!!
The last week of the year is the perfect time to review the accounts of your business. In order to accurately conduct that business review, it is imperative to have easy access to all of your business accounts, invoices, receipts, bank statements, credit card statements, and so on.
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TaxProf Blog: TIGTA: Tax Returns Prepared Through IRS Volunteer Programs Had 49% Error Rate The Treasury Inspector General for Tax Administration today released Inconsistent Adherence to Quality Requirements Continues to Affect the Accuracy of Some Tax Returns Prepared at Volunteer Sites (2013-40-110):

Wish You All a Happy Diwali & A Prosperous New Year..

Accounting Assistant/Bookkeeping Assistants/ Office Admin

Seeking a part-time Administrative Accounting Assistant to join our team. This position supports all accounting functions and additionally provides administrative support to the Supervisor. This position is responsible for supporting Payroll Processing, Bookkeeping, Tax Preparation & General administrative functions including answering phones; handling a wide variety of situations and administrative duties.
Requirements:
• Strong computer skills required.
• Strong organizational skills and attention to detail
• Proactive and good communicator
• Basic bookkeeping experience, including: Accounts Payable, Accounts Receivable, Bank reconciliation, Basic understanding of financial statements (balance sheet and income statement).
• Enjoys and thrives working in a fast-paced environment.
• Successful in working efficiently and recognizing opportunities for improvement - Ability to handle confidential matter appropriately
Personal initiative & ability to work independently and still be a team player.
• Capable of managing simultaneous projects, while meeting deadlines
Basic understanding of banking and other financial information.
• QuickBooks, Payroll and Tax Preparation experience a plus.
• Customer Service Oriented.
• Pleasant Personality – Good with answering phone call and emails.

Please email the resume @nanavaticpas.com

Located: Highlands Ranch Colorado

Compensation: Depending on experience.

Withholding Additional 0.9% Medicare Tax:

Though the additional 0.9% Medicare tax became effective 1/1/13, effects from additional withholding are not felt until an individual's wages for the year pass $200,000. Employers must begin the additional withholding when an individual's compensation for the year exceeds $200,000 without regard to their filing status or compensation from other employers. Depending on filing status, wages, other compensation, and self-employment income, an individual could owe more than the amount withheld. Those who anticipate liability for the additional Medicare tax should make estimated tax payments and/or request additional income tax withholding using Form W-4.

Scope of IRS Collections and Enforcement during Shutdown: New information posted to the IRS website (www.irs.gov) clarifies the agency is not sending out levies or liens during the shutdown, either manually or systematically generated. Taxpayers may receive levy or lien correspondence notices with October dates that were preprinted before the shutdown in operations. Letters related to liens and levies continue to be automatically generated and may go out to taxpayers, but the IRS says these are only notification of potential future action and not an actual lien or levy. The IRS will continue enforcement of noncriminal cases in isolated instances if immediate action is needed to protect the government's interest; for example, if a statute of limitations on collection is imminent. Most IRS Criminal Investigation employees continue to work, as do other federal law enforcement agencies.

Internal Revenue Service

Procedure—Checking Status of Claimed Refund:

The IRS says that last year, it issued more than 90% of refunds to taxpayers in less than 21 days, and expects the same results in 2013. After their return is filed, taxpayers can track the status of their refund with the "Where's My Refund?" tool on www.irs.gov . This year, instead of an estimated due date, "Where's My Refund?" will give each taxpayer "an actual personalized refund date after the IRS processes the tax return and approves the refund." Initial information generally will be available within 24 hours after the IRS receives the taxpayer's e-filed return or four weeks after mailing a paper return. The system updates every 24 hours, usually overnight. There is no need to check more than once a day. To use the "Where's My Refund?" tool, taxpayers need to have a copy of their tax return because they must know their social security number, filing status, and the exact dollar amount of the refund they are expecting.

Internal Revenue Service

Home Office Deduction:

The IRS announced a simplified safe harbor method that individuals may use to compute the home office deduction. The safe harbor is an alternative to the calculation and allocation of actual expenses otherwise required under IRC Sec. 280A . The new optional deduction is limited to $1,500 per year based on a rate of $5 multiplied by the square footage of the home used for business purposes (up to 300 square feet). Under the safe harbor, (1) no depreciation or Section 179 deduction for the portion of the home used in a business is allowed for the year, (2) disallowed amounts carried over from a prior tax year where the taxpayer calculated and substantiated actual expenses may not be deducted in a year in which the safe harbor is used, (3) taxpayers may elect the method from year to year, and (4) all requirements of Section 280A must continue to be satisfied in determining eligibility to claim a deduction. In 2010, approximately 3.4 million taxpayers claimed home office deductions. This procedure is effective for tax years beginning after 12/31/12.

Tax Filing Season Opens January 30:

The IRS plans to begin processing 2012 individual income tax returns on Wednesday, 1/30/13. According to the IRS, the vast majority of filers—more than 120 million households—should be able to start filing tax returns on that date, whether they file electronically or on paper.

The IRS will be able to accept tax returns affected by the late Alternative Minimum Tax (AMT) patch, as well as the three major extenders—the state and local sales tax deduction, higher education tuition and fees deduction, and educator expense deduction. Several forms affected by the 2012 American Taxpayer Relief Act, including Form 5695 (Residential Energy Credits), Form 4562 (Depreciation and Amortization), and Form 3800 (General Business Credit), will require more extensive programming and testing of IRS systems. The IRS hopes to begin accepting tax returns including these tax forms between late February and into March; a specific date will be announced in the near future

Highlights Of 2012 Taxpayers Relief Act
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Tax News & Updates

President looks for middle ground on fiscal cliff deal

On December 4, in his first interview on the subject since his re-election, President Obama sounded a somewhat conciliatory note on the stalled fiscal cliff negotiations. In his interview on Bloomberg Television, the President once again insisted that any deal would have to involve higher rates for the wealthiest Americans. However, he didn't press for a return to the pre-EGTRRA 36% and 39.6% top tax rate levels. And he conceded that any deal would have to involve spending reductions and specifically said he was prepared to make further reforms in entitlement programs. The President also said he was willing to go after “excessive health care costs” in a way that wouldn't hurt beneficiaries.

Updated ITIN Procedures:

The IRS announced updated procedures for its Individual Taxpayer Identification (ITIN) Program that are designed to protect the application process and minimize the burden to applicants. ITINs are issued only to people who are not eligible to obtain a social security number (e.g., foreign nationals, resident and nonresident aliens) to assist with the collection of taxes. Key changes to the process include: (1) new ITINs will expire after five years to help ensure that they are being used for legitimate tax purposes, (2) alternatives to mailing in passports and other original documents so that individuals do not have to be without those documents for extended periods, (3) Certifying Acceptance Agents (CAAs) will have to meet new requirements to verify the accuracy of supporting documentation, and only those covered under Circular 230 will be eligible to serve as a CAA. The final procedures are effective 1/1/13.

Americans Living Abroad Filing Late Tax Returns Americans Living Abroad Filing Late Tax Returns

IRA Contribution Limits for 2013 IRA Contribution Limits for 2013

Its that time of the year again.Time to look at the tax situation and do some tax planning to avoid surprises and penalties at the time of tax preparation.

Tax Planning is taking advantage of all the tax knowledge and tools at your disposal before December 31 in order to estimate your income taxes, qualify for the right credits, deduct the most expenses, and ultimately to reduce your taxable income and pay less taxes.

Even though your tax return will not be submitted until April of next year, you only have until December 31 of this year to qualify for any tax deductions and tax credits. Take action now to claim deductions and credits on your next tax return and have your best tax year ever!

Avoid surprises call Nanavati & Associates, CPAs @ 303-630-9791 to know how we can help you save taxes.

Business Structure.

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How to Fix Errors Made on Your Tax Return

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Eight Tips for Taxpayers Who Receive an IRS Notice

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Common Mistakes the Self-Employed Make | Equifax Finance Blog Common Mistakes the Self-Employed Make By Eva Rosenberg There are so many wonderful benefits to having a job—paid vacation time, sick pay, bonuses, perhaps

Will IRS Get A Piece Google's Generous Death Benefits? - Forbes (Image credit: AFP/Getty Images via ) Like a lot of people, I am astounded over Google’s employee death benefits. Forbes’ Meghan Casserly’s interview with Google’s Chief People Officer Laszlo Bock is must reading: Here's What Happens To Google Employees When They Die. It's all the more awe-...

Donation Value Guide | What is my Donation Worth? How much can you deduct for the gently used goods you donate to Goodwill? The IRS allows you to deduct fair market value of used items – in gently used condition. The quality of the item when new, and its… read

Individual Retirement Account (IRA)

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Work at Home? You May Qualify for the Home Office Deduction

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Google Adds Posts From Its Social Network to Search Results In what it says is one of the biggest changes to its search results, Google will begin showing posts, photos, profiles and conversations from Google+, its social network, in search results. The new feature comes as Google risks losing its status as the Web's front door to Facebook.

I.R.S. Renews Disclosure Program for Offshore Assets The program is part of the government’s efforts to crack down on tax evasion worldwide.