2017 Summer Tax Updates

 
SUMMER TAX UPDATES

Important Deadlines
 
June 15th:  5500-EZ Form Due*
Sept. 15th:  Third Quarterly Estimated Tax Payments Due
Oct. 15th:  FBAR filing due date**
Oct. 15th:  Extension Filing Deadline
 
* 5500-EZ is for any taxpayer who has a Solo K or Keogh worth $250,000 or more.  If this applies to you and you did not file, please contact us ASAP as this deadline has passed.
** FBAR form is for any taxpayer who has signatory power over any foreign financial account worth $10,000 or more.

Engagement Letter
 
Beginning in tax year 2017, we will be requiring all tax clients to read and sign our new Client Engagement Letter.  The letter will be part of the 2017 Tax Data Organizer which will be emailed out in late 2017.  We must have a signed engagement letter in hand before we begin working on your tax return.

Engagement Letter

1099 Tips
 
All self-employed individuals and 
landlords MUST provide 1099s to service providers to whom you pay $600 or more. For 2017, 1099s and all related paperwork are due to the IRS and FTB by January 31, 2018.
 
Be sure to ask all independent contractors to whom you pay $600 or more for either their social security number or their tax ID number, plus their address before they begin work.  That way you are sure to have the information you need in January.
 
There is no need to provide 1099s to service providers that are corporations. Payments to LLCs do require a 1099.

Estate Planning
 
Estate planning is a critical way to ensure your wishes are carried out for your health and property and can have serious financial implications.  It allows you to protect your financial interests, and most importantly, your loved ones.  Leah Morfín, J.D. offers services creating customized estate plans for you and your family including living trusts, wills, durable powers of attorney, advanced healthcare directives and more.  For information about her services, please call 510.898.6768.