B.A. Harris Blog

4th Quarter Estimated Tax Payments

The federal government may be closed, but they still want your quarterly tax payments. Reminder, 4th quarter estimated tax payments are due January 15. If you have any questions, don't hesitate to contact our office.


Does your company have Economic Nexus?

Does your company have Economic Nexus? If you are a small business with remote sales, then it’s likely you have heard of the U.S. Supreme Court decision in South Dakota v. Wayfair. If you haven’t, then there are quite a few things to get caught up on. This was a big case, with even bigger impact. So let’s jump right in on what you need to know as a small business.


Opportunity Zone Investments

For decades, one of the most popular tools to defer taxes on capital gains has been the 1031 Exchange, offering almost unrivaled potential in the tax planning arena. However, the Tax Cuts and Jobs Act of 2017 has introduced The Opportunity Zones Program (OZP) which may benefit certain patient investors by providing an even more lucrative option than a 1031 exchange. The initiative offers taxpayers with large investment gains not only tax deferral, but tax savings of up to 15% of the original gain and even 100 percent of the gain from the subsequent disposition of your investment in the Qualified Opportunity Zone (QOZ).


Recordkeeping Retention

Recordkeeping Retention You may be in the garage looking at boxes of tax records and wondering if you can finally shred some of them.  Although we often recommend six years, the answer is, it depends! So, how long do you have to keep your individual tax returns?  The usual answer from the IRS is at least three years after the filing date, but there might be extenuating circumstances.  Also, keep in mind the three-year limit only applies from the date the IRS has the document in its possession.


Informational Return Reminders

As we approach the end of the year it is a good time to start thinking about informational return (Forms 1099, etc) requirements. We have included a link to a blog we posted last year highlighting the filing requirements. We also want to specifically point out that these filing requirements also pertain to payments made in connection with owning rental real estate.  If you have any questions regarding informational returns, please don't hesitate to contact our office.

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