What is the date that taxes are due? If you need an extenstion what form would you use? How long is the extension? Are there any penalties for requesting an extension? If you are not able to file your federal individual income tax return by the due date, you may be able to get an automatic 6-month extension of time to file.
Besides this, every foundation must have an employer identification number even if it will not have employees. The identification number is unique or distinct as it identifies the organization to the Internal Revenue system. But one must note that this identification is not a ‘tax-exempt’ number but identifies exempt from state sales and use taxes. A private foundation cannot be tax exempt nor will contributions to it be deductible as charitable contributions unless its governing instrument contains special provisions in addition to those that apply to all organizations described in 501 (C) (3). A non- profit organization or corporation pays no federal or state taxes but must meet and take extra
I will not review or audit the financial statements and accordingly, will not express an opinion or any other form of assurance on them. The financial statements will not be accompanied by a
55. Which of the following disclosures of pension plan information would not normally be required by Statement of Financial Accounting Standards No. 132, "Employers' Disclosure about Pensions and Other Postretirement Benefits”? a. The major components of pension expense b.
A reporting entity may begin the second statement with net income. Although Zumiez states the total amount of comprehensive income, they fail to break out the components of their total anywhere in their financial statements. SFAS No. 130 requires the disclosure of comprehensive income and discusses how to report and disclose comprehensive income and its components, including net income. However, it does not specify when to recognize or how to measure the items that make up comprehensive income.
• The hours of your business can be whatever you want them to be. • You are free to stay in the same location as long as you wish. (2) Jane Smith Tax Issues: (a) What are the different tax consequences between paying down the mortgage debt and assuming a new mortgage debt for federal income tax purposes? Applicable Law & Analysis: (Section 121 (a) “Gross income shall not include gain from the sale or exchange of property if, during the 5-year period ending on the date of the sale or exchange, such property has been owned and used by the taxpayer as the taxpayer’s principal residence for periods aggregating 2 years or more. (US Code, Section 121 (a); http://www.law.cornell.edu/uscode/text/26/121 Conclusion: There should be a little or no difference between paying an old mortgage and assuming a new one.
Tootsie does not have interest expense on the income statement. For both companies, try to find the gross interest
(Take a copy of last year's tax return with you.) A referral list of lenders is in the information package. NOTE: The Moderate Income Purchase Assistance Program (MIPAP) provides assistance only with down payment and closing costs; it does not lend money for mortgages. 5. SELECT A REAL ESTATE AGENT A referral list of real estate agents is included in the information package or ask family and friends for recommendations.
Response to Client Request I Paper Memorandum To: Mark Taylor, CEO From: Subject: Required Reporting Date: December 20, 2010 This memo serves to provide information concerning required reporting of defined contribution, defined benefit and other postretirement plans as they relate to the acquisition of the new company. This memo also serves to provide recommendations to eliminate the two segments of the new acquisition. Defined Contribution Defined contribution is a pension plan where the “employer promises to contribute a certain amount into the plan each period (Schroeder, Clark, & Cathey., p.445).” Implementing a defined contribution pension plan necessitates disclosure of the plan in the financial statements, “the employee
If another taxpayer is entitled to claim an exemption for you, you cannot claim a deduction for an HSA contribution. This is true even if the other person does not actually claim your exemption. Each spouse who is an eligible individual who wants an HSA must open a separate HSA. You cannot have a joint HSA. High deductible health plan (HDHP).