Firm Happenings and Financial News

Apr 26

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4/26/2016 8:42 AM  RssIcon

Time to Focus on Your Goals

The summer lull between tax deadlines is a great time to look at less time-sensitive priorities such as estate, retirement, and/or financial planning.

If you own a business, where are you in your business' life cycle? Where do you want to be? Ongoing, timely accounting services provide a process to monitor the results of past decisions, and provide a means for implementing plans for the future.

What is your vision for retirement, and more importantly, how are you going to get there? Successful implementation and periodic review of your financial plan will ensure financial independence during your working years and well into retirement.

Let our professionals help design the path to get you where you want to be. Our decades of experience working with businesses and individuals provide us with a broad perspective that can help you manage these challenges and still accomplish your goals.

Thank you so much for another great tax season! We look forward to working with you again soon.

Things You Should Know about Filing Late and Paying Penalties

April 18 was this year's deadline for most people to file their federal tax return and pay any tax they owe. If you are due a refund there is no penalty if you file a late tax return. If you owe tax, and you failed to file and pay on time, you will most likely owe interest and penalties on the tax you pay late.

To keep interest and penalties to a minimum, you should file your tax return and pay the tax as soon as possible. Here are some facts that you should know.

  1. Two penalties may apply. One penalty is for filing late and one is for paying late. They can add up fast. Interest accrues on top of the penalties.
  2. Penalty for late filing. If you file your 2015 tax return more than 60 days after the due date or extended due date, the minimum penalty is $205 or, if you owe less than $205, 100 percent of the unpaid tax. Otherwise, the penalty can be as much as five percent of your unpaid taxes each month up to a maximum of 25 percent.
  3. Penalty for late payment. The penalty is generally 0.5 percent of your unpaid taxes per month. It can build up to as much as 25 percent of your unpaid taxes.
  4. Combined penalty per month. If both the late filing and late payment penalties apply, the maximum amount charged for the two penalties is 5 percent per month.
  5. File even if you can't pay. Filing on time and paying as much as you can will keep your interest and penalties to a minimum. If you can't pay in full, getting a loan or paying by debit or credit card may be less expensive than owing the IRS. If you do owe the IRS, the sooner you pay your bill the less you will owe.
  6. Payment Options. Explore your payment options on our website at IRS.gov/payments. For individuals, IRS Direct Pay is a fast and free way to pay directly from your checking or savings account. The IRS will work with you to help you resolve your tax debt. Most people can set up a payment plan using the Online Payment Agreement tool on IRS.gov.
  7. Late payment penalty may not apply. If you requested an extension of time to file your income tax return by the tax due date and paid at least 90 percent of the taxes you owe, you may not face a failure-to-pay penalty. However, you must pay the remaining balance by the extended due date. You will owe interest on any taxes you pay after the April 18 due date.

Source: IRS Tax Tip 2016-66

Join Us at the 2016 KPMG Women's PGA Championship, June 7-12, 2016

The 2016 KPMG Women's PGA Championship is only a couple of months away. Get your tickets today to see three-time defending Champion Inbee Park, Stacy Lewis, Lexi Thompson, Michelle Wie, Lydia Ko, Paula Creamer, and one of the strongest fields in Women's golf compete at Sahalee Country Club.

Our own Chris Falco is the Vice Chair of this tournament and invites you to come be part of Major Championship history with these ticket options:

  • Practice Rounds (Tuesday & Wednesday, $10 each day)
  • Weekday Championship Grounds (Thursday & Friday, $20 each day)
  • Weekend Championship Grounds (Saturday & Sunday, $25 each day)
  • "Good Any Day" Flex Ticket ($30 for choice of one-day access)
  • Weekly Pass ($75 for grounds access all six days)

Purchase your tickets today.

To order by phone, call 800-PGA-GOLF (742-4653), Monday - Friday 8:00am - 5:00 pm ET. We hope to see you in June at Sahalee!

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