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TAX SEMINARS SINCE 1995

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    Month: May 2017

    Clients that Missed the Due Date

    Do you have clients that did not file their tax returns or extensions by the due date?  If you have not done so already, warn them in writing that they need to file as soon as possible to reduce the penalties and interest that may apply to the late-filed returns.  The penalty for failure to file a return is 5% per month of the balance due (maximum of 25%).  This is addition to interest and the...

    Net Operating Losses

    Do you have any clients who had net operating losses for the 2016 tax year?  If so, plan to amend their prior-year returns to claim the loss (or file a claim for refund form), unless the client made an election to forgo the carryback of the loss.  Generally, net operating losses are carried back to the two previous tax years and carried forward to the 20 subsequent tax years.