Archive | Uncategorized

RSS feed for this section

Foreign Bank Account Reporting

This won’t apply to too many individuals, but there are extremely high potential penalties involved, so it’s worth a quick read. If you don’t already know this, the IRS requires individuals and businesses with foreign assets above certain thresholds to report them every year. There is no corresponding tax calculation, it’s simply a reporting requirement. […]

Open Enrollment

Just a quick reminder that anyone without health insurance during 2017 can get stuck with a pretty heft penalty. This year it’s 2.5% of your household income (or $695 per adult, whichever is higher). In order to avoid next year’s penalty, make sure that you have a health plan set up before the end of […]

Gay Marriage

It’s been a pretty huge week for Supreme Court decisions. Yesterday the court upheld the Affordable Care Act, and just this morning they ruled that same-sex marriage is now a legal right across the US. Here at Padgett South Austin, we pretty much always try to keep politics out of our work. But suffice it […]

Loans From or To Related Parties

Sometimes to get along, you have to get a loan. The Company may need funds, and you may lend some of your personal money to your Company. This is perfectly legitimate, but make sure there is a written promissory note, with some reasonable interest rate, and some reasonable payment schedule. It can go in the […]

Late Filing/Payment Penalties

Just a quick note.  Whenever you get a letter from the IRS saying that you owe penalties for late filing of your tax return (or late payment of the tax due), consider requesting that the penalty be waived.  The IRS has something called a First Time Abate program in which they will waive the penalty […]