The GPL Blog

ITIN Update

Individual Tax Identification Number IRS Update to CAA Rules and ITIN’s Certifying Acceptance Agents (CAA) are more in demand than ever been. However, their ability to perform the much needed service to resident taxpayers has been limited by the IRS to certifying the...

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Financial record maintenance

The Importance of Maintaining Accurate Business and Personal Records As a tax accountant, I spend countless hours preparing personal and business tax returns. I also, spend much of my time explaining what information is to be maintained within the records used for all...

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Tax Outlook

The Congressional budget estimates a deficit of $590 billion for fiscal year 2016 with federal tax revenues reaching $3.3 trillion. Based on this estimate, the 2016 budget exceeds the 2015 budget by $152 billion. Now that I have infuriated so many people (please...

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Kiddie Tax

Does your child need to file a tax return? As parents, we all try to do the responsible thing and put money away and/or create investment accounts for our children. A great thing is when the money starts making more money. Everyone likes that. As adults, we know we...

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WA Clean Fuel Credit Expansion

Washington State Clean Alternative Fuel Credit Expansion The State of Washington recently announced certain business credits available in 2016. Beginning July 1, 2016, if your business purchases, leases or modifies a commercial vehicle to run on alternative clean...

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FBAR Deadline Near

Have you filed your FBAR? If not, it’s okay, there is still time as the due date is June 30th. Here is a short guide to help you with your efforts in gathering the information and understanding why you are filing this report. FBAR Rules and Definitions The Report of...

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Does Your State Collect Sales Tax? Here Are Necessities for Sales Tax Compliance.

Almost all states have a sales tax, only a handful don’t (Alaska, Oregon, Montana, New Hampshire and Delaware). Because of the variety and complexity inherent in sales/trustee taxes in every state you need to make sure you are correctly accounting for sales tax in your books. Sales tax is considered a “trustee tax” meaning it is collected from your customer, held in trust by the business owner and remitted to the state/city at regular intervals. The burden of calculating, collecting and remitting sales tax falls firmly on the business owner and the tax authorities are very unforgiving of mistakes when it comes to this responsibility

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