Tax Prep & Advice Archives - Denise Cataldo, CPA - a metrowest business accounting firm specializing in QuickBooks & Tax Prep advice serving Sudbury, Westboro, Southboro, Wayland and more

Massachusetts Tax Amnesty Program – ends May 31, 2016

Massachusetts Department of Revenue is currently sponsoring a tax amnesty program now through May 31, 2016.   The program waives the penalties associated with late tax payments.  Businesses have the opportunity to file past due returns and under reported taxes.   This program is also available to individuals who have not filed past due income tax […]

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Cybersecurity and Your Business

Please join us to learn about your responsibilities to protect your company data and prevent cyber security attacks!! When: Thursday, January 21, 2016 Where: Marlborough Country Club, 200 Concord Rd, Marlborough, MA  01752 Buffet Dinner will be served at 6pm Seminar will be held from 6:30pm to 7:30pm followed by a Q&A RSVP by January […]

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Donations – Cash and Cars – What you need to know

During the month of December, many individuals and businesses make gifts to charity.  Often we receive phone calls regarding the gifting of old cars.  There are several rules you need to keep in mind when you are thinking about donating your old car: The charity that receives the car must be an IRS approved charitable organization that […]

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How a Forensic Accountant can help you in a divorce

A forensic accountant is used in a legal setting to provide vital financial information.  In a divorce matter, we work closely with your attorney both during the discovery phase and if needed during trial. Using various types of documentation, both business and personal such as tax returns, bank statements, credit card statements, etc.,  a specialist […]

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ABLE Accounts

July 26, 2015 marked the 25th anniversary of the Americans With Disabilities Act.  It is a good time to remind taxpayers about a new program that Congress passed in December 2014.   Congress passed the Achieving a Better Life Experience Act or ABLE for short.  The act allows states to offer specially designed tax favored ABLE accounts to individuals […]

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Tax Extender Bill

TAX EXTENDER BILL     On December 16th the Senate passed a bill to retroactively extend more than 50 expired tax provisions.  These reinstated tax laws will be effective for the next two weeks and expire once more on January 1, 2015.  The provisions affect businesses and individuals.  Here are a few of the key […]

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Change In Responsible Party

Here is an article recently published in The Tax Advisor about a new IRS form that needs to be completed when there is a change in the personal who is considered the “responsible party”. The definition of which is below. Change in “Responsible Party” Must Be Reported to the IRS by Debera Salam, Houston, and […]

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Massachusetts Repeal of the Computer and Software Service Tax

 Recently, the Massachusetts legislators retroactively repealed the computer and software service tax that went into affect on August 1, 2013. So the question now is what do companies do that collected this tax? Here is two possible situations: 1. Vendors that collected the tax but have not remitted the tax – These vendors must make […]

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IRS and Identity Theft

IRS and Identity Theft Identity thieves are stealing social security numbers and filing fraudulent tax returns.  During the 2012 filing season, the IRS found over $20 billion of fraudulent refunds filed.  Can you image how many they didn’t catch?   As a result, when the victim files their returns and are due a refund, the IRS […]

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New Notices Related to Form 1099-K

New Notices Related to Form 1099-K Form 1099-K is an information return that reports to the IRS the total amount of payments your business received via credit card and third party network transactions.  You should retain this form for your records and use it to assist you in completing your tax return.  The IRS has […]

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