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Dear Valued Clients and Friends,
In this edition of our newsletter, we are covering some important information if you hold a foreign financial account, helpful record-keeping tips and much more. If you see something that you want to talk about, feel free to contact us to explore the possibilities. Please share this newsletter with family and friends. We rely on satisfied clients as the primary source of new business, and your referrals are both welcomed and most sincerely appreciated!  Lawrence R. Pappas, CPA, P.C. (973) 893-8077 info@lpappascpa.com Have a Financial Interest in or Signature Authority over a Foreign Financial Account? Better Read This!Each U.S. person who has a financial interest in or signature or other authority over any foreign financial accounts (including bank, securities, or other types of financial accounts in a foreign country) must report that relationship to the U.S. government each calendar year if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year.Read the article »
Don’t Panic If You Receive an IRS NoticeA letter from the IRS will probably increase your heart rate a little. Don’t panic; many of these letters can be dealt with simply and painlessly.Read the article »
Read this before Tossing Old Tax RecordsNow that your taxes have been completed for 2012, you are probably wondering what old records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away. It would be helpful to understand why the records must be kept in the first place.Read the article »
Tax Tips for Students with a Summer JobMany students hold a summer job during their time off from school. Here are some tax issues that should be considered when working a summer job.Read the article »
Tips for Students and Parents Paying College ExpensesWhether you’re a recent high school graduate going to college for the first time or a returning student, paying for college can be a daunting financial task. The following are some tips about education tax benefits that can help offset some college costs for students and parents.Read the article »
Convert Unused Property Into a Tax DeductionWhen you give away items like clothing, appliances, vehicles, and other goods to a qualified charity, your generosity can add up to a tax write-off if you itemize your deductions. The amount of your deduction is generally the donated property's “fair market value.” The IRS definition of fair market value (FMV) is “the price a willing buyer would pay and a willing seller would accept for an item, when neither party is compelled to buy or sell and both parties have reasonable knowledge of the relevant facts.”Read the article »
How to Create a Progress Invoice from an EstimateNot using progress invoices? Maybe you should be. Read the article »
The Lawrence R. Pappas, CPA, P.C. newsletter is available via e-mail on a free subscription basis. You can subscribe or unsubscribe at any time. For more information about - Lawrence R. Pappas, CPA, P.C., go to http://www.lpappascpa.com. This message was sent using ClientWhys Persyst. View our permission marketing policy. Circular 230 Disclosure, United States Treasury regulations effective June 21, 2005 require us to notify you that to the extent of this communication, or any of its attachments, contains or constitutes advice regarding any U.S. Federal tax issue, such advice is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding any penalties that can be imposed by the Internal Revenue Service.
Lawrence R. Pappas, CPA, P.C.
300 Broadacres Drive 4th Floor Bloomfield, NJ 07003 Phone: (973) 893-8077 Fax: (973) 893-8099 email: info@lpappascpa.com  |
