DiSabatino CPA Blog

DiSabatino CPA Blog

A blog by Michael DiSabatino CPA with topics on Tax Savings, Business, Management and more...

Keep good records for mutual funds

tips

Keep good records for mutual funds

Brokers are required to report your cost basis to the IRS. Without good recordkeeping, you may not be able to prove you were overtaxed because of incorrect basis reporting by your broker.

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Extension for Form 1095 Reporting

Extension for Form 1095 Reporting

Extension for Form 1095 Reporting
What everyone needs to know

For 2015 tax returns, everyone employed by a company with 50 or more employees will receive a new Form 1095. This form is in addition to the Form 1095’s received by other taxpayers using the Marketplace to purchase their health insurance. You need this form to file your taxes as it provides the necessary proof that you have adequate health insurance for the year.

A recent announcement by the IRS provides a delay for the issuing of this form due to complications in creating the proper form by employers and insurers.

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Don't Forget Your FBAR

Don't Forget Your FBAR
Don't Forget Your FBAR
A detail that can cause lots of IRS problems

The Foreign Bank and Financial Report (FBAR) is a reporting requirement that is getting lots of attention from the IRS. Here is what you need to know.

Do you have any foreign bank accounts or assets held outside the United States?

Are you a beneficiary of, or a responsible party for someone else who has assets held in non-United States based accounts?

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Reporting Interest on U.S. Savings Bonds

Reporting Interest on U.S. Savings Bonds

Reporting Interest on U.S. Savings Bonds

If you recently purchased U.S. savings bonds and wish to know how you must report the interest income on those bonds...

If you use the cash method of accounting, as most individual taxpayers do, you generally report the interest on U.S. savings bonds when you receive it. However, you report the interest on series EE, series E, and series I bonds in either of the following ways:

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A Tip on Tip Reporting

A Tip on Tip Reporting

A Tip on Tip Reporting
I
f you are like millions of taxpayers in the service industry, you may receive tips. The tax code is clear; if you receive tips you must report them as income. Some employers have systems to make this easy, while others do not. Here are some suggestions:

Think 1 2 3

Proper tip reporting has three components.

  1. Keeping a daily tip record
  2. Reporting your tips to your employer
  3. Recording your tips on your income tax return
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