Fourth Quarter Tax Calendar

1 10 2018
abundance agriculture close up farming

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October 15 — Personal federal income tax returns that received an automatic six-month extension must be filed today and any tax, interest and penalties due must be paid.

  • The Financial Crimes Enforcement Network (FinCEN) Report 114, “Report of Foreign Bank and Financial Accounts” (FBAR), must be filed by today, if not filed already, for offshore bank account reporting. (This report received an automatic extension to today if not filed by the original due date of April 17.)
  • If a six-month extension was obtained, calendar-year C corporations should file their 2017 Form 1120 by this date.
  • If the monthly deposit rule applies, employers must deposit the tax for payments in September for Social Security, Medicare, withheld income tax and nonpayroll withholding.

October 31 — The third quarter Form 941 (“Employer’s Quarterly Federal Tax Return”) is due today and any undeposited tax must be deposited. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until November 13 to file the return.

  • If you have employees, a federal unemployment tax (FUTA) deposit is due if the FUTA liability through September exceeds $500.

November 15 — If the monthly deposit rule applies, employers must deposit the tax for payments in October for Social Security, Medicare, withheld income tax, and nonpayroll withholding.

December 17 — Calendar-year corporations must deposit the fourth installment of estimated income tax for 2018.

  • If the monthly deposit rule applies, employers must deposit the tax for payments in November for Social Security, Medicare, withheld income tax, and nonpayroll withholding.




Sales Tax and Remote Sellers

1 10 2018
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The U.S. Supreme Court’s June 21, 2018, ruling in Wayfair concluded that states can impose sales tax-collecting requirements on out-of-state retailers, even those that do NOT have a physical presence in the state.  The court addressed South Dakota’s direct challenge to Quill, the 1992 decision that established the physical presence test for sales and use tax nexus.  That decision predated the surge of online sales, and since then states have been looking to find constitutional ways to collect tax revenue from remote sellers.

It should be noted that physical presence nexus has not gone away.  It still applies regardless of any new thresholds.  What has changed is that physical presence is no longer required for the collection of sales tax as long as certain thresholds are met.

Indiana’s existing “economic nexus” law, effective July 1, 2017, is found at IC 6-2.5-2-1(c), and provides that a retail merchant that does not have a physical presence in Indiana shall collect the gross retail tax on a retail transaction made in Indiana if certain threshold requirements are met.  Because of the ruling in Wayfair, the Indiana Department of Revenue will begin enforcing Indiana’s nexus law on October 1, 2018 on a prospective basis.

Indiana law requires a seller without a physical presence in Indiana to obtain a registered retail merchant’s certificate and to collect and remit applicable sales tax if it meets either or both of the following conditions in the previous calendar year or the current calendar year:

  • Gross revenue from sales into Indiana exceeds $100,000 or
  • There are 200 or more separate transactions into Indiana (probably measured by invoices).

Indiana remote sellers may also be responsible for sales tax collection in other states as well, even though they may have no physical presence in that state. Each state could have different thresholds as well which would need to be researched if this applies to you.

Remote sellers seeking to comply with the laws of multiple states (including Indiana) should register with the Streamlined Sales Tax Registration system.  Remote sellers seeking to comply with only Indiana’s economic nexus law should register through the online portal, INBiz.

The Indiana Department of Revenue will continue to be a resource for both out-of-state and in-state merchants.  In addition, the department will continue to provide further updates online.  Interested parties may subscribe to receive email updates as more information is provided on the website.

You can also call us at 812-663-7567 or 800-676-7567 for assistance.





What a Wonderful Vacation!

8 08 2018

Everyone loves a vacation.  Some are more special or unique than others.  That would certainly describe the most recent vacation taken by RBSK’s own Bob Blankman along with his wife Carol and daughters, Lisa and Megan.  They traveled to Italy for a very special purpose.

They left Indiana on June 30th arriving in Rome on July 1st.  The first part of the trip was devoted to excursions and sightseeing trips.  While in Rome, they visited the Catacombs, the Vatican, including the Sistine Chapel, the Colosseum, the Forum, the Spanish steps and the Trevi Fountain.  A side trip to Assisi was also included.

Then it was off to Tuscany for a wine tasting lunch on July 4th.  From there, they visited Sienna before traveling to Florence.  One of the highlights of the stay in Florence was touring galleries which included the original statue of David by Michelangelo.

Arriving in Florence was the ultimate goal of the trip.  For you see, Bob’s wife Carol is a two-time breast cancer survivor.  Almost 3 years ago she joined the Indy SurviveOars Dragon Boat Racing Team whose home is located at Geist Reservoir in Indianapolis.  This team traveled to Florence, Italy for an international festival for breast cancer survivors hosted by the International Breast Cancer Paddler’s Commission (IBCPC) on July 6th through July 8th.

The IBCPC Dragon Boat Festival is held every four years and is a non-competitive event geared toward teams of breast cancer survivors using dragon boat activities as post-operative rehabilitation.  Canadian sports medicine doctor Don McKenzie introduced dragon boat paddling as a form of rehabilitation after surgery about 20 years ago.  The IBCPC has a total of 129 teams from 17 countries spanning every continent.

The festival was held at Cascine Park, which is the largest public park in Florence and dates back to the 16th century.  The races took place on the Arno River which runs through the outskirts of the park.

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Following a couple of practice sessions and similar to the Olympics, the festivities began the evening of July 6th with a parade of nations through the streets of Florence.  The Blankman family can be seen wearing their parade shirts in the picture above.  A woman from each country carried their nation’s flag followed by the teams participating in the festival from that country.  Each team carried a banner indicating who they were.  A woman from the Indy SurviveOars group had the honor of carrying the American flag followed by 42 teams from the United States.  She was the youngest woman from the United States participating in the festival having survived breast cancer twice at the age of 29.  Pictured below are the Indy SurviveOars participating in the parade.

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The dragon boat races then took place on July 7th and 8th.  Dragon boats are over 40 feet long propelled by a coordinated crew of 20-22 paddlers, a drummer who keeps the pace, and a steerer who guides the craft.  There were enough women who made the trip to Italy for the Indy SurviveOars to field one full team but not enough for two teams.  So, some of the women were part of “composite” teams joining other women from other states or countries to form a full team for the races.  The Indy SurviveOars were a part of 3 “composite” teams joining other women from New York, Vermont and Australia.  Carol and 4 other Indy SurviveOars women joined a team from New York for their races.  Thus, there were 4 teams that included women from the Indy SurviveOars.

It really didn’t matter to the women which team they were on.  Their motto is “One Team, One Blade” with the blade representing the paddle.  This basically means that it doesn’t matter which boat you are in or where you are, we are all in this together.

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Each race consisted of 5 boats racing against each other in a heat.  Carol Blankman (second from the back on the left) can be seen in the picture above paddling with her team in one of the heats.  Each team raced twice each day.  Although this was a non-competitive event, as mentioned previously, once the women were in their boats and racing in their heats, it was very competitive.  Each woman in each boat gave their best effort to not only win their heat, but to also have the best overall time for the two days of racing.  The team consisting of all women from Indy SurviveOars finished 30th out of approximately 125 teams, 11th out of 42 US teams and 2nd among US Midwest teams.  This was their best showing in any of the 3 such festivals in which they have participated.  The picture below shows the view as the boats approach the finish line.

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The most beautiful and meaningful part of the festival occurred at the end of the second day of the races.  Every dragon boat racing event, including festivals, ends with a rose ceremony.  All the boats are linked together in the water, and each woman on the boats holds a rose while a brief talk is given or a short prayer is being said.  Then the roses are tossed in the water to commemorate and remember those women who have lost their battle with breast cancer or have had a reoccurrence, as well as all of those who have had the disease.

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For this ceremony at the festival, music was also playing in the background.  All 4,000 women in attendance wore the same pink T-shirts for the ceremony.  The women who were standing on the side of the river and not in the boats also tossed roses in the water.  It was a very touching and beautiful way to end the festival.

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What a wonderful vacation!!!

For anyone who may be interested in seeing dragon boat racing in person, the White River Alliance in Indianapolis is sponsoring an inaugural White River Dragon Boat Race on Saturday, September 29th.  The White River Races will begin at 8:30a.m. and should end mid-afternoon.  We hope to see you there.

 

 





Foreign Accounts Call for Specific Reporting Requirements

14 05 2018

Foreign Accounts Call for Specific Reporting Requirements

In an increasingly globalized society, many people choose to open offshore accounts to deposit a portion of their wealth. When doing so, it’s important to follow the IRS’s strict foreign accounts reporting requirements. In a nutshell, if you have a financial interest in or signature authority over any foreign accounts, including bank accounts, brokerage accounts, mutual funds or trusts, you must disclose those accounts to the IRS and you may have additional reporting requirements.

To do so, your tax preparer will check the box on line 7a of Schedule B (“Interest and Ordinary Dividends”) of Form 1040 — regardless of the account value. If the total value of your foreign financial assets exceeds $50,000 ($100,000 for joint filers) at the end of the tax year or exceeds $75,000 ($150,000 for joint filers) at any time during the tax year, you must provide account details on Form 8938 (“Statement of Specified Foreign Financial Assets”) and attach it to your tax return.

Finally, if the aggregate value of your foreign accounts is $10,000 or more during the calendar year, file FinCEN (Financial Crimes Enforcement Network) Form 114 — “Report of Foreign Bank and Financial Accounts (FBAR).” The current deadline for filing the form electronically with FinCEN is April 15, 2018, with an automatic extension to October 15.

Failure to disclose an offshore account could result in substantial IRS penalties, including collecting three to six years’ worth of back taxes, interest, a 20% to 40% accuracy-related penalty and, in some cases, a 75% fraud penalty. For further information, contact us.





Free HRA Event – June 28th

22 06 2017

deadline

A Health Reimbursement Arrangement (HRA) commonly referred to as a health reimbursement account, is an IRS-approved, employer-funded, tax-advantaged employer health benefit plan that reimburses employees for out-of-pocket medical expenses and individual health insurance premiums.

Group plans don’t always fit small businesses. We have a better solution.

find out more

Join us, and our partners, TASC, on June 28th for an HRA Event. Learn more about how these plans could save you money on your taxes.

 

Register today!

 

Event to Take Place:

Wed, June 28, 2017

3:00 p.m. – 4:00 p.m. EDT

 

RBSK Partners PC

224 N Broadway Street

Greensburg, IN 47240

 





So The Bank Wants a Financial Statement! Now what?

25 08 2016

Do you know the difference between an audit, a review or a compilation? Most business owners rely on CPAs to assist with determining what type of financial statement they need. Your banker or bonding company will often request a specific type of financial statement. If you would like an easy to read guide that describes the basics of financial statement preparation, RBSK Partners has a FREE Guide to Financial Statement Services: Compilation, Review and Audit. To get your FREE copy, simply go to the Assurance page of our web site. There are no forms to complete, just a link to the guide. Here is a shortcut to that page:  http://www.rbskpartners.com/assurance

Guide to Financial Statement Services





RBSK Hosts Student Day

10 08 2016

 

On August 9, 2016 RBSK Partners hosted its first annual student day.  Local accounting students were provided the opportunity to learn more about the accounting profession and about RBSK Partners.  We hope to continue our efforts to encourage students to study accounting and to grow the profession.   The day was enjoyed by all and topped off with a student favorite, pizza party.