Walther CPA

Certified Public Accountants

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FinCEN Announces Filing Deadline For 2017 FBARs

The FBAR due date also provides for an automatic six-month extension for filing the form to Oct. 15, 2018. FinCEN again explained that filers did not have to do anything to take advantage of the extension and need only file the return by Oct. 15 to comply.

Taxpayers who have a Form 114 filing requirement must file electronically on FinCEN’s Bank Secrecy Act (BSA) E-Filing System website.

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Due March 15th, 2018 

1120s- S Corporation Returns

1065- Partnership Returns

Courage is the capacity to confront what can be imagined

Leo Rosten
scam alert

Client Portal

Our Client Portal makes updating your files easy and secure. Need to set up your Portal connection?
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New Tax Refund Scam

Thieves are using phishing and other schemes to steal client data from tax professionals. Then, using that data, they file fraudulent tax returns and use the taxpayers’ real bank accounts to deposit erroneous tax refunds. Finally, the thieves, posing as IRS or other law enforcement, call attention to the error and ask taxpayers to return the money to them.

Thieves use various tactics. Criminals posing as debt collection agency officials acting on behalf of the IRS reach out to taxpayers to say a refund was deposited in error, and ask the taxpayers to forward the money to their collection agency.

Others have received an automated call with a recorded voice claiming to be from IRS; the caller threatens taxpayers with criminal fraud charges, an arrest warrant and a “blacklisting” of their Social Security Number. The recorded voice then gives the taxpayer a case number and a telephone number to call to return the refund.

Remember IRS collections ONLY occur through correspondence delivered by U.S. MAIL.

This is “Identity Theft” and form 14039 Identity Theft Affidavit should be filed with the IRS to obtain a PIN that will need to be used with all future Federal Tax filings to assure that the returns being filed are from the taxpayer .

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Gross Receipts Tax

A gross receipts tax by any other name is still a gross receipts tax – and it goes by a number of different names in the various states that have enacted it. Ohio calls its GRT the commercial activity tax, or CAT, Texas calls the state GRT a franchise tax or margin tax, Washington named its GRT the Business and Occupation Tax, and Nevada’s GRT is the Commerce Tax. And although New Mexico has a GRT, its characteristics are more similar to a broad-based sales tax. While some states see a GRT as a revenue enhancer or a simpler alternative to the corporate income tax, most economists see it in a negative light because of tax pyramiding. Pyramiding occurs when products and services are taxed each time they are purchased and sold by subsequent firms during the production process. The tax thus becomes part of the base in each subsequent sale, and final purchasers pay a higher tax because of the repeated taxation of the same inputs.

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Questions or comments? Email us at gary.walther@waltherpartners.com or call 281-591-7749

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