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Taxes - Late Filing, Penalties & IRS Notices

Posted by Admin Posted on May 18 2017

Late Filing & Paying Penalties

April 18 was the deadline for filing 2016 individual tax returns.  This means, any taxpayer who owed tax and did not pay them by April 18 will most likely owe interest and penalties on the tax they owe until it is paid in full.  The same rule applies to those who filed a 6-month extension - if you owed tax for 2016 you are acquiring interest and penalties until you file your returns.

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Don't dig yourself into a deeper hole!  Keep interest and penalties low by filing your tax returns and pay any taxes owed ASAP!  The IRS will assess the extra fees after the 15th of each month.  Here is a link on the IRS' website outlining important facts about filing late and paying penalties: 

 

What If I Can't Pay What I Owe?

If you cannot pay the taxes you owe by the time you are ready to file your 2016 returns, no need to worry.  Under most circumstances, the IRS will allow you to apply for an installment agreement which grants you the opportunity to pay your balance in monthly installments.  This, however, does not dismiss any interest and penalties you may accrue until your entire balance is paid.

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Our suggestion:  If you do NOT pay your 2016 taxes owed but DO file your returns, wait for the IRS to send you a notice in the mail.  This way it will confirm (1) the balance owed for your taxes and (2) that the IRS has fully processed your return.  When you receive said notice, we can assist in setting up your installment agreement with the IRS!  All we need is a copy of the notice you received and a signed Power of Attorney.  Or if your prefer, you may set up an agreement online.

 

Clients: Avoid further tax penalties...NOW is the time to file your 2016 tax returns! Send us your tax documents to get your returns prepared today!  Drop them off or upload using your client portal.

 

Like our Facebook to stay on top of the latest news regarding your taxes, deadlines, plus much more.

 

VOTE! - Reader Rankings 2017

Posted by Admin Posted on May 09 2017

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The 2017 Journal Record Reader Rankings are in and we made this list!  We are honored to have been nominated!  Now it's time to select us as the Best Accounting Firm (category 6) in Oklahoma.  Also, please take time to select your favorite local businesses in the other categories!

 

VOTE NOW!

Character Trait for May

Posted by Admin Posted on May 02 2017

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Hyde & Company’s character trait to follow for the month of May is ALERTNESS

 

We as accountants make a living by staying alert at all times.  By being alert we are able to solve issues before they become a major problem for our clients and our firm.  That being said, we are human and miss some things here and there, just as anyone else.  That's why this month we will be working to improve our alertness as a firm by committing to the points below.  We hope you do the same to improve your workplace and everyday life!

 

1. KEEP YOUR EYES OPEN

Alert individuals always know what's going on around them.

What opportunities do you have, in your job, to be alert?

How can being alert save people from getting hurt, preventing issues with quality control, and save the company money?

2. ACT IMMEDIATELY

Taking care of the things you notice will help those around you.  Being considerate of others is one part of the equation, but it is important to act.

When you have noticed something that needed attention, what did you do?

What can happen if you do not take action once you notice something?

3. ANALYZE THE RESULTS

How does an alert worker help the business and the bottom line?

You can gain valuable insight into success by learning from your failures - this helps response time to future situations.

 

 

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Visit the Strata Leadership website to learn more about their development program for businesses used for building teamwork, improving communication and developing leaders.

Suited For Success - Charity Drive Recap

Posted by Admin Posted on Apr 05 2017

We asked and YOU responded! We had a terrific response in our invitation for involvement with our charity drive this season. Suited for Success relies soley on contributions from people with the commmunity and we had numerous people turnout to show that they care! Because of your generosity, we were able to give professional clothing to those who need them - those clothes valued nearly $30,000 total! 

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Our drive began in early February.  We had such a great response, we had to make more than one dropoff in our month-and-a-half campaign!

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Pictured above: Angela Parker, Client Services at Hyde & Company, and Susan Walton, Executive Director of Suited For Success

 

In addition, we also issued a challenge to our clients in March: For every 'Like' our Facebook page received during our charity drive our firm would donate money to Suited For Success. Challenge accepted! We had so many people like our page that we were able to donate $500!

We cannot thank everyone enough for your involvement in this charity drive and for supporting the cause of Suited For Success. They are truly a great organization and we look forward to working with them again in the future!

Find out more about Suited For Success and how you can donate.

Character Trait for April

Posted by Admin Posted on Apr 04 2017

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Hyde & Company’s character trait to follow for the month of April is HUMILITY

 

We live in a selfish world. It seems harsh to think that way, but we all have selfish tendencies.  Most are taught to look out for ourselves because no one else will. Sure, effort on our part contributes to our individual success, but the support and encouragement from others is important to understanding our full potential. 

 

1. SHARE THE CREDIT

A humble person recognizes how others have contributed to his or her success.

Think of two people who have made a significant investment in your life. What did they sacrifice on your behalf?

2. ASK FOR HELP

Be teachable, especially when advice comes as criticism.

How can your talents contribute to a team?

How can you improve or get help in your areas of weakness?

3. SERVE OTHERS

You can gain more support and develop better relationships by serving others every once in a while.

Think of a leader you highly respect. How did that person show "servant-leadership"?

How can you apply "servant leadership" in your life?

 

 

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Visit the Strata Leadership website to learn more about their development program for businesses used for building teamwork, improving communication and developing leaders.

Extensions for Personal Tax Returns (1040)

Posted by Admin Posted on Mar 27 2017

Time is growing shorter and there are only a few weeks left until the April 18th tax deadline!  If we did not receive your 2016 tax records to prepare your tax return as of March 24th we must file an extension of time to file.

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In order to prepare your extension properly, please fill out the information (as applicable) on THIS FORM and return to our office no later than Tuesday, April 4th.  If you have predetermined an amount you would like to send with your extension, you may enclose a check with this form when sending to us.  Also please send us your signed engagement letter if you have not already done so.  We can provide you with another copy upon request.

 

Please contact us if you have any questions!

Please visit the archive for previous articles.

This blog site is intended for educational purposes directed towards our clients and provides general information about tax, accounting and business related topics.  It is not intended to provide professional advice.  We are not investment advisors. Accordingly, we suggest that you seek the advice of qualified investment advisors appropriate to each investment being considered. By using this blog site, you understand that there is no CPA/client relationship between you and Hyde & Company CPAs, P.C. or its employees.  The blog and website, including all contents posted by the author(s), should not be used as a substitute for competent counsel from a qualified advisor in your state.  Hyde & Company CPAs, P.C. posts are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes.  Tax rules are frequently changed, added, amended, and/or left to expire – always check with your CPA or accountant regarding the most current tax rules and how they apply to your specific tax issue