Gidney & Company, PA, CPA's

read moreAt Gidney & Company, we provide our clients with the highest quality representation possible while controlling costs, thereby bringing added value. We maintain an honorable practice, with the utmost professionalism and highest standard of ethical conduct. Our Firm is proud of the long term relationships we maintain with our clients, who are the best reference of our superior abilities and dedication to providing first class service at reasonable rates. Our firm's International Tax department can assist you, your representative, Attorney or Title Agent in preparing Foreign Investment in Real Property Tax Act (FIRPTA)- Tax Form 8288B and all other related tax law requirements.

read moreTimely, efficient bookkeeping services are available for businesses of all sizes. Computerized accounts are prepared, saved and presented for client review on a quarterly, monthly, and/or annual basis. Budgeting and forecasting support are also available. We support all major accounting programs including Quickbooks and Peachtree. Financial Statement preparation for small business clients is a long-standing service of this firm. Depending on the client's needs, monthly, quarterly and year-end balance sheet and detailed operating statements can be prepared and analyzed on a timely basis.

read moreLast tax year was a good year for a lot of our clients bringing them higher income, though with it came the bad news of higher taxes. Now, in 2016, some individuals have to pay quarterly estimated taxes or face additional payments in the form of interest and/or penalties on the amount of underpaid taxes. Self-employed persons, retirees and nonworking individuals most often must pay quarterly estimated tax to avoid the penalty. Still, an employee may need to pay quarterly estimated taxes if the amount of tax withheld from wages is not sufficient to cover the tax on other income.

read moreWe are grateful that Hurricane Irma has left South Florida and hope that your family is safe and that the impact to your property was minimal. Our staff and families have survived storm, our office is open and we are available and happy to assist you any way we can. The Internal Revenue Service has granted extensions until January 31, 2018, for any tax return, extended tax return or tax payment that was or is due on or after September 4, 2017. This applies to any taxpayer who resides in or whose business is located in most of Florida, from the Keys, north, as long as you are designated by Federal Emergency Management Agency, (FEMA), as disaster areas eligible for individual assistance.

read moreWASHINGTON - The Internal Revenue Service announced today major changes in its offshore voluntary compliance programs, providing new options to help both taxpayers residing overseas and those residing in the United States. The changes are anticipated to provide thousands of people a new avenue to come into compliance with their U.S. tax obligations. The changes include an expansion of the streamlined filing compliance procedures announced in 2012 and important modifications to the 2012 Offshore Voluntary Disclosure Program (OVDP).

read moreYou may be impacted by Foreign Investment in Real Property Tax Act and Withholding Requirements (FIRPTA) whether you are the buyer or seller of US real estate. FIRPTA requires any person acquiring real property to collect a withholding tax equal to 10% of the gross sales price from a foreign seller and forward those funds to the IRS within 20 days of the closing. To properly forward those funds the buyer and seller must have or obtain a United States taxpayer identification number. Additionally, if the seller determines that the actual tax owed is less than this 10% amount to be withheld, the seller can submit a request to the US IRS (Form 8288) that only a lesser amount be withheld.

read moreIt is a good policy to save copies of your 1040 and supporting schedules indefinitely. 2. The IRS requires record retention as long as they are important for Federal Tax law. 3. Keep ALL--bank statements, checks, receipts and other financial records for at least three years, especially those documents that will support your tax return figures. The information contained in this communication is intended as general guidance on matters of interest only. The application and impact of laws can vary widely based on the specific facts involved.