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Tax & Business News

February Newsletter

February Tidbits

W-2s

If you did not receive a Form W-2 from your employer, contact the IRS and provide your employer’s information, date of employment and estimated wages. Your return can still be filed but you will need to attach Form 4852.

Health Savings Accounts

The additional tax on distributions not used for qualified medical expenses is increased to 20%.

IRS Extends Deadline for Estates to File Estate Tax Return

On February 17, 2012, the IRS issued guidance that allows the extension of the filing deadline to make the portability election for certain estates of married individuals with assets of $5 million or less, but only if the decedent died in the first six months of 2011.  The portability election passes along a decedent’s unused estate and gift tax exclusion amount to a surviving spouse.  The executor must file the form requesting an extension no later than 15 months after the decedent’s date of death.

A New Form – 8938 Statement of Specified Foreign Financial Assets

Certain U.S. taxpayers holding specified foreign financial assets with an aggregate value exceeding $50,000 may need to file Form 8938.  This form is used to disclose interests in certain foreign financial accounts when your ownership exceeds the reporting requirements as stated on the IRS.gov website. Form 8938 is filed as part of your individual income tax return.  This form does not replace FBAR (Report of  Foreign Bank and Financial Accounts) which is due by June 30, 2012.

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Comolli & Company, P.C.
45 Stiles Road, Unit 208
Salem, NH 03079
Phone: (603) 898-3322
Fax: (603) 898-6322

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