Income Tax Preparation in Long Island City, NY

Be Confident That Your Income Taxes Are Properly Prepared

What's New with Income Tax Preparation in Long Island City, NY?

Health care: individual responsibility. You must either: Indicate on your tax return that  you and your family had health care coverage throughout 2014, Claim an exemption from the health care coverage requirement for some or all of 2014 and attach Form 8965, or Make a shared responsibility payment if, for any month in 2014, you, your spouse (if filing jointly), or your dependents did not have coverage and do not qualify for a coverage exemption. See Form 8965 for more details

Do I need to file a tax return?

Individuals (in general). If you are a U.S. citizen or resident, whether you must file a return depends on three factors:

  • Your gross income
  • Your filling status
  • Your age

Form 1120 U.S. Corporation Income Tax Return

What's New

Information reporting requirements for health insurance offers and coverage.
Under the Affordable Care Act, employers that offer (or fail to offer) and others that provide minimum essential coverage to individuals are required under sections 6055 and 6056 to provide certain information to the IRS and to the individuals. The information is required for calendar years beginning after December 31, 2014, but may voluntarily be filed with the IRS and provided to individuals for 2014. For more information, see the final regulations under sections 6055 and 6056. Also, for information related to the Affordable Care Act, visit ACA.

Deduction and capitalization of expenditures related to tangible property.
Final regulations under sections 162(a) and 263(a) provide guidance for taxpayers that acquire, produce or improve tangible property. The final regulations clarify and expand the standards of previous regulations under sections 162(a) and 263(a). The regulations generally apply to tax years beginning after 2013. However, certain provisions may retroactively be applied to tax years beginning after 2011. See TD 9636, 2013-43 I. R. B. 331, at

Who Must File
Unless exempt under section 501, all domestic corporations (including corporations in bankruptcy) must file an income tax return whether or not they have taxable income. Domestic corporations must file Form 1120, unless they are required, or elect to file a special return. Contact Pablo F. Sanchez, CPA, CGMA in Long Island City, NY to handle all your income tax needs.