Creative Asset Protection Strategies, Inc.

Creative Asset Protection Strategies, Inc.
16191 NW 57th Avenue
Miami, Florida 33014
Ph: 305-621-0220
david@capstrategies.com

Newsletter Archives

Dear Valued Client,

Wow! We really appreciate how many of our clients have already sent in their tax return data for 2011 returns.   If you have not sent your information already, you can use the organizer found at the bottom of our website, or we will send you a more complex if you wish - just let us know.

This is also a very good time to take advantage of our Virtual Estate Planning System.   You can click on the link on our front page.   This system will give you the opportunity to create or revise and improve your will, durable and healthcare powers of attorney, revocable living trust, distribution planning, and many more important features.  This system produces a full set of documents (listed) that is up to date in every state (except Louisana).

This is also a very good time to review your insurance and retirement planning.   This is a very important service that we provide.

We appreciate your continued confidence in our firm.

David Southwell, CPA

Natalie Reid, CPA

Creative Asset Protection Strategies, Inc.

Don’t be Scammed by Tax Season Cyber Criminals

Now that tax season is upon us, so are the e-mail scammers pretending to be the IRS. Most of these scams fraudulently use the IRS name, logo, and/or website header as a lure to make the communication appear more authentic and enticing. They lead you to believe you had a refund of some sort coming and request personal information. The goal of these scams - known as phishing - is to trick you into revealing your personal and financial information. The scammers can then use your information - like your Social Security number, bank account, or credit card numbers - to commit identity theft or steal your money.
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New Reporting Requirement for Individuals with Foreign Financial Assets

New for 2011 is a requirement for any individual who, during the tax year, holds any interest in a “specified foreign financial asset” to complete and attach Form 8938 to his or her income tax return if a reporting threshold is met. The reporting threshold varies depending on whether the individual lives in the U.S. and files a joint return with his or her spouse. For example, someone who is not married and doesn’t live abroad will need to file Form 8938 for 2011 if the total value of his or her specified foreign financial assets was more than $50,000 as of December 31, 2011, or more than $75,000 at any time during 2011. For married taxpayers filing a joint return and living in the U.S., the threshold amounts are doubled. The thresholds also are higher for taxpayers residing abroad.
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Those Gold Sales May Be Taxable

If you took advantage of the escalating gold and silver prices and made any sales of gold, silver, gems, jewelry, or the like during 2011, you are required to report the sales on your tax return. Whether or not the sales are subject to tax, and at what tax rate, depends upon the type of item sold and your tax basis for the item.
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Schedule Cs in the IRS' Bull's-eye

Schedule C is the form that unincorporated sole proprietor businesses use to report their income and expenses as part of their individual tax returns. Schedule Cs have been center stage in recent IRS “tax gap” estimates.
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Nominees Have 1099 Reporting Requirements

Candidates seeking political offices aren’t the only individuals who are “nominees.” For tax purposes, if you receive, in your name, income that actually belongs to someone else, you are also a nominee. Being a nominee means you must file with the IRS a 1099 form appropriate to the type of income you received and give a copy of the 1099 to the actual owner of the income. However, if the other person is your spouse, no 1099 filing is required.
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It’s Not Too Late

It’s not too late to make an IRA and/or SEP contribution or undo a Roth IRA conversion for 2011.
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QuickBooks Income Tax Reports And Filtering Options: Target The Right Output

April 15 is getting uncomfortably close. QuickBooks, of course, can't do your taxes for you. But it helps you lay some of the groundwork. Following up on last month's column on customizing reports, we'll look at the program's tax-related reports and its powerful report-filtering options.
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Strategies, Inc. newsletter is available via e-mail on a free subscription basis. You can subscribe or unsubscribe at any time. For more information about - Creative Asset Protection Strategies, Inc., go to http://www.capstrategies.com. This message was sent using ClientWhys Persyst. View our permission marketing policy.

Circular 230 Disclosure, United States Treasury regulations effective June 21, 2005 require us to notify you that to the extent of this communication, or any of its attachments, contains or constitutes advice regarding any U.S. Federal tax issue, such advice is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding any penalties that can be imposed by the Internal Revenue Service.

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Privacy Policy

Don’t be Scammed by Tax Season Cyber Criminals

New Reporting Requirement for Individuals with Foreign Financial Assets

Those Gold Sales May Be Taxable

Schedule Cs in the IRS' Bull's-eye

Nominees Have 1099 Reporting Requirements

It’s Not Too Late

QuickBooks Income Tax Reports And Filtering Options: Target The Right Output