Welcome to Koifman CPA and Associates
At Koifman, CPA & Associates, we believe in individualized, detailed and comprehensive relationship between you, the client, and us, your accounting and tax professionals. We pay attention to details and your personal needs to ensure you unsurpassed professional service and guidance.
Points of Interest
Extension procedures and filing due dates for individual taxpayers:
- Electronically filed tax returns are accepted until October 15th.
- If April 15th falls on a weekend or federal holiday, you have until midnight the following business day to submit your extension request or your tax return.
- However, for your return to be considered timely after April 15, you must file Form 4868, Application for Automatic Extension of Time to File, on or before April 15th.
- With a timely filed extension request, you have until October 15th to timely file your return.
- If an extension of time to file has not been timely submitted you may be subject to a failure to file penalty if your return is filed after April 15th.
Provisions in the new law help small businesses in various ways:
• Tax-bracket stability. If no new law had passed, all personal income tax rates would have gone up. The highest rate would have risen from 35% in 2010 to 39.6% in 2011. Many small companies are structured as S corporations or limited liability companies (LLCs), so company profits are passed through to the business owner's tax returns. Therefore, the new tax law helps many business owners avoid higher taxes in 2011 and 2012.