Small Business Tax Q&A: November ’16 — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Small Business Tax Q&A: November ’16

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Stay in touch with the IRS

Q. Do I have to notify the IRS if I move this year? E.R., Hopatcong, N.J.

A. The IRS requests that you do so, but it likely won’t penalize you if you don’t. To change your address with the IRS, complete Form 8852 (Change of Address for Individual, Gift, Estate, or Generation-Skipping Transfer Tax Returns) and send it to the address listed on the form. Alternatively, when you’re entitled to a refund, you can use the “Where’s My Refund?” feature to change your address online. You must provide your Social Security number, filing status and the refund amount. Or you can send the IRS a letter with the pertinent information.

Tip: If you do nothing, the IRS will change your listed address based on your last return.

Tax-free Roths aren’t forever

Q. I am inheriting a Roth IRA from my father. Is this subject to estate tax? K.K.W., Fort Worth, Texas

A. Yes, if the value of your father’s estate is larger than ...(register to read more)

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