Archives

Dec
18
2014

In preparation of the 2015 Individual Tax Filing Season…

Well, it’s that time of year.  While we do look forward to the twinkly lights and holiday hustle-and-bustle, it is this time of year where we begin ramping operations up in anticipation of the 2015 filing season with tax planning and year-end preparation. As with most CPA firms, our busiest months are February through April.  We’d like to take a few moments now to help make this filing season your easiest and most hassle-free filing ever with the following tips:

  • Please answer all of the questions in the organizer questionnaire.

Dec
15
2014

Be “In-Kind”: Nonprofit accounting for donations of property and services

hand nonprofit treeMost non-profit organizations receive some forms of non-cash gifts including both tangible property (furniture, equipment, clothing, stock, supplies, etc.) and personal services (legal, healthcare, accounting, maintenance, volunteer, etc.). These donated goods and services are referred to as in-kind contributions. Recording these non-cash gifts allows the NFP to fairly present the types of contributions it receives in order to fulfil the mission of the organization. Even though in-kind contributions are important sources of revenue for some NPFs,

Dec
10
2014

Lisa Gunther: In Loving Memory (1963-2014)

32-Gunther,-Lisa

It is with heavy hearts that we compose this. On Thursday, December 4th, Lisa Gunther, our Director of Operations, surrendered to a three-year battle with cancer. Lisa is the sister of Shareholder Mari DeVries and Senior Tax Manager Mike DeVries.

Lisa was an invaluable member of the firm’s management. She was adored by both clients and staff—some of whom affectionately called her “Office Mom”. Lisa was always the eternal problem-solver.

Dec
09
2014

How the Affordable Care Act Impacts You

The end of the year is drawing near, and our firm has received countless inquiries about the new Patient Protection & Affordable Care Act (PPACA or ACA), aka Obamacare, and how the enactment affects them.  Below is a helpful, easy-to-read summary on how an individual’s taxes may be impacted. We encourage all taxpayers to read this and of course, reach out to our firm if you have any questions or concerns.

How the Affordable Care Act Impacts Your Taxes

 

Nov
19
2014

Quick Prep Guide for Audit Fieldwork

The purpose of an independent audit is to provide financial statement users with an opinion on whether the financial statements are fairly stated, in all material respects, with the applicable financial reporting framework. To successfully issue the audit report, auditors must gather, analyze and evaluate sufficient, appropriate evidence as directed by the audit procedures. While part of the evidence-gathering process can be done electronically, our teams do spend a fair amount of time with our clients at their place of business examining documents,

Nov
04
2014

Arizona Tax Credits for Charitable Contributions

The end of the year is quickly approaching, and it’s that time of year where we encourage our clients, friends, and family to give to their favorite charities.  For many Arizona charities, your donation could very likely equal a dollar-for-dollar Arizona tax credit, meaning it is of no additional cost to you to make these tax-credit qualifying donations. 

The State of Arizona offers tax credits to individuals that make charitable contributions to certain organizations and public schools.

Oct
29
2014

Employers: Tips On Preparing for Year-End Reporting

It’s the time of year when we are all so busy with holidays and family, yet we must continue to run our businesses and have everything done by the end of the year. Here are some tips to help you make it through this stressful time.

Year-End W-2 Addbacks:

  • Check with your third-party payroll provider to find out what the deadline is for supplying them with the information for your W-2 addbacks.

Oct
17
2014

Promises to Give vs. Intentions to Give – A Brief Primer

Not-for-profit organizations (NFPs) can find it difficult to differentiate a promise to give (often called a pledge receivable) from an intention to give. An intention to give typically does not have written evidence and, even if it is in writing, it usually contains words such as “intend”, “plan”, “hope”, or “may”. An intention to give is not as certain as a promise, and because of the higher degree of uncertainty, NFPs cannot record intentions to give in their books.

Oct
08
2014

Federal employment tax and trust fund penalties – tips and tricks

FEDERAL EMPLOYMENT TAX AND TRUST FUND PENALTIES ARE COMMON

According to the 2013 Internal Revenue Service Data Book, the IRS issued 6.8 million penalties related to employment taxes from 10/1/2012 to 9/30/2013 totaling $4.5 billion dollars—an amount equal to the cost to construct the Naval aircraft carrier, U.S.S. Ronald Reagan!

These penalties can hurt—especially small employers:

For example,

  • penalties for failure-to-file reports and pay taxes, combined,

Sep
23
2014

You, the IRS, and Thieves

Have you been contacted by the IRS?  If it was by email or phone, it could be a scam.  The most recent scams include threatening phone calls, phony emails, and identity theft to obtain false refunds. We advise our readers to be aware of current events, and please do not hesitate to contact us if you have any questions.

Phone and Email Scams

In phone scams, thieves claim to be IRS agents and will often rig the caller ID to falsely show the IRS phone number.