How complex is the tax code?

Here is a flow chart for the new health insurance credit.......... Need a CPA?

Peer Review

We are in compliance with the AICPA’s Statements on Quality Control Standards. Please click on the link below for our most recent peer review.

Peer Review Letter

2011 Tax Change Summary

Below is a link to a summary of important changes for 2011 to individual taxes, business taxes, and retirement plans. Please contact us if you have any questions.

2011 Tax Change Summary

New 1099 reporting for rental property owners

Do you own a rental property? If yes, the IRS is requiring you to issue Forms 1099 for the 2011 tax year. Click below to see addtional info.

1099 Requirement for Rental Property Owners

Will the new tax law affect you?

The answer is yes. Click the link below to find out how. Most, if not all, taxpayers will have their tax bill reduced.

New Tax Bill Summary

Tax filing may be delayed

Just before Christmas, Congress passed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. This tax act extended many tax cuts, reducing nearly everyone's tax bill. However, due to the late passage of the bill, the IRS need time to adjust to the new law. Please see the link below for more information.

If you file Form 1040 and itemize your deductions on Sch. A (i.e. you claim mortgage interest, property taxes, and/or charitable contributions) you won't be allowed to file your return until mid- to late-February. This will delay a potential refund for many taxpayers.

You will still be able to prepare your tax return before that date, so don't wait to make an appointment to come have your taxes prepared. We just won't be allowed to file the return until given the go-ahead by the IRS.

http://www.irs.gov/newsroom/article/0,,id=233449,00.html

The future of US tax?

Recently, the Presidential Fiscal Commission released its draft proposal of the future of the US tax structure. It has a number of dramatic tax options that would significantly change the structure of taxes here in the US. If you are interested in some light to moderate reading, the document is provided in the link below.

Co-Chairs Tax Proposal

Also, the Commission also proposed $200 billion in spending cuts, noted in the document below. You'll find it very interesting.

Federal Spending Cuts Proposal