Linkenheimer

The History of April 15th and Tax Day

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April 15 isn’t most Americans’ favorite day, and that’s because most years, it’s the official, federal tax deadline (for the first time in 65 years, tax day now falls on a different day, July 15, 2020) . Tax Day, as it’s called, has a long and interesting history in the States that goes all the way back to Abe Lincoln’s leadership. Federal income tax was introduced with the Revenue Act of 1861 to help fund the Civil War, and subsequently repealed, re-adopted, and held unconstitutional. The early taxes were based on assessments, not voluntary tax returns. Tax payment dates varied by act.

1861: The First Federal Income Tax 

Abraham Lincoln, who was an American president from 1861 to 1865, proclaimed the first federal income tax his first year in office. 1861—particularly August 5—is the historical day that marks the future-changing decision. At the time, Lincoln announced a 3% tax rate for anyone who made over $800 a year (roughly $24,000 with today’s inflation). The decision was made to help fund the Union’s efforts during the civil war. Though we are still being taxed today, Lincoln’s tax system was repealed in 1871.

1894: Tariff Act of 1894 Rules […]

By |April 15th, 2020|irs, Linkenheimer, New Tax Laws, tax deadlines|0 Comments

Happy Holidays from the Linkenheimer Team

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It’s the time of the year, where we reflect on all that is important to us: family, friends, health and hobbies. From everyone at Linkenheimer, we’d like to say thank you for your continued loyalty and faith in us. Put your feet up and have a well-deserved rest this Christmas and let every day of the holiday season be filled with joy. We look forward to serving you and our community in 2019!

Wishing Everyone a Merry Christmas and a Happy, Healthy and Prosperous New Year!

Merry Christmas and a Happy New Year from the Linkenheimer Team

 

Wishing you all a Merry Christmas and a Happy, Healthy, Prosperous New Year!

By |December 15th, 2016|firm, Linkenheimer, staff, Team|0 Comments

Tax Deadline is Around the Corner, So Here’s Some Humor to Help You Through It…

So April 15th is just a few days away, and yes, we know the real deadline is the 18th, but we’re telling our clients it’s the 15th (we don’t want to get shoeboxes of receipts next Monday afternoon). To help ease the stress that sometimes is associated with this time of the year, it seems some humor might be appropriate. We hope you enjoy and remember, no dropping off boxes of receipts on the 18th; boxes of chocolate on the other hand… they will be accepted.

“Two things you need to know about taxes. They’ve extended the deadline to April 18, and when you write your check, just make it out to China.” –David Letterman

“Tax day is the day that ordinary Americans send their money to Washington, D.C., and wealthy Americans send their money to the Cayman Islands.” –Jimmy Kimmel

“Because of a holiday, the deadline for taxes is April 18, so you have three extra days to dig through restaurant dumpsters for receipts.” –Jimmy Kimmel

“Worried about an IRS audit?  Avoid what’s called a red flag.  That’s something the IRS always looks for.  For example, say you have some money left in your bank account after […]

By |April 14th, 2016|accounting, Linkenheimer, tax, tax time|0 Comments

Linkenheimer Team Goes “Down the River” in Nicaragua

It wasn’t just beaches and mai tai’s for the Linkenheimer team and their families as they spent over a week in beautiful Nicaragua. Continuing a tradition of service in the region, John Jones led two different groups from Linkenheimer down the rural region of the Rio San Juan, with the goal of delivering eye exams and prescription glasses which would have otherwise have been unattainable.

Linkenheimer traditionally enjoys a team vacation in January as a thank you for a job well done and a bonding experience before the trials of a busy tax season. This year, the team building was magnified with the opportunity of “going down the river”.

A typical “going down the river” experience usually entails: Flying into Managua; chartering a small, 16 seat plane which flies you over Lake Nicaragua (the 10th largest fresh water lake in the world), landing on the dirt “runway” in San Carlos; from there you are shuttled in trucks to the river front, where the team boards long boats, which make their way down the winding river until they reach the serene, yet primitive Sabalos Lodge. Then the real adventure begins.

The team then travels by boat to the village, where they setup their […]

By |March 5th, 2014|Community, Linkenheimer, Nicaragua, service, Services|0 Comments

Financial Reporting Framework (FRF) for Small to Medium Sized Entities (SMEs)

All financial statements are prepared in accordance with a FRF e.g. Generally Accepted Accounting Principles (GAAP) in the United States of America, and International Financial Reporting Standards (IFRS).

The FRF for SMEs framework is a new accounting option for preparing streamlined, relevant financial statements for privately held, owner-managed, and smaller- to medium-sized for-profit private entities, that need reliable, financial statements, when GAAP financial statements are not required.

The FRF for SMEs framework is constructed of accounting principles that are especially suited and relevant to a typical SME. Examples include the following:

The FRF for SMEs framework uses historical cost as its measurement basis and steers away from complicated fair value measurements. 

The framework does not require complicated accounting for derivatives, hedging activities, or stock compensation. Moreover, the FRF for SMEs framework disclosure requirements are targeted, providing users of financial statements with the relevant information they need while recognizing that those users can obtain additional information from management if they desire.

The FRF for SMEs framework consists of traditional accounting principles and accrual income tax accounting methods which are very familiar to lenders. The FRF for SMEs framework is intended to be utilized by entities whose lenders base their decisions principally on reliable […]

Linkenheimer’s 34th Annual Golf Tournament (Pics Inside)

Over 110 clients, family and friends joined us for the 34th Annual Linkenheimer & JDH Golf Tournament at the Oakmont Golf Club. The success and attendance of the event is a direct reflection of how many great people show up to play every year. We’ve always said the people are what makes us different at Linkenheimer. Those people include our clients, staff and the families who support us. Each one is a pillar in the creation of a unique workplace, where our staff is in it for the “long haul”, and dedicated to providing our clients outstanding service. Our annual tournament is our way of saying “thank you” to all of you. We are looking forward to next year’s tournament and the growth of relationships that develop along the way.

Check us out on Linkenheimer Facebook
or the gallery on our website.

By |October 10th, 2013|2013, best palce to work, golf, Linkenheimer, oakmont, tournament|0 Comments

Linkenheimer Named Best Place to Work in the North Bay



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Planning for the new Medicare taxes in 2013

As summer quickly passes and we head into the last half of 2013, it is a good time to evaluate your income and deductions for the year and begin working with your CPA on planning strategies to reduce your overall tax burden.

Specifically, upper income individuals should be aware of the additional Medicare Tax which applies to earned income  (wages and self-employment income).  Prior to this new tax provision beginning in 2013, any wages paid to you by your employer were subject to a 2.9% Medicare payroll tax, which was split equally by you and your employer (1.45% each).  Beginning in 2013, wages above $200,000 for individual tax filers, or $250,000 for married taxpayers filing jointly, will be subject to an additional .9% Medicare tax.  
For illustrative purposes, this would mean that if you and your spouse file a joint tax return and have combined wages of $350,000, you will end up paying an additional $900 in Medicare taxes. Employers are required to withhold this additional tax for employees with wages in excess of $200,000, and any underpaid or overpaid Medicare taxes will be adjusted for on your income tax return.  Individuals with both wages and self-employment income aggregate their earned […]

Obama Administration Postpones Large Employer Health Care Mandate Until 2015

The requirement that businesses provide their workers with health insurance or face fines – a key provision contained in President Obama’s sweeping health care law – will be delayed by one year, the Treasury Department said Tuesday.

The postponement came after business owners expressed concerns about the complexity of the law’s reporting requirements and some viewed it to be a potential job killer in an already struggling economy. Under the Affordable Care Act, businesses employing 50 or more full-time workers that don’t provide them health insurance will be penalized. The extra year before the requirements go into effect will allow the government more time to assess ways to simplify the reporting process for businesses.

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