Santa Rosa

Fraud Letter for Businesses

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The addage “desperate times call for desperate measures” applies to many businesses, large and small, during these difficult economic times. These measures can be in the form of reduced hours, layoffs, and business closures. There is another aspect of ‘desperate measures’ that is worthy of discussion: fraud by trusted employees.
We would like to offer some simple, yet effective ways to establish some accounting or internal controls.
  • Related duties should be assigned to different people. […]

By |September 5th, 2012|Advisor, CPA, fraud, Linkenheimer, Santa Rosa, trusted employees|0 Comments

If You Accept Credit Card or PayPal Payments…

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By |September 4th, 2012|1099, Advisor, CPA, credit cards, Linkenheimer, paypal, Santa Rosa, tax form|0 Comments

Petaluma Nationals Showcase Team Spirit

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Property Taxes… According to the Local Assessors Office

After a phone call to the local tax collectors office, we were told the following:

“Unsecured property taxes are currently being printed and in the process of being sent out.  You should start receiving them this week or next week.  They now have an extended deadline of being due in October.  You can however, go online and pay your unsecured property taxes online at anytime.”

Just thought we’d give you a heads up. 

By |August 21st, 2012|assessor, CPA, Linkenheimer, property tax, Santa Rosa|0 Comments

September 17th Filing Deadline

The final due date for all December 31, 2011 year-end partnership, trust and estate income tax returns is September 17, 2012. Please contact us as soon as possible so that any 2011 partnership, trust or estate income tax returns you have on extension can be completed on a timely basis.
In addition, please note that September 17, 2012 is also the final due date for filing 2011 extended corporate tax returns for corporations with a December 31, 2011 year-end.  
And a reminder too that if your 2011 individual income tax return is on extension until October 15, 2012 that you might have a 3rd quarterly estimate payment due on September 17. Please contact us to make sure that has been considered.

Californians can expect Head of Household Audit Letters

The California Franchise Tax Board (FTB) has mailed more than 120,000 audit letters to taxpayers to verify their head of household (HOH) filing status on their 2011 state income tax returns. Each year, the FTB reviews the tax returns of taxpayers who claim the HOH filing status because the qualifications are commonly misunderstood. Taxpayers can generally claim the HOH filing status if they are unmarried, have cared for a qualified person for more than half the year, and paid more than half the cost of maintaining their home.

Taxpayers who do not qualify will have their tax reassessed using either the single or married-filing-separate filing status. Nearly 28,000 California taxpayers who claimed the HOH status last year did not meet its requirements. 
The FTB encourages taxpayers who receive an HOH audit letter to respond promptly by completing the enclosed questionnaire. Failure to respond could result in a tax assessment and penalty.
News Release, California Franchise Tax. Board, August 8, 2012

Tax Increases Coming in 2012 under Affordable Care Act

Tax Increases Coming in 2012 under Affordable Care Act
Fast forward to next year and we are looking at a number of important tax increases on the horizon. The tax increases falls under the the Affordable Care Act (the Patient Protection and Affordable Care Act, P.L. 111-148, and the Health Care and Education Reconciliation Act of 2010, P.L. 111-152), and include higher Medicare taxes for high earners, a 3.8% surtax on unearned income of higher-income individuals and caps on FSA contributions. Companies also get to look forward to compliance issues, along with new health insurance deduction limitations and fees.
Increased Medicare tax for high-earning workers and self-employed taxpayers. For the tax year beginning after 2012, an additional 0.9% hospital insurance tax applies to wages and self employment income in excess of $250,000 for joint returns, $125,000 for married filing separately and $200,000 in all other cases.
Surtax on unearned income of higher-income individuals. Starting in 2013, an unearned income Medicare contribution tax is imposed on individuals, estates, and trusts. The tax is 3.8% of the lesser of either (1) net investment income or (2) the excess of modified adjusted gross income over the threshold amount ($250,000 for a […]

Health Care Reform Updates

 
The U.S. Supreme Court on Thursday declared the mandate in Sec. 5000A, requiring U.S. citizens and legal residents to maintain minimum essential health coverage, to be a permissible exercise of Congress’s taxing powers under the Constitution.

So what does this mean for you?

  • Individual mandate to take effect starting 2014
  • All tax provisions upheld
  • Penalty on states for refusing expanded medicaid unconstitutional
  • Premium assistance tax credit to help offset cost of coverage
  • Limits on health FSAs and other arrangements continue
  • Small employer health insurance tax credit preserved
  • Codified economic substance doctrine sustained 

Those are the highlights, but there are plenty of other details involved in the new legislation.

For additional articles, click here (CCH) and here (JOA)

John Jones Recognized by Press Democrat for Global Eye Care Projects

John Jones’ good deeds have not gone unnoticed. On Sunday, July 8th, the Press Democrat released an article detailing his many trips to Nicaragua. Over the past 17 years, John has led and organized over 10 trips to Third World countries delivering basic health services. During those 17 years, he has helped over 15,000 people see more clearly.

John is normally accompanied by members of his local church or by fellow Rotarians. His outreach trips have included destinations such as Nicaragua, Mexico, Haiti, Guatemala, Samoa and Vietnam.

His most recent project, involves raising $100,000 for the first ever surgery center in the Rio San Juan region of Nicaragua. This remote region is home to 26,000 people who have virtually no medical care available locally. As the leader of his Rotary clubs efforts, they have already raised $46,000.

Even though he isn’t an eye doctor, the CPA has had a profound affect on the region, providing life changing health services, including eye exams and distributing eye glasses.

To read the Press Democrat article, click here.