We have received countless favorable comments concerning our new office space. The history of the wood floors, coal fireplaces and stenciled vault has been much admired. Clients like the expanded space and the ability to meet staff in privacy. But, the primary positive comments have been that people like the location, parking and handicap access. […]
When donating conservation easements, any mortgages on the land must be subordinated to the easement before the donation is made to qualify for a charitable deduction.
Linda Orlando has joined our firm on a part time basis. Linda has vast non-profit experience, serving as the CFO of various agencies and has significant dealings with the State of Maine. She has also taught accounting for various schools, including Beal College and Southern New Hampshire University. Linda has her DBA from Northcentral University […]
When going through a divorce, one must be careful to correctly handle the splitting of a traditional IRA; if not, you could be subject to the 10% penalty for an early withdrawal. Payment to your former spouse must be made in accordance with a qualified domestic relations order (QDRO). Always check with your tax accountant […]
In 2015, a law was enacted to simplify the exam process of large partnerships. The IRS will audit a partnership and collect any additional taxes from the partnership, itself (not the partners). The partnership has the option of adjusting K-1s to the partners. Partnerships with 100 partners or less, may opt out, in which case, […]
Being an external auditor is a privilege, earned through education, testing and the constant meeting of auditing and accounting standards. Audits must comply with various governmental agency requirements (state and federal). To remain qualified, auditing firms spend significant hours and money staying up to date with changes in the profession, on software and research material […]
For someone who has not used a CPA firm, billing may be a mystery, but it is not complex. Like any other business, we must charge enough to cover our expenses. What are these expenses? CPA firms have large overhead costs; we pay several thousand dollars every year for our tax software and additional fees […]
The 716 Union Street location is available for sale. It has parking, excellent visibility on a high traffic road, a recent roof, recent high efficiency furnace, two heat pumps, completely insulated, wired throughout for phone and internet and has had a thorough energy audit with all recommended steps taken. If interested, please contact John Bonadio, […]
Scott Nickerson, owner Northern Wood Structures Bruce Harris, Northern Wood Structures Jeff Webber, Independent Telephone Company Rob Hinds, Granite Technology Group Bill Omlor, WC Omlor Electric Hilary Clark, EFS Tax Accountant & IT Manager Greg Edwards, EFS Accountant & Marketing Manager Ron’s Moving Central Maine Refrigeration Table Top Wood Floor Sanding
The new deadline for C corporation returns has been moved from March 15th to April 15th with an optional five month extension, however, C corporations with a June 30 year-end will not be affected until 2025 and qualify for a seven month extension. Other year-ends qualify for a six month extension. S corporation returns continue […]
Business Miles 53.5 cents per mile Medical Miles 17.0 cents per mile Moving Miles 17.0 cents per mile Charitable Service 14.0 cents per mile A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section […]
Since last tax season, Hilary Clark, has been busy studying for the Enrolled Agent Exam. The exam includes three days of testing. Hilary took the first part in May, the second in December and passed the last section in January. Enrolled Agents are federally licensed to represent clients in front of the IRS, concerning audits, […]