As the IRS finds itself more and more stretched, the likelihood of an audit may decrease. However, there are a number of “red flags” which can draw the IRS attention to your return. Here are some of the items which gain their attention. Claiming 100% business use of a vehicle Large Schedule C deductions for […]
Lily and Hilary recently spoke at one of the monthly senior luncheons sponsored by the Waldo Y. Lily discussed required minimum distributions; Hilary discussed Gift Tax Returns and the State Look Back Window. Nearly 100 attended the luncheon. Hilary and Lily are available to speak should you have a group interested in tax issues.
Business 56 cents per mile Medical or Moving Miles 23.5 cents per mile Charitable Miles 14 cents per mile The business, medical and moving expenses are a decrease of .5 cents. The charitable rate is determined by statute. Remember that you cannot use the standard mileage if you have used MACRS depreciation or SECTION 179.
There is no shortage of phone and email scams these days. Often times, scammers pretend to be the IRS. The IRS only communicates by U.S. mail.
On January 14, EFS co-hosted Bangor Greendrinks with the Maine Science Festival. It was the most successful GREENDRINKS to date with over 100 attending. Greg Edwards of EFS is the current chairman of Bangor Greendrinks. The organization highlights local businesses with sustainable business practices.
To assist our clients with their finances, EFS offered tax planning utilizing our new planning software this past summer and fall. The package included two meetings and a report summarizing the results. Several of our clients used this service. Although we cannot discount the consultations during tax season, it is still available.
Almost weekly, we read in the paper or hear on the news about another Maine business being hurt by employee theft. Sometimes the losses are well over $50,000. No business can make themselves exempt from such losses, but there are steps that can be taken and controls put into place that will reduce your exposure […]
In order to have adequate time to prepare your return properly, we must receive your information early enough to allow us to input and analyze your data and have a partner review your return so that we may provide you with the best results for your tax situation.Therefore, we ask that you have all 1040 information […]
Lily Dalton has passed all four parts of The Uniform CPA Examination, which is one of the three requirements to become a CPA. The other two requirements are education (150 college hours with a specified number of accounting/auditing courses) and two years’ experience totaling 400 hours. The exam takes four days of testing to complete; […]
John Baiamonte, one of our CPAs from Dover, will be spending more of his time in the Penquis area to assist our many long time clients as well as seek new clients who have the need for a CPA.
CPA firms that provide audit, review and compilation services must pass a peer review every three years to measure the quality of their work to ensure that they meet the rigorous AICPA (American Institute of Certified Public Accountants) standards. We are pleased to announce that once again we have passed our peer review with the […]
Please join us on Tuesday, January 28th from 4-7pm at the Center Theatre in Dover-Foxcroft for a meet and greet. We will be serving light refreshments and it is open to the public.