Business Consulting

January 23, 2018

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 […]

January 23, 2018

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, […]

April 18, 2017

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 […]

January 13, 2016

The City of Bangor’s Commission on Cultural Development invites you to attend a workshop on Self-Employment Taxes and Tax Issues. This free workshop will be held Wednesday, January 20, 2016 from 6-7:30 p.m. in the Story Room of the Bangor Public Library. The Story Room is located on the third level level off the Children’s […]

April 10, 2015

To help our clients with their finances, EFS offers tax planning utilizing software designed specifically to assist with tax projections. During the fall, we are able to offer this at an off season discount for $275. The package includes two meetings and a report summarizing the results. Several of our clients have used this service […]

January 16, 2015

There is a lot of information to absorb about the Affordable Health Care Act. In each newsletter, we include a few pieces of information that you may find helpful. Fees for individuals who do not purchase “minimum essential coverage” health insurance will increase in 2015. The basic fine will be the higher of the following: […]

September 29, 2014

The City of Bangor’s Commission on Cultural Development will be hosting a workshop on self-employment taxes and tax issues, particularly those relevant to artists, both new and established. Lily Dalton, Hilary Clark, and Al Faust, from EFS, will be offering a one-hour presentation, with a 30-minute question and answer period to follow, to help artists […]

September 26, 2014

Hilary Clark has been elected by the Board of the Bangor/Waterville Chapter of the IMA (Institute of Management Accountants) to serve as head of membership. The IMA was founded in 1919 and its’ purpose is to provide a forum for research, knowledge sharing, practice development and emphasis of the highest ethical and best business practices […]

September 26, 2014

There is a lot of information to absorb about the Affordable Health Care Act. Here are a few pieces of information that you may find helpful. Taxpayers with incomes that fall between 100% & 400% of the federal poverty level, and who do not receive their insurance at work, may be eligible for a tax […]

September 26, 2014

The Financial Accounting Standards Board (FASB) released a new accounting standard on May 28, 2014 (ASU) 2014-09, Revenue from Contracts with Customers. FASB has been working jointly with the International Accounting Standards Board (ASB) since 2008 to develop a single principles-based model for recognizing revenue. The standard applies to both public and nonpublic companies for […]

September 26, 2014

Scott Edwards, managing partner of Edwards, Faust & Smith has been appointed to the New England Peer Review Board (NEPR.) NEPR was founded in 1989 by Maine, New Hampshire, Vermont and Rhode Island to provide a professional and efficient method for monitoring peer reviews. It includes rotating volunteer CPAs from the four participating states as […]

February 22, 2014

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 […]