Tax

January 23, 2018

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.

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

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 […]

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 […]

April 18, 2017

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 […]

April 18, 2017

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 […]

April 18, 2017

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, […]

March 13, 2016

Double claiming has been eliminated for people who turn 62 after 12/31/2015. Some dual-earning couples who are 66 or older have “double claimed” by having the lower earner claim half the higher earner’s social security temporarily while allowing the lower income individual’s social security to build. Dependents can no longer claim payments if the primary […]

January 13, 2016
Tax

Every year during the “dreaded tax season” accountants work long hours to meet the deadlines imposed by the IRS for filing individual returns and business returns. Every year, tax regulations change and become more and more complex. In recent years, many of the final tax changes have not been determined by Congress and our state […]

January 13, 2016
Tax

Effective with 2016 returns, calendar year C corporation returns will be due on April 15th instead of March 15th and may be extended five months. 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. Calendar year […]

January 13, 2016
Tax

EFS has a heavy volume of work from January through April. In order to insure that we have adequate time to prepare and review returns and extensions thoroughly, we must have all information submitted to us on a timely basis. Below are the 2016 deadlines. We cannot guarantee that your return or extension will be […]