Tax

EFS is pleased to announce that Lily Dalton joined our firm in December to assist managing the tax department. Lily graduated from California Polytechnic with a BS in mathematics, from San Jose State with an MS in mathematics and she received a Post Baccalaureate Certificate in Accounting from the University of Maine with a 4.0 […]

Visit IRS.gov for current IRS standard mileage rates.

For several years, we have encouraged our clients to e-file their returns. Both state and local governments have been encouraging e-filing for several years. Maine requires all tax preparers to e-file 1040 individual tax returns. Quotas have been established; if they are not met, the state will charge us and allow us to pass on the cost […]

In recent months, the IRS has contacted an increasing number of our clients to audit their tax returns. We have not experienced this for many years. It appears the pressure from the US Senate and Congress to crackdown on delinquent taxpayers and fraudulent returns has had some effect. They intend to select 13,000 returns a […]

Form 990 -T, Exempt Organization Business Income Tax Form is used by non profit organizations to report and pay tax on unrelated business income. All 990-Ts filed by churches and other tax-exempt organizations must be released publicly by making the forms available to the public in their office or by posting them on their websites. […]

Trying to calculate your estimated payments is a lot like trying to see into the future. Unfortunately, CPAs do not have crystal balls. Each year we prepare your estimated payments based on information applicable at the time. However, numerous factors can affect your taxable income, such as significant fluctuations in Schedule C income, large capital […]