News
We are proud to announce that EFS celebrated a milestone this past spring – 25 years in business. Beginning in a garage in Old Town, it wasn’t long before we had outgrown the space and moved to 716 Union Street. Over the years, we have bought several practices and more than tripled our staff. Our […]
Be ready for the auditors. Complete all the items listed in the year-end letter before the auditors arrive. Auditors are busy people, scheduling jobs weeks in advance. When they arrive at a job, they expect the client to be ready for them. Waiting for information and extra unplanned trips to the client’s site cost time […]
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 […]
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 […]
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 […]
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 […]
Employers with 50 or more full time equivalent employees must provide affordable health coverage to full time employees and their dependents. If not, they are subject to a fine. The health plan(s) provided must meet basic coverage called “minimum value” and be offered to at least 95% of full time workers. Fines will be levied […]
Lily Dalton has been made a principal of EFS in charge of the Tax Department. Al Faust will continue to assist in the management of the tax department on a part time basis. Hilary Clark has been promoted to IT Manager and Assistant Operations Manager. She will oversee the installation and maintenance of the various […]
For the third year, EFS hosted a Meet & Greet at The Center Theatre in downtown Dover in late October. The event was in conjunction with hosting the Piscataquis Area Chamber After Hours. Food was catered by our own staff member, Hilary Clark, derangedepicurean.com and Elaine’s Café & Bakery of Milo. Growlers of Maine brewed […]
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 […]
Edwards, Faust & Smith co-sponsored a seminar with Groth and Associates on May 19, 2015, at the Spectacular Events Center. Kurt Czarnowski, a former communications director for the Social Security Administration for thirty-four years, was the keynote speaker. Mr. Czarnowski was organzed, thorough and informative in his talk, and most importantly, he was interesting. The […]
EFS is pleased to announce that we will be co-hosting a seminar concerning the ins-and- outs of social security on May with Judy Groth and Associates in May 19th from 5:30 to 7pm at the Spectacular Events Center in Bangor. Kurt Czarnowski will be the primary speaker. For those of you who have heard Kurt […]