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 […]
The OMB (Office of Management and Budget) in conjunction with COFAR (Council on Financial Assistance Reform) issued new guidance concerning federal grants which went into effect on December 26, 2014. The new guidance, commonly called the Super-Circular or Omni-Circular, supersedes and streamlines eight separate OMB Circulars, including A-21, A-110 and A-133. Some of the changes […]
For several years, we have discussed the possibility of hiring interns to give them a hands-on opportunity to experience what it is like to work for an accounting firm during the dreaded tax season. So this year, we have hired Connor Smart, from the University of Maine Accounting Program, and Brooke Randall from the Husson […]
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: […]
Efs continued to make improvements in reducing our environmental impact in 2014. Our paper usage continued to drop as we’ve gone increasingly paperless. We began with audit files in 2012, adding individual tax returns in 2013, and eventually all client files in 2014. We took advantage of Efficiency Maine’s newest rebate program by having our […]
If you file a joint return, you and your spouse can make IRA contributions even if only one of you has taxable income. The combined contribution amount cannot be more than the taxable income reported on the return.
There is still time to contribute to your 2014 IRA. The maximum contribution is $5,500 (subject to limitations) and the catch-up contribution limit for individuals age 50 or over is $1,000 for a total of $6,500.
The contribution (deferral) limit for employees participating in 401(k) and 403(b) plans has been raised from $17,500 to $18,000 with a $6,000 catch-up contribution limit for individuals age 50 or over. The total contribution (employer and employee) cannot exceed the lesser of 100% of employee’s compensation or $53,000 ($59,000 with catch-up contribution.) Some 403(b) plans […]
Every year we provide tax deadlines because we need to have ample time to prepare and review your return thoroughly. This includes preparation of extensions, which also take time to do correctly. This year’s deadlines for 12/31/14 year ends are: 1099s January 22 W-2s January 22 1120s February 27 1065s March 27 1040s March 27 […]
Business: 57.5 cents per mile Medical or Moving: 23 cents per mile Charitable Service 14 cents per mile You have the option of claiming deductions based on actual costs rather than standard mileage rates. If actual costs are used in the first year, you may not switch to the standard rate. If the standard rate […]
As e-filing of tax returns has become the norm, we have observed that some clients no longer take responsibility for their tax returns. Efs cannot file your tax return until we have received a signed 8879 electronic authorization. Please review your return thoroughly; once you agree with the information, please sign and return the 8879 […]
We will co-host Bangor Greendrinks on Tuesday February 10, 2015, with the Maine Science Festival at the Maine Discovery Museum from 5 PM to 8 PM. Bangor Greendrinks is an organization of local business people who are interested in pursuing environmentally sustainable business practices. Each month, they get together to enjoy local foods and brews […]