News
EFS sponsored the December Piscataquis Chamber After Hours at the Center Theatre in downtown Dover-Foxcroft. A variety of local products were offered as door prizes to support chamber members. Additionally, craft beer from the Black Bear Brewery in Orono, a variety of appetizers, and several homemade cookies (for National Cookie Day) were served. Bill Pierce, […]
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 […]
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 […]
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 […]
Qualifications: To qualify for Social Security retirement benefits, one must have earned 40 credits or 10 years of work. Until 1977, one credit was earned for every calendar quarter which had wages of at least $50. Since 1978, credit is based on one’s annual earnings, with a maximum of four credits per year. In 2014, […]
As e-filing of tax returns has become the norm, we have observed that some clients no longer take responsibility for their tax returns. A completed return will sometimes sit in an individual’s home for several weeks without being opened under the assumption that we have filed the return. EFS cannot file your tax return until […]
Sometimes, our clients, due to unexpected expenses, have made withdrawals from their retirement accounts before reaching the minimum age of 59 ½. This leaves them vulnerable to income tax and a 10% early withdrawal penalty on the amount withdrawn. While we strongly recommend that people not access their retirement accounts early, there are a few […]
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 […]
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 […]
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 […]
The State of Maine has a 5 year look-back window for gifts when considering your eligibility for MaineCare. If you make gifts to your family within 5 years of needing MaineCare to pay for nursing care, you will be assessed a penalty for the amount of the gifts. The penalty is not monetary – it […]
EFS’ new server was not something we were looking forward to purchasing. It is an expensive proposition and creates down time and a lot of tweaking as we get it up and running. However, the new server brought us a significant boost in computing speed and a new level of off-site accessibility. As part of […]