RT Edwards & Associates, PC Blog » General Information

The new Early Bird Date for Kauai, Hawaii is now May 1, 2012.

rtedwards — Tue, 31 Jan 2012 20:01:47 +0000

Hey folks!

This just in… The new Early Bird Date for Kauai, Hawaii is now May 1, 2012. Make your room reservations for Hawaii (June 17-23, 2012) today by calling 1-800-266new or click on the link belowe. Please let us know if you have any questions or if you are joining us!

http://www.adcpa.org/getaways/

Kauai, Hawaii – June 17-23, 2012

rtedwards — Mon, 23 Jan 2012 21:28:35 +0000

Just a friendly reminder for the Kauai, Hawaii trip. June 17-23, 2012. Get your CE credit – continuing education in an exotic location and write it off on your taxes. With luxury resort destinations and flexible options for your CE credits, continuing education has never been so relaxing.

Reminder: 20% discount ends 2/16/12.

http://www.adcpa.org/getaways/Resort_Seminars_Flyer.pdf www.adcpa.org

4th quarter payment are due by 1/16/2012

rtedwards — Wed, 11 Jan 2012 15:05:52 +0000

Remember: If you make quarterly estimated tax payments, the 4th quarter payment is due by 1/16/2012. Please make the check payable to United States Treasury PO Box 1300 Charlotte, NC 28201-1300. Be sure to include your social security number and “4Q 2011 ES” in the memo of the check.

Temporary payroll tax cut extended into 2012

rtedwards — Mon, 09 Jan 2012 15:32:55 +0000

Temporary payroll tax cut extended into 2012
By Paula Aven Gladych
A payroll tax cut that has been in effect since 2011 will extend through the end of February. The Temporary Payroll Tax Cut Continuation Act of 2011 temporarily extends the two percentage point payroll tax cut for employees, reducing their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages. According to the Internal Revenue Service, the reduction will have no effect on employees’ future Social Security benefits.
Employers are advised to implement the new payroll tax cut as soon as possible, but no later than Jan. 31. For any Social Security tax over-withheld during January, employers should make an offsetting adjustment in workers’ pay no later than March 31.
Under the terms negotiated by Congress, the law also includes a new “recapture” provision, which applies only to those employees who receive more than $18,350 in wages during the two-month period (the Social Security wage base for 2012 is $110,100, and $18,350 represents two months of the full-year amount). This provision imposes an additional income tax on these higher-income employees in an amount equal to 2 percent of the amount of wages they receive during the two-month period in excess of $18,350 (and not greater than $110,100).
This additional recapture tax is an add-on to income tax liability that the employee would otherwise pay for 2012 and is not subject to reduction by credits or deductions. The recapture tax would be payable in 2013 when the employee files his or her income tax return for the 2012 tax year. With the possibility of a full-year extension of the payroll tax cut being discussed for 2012, the IRS will closely monitor the situation in case future legislation changes the recapture provision

Urgent 1099 reminder:

rtedwards — Thu, 05 Jan 2012 16:08:52 +0000

Any independent contractor that you paid over $600 during 2011 will need to be provided a 1099MISC. This includes temporary workers, janitorial services, or other individuals or companies (excluding corporations) you paid but did not withhold federal income taxes. Any law firm you paid during 2011 will also need to be provided a 1099MISC. If we prepared these for you for 2010, or if you are a Monthly Core client, you will be contacted specifically requesting the necessary data. If you are not contacted by us and need 1099’s prepared, please contact our office!

Attention Taxpayers!

rtedwards — Wed, 04 Jan 2012 19:40:43 +0000

Taxpayers will have until Tuesday, April 17 to file their 2011 tax returns and pay any tax due because April 15 falls on a Sunday, and Emancipation Day, a holiday observed in the District of Columbia, falls this year on Monday, April 16. According to federal law, District of Columbia holidays impact tax deadlines in the same way that federal holidays do; therefore, all taxpayers will have two extra days to file this year. Taxpayers requesting an extension will have until Oct. 15 to file their 2011 tax returns.

Happy Holidays!

rtedwards — Fri, 16 Dec 2011 17:05:23 +0000

Wishing you and yours a very happy holiday and prosperous New Year!

From all of us at Edwards and Associates ~ Cheers! ~

Year-end Prepayments

rtedwards — Wed, 14 Dec 2011 20:33:36 +0000

It is that time of year again and as we rapidly approach the end of 2011, we would like to remind you of the tax benefits of prepaying your
2012 expenses. Prepaying items like your professional accounting services
can provide you a valuable tax savings strategy. In most cases, for those
of you in the 35% tax bracket, prepaying your 2012 fees will save you 35% of
that amount in tax. For example, prepaying $5,000 in fees would save you $1750
in tax. Not only would you get to benefit from the tax savings by
deducting the expenses on your 2011 return, but you can worry less about
invoices from us in 2012. Please keep in mind that if you were one of the
few that were advised in your tax plan to accelerate income and defer expenses
to next year, you would not want to prepay these or any other items!

If you would like to prepay any or all of your accounting fees for
2012, we can process your prepayments by check or any major credit card and it
has been our pleasure to work with you this year and we look forward to an
ongoing relationship in 2012!
Please get with Shelly Whipple, in our billing department, for any
questions regarding this matter.

Happy Thanksgiving!

rtedwards — Tue, 22 Nov 2011 16:11:49 +0000

Have a blessed Thanksgiving with your family and friends! ~

Letter from IRS, do not be alarmed!

rtedwards — Fri, 11 Nov 2011 21:25:07 +0000

You should have received “Your2012 Federal Tax Deposit Requirements for Form 941” letters recently from the
IRS. These are standard letters and should not be cause for alarm,
but could signal you need to change the frequency with which you make payroll
tax payments. If you have any questions regarding your deposit schedule,
please contact us!