Tax News:
IRS E-mail and Fax Scam
The IRS is cautioning taxpayers to be on the lookout for scam e-mails using the IRS name. Many of the fake e-mails "inform" you that you are eligible for a refund and direct you to follow a link to a fake IRS website. A new version now circulating consists of a cover letter and form faxed to victims.
NEVER respond to an e-mail or fax pretending to be from the IRS. Remember, the IRS DOES NOT send e-mails or faxes to taxpayers. All communication from the IRS is always via the mail.
The good news is that you can help shut down these schemes and prevent others from being victimized. If you receive a suspicious e-mail that claims to come from the IRS, you can relay that e-mail to a new IRS mailbox, phishing@irs.gov. Follow instructions in the link below for sending the bogus e-mail to ensure that it retains critical elements found in the original e-mail. The IRS can use the information, URLs and links to trace the hosting Web site and alert authorities to help shut down the fraudulent sites. Unfortunately, due to the expected volume, the IRS will not be able to acknowledge receipt or respond to you.
- Info on new IRS ebox to report phony emails
- How to report and identify phishing, email scams and bogus IRS websites
2009 Required Minimum Distributions Waiver
Good news for retirees who have seen a decline in their retirement portfolio. The Worker, Retirement and Employer Recovery Act of 2008 waives the required minimum distribution for IRA's and defined contribution plans (401K's etc.). The IRS has published Notice 2009-82 which provides relief for people who have already received a 2009 required distribution. Generally, individuals have until the later of November 30, 2009 or 60 days after the date the distribution was received to roll over the distribution.
Hybrid Vehicle Tax Credit
An income tax credit is available for purchasing a new hybrid vehicle. The credits range from around $1500 to $3000. However, the credit is phased out once a manufacturer has sold more than 60,000 hybrids in the U.S. Credits for Toyota, Lexus and Honda have ended and Ford/Mercury credits are currently phasing out. Full credits are still available for some other manufacturers. More information is available on the IRS website www.irs.gov.
Deadline For Filing Your 2008 Return: October 15th
October 15th is the final filing deadline for 2008 personal tax returns. All returns not filed by that date will be subject to late filing penalties. If your 2008 tax return has not been completed please call at your earliest convenience to schedule an appointment.
Important Dates
- October 15—Last day to file 2008 personal tax return
- October 15-26— Karen Spencer on vacation!
- October 20— Seminar: Investment, Retirement and Estate Planning
- October 27— Seminar: Tax planning for Small Businesses
- November 3— Seminar: So you want to be a landlord...
- November 26-27— Accountability office closed for Thanksgiving
Accountability News:
Making it easy
The next time you come to our office you should see an improvement in the parking lot. Parking was a major concern during tax season and we are pleased that our landlord has ordered signs that designate parking spots for our clients. The signs are scheduled to be installed the week of Oct. 5th and should eliminate the inconvenience many clients experienced.
Business books up to date?
Let Accountability help you get your 2009 accounting done now so you'll be ready to file your taxes early. As a business owner, your time is very valuable. Wouldn't you rather spend it with your family or expanding your business — than doing your books?
New Client Incentives
During October and November, all new accounting clients will receive a credit of $350 towards their initial setup fee. We work with both QuickBooks and Peachtree and offer a wide variety of accounting services to meet your needs. Call today to schedule a free consultation.
Tax Seminars: Knowledge Is Power
All seminars are open to the public and presented at no charge. However, seating is limited. If you or a friend are interested in attending, please e-mail us to reserve your seat.
October 20, 7:00 pm
Estate, Retirement and Investment Planning
Our final in-house tax education seminar for 2009 will address issues related to retirement and estate planning:
- What happens to my 401K when I change jobs?
- How to properly roll over a retirement account.
- Tax consequences of premature withdrawals.
- Asset allocation-Make sure your investments are appropriate for your retirement goals.
- Roth vs Conventional IRA's.
- Estate planning and Living Trusts.
Guest speaker: Jamie Harwood, Investment Advisor with Edward Jones Investments.
We're excited to announce that Accountability is teaming with Bethany Baptist Church in Montclair to host repeat presentations of our most popular seminars:
Tuesday October 27th
Tax planning strategies for small businesses
An overview of filing requirements and tax compliance for self-employed individuals.
Tuesday November 3rd
So you want to be a landlord...
An overview of filing requirements and tax compliance for rental property.
Both seminars will held at:
Bethany Baptist Church
9950 Monte Vista Ave
Montclair, CA 91763
6:30-8:00 pm
Admission is free and the seminars are open to the public. To register for either seminar e-mail us or call Bethany Baptist at (909) 626-4671.
Food For Thought
The economy in the U.S. remains a concern for individuals and business owners. Nationwide, the unemployment rate rose in September from 9.7 percent to to 9.8 percent. If the figure were to include those who are unemployed but no longer filing for unemployment it is estimated the rate would rise to around 17 percent! During times like this it is hard not to be afraid. To encourage you, remember these words of Jesus to Jairus:
Don't be afraid. Just trust me. (Mark 5:36)
— Karen Spencer
President