albuquerque CPA , TAX advice

HEARTBLEED BUG

Posted on

The “Heartbleed” bug has sent businesses and individuals into attack mode in order to prevent passwords from being disclosed, personal information from being compromised — and ultimately, assets from being stolen. The IRS issued the following statement about Heartbleed: “The IRS continues to accept tax returns as normal. Our systems continue operating and are not affected by this […]

Personal consulting

INTEREST RATES

Posted on

On the heels of the financial crisis, banks tightened their lending policies and many companies couldn’t qualify for inexpensive fixed-rate loans. Instead, they took on variable-rate loans. Interest payments that fluctuate based on the U.S. prime rate or London InterBank Offering Rate (LIBOR) index are a viable option, as long as rates continue to hover […]

albuquerque CPA , TAX advice

2013 higher education breaks

Posted on

Tax credits can be especially valuable because they reduce taxes dollar-for-dollar; deductions reduce only the amount of income that’s taxed. A couple of credits are available for higher education expenses: 1. The American Opportunity credit — up to $2,500 per year per student for qualifying expenses for the first four years of postsecondary education. 2. […]

Uncategorized

Health Care Update

Posted on

Recently released IRS final regulations for the Affordable Care Act’s (ACA’s) employer shared-responsibility provision provide some short-term relief for midsize and large employers. Under the ACA, the shared-responsibility provision (commonly referred to as “play-or-pay”) applies to “large” employers — those with the equivalent of 50 or more full-time employees. Play-or-pay had been scheduled to go […]

albuquerque CPA , TAX advice

Substantiating Contributions for 2013

Posted on

To support a charitable deduction, you need to comply with IRS substantiation requirements. This generally includes obtaining a contemporaneous written acknowledgment from the charity stating the amount of the donation, whether you received any goods or services in consideration for the donation, and the value of any such goods or services. “Contemporaneous” means the earlier […]

Uncategorized

Accounting and Bookkeeping

Posted on

Accounting and Bookkeeping, what type of person should I be hiring for my accounting-bookkeeping needs? There are several parts to an accounting and bookkeeping system and one of the best ways to determine what type of accountants or bookeepers you need is to do a flow chart of how the paperwork flows through the office or business. Sit […]