Maximize those Tax Credits for 2012

As students head back to college, the daunting task of paying tuition bills increases. The tax law does provide some relief by looking at credits to reduce after tax costs for college expenses.  Be sure to ask your CPA or tax preparer with regards to the American Opportunity and Lifetime Learning credits.  It should look something like this:

Red Flags for the Small Business Owner for Fraud

RED FLAGS FOR FRAUD

Tip #4 of the Top 10 Tips and Tricks - CLEARING UNDEPOSITED FUNDS FROM MULTIPLE OR PREVIOUS YEARS

QuickBooks uses the Undeposited Funds account to hold payments and receipts until you are ready to Deposit them into your Bank account. It is one of the most misunderstood accounts in QuickBooks; and one that will make your life much simpler when used correctly.  If not done correctly your Undeposited Funds accumulate for months, if not years; and the Income and Assets are overstated for those periods, please contact us to fix so your financials are corrected.

QuickBooks 2013 Migration

Customers who purchased QuickBooks 2012 after July 25, 2012 are eligible for free migration to QuickBooks 2013.  Free migration applies to downloads only.  If a customer requires a CD, they will be charged $14.95 shipping/handling plus tax.  Call us at 951-290-7133 for help.

1099K - New Reporting Form

The new 1099K form will begin in 2012 tax year.  This new form will be issued by businesses that process credit card and electronic payments.  This means you may be receiving a 1099K if you have an eBay account, PayPal account, or process credit cards or other electronic payments.  The processor (card company) MUST report to the IRS the amount of sales you have made through their account if the following has occured:  there are more than 200 transactions through that account and/or the total sales that you processed exceeds $20,000 for any given year.  Be sure to pr

New Foreign Asset Reporting Requirement starts in 2011

If you hold an ownership interest in foreign financial asset, you must file form 8939 to disclose the ownership, if the value of the assets exceeds $50,000 on the last day of the tax year ( or $100,000 any time during the year) if you file as a single taxpayer.  Joint returns the limit is doubled to $100,000 and $200.000.  Note: If this reporting applies to you and you do not report the required information, the penalty for not disclosing is $10,000.  Talk to your tax professional for what is needed for reporting.

Changes to 2011 Tax Return Filings

Starting in 2012 the State of California requires the parcel number for each parcel of property for which a real estate tax deduction is claimed.  This new requirement will impact your taxes for it will cause taxpayers to deduct only the proper amount of real estate tax expense.  The largest impact is to the mello-roos fees charged in new property developments.  Attach a copy of the real estate tax bill for any property taxes being deducted, starting with this years tax return.

Stock Sales - Major Changes for reporting Schedule D

A heads up to the changes in Stock Sales.  All stock brokers must now report to you and to the IRS the cost basis for every security sales for which they have the required information.  Previously the broker was required to report only the sales amount, and would volumtarily report the cost.  Talk to your CPA about the new form 8949 and a special form for long term and short term gain/losses.

Alert - Spam / Phishing Email for Intuit QuickBooks Security Tool Update

ALERT - On October 31, 2011 QuickBooks announced that another spam email was circulating our community.  Please spread the word that this is not a legitimate email, delete and do not click on any links that say the following:

 "You will not be able to access your Intuit QuickBooks account without Intuit Security Tool (IST) after 31st of October 2011." 

"You can download Intuit Security Tool here."

Intuit Summit 2011

The Intuit Summit 2011 was held at the Renaissance Orlando at SeaWorld October 9 through October 12.  This year’s theme was “Connections,” it represented the important role Summit plays in connecting with peers, vendors, and Intuit representatives as I looked for new ways to improve and expand my business services to the small to mid-sized community in the Inland Empire.  Goal was to understand the new features QuickBooks P