Certified Public Accountants
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Posted in General on Feb 09, 2012
Be on the look-out for any correspondence from your County Assessor's office regarding your business property tax return. Most are sent out in February and March. Please forward this info and your supplies on hand/depreciation schedules to us so that we can file your 571L Business Property Tax Return for you by May 7th, 2012.
Also, you may be receiving correspondence from the California State Board of Equalization regarding use-sales taxes. Please send this info to us as well if you would like us to prepare your use tax returns this year. They are due April 16th, 2012.
Thank you!
Last Updated by Admin on 2012-02-09 08:24:20
Posted in General on Feb 09, 2012
We are currently scheduling personal tax return appointments with Mike Haas and Tammy Reaney now through March 16th, so if you would like to have a meeting with them (in person here at our office or over the phone), please contact Hannah Kirtlan at hkirtlan@haascpa.com or 707-603-4227.
Our calendar does fill up very quickly this time of year, so please set up your appointment as early as possible!
Also, if you have not already done so, please send in your corporate tax information so we can begin working on your return. Corporate returns are due March 15th, 2012.
Please also let us know if you will need to extend your corporate return as well.
If you have any questions, please give our office a call at 707-603-4227 and we would be happy to help you!
Have a great day!
Last Updated by Admin on 2012-02-09 08:20:32
Posted in General on Jan 16, 2012
Good morning,
Hopefully, 2012 is shaping up to be a great year for everyone so far!!!
Just a reminder that we are currently scheduling tax return appointments with Mike Haas and Tammy Reaney for February 1st through March 16th. If you would like an appointment in person at our office or by phone, please give us a call at 707-603-4227 or email Hannah Kirtlan at hkirtlan@haascpa.com. The 2011 Tax Organizers were mailed out on January 11, 2012, so please let us know if you did not receive it and we can send you a new one!
Also, please advise us if you would like to file an extension on your corporate, personal, or both tax returns.
Thank you!
Last Updated by Admin on 2012-01-16 08:01:51
Posted in General on Dec 22, 2011
Tax Return Appointments this year will be February 1st through March 16th, 2012.
If you have a day/time in mind that you would like to meet with and/or speak over the phone to Mike Haas or Tammy Reaney, please feel free to contact our office to set up your tax return appointment early. Our calendar does fill up quickly!
You can call us at 707-603-4227 or email Hannah Kirtlan at the front desk at hkirtlan@haascpa.com.
Thank you!
Last Updated by Admin on 2011-12-22 11:53:49
Posted in General on Dec 22, 2011
Tax Organizers will be mailed out in early January. If you have any address changes or prefer to receive your organizer at a different address than what we currently have in our system, please give us a call or email Hannah Kirtlan at hkirtlan@haascpa.com.
Last Updated by Admin on 2011-12-22 11:50:34
Posted in General on Dec 22, 2011
WISHING YOU HAPPY HOLIDAYS FROM EVERYONE AT HAAS & REANEY, LLP As 2011 comes to an end, we would like to thank you for your business throughout the year and look forward to working with you during the year ahead. We would also like to sincerely thank you for your referrals as they really validate your confidence in us. We wish you Happy Holidays and all the best in the upcoming year. 2012 Payroll Tax Rates Beginning January 1, 2012, the following rates and limits apply to payroll checks issued: FICA 6.2% of wages up to $110,100 MEDICARE 1.45% of all wages SDI 1% of wages up to $95,585 401K $17,000 maximum contribution $22,500 for over the age of 50 SIMPLE $11,500 maximum contribution $14,000 for over the age of 50 1099 and W-2 Information Just a reminder for our payroll clients: please send your December work to us in early January so that we can prepare your year-end payroll tax returns promptly. DECEMBER HOURSWe will be closed for the Holidays December 26th and December 30th. There will be limited staff in the office December 27th-29th to answer your questions. TAX ORGANIZERSTax Organizers will be sent out the first week of January. Hannah will be calling you for your tax return preparation appointment soon after that. You may also contact her any time at
5% DISCOUNT
As in previous years, we will give a discount of 5% for all accounting fees prepaid by January 6, 2012.
S-Corp. Officer?s Health Insurance
If you are an officer of an S-Corporation, please be sure to contact your payroll service or include in your QuickBooks payroll the amount paid in the current year for your health insurance so that it is reported on your W-2 at year-end. This applies to employee spouses as well.
Reporting New Workers to the EDD
*Requirements for Independent Contractors: Any business that pays Independent Contractors is required to report the existence of a contract by completing EDD Form DE 542, Report of Independent Contractors, either when a contract is established or when $600 is paid or is expected to be paid to the worker. The worker must be reported each year within 20 days of either making payments to them totaling $600 or more or entering into a contract with them for at least that amount. Only individual taxpayers with a Social Security Number need to be reported. The EDD may assess a penalty of $24 for each failure to timely report the contractor.
*Requirements for New Employees: A similar requirement exists for new employees, who must be reported within 20 days of hire, regardless of the amount of compensation. These employees are reported using EDD Form DE 34, Report of New Employee(s).
The purpose of both of these requirements is to help locate and collect unpaid child support for parents who are delinquent on such payments.
Annual Filing: Employees need only be reported once, when they are hired. Independent Contractors must be reported each year.
How to File: The reporting of both forms can be done on paper or via the EDD?s e-Services Web site:
www.edd.ca.gov/Payroll_Taxes/Forms_Publications.htmSmall Employer Health Insurance Credit
For tax years 2010 and 2011, there is a new credit for small employers who provide health coverage for their employees. Generally, the credit is available for employers with no more than 25 full-time equivalent employees and average annual wages no greater than $50,000 per employee per year. The credit is claimed on the employer?s annual income tax return.
Credit for Retained Workers
A credit of up to $1,000 is allowed for any worker that is retained as an employee for at least 52 weeks. They must have been hired between 2/3/10 and 12/31/10. The credit is equal to the lesser of $1,000 or 6.2% of the worker?s wages assuming the employee remains employed for 52 weeks. This credit is claimed on the business income tax return in 2011.
Property Tax Statements
California?s Franchise Tax Board has stated that they will require parcel numbers and other information pertaining to real estate property taxes for any taxpayer who deducts these. Although this requirement isn?t slated to take effect until 2012, we would like you to provide us with your property tax statements this year so we can do a preliminary review of them in preparation for the new requirement.
Electronic Fund Transfer Penalties
REMINDER: After a two-year moratorium, beginning in 2011, the FTB will begin assessing EFT penalties on certain individuals who fail to make tax payments electronically. The penalty equals 1% of the amount that was not paid electronically, unless the failure was due to reasonable cause and not willful neglect. All payments made by an individual on or after January 1, 2009, regardless of taxable year or amount, must be remitted electronically to the FTB after the individual either has:
- Made a single estimated tax or extension payment greater than $20,000 for any taxable year beginning on or after January 1, 2009; or
- Filed an original return with a tax liability greater than $80,000 for a taxable year beginning on or after January 1, 2009.
How to Pay: Taxpayers may make their required EFT payment by using the FTB?s Web Pay at:
www.ftb.ca.gov/online/webpayInterests in Foreign Financial Assets
Any individual who, during the tax year, holds an interest in a "specified foreign financial asset" must attach to his or her income tax return for that tax year the "required information" for each such asset. The requirement is in effect for tax years beginning in 2011. The required information is reported on new Form 8938, Statement of Specified Foreign Financial Assets. Although this information is similar to the information disclosed on the FBAR, it is not identical. It is not intended to be a substitute for compliance with the FBAR reporting requirements, which are unchanged. Unlike the FBAR that requires a separate filing, this information report will be filed with the taxpayer?s federal income tax return. The penalty for failure to disclose is $10,000.
Reporting Foreign Accounts
Any U.S. person must report annually to the IRS certain information about an account if the following conditions apply:
- The U.S. person has a financial interest in or signature authority (or other authority that is comparable to signature authority) over any financial account in a foreign country; and
- The aggregate value of all foreign financial accounts exceeds $10,000 (as measured in U.S. currency) at any time during the calendar year.
The FBAR is due by June 30th, following the calendar year that the report holder meets the $10,000 threshold. No extensions for filing the FBAR are available, even if the income tax return for the same calendar year is on extension.
New 1099-K
Starting in the 2011 tax year, new IRS regulations require all businesses (credit card companies) that process credit cards and electronic payments to send a Form 1099-K to sellers with more than:
- 200 transactions; and
- $20,000 of gross income paid to them.
The seller is supposed to be provided the 2011 Form 1099-K by no later than January 31, 2012. Be on the lookout for this new form and please provide us with any 1099-K?s you receive.
Beginning with your 2012 returns, you will have to report sales figures separately, on two separate lines: one for merchant cards and third party payments (generally, credit cards and care credit); and the other for cash and check payments. This requirement will apply to sole proprietorships (Schedule C) or rental properties (Schedule E) or other business returns (corporation, partnership, etc). You will need to start tracking payments by type beginning January 2012. If you need any help setting up your accounting system or revising your QuickBooks file to separately track these amounts, please let us know.
Dentists and Managed Care
The dental profession has been fortunate to have avoided the erosion of profitability and practice values that have plagued the medical professions. Unfortunately, managed care plans continue to make inroads in dentistry. As the economy continues to limp along, the insurance companies are becoming more confident and brazen. Delta Dental of California now requires dentists signing up for Delta Premier to also accept the Delta PPO. Plus, Delta has frozen all reimbursements in the state. The increased penetration of PPOs will likely lead to drops in practice profitability and practice sale values. What should dentists be doing to cope with the new reality of decreasing profitability and overall practice values? This will be a combination of increasing revenue and cutting costs. Here are some ideas:
- Adding a PPO is not something that should be done lightly .
- If you are currently in-network, take steps to maximize your reimbursements .
- Once current reimbursements are maximized, consider dropping or adding one or more plans .
- Understand the ins and outs of the plans you do keep and be sure to code for all the procedures performed.
- Focus on your fees .
- Focus on managing expenses and patient flow .
Last Updated by Admin on 2011-12-22 11:47:01
Posted in General on Sep 30, 2011
With the end of the year right around the corner, we are currently scheduling corporate and personal tax planning appointments between October 18th and December 16th. Please don't wait to set up your appointment with Mike or Tammy because our calendar fills up very quickly.
If you have a date/time in mind, please give Hannah a call at 707-603-4227 or email her at hkirtlan@haascpa.com. Hannah will also be calling for appointments in the next few weeks.
Thank you!
Last Updated by Admin on 2011-09-30 10:05:30
Posted in General on Aug 04, 2011
Hey everyone, just a heads' up on a few things going on in our office currently:
*If you have received the final missing information for your corporate or personal tax returns, please send it to us so that we can start preparing your returns in order to beat the deadline rush at September 15th (for corporate) and October 17th (for personal).
*Year-end appointments will be scheduled soon. Be on the lookout for an email about setting up an appointment if you haven't already done so. Calls will begin in September. Appts will be between October 18th and December 16th. If you want to go ahead and schedule your year-end/personal tax planning meeting, please call or email Hannah Kirtlan at 707-603-4227 or hkirtlan@haascpa.com.
*Name change--We are still receiving a lot of labeled mail and checks made payable to "Haas and Associates". Please be sure to update your QuickBooks/Quicken vendor information as well as other records to reflect our new name "Haas & Reaney, LLP". This is the only thing that has changed--our phone numbers, fax, extensions, address, and emails are all the same.
Thank you for your attention to all of these matters. Please call our office if you have any questions.
We hope everyone is having a wonderful summer!
Last Updated by Admin on 2011-09-30 10:06:20
Posted in General on Jun 01, 2011
Just a reminder that we recently changed our name from "Haas & Associates, LLP" to "Haas & Reaney, LLP". Our address, phone numbers, and email addresses are all still the same:
3835 Cypress Drive, Suite 204
Petaluma, CA 94954
Phone: 707-603-4227 / 415-382-1040
Fax: 707-765-4411
Please be sure to update all of your records to reflect this name change, including labels, envelopes, and the "Payee" fields of checks addressed to us.
We greatly appreciate your help with this!
Thank you!
Last Updated by Admin on 2011-06-01 14:22:08
Posted in General on Jun 01, 2011
Have you received any of the missing information in the mail for your tax returns lately?
If so, please forward to us so we can start preparing your tax return now (to beat the extension rush in September and October).
Please give us a call if you have any questions and we would be happy to assist you!
Thank you!
Last Updated by Admin on 2011-06-01 14:17:07
Posted in General on Jun 01, 2011
We are now scheduling Mid-Year Appointments for June through August. The purpose of ths appointment is to examine the health of your practice, as well as other areas of your business like financial statements, cash flow, overhead percentages, refinancing options, fee schedules, etc. Essentially, we want to look at the overall picture of where your business is at and ways we may be able to initally plan for next year's tax season.
Our office will start calling for appointments mid-May, but feel free to email Hannah Kirtlan at hkirtlan@haascpa.com or call her at 707-603-4227 / 415-382-1040 to set something up with Mike Haas or Tammy Reaney early.
Please note that our calendar does fill up quickly :). Our hours are Monday-Thursday 8am to 5pm and Fridays 8am -12pm.
Hope to hear from you soon!
Thank you!
Last Updated by Admin on 2011-06-01 14:14:51
Posted in General on May 12, 2011
We are now scheduling Mid-Year Appointments for June through August. The purpose of ths appointment is to examine the health of your practice, as well as other areas of your business like financial statements, cash flow, overhead percentages, refinancing options, fee schedules, etc. Essentially, we want to look at the overall picture of where your business is at and ways we may be able to initally plan for next year's tax season.
Our office will start calling for appointments mid-May, but feel free to email Hannah Kirtlan at hkirtlan@haascpa.com or call her at 707-603-4227 / 415-482-1040 to set something up with Mike Haas or Tammy Reaney early.
Please note that our calendar does fill up quickly :). Our hours are Monday-Thursday 8am to 5pm and Fridays 8am -12pm.
Thank you!
Last Updated by Admin on 2011-05-12 11:02:04
Posted in General on Feb 10, 2011
Please be sure to send in your information for your trust, llc, partnership, s-corporate, c-corporate, and/or personal tax returns as soon as possible so that we can start working on your returns.
Trust, Partnership, S-corps are all due March 15th, 2011.
Personal tax returns are due April 18, 2011
Please call if you have any questions with your tax organizer, documents needed, etc. Our number is 707-603-4427.
Thanks!
Last Updated by Admin on 2011-02-10 09:53:53
Posted in General on Feb 03, 2011
1099s for interest and dividends from brokerage houses likely won't get to taxpayer's before Mid February. The brokerage houses have asked for more time in the last few years to issue the 1099s so that they can avoid the problem of issuing preliminary 1099s in January only to re issue amended 1099s 2 or 3 times in subsequent weeks.
If you haven't received your 1099s by february 15 we suggest you contact the brokerage house for an expected release date.
Last Updated by Admin on 2011-02-03 16:24:47
Posted in General on Jan 10, 2011
We will be sending out a few sets of letters around mid-January requesting various information for your S-Corporation, Trusts, Partnerships, LLC's, and Property Taxes. Please look for these in the mail and call if you have any questions.
Thanks!
Last Updated by Admin on 2011-01-10 09:30:00
Posted in General on Jan 10, 2011
We are currently scheduling tax return appointments with Mike Haas, CPA or Tammy Reaney, CPA between now and March 16th, 2011. Please be sure to schedule your appointment early as our calendar fills up quickly!
To schedule, please call or email Hannah Kirtlan (at the front desk) at 707-603-4227 or hkirtlan@haascpa.com.
Hope to hear from you soon!
Last Updated by Admin on 2011-02-10 09:50:59
Posted in General on Jan 10, 2011
We are currently preparing the fourth quarter payroll quarterlies for 2010, 1099 and W-2 forms for those clients that have requested these services.
Please be sure to get all of your information in (for any of the above) as soon as possible as these are all due January 31st. Please allow time for our office staff to prepare them and mail back to you for signature, etc. The payroll quarterlies need to be postmarked on or before January 31st, 2011.
Please give us a call if you have any questions,
Thank you!
Last Updated by Admin on 2011-01-10 09:20:24
Posted in General on Dec 09, 2010
WISHING YOU HAPPY HOLIDAYS FROM EVERYONE AT HAAS & REANEY, LLP As 2010 comes to an end, we would like to thank you all for your business throughout the year, and look forward to working with you during the year ahead. We would also like to sincerely thank you for your referrals as they really validate your confidence in us. We wish you Happy Holidays and all the best in the upcoming year. 2011 Payroll Tax Rates Beginning January 1, 2011, the following rates and limits apply to payroll checks issued: FICA MEDICARE SDI 401K $22,000 for over the age of 50 SIMPLE $14,000 for over the age of 50 1099 and W-2 Information Just a reminder to all payroll clients: please send your December work to us in early January so that we can prepare your year-end payroll tax returns promptly. Use Tax Please note that the CA Board of Equalization has changed the due date of these returns from January 31st to April 15th. S-Corp. Officer's Health Insurance If you are an officer of an S-Corporation, please be sure to contact your payroll service or include in your QuickBooks payroll the amount paid in the current year for your health insurance so that it is reported on your W-2 at year-end. This applies to employee spouses as well. Small Employer Health Insurance Credit For tax years beginning in 2010, there is a new credit for small employers who provide health coverage for their employees. Generally, the credit is available for employers with no more than 25 full-time equivalent employees and average annual wages no greater than $50,000 per employee per year. The credit is claimed on the employer's annual income tax return. Payroll Tax Credits under the HIRE Act There are two tax credits available to employers who hire new employees between 2/3/10 and 12/31/10. In order to claim the credits, you must supply your payroll provider with the appropriate form W-11 for each eligible employee right away. If we are preparing your payroll tax returns, we need this form from you. Below is a link to this form:
What are the credits and how are they claimed: *A credit of 6.2% to the employer for all wages paid to the employee between 3/19/2010 and 12/31/2010 is claimed on your payroll tax return. Essentially, the employer pays no Social Security tax on that employee's wages. This has no effect on calculating payroll withholdings for the employee. The employee still requires withholding for Social Security and all other taxes. *A credit of up to $1,000 is allowed for the same wages assuming the employee remains employed for 52 weeks. This credit is claimed on the business income tax return in 2011.
1099 Reporting to Increase in 2012 Beginning in 2012, the Health Care Act requires issuance of 1099s in three new situations when payments are made by a business:
The requirement is triggered if payments to any payee aggregate $600 or more in a calendar year. No 1099 reporting is required if payment is made through a "third party payment network," such as credit card payments. This will not apply to private label cards that can only be used at one merchant or Bill Pay. *On top of increased changes to 1099 reporting, for payments made after December 31, 2010, rental real estate is treated as a trade or business for information reporting purposes. Individuals receiving rental income in 2011 are required to issue 1099s to service providers reporting payments of $600 or more during the year. Electronic Fund Transfer Penalties After a two-year moratorium, for payments made in 2011, the FTB will begin assessing EFT penalties on certain individuals who fail to make tax payments electronically. The penalty equals 1% of the amount that was not paid electronically, unless the failure was due to reasonable cause and not willful neglect. All payments made by an individual on or after January 1, 2009, regardless of taxable year or amount, must be remitted electronically to the FTB after the individual either has: How to Pay: Reporting Foreign Accounts Any U.S. person must report annually to the IRS certain information about an account if the following conditions apply: The FBAR is due by June 30th, following the calendar year that the report holder meets the $10,000 threshold. No extensions for filing the FBAR are available, even if the income tax return for the same calendar year is on extension.
Last Updated by Admin on 2010-12-09 11:22:12
Posted in General on Dec 09, 2010
Tax Organizers will be sent out the first week of January. Hannah will be calling you for your tax return preparation appointment soon after that. You may also contact her any time at
hkirtlan@haascpa.com or call (707) 603-4227.
Last Updated by Admin on 2010-12-09 11:15:48
Posted in General on Oct 20, 2010
We are happy to announce that we now accept Mastercard, Visa, and American Express for credit card payment options. Simply fill out the credit card information stub at the bottom of your monthly invoice and send it in to us, or call your payment in over the phone at 707-603-4227. Thanks!
Last Updated by Admin on 2010-10-20 08:06:19
