The Latest News from James E Reynolds CPA
James E Reynolds CPA News
OUR OFFICE IS NOW CLOSED FRIDAYS TO CONSERVE ENERGY
EMERGENCY ECONOMIC STABILIZATION ACT OF 2008 (BAIL OUT ACT)MAJOR INCOME TAX CHANGES 2008 - SALE OF RESIDENCE USED FOR BUSINESS OR RENTAL And Other Major Changes!!
Retirement Contributions have been raised for 2009.
Payroll Tax Limits And Standard Mileage Rate Tables for 2009
Business mileage rate has been increased to 58.5 cents per mile effective July 1, 2008
Cell phone use is limited to hands free effective July 1, 2008
MIMIMUM WAGE has been raised to $8.00 on January 1, 2008!
More and more Tax Preparers are sending their clients income tax return information to other countries for data entry. Tax preparers there are VERY inexpensive. U.S. CPA's simply scan in their clients' income tax information and the information is accessed overnight by the offshore workers. Completed returns are made available the next day for downloading and review by the CPA, who then presents them to clients as if the work had been done in-house. My main concern is that your information might be stolen to steal your identity. YOU CAN BE ABSOLUTELY ASSURED THAT I WILL NEVER SEND YOUR INFORMATION OUTSIDE THE USA TO BE PROCESSED!
May 23, 2007: KIDDIE TAX HAS BEEN EXTENDED THRU AGE 17. OR THRU AGE 23 FOR A FULL TIME STUDENT WHOSE INCOME DOES NOT EXCEED HALF OF HIS OR HER OWN SUPPORT. This means that stocks and bonds put in childrens names will be taxable at parents rates until they reach 18 (or 24). The age used to be 14. Amounts of investment income less than $1,700 are still under the limit.
Material Copyright © 2008 James E Reynolds CPA