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Wednesday, February 6th, 2013
US Postal Service Will Stop Saturday Mail Services
Back in March of 2010 the United States Postal Service (USPS) put out a report that detailed their proposal to end Saturday deliveries. The report stated that “the volume of mail delivered has plummeted, from 213 billion pieces in 2007 to 177 billion pieces in 2009.” The volume is “expected to continue to fall to 150 billion pieces by the end of the decade.”
Several news sources have reported today that the USPS has decided to move forward with their plans to stop Saturday mail services starting in August of 2013.
According to the Washington Post, “USPS plans to continue Saturday delivery of packages, which remain a profitable and growing part of the delivery business. Post offices would remain open on Saturdays so that customers can drop off mail or packages, buy postage stamps, or access their post office boxes, officials said. But hours likely would be reduced at thousands of smaller locations”.
To read more of the Washington Post Article click here.
Wednesday, January 9th, 2013
News from IRS
WASHINGTON — Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30.
The IRS will begin accepting tax returns on that date after updating forms and completing programming and testing of its processing systems. This will reflect the bulk of the late tax law changes enacted Jan. 2. The announcement means that the vast majority of tax filers — more than 120 million households — should be able to start filing tax returns starting Jan 30.
The IRS estimates that remaining households will be able to start filing in late February or into March because of the need for more extensive form and processing systems changes. This group includes people claiming residential energy credits, depreciation of property or general business credits. Most of those in this group file more complex tax returns and typically file closer to the April 15 deadline or obtain an extension.
“We have worked hard to open tax season as soon as possible,” IRS Acting Commissioner Steven T. Miller said. “This date ensures we have the time we need to update and test our processing systems.”
The IRS will not process paper tax returns before the anticipated Jan. 30 opening date. There is no advantage to filing on paper before the opening date, and taxpayers will receive their tax refunds much faster by using e-file with direct deposit.
“The best option for taxpayers is to file electronically,” Miller said.
The opening of the filing season follows passage by Congress of an extensive set of tax changes in ATRA on Jan. 1, 2013, with many affecting tax returns for 2012. While the IRS worked to anticipate the late tax law changes as much as possible, the final law required that the IRS update forms and instructions as well as make critical processing system adjustments before it can begin accepting tax returns.
The IRS originally planned to open electronic filing this year on Jan. 22; more than 80 percent of taxpayers filed electronically last year.
To read the rest of the article please click here to go to the IRS webpage.
Thursday, January 3rd, 2013
Taking Advantage of the New Tax Law
The Berman Hopkins tax team has analyzed the new tax law and we are ready to take full advantage of the new provisions. We have pulled together 10 key analytic points that we feel are important for business owners to know.
Friday, December 28th, 2012
True G.R.I.T.
Jim LaHam’s book True G.R.I.T. is now available on Amazon, Barnes & Noble, Smash Words and iBooks.
To check it out click on the links below to download it to your device:
Monday, December 10th, 2012
Fiscal Cliff Could Delay Filing Season
The Berman Hopkins team received this valuable information from RIA Checkpoint newsletter and we wanted to share it with our clients.
Acting IRS Commissioner: Congress’ failure to act on fiscal cliff could delay filing season
December 7, 2012: Taxpayers may face a significantly delayed filing season and a much larger tax bill for 2012 if Congress fails to timely resolve fiscal cliff issues, Acting IRS Commissioner Steven T. Miller said on December 6.
Speaking at the 25th Annual Institute on Current Issues in International Tax sponsored by IRS and the George Washington University School of Law in Washington, Miller said that “I remain optimistic that the fiscal cliff will be resolved by the end of this calendar fiscal year [but] if that turns out not to be true, then what is clear is that many of us will see a delayed filing season.”
Miller said that the uncertainty as to what the tax law will be in 2012 creates a risk for the entire tax system, including a strain on IRS, tax practitioners, and ultimately, taxpayers.
“There is currently a real discussion about the tax rates for the next year and beyond as well as the national debt and that is an incredibly important discussion,” he said. “But taxpayers and the IRS need to know what the tax provisions are for 2012 so you know what you owe and so we know how to process the return beginning in January.”
He noted that the alternative minimum tax (AMT) and other extender provisions had expired at the end of 2011, but that these had been overshadowed by other higher profile fiscal cliff issues. Miller said that in programming its systems, IRS has assumed that Congress will patch the AMT as it has for so many years in the past. However, he warned that if Congress fails to resolve fiscal cliff issues prior to the end of the year and the IRS’s assumptions are incorrect, the filing season will be delayed for many taxpayers.
Monday, December 10th, 2012
Holidays at Berman Hopkins
The Berman Hopkins team was highlighted on the front cover of Florida Today in their article called “Christmas in the workplace: Happy, er, Merry, uh …”. To read the entire article click here.
Tuesday, December 4th, 2012
Phil Hayes – Up and Coming 2012 Business Leader
On Thursday November 29th Phil Hayes was recognized as one of Space Coast Businesses Up and Coming Business Leaders of 2012. The Berman Hopkins team joined him at the reception to see him receive his award. To see additional photos from the event please click here.
Left to Right: Brian Fisher, Mike Durante, Phil Hayes, & Heather McDonough
Phil Hayes speaking at SCB Leader Awards
Monday, October 8th, 2012
International Tax and Export Webinar
Is your company ready to expand your sales or operations internationally but not sure where to begin? Join us for a one hour webinar to review how to prepare your business for export and international tax. Click here to register.
Date & Time:
Thursday October 18, 2012
2:00 – 3:00pm EDT
Speakers:
Michael Schiffhauer
Vice President International Trade Development
Enterprise Florida, Inc.
Heather K. McDonough, CPA
Partner
Berman Hopkins Wright & LaHam
Tuesday, October 2nd, 2012
Whistleblower Gets $104 Million
Former UBS AG banker Bradley Birkenfeld helped the U.S. government uncover an international tax evasion scheme and was awarded $104 million. It is believed that this is the largest whistle-blower payout given to an individual.
Laura Saunders from the Wall Street Journal wrote, “… Birkenfeld, 47 years old, began cooperating with U.S. authorities in 2007, while still at UBS. He provided prosecutors with detailed descriptions of the bank’s efforts to promote tax evasion and confessed to running errands for rich clients, including one instance when he sneaked diamonds into the U.S. in a toothpaste tube.”
UBS turned over the names of 4,000 account holders and paid $780 million to resolve the criminal case. In addition 33,000 U.S. taxpayers have confessed to having undeclared overseas accounts and paid more than $5 billion in taxes and penalties. Even Birkenfeld plead guilty to one account of conspiracy to defraud the U.S. and is serving out his 40 month sentence in home confinement.
This shows the new lengths the U.S. government is welling to go to collect unpaid taxes.
Tuesday, September 4th, 2012
Florida Today Video about “True G.R.I.T”
Picture by Malcolm Denemark, Florida Today
During Jim LaHam’s interview with Florida Today they took a short video of LaHam speaking about his book. To see the video visit FloridaToday.com or click here.
Copies of True G.R.I.T have been mailed to the national media and key politicians; such as Steve Forbes, Matt Lauer, Lawrence O’Donnell, Paul Ryan and Mitt Romney.
LaHam states that this is a bipartisan solution and he hopes that his book will reach key decision makers and make a difference.
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