Uncategorized Posts

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.

Tuesday, January 22nd, 2013

2013 Healthcare Act Update

Now that the Affordable Care Act (ACA) is law business owners want clarification on how it is going to affect them, their business, and their employees in 2013. Join our panel of experts to learn about these topics:

  • Six Components Critical to Employers
  • How Exchanges, Subsidies and Penalties Affect Business
  • How Demographics Affect Your Strategy
  • The Good and Bad News About ACA Taxes
  • How to Model the Optimal Outcome for Your Organization

Event details

  • Representative: Berman Hopkins
  • Category: Webinar
  • Date: Wednesday, February 13th 2013
  • Time: 1:00pm
  • City: Berman Hopkins in GoToMeeting.com
  • Venue: Online Webinar
  • Venue phone: 321-757-2020
  • Country: US
  • Box office: 321-757-2020
  • Notes: 2013 Healthcare Act Update
  • Add to Google Calendar | Download iCal

Wednesday, January 9th, 2013

News from IRS

IR-2013-2, Jan. 8, 2013

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.

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:

Amazon & Kindle

Barnes & Noble

Smash Words

iBooks

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.

Holiday Dos and Dont's CPA

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.

Phil Hayes & BHWL Partners

Left to Right: Brian Fisher, Mike Durante, Phil Hayes, & Heather McDonough

Phil Hayes

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.