For employers liable for FUTA this means that payrolls with check dates on or after July 1, 2011, will be calculated at this new rate of 0.6%, while payrolls with check dates from January 1, 2011 through June 30, 2011 will be calculated using the 0.8% tax rate.

The IRS will revise Form 940 to handle the FUTA rate change for 2011.

More information can be found on the IRS website, Publication 15.

If you have any questions about how this rate decrease will affect you, please contact Kondler & Associates today at info@kondlercpa.com.

That’s right, your taxes are actually due April 18th, 2011.

The reason? Emancipation Day. It’s a holiday in Washington, D.C. which celebrates the freedom of slaves.

The three days only applies on the front end – meaning, for those of you filing extensions – you don’t get any extra time. However if you think you need time – you still have to file your extension form by the 18th of April.

But, why wait until the 18th to do any filing! Email Kondler & Associates TODAY at info@kondlercpa.com – our Las Vegas CPAs, San Diego CPA’s, and New Jersey CPAs – can help take away your Tax Day Anxiety.

Or Call Us Today:

Peer Review News:

Did you know that those firms who perform Employee Benefit plan audits should be aware that the US Department of Labor is performing CPA Firm Inspections, CPA Firm Mini-Inspections and Work Paper Reviews?

It’s true, and these inspections are similar to The Public Company Accounting Oversight Board (PCAOB) Inspections.

Are you ready?  Call us today!

Standards for Quality Control Systems No. 7 requires firms to maintain a written system of quality control and to communicate its system of quality control to its personnel?

 a.       Monitoring of the firms system of quality control is required to be performed by the firm.

 b.      As part of this standard, firms are required to evaluate their engagements, set criteria to identify which engagements will be subject to quality control review and establish Engagement Quality Control Review (EQCR) procedures to review these engagements before the report is issued.

Kondler & Associates ~ Peer Reviewers For You!

This is exactly what you want out of a Peer Reviewer and at Kondler & Associates, we have our finger on the pulse of the industry – here’s the latest information for you below:

There are proposed revisions to Peer Review Standards regarding Performing and Reporting on Peer Reviews of Quality Control Materials (QCM) and Continuing Professional Education (CPE) Programs.

 a.       Firms selecting a peer reviewer will need to ensure their peer review is not performed by a firm that provides their QCM materials or CPE programs.  This is considered a potential lack of independence.

 b.      Potentially removes the rule that QCM and CPE providers undergo triennial peer review.

There are two types of Peer Reviews:
 
1.  System
2.  Engagement

We can help your firm with both, specifically in the following industries:
 

• Gaming
• HOA’s
• Employee Benefit Plans
• Manufacturing
• Service Industries

 
Our Peer Review experts can walk you through the latest most up to date information from the AICPA.  Your firm can benefit from from participating in the AICPA Peer Review Program in a number of ways:
 
1.  Enhance your firm’s quality control policies and procedures
2.  See your firm measures up against other firms
3.  Learn from other firms’ “best pracitices” 
4.  Use your results as a marketing tool to underscore your committment to quality
 
A CPA Firm Should Expect the Best especially when it comes to Peer Reviews!
 
Call Kondler & Associates for your Peer Review today!

The first thing most companies and organizations do to increase the bottom line is cut line items like marketing, payroll, and vendor relationships, then re-evaluate insurance plans, equipment rentals, and interest rates on debt.  At home, dining out gets cut along with private school and tuition payments, and of course, the ever popular “latte fund” gets the axe.

But have you considered the tax credits from the government and even the opportunity to recoup taxes paid in years past?

Probably not, but we have!

Our qualified CPA’s have their fingers on the pulse of hot button potential savings including but not limited to:
·         Non-Cash Contributions
·         New Points on Refinancing
·         Health Insurance Premiums
·         Educator Expenses
·         Student Education Expenses
·         Energy Savings and Green Tax Credits
·         Investment Expenses
·         Casualty Deductions
·         Retirement Tax Credits & Wealth Transfers
·         Property Tax Reductions

Don’t wait until the end of the year, contact us now so we can evaluate where you are so far in 2010 and chart a course to get you across the finish line!

·         Businesses that are liquidated will do so at no cost to the tax payer (in response to huge bail outs we saw two years ago)

·         It will form a “financial stability oversight council” to identify financial risks sooner and create new trading rules (warning us of another crash on Wall Street)

 Next steps:

According to the Associate Press, the bill has to land on President Obama’s desk sometime this summer.

Books are mess; residents are behind on payments; there’s more foreclosures in the neighborhood than ever before; landscapers aren’t doing their jobs; the former HOA Management Team paid for things it should not have, or did not pay much at all? Sound familiar? We hear it all the time and we can help.

An Audit is an objective exam of the financial statements. You need to know what’s going on and get a grip of it. It’s your job as HOA management to make sure the homeowner’s money from monthly/yearly dues are protected and spent wisely.

The best financial practices have to be in place:

• Regular Audits
• Reviews
• Compilations
• Dual Check Approval Processes
• Insurances
• Monthly Reconciliation/Basic Accounting Principles

HOA’s are one of our special niche industries. Call us today – we can take the stress away!

Did you file extensions this year for your personal, business or non-profit 2009 tax returns?  If the answer is yes, here’s some other important dates for you take note of:

May 15, 2010

• Deadline for non-profit organizations to file information returns (Form 990), or request an extension (Form 8868)

June 15, 2010

• 2nd quarter estimated tax payments are due for 2010 tax year
• Deadline for US citizens living abroad to file individual tax returns and to pay any tax due

The following two tax breaks are critical for Americans working abroad: Foreign Earned Income Tax Exclusion Foreign Tax Credit.

June 30, 2010

• Deadline to file a report of Foreign Bank Accounts for the year 2009. This report is required if you have over $10,000 (in aggregate) held in foreign bank accounts

September 15, 2010

• 3rd quarter estimated tax payments due for 2010 tax year
• Final deadline to file corporate tax returns if an extension was requested. (Forms 1120, 1120A, 1120S)
• Final deadline to file trust tax returns (Form 1041) if an extension was requested
• Final deadline to file partnership tax returns (Form 1065) if an extension was requested

October 15, 2010

• Final deadline to file individual tax returns (with extension)  
• Last day the IRS will accept an electronically filed tax return for 2009. If filing after October 15th, you’ll need to mail in your tax return for processing  
• Final deadline to fund a SEP-IRA for tax year 2009 if you requested an automatic extension of time to file

November 2010

• Start planning your year end 2010 taxes!

December 31, 2010

• Last day to make any tax moves for the year 2010
• Marital status on this date determines your marital status for the whole year
• Source: Tax Calendars for 2010 (IRS Publication 509)