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)

Kondler CPAs provide assurance on the financial management and procedures of your private comany. We ensure your financial statements or ‘compilations’ are in accordance with GAAP. We work with you, your management and internal accounting staff to define your needs, design affordable solutions and deliver results.This form of accounting is governed by strict standards and rules and may show actual income that is different from taxable income.

Keeping up with industry trends:

Recently, the Journal of Accountancy published an article about a “blue-ribbon” panel* formed to review financial reporting of private companies.  One of the key “take aways” from the panel’s first meeting is that GAAP is still considered the gold standard in financial reporting but that panel members are reviewing the future of accounting standards for private companies and how potential modifications to GAAP may affect those standards going forward.   

We would be happy to review your business financials – our team of seasoned professionals is always keeping up with the latest in accounting principles to ensure we are always acting in our clients best interests.

*The panel is sponsored by the AICPA ~ Kondler & Associates is proud member of the American Institute of Certified Public Accounts.

If you answer YES to any of the questions below – call us TODAY, we’ll help you get through it and file on time. 

• Did you cash in on investments to make ends meet?
• Did you collect unemployment in 2009?
• Did you short sale or foreclose on your property?
• Did you file for bankruptcy?

Additionally…

DID YOU KNOW?  That if you have a loss in 2009 you can carry it back for up to 5 years that showed income and recapture income taxes in those given years?

You’re NOT alone if your nest egg is whithered away, you lost your job, your home value has depreciated, or your debt mounted out of control.  Don’t let pride get in the way of filing on time – call us today and we can help.

“If the minor earns income and is claimed as a dependent on someone else’s return then they only need to file a return if their total earnings exceed $5,700. The $5,700 is the standard deduction allowed by the IRS for 2009 tax returns. However, if the minor had income tax withheld from their W-2, then it’s to the benefit to the minor to file regardless of the earnings amount in order to get the tax refunded.”
Read the full article here:

Low interest rates and low home prices along with the tax incentives have created a perfect buying storm but both incentives require a deal on paper by April 30, 2010 and a closing by the end of June 2010. 

Ten Tips About First Time Homebuyer Credit

Contact Raymon Kondler at rkondler@kondlercpas.com to learn more!

Las Vegas, NV – March 13, 2010 – Kondler, Chavez & Koch a premier Certified Public Accounting Firm with offices in Las Vegas and New Jersey, announced today it will donate $20 for every new tax return filed in its offices through April 15, 2010 to the American Red Cross.

Ray Kondler, CPA and Owner commented, “The idea came about after a team meeting discussing how we could help make a difference. We decided to turn tax time into an opportunity to give back to the Southern Nevada Chapter of the American Red Cross and support them in what they do best – respond to critical relief efforts around the globe.”

“The American Red Cross appreciates Kondler, Chavez and Koch’s support. Through this program, they will help the Red Cross provide emergency food and water, and relief supplies,” added Kris Darnall, Director of Communications and Public Support, Southern Nevada Chapter – American Red Cross.  

“We’ll be tracking our efforts and look forward to robust results come April 15th,” said Kondler.

About the American Red Cross: The American Red Cross shelters, feeds and provides emotional support to victims of disasters; supplies nearly half of the nation’s blood; teaches lifesaving skills; provides international humanitarian aid; and supports military members and their families. The Red Cross is a charitable organization — not a government agency — and depends on volunteers and the generosity of the American public to perform its mission. For more information, please visit www.redcross.org or join our blog at http://blog.redcross.org.

About Kondler, Chavez & Koch: With offices in Las Vegas and New Jersey Kondler, Chavez & Koch is a premier Certified Public Accounting Firm providing elite services to clients and peers around the country. Kondler, Chavez & Koch is a customer centric firm offering specialized expert advice to high net worth individuals, corporations, non-profit organizations, HOA’s and professional athletes. Visit Kondler, Chavez & Koch at www.kondlercpa.com.