Personal Property Declarations are Due by November 1st

Business and other owners of tangible personal property, pursuant to CGS 12-40, are required to file a Personal Property Declaration with the Assessor by Nov. 1, 2012.  Companies that fail to declare by Nov. 1, 2012 are subject to an estimated assessment and a 25 percent penalty.  This does not include registered automobiles, airplanes and boats.  If you have not received your form in the mail you should obtain the Personal Property declaration forms at your town Assessor’s Office.

If you need assistance in preparing your Declaration, please drop your form off at our office as soon as possible.

 

MJW EA Madison CT

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Tax Returns on Extension Must Be Filed by Oct. 15th!!

There is less than one month left until tax returns on extensions are due!  If you have not gotten your tax return information to us or if we have requested additional information, please get that information to our office ASAP.  Please note that if we don’t have complete information by Oct. 1st, we can’t guarantee that we will be able to file your return by the deadline.  As always, feel free to contact the office if you have any questions.

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Third Quarter Estimated Tax Payments are Due on or before September 17th!

If you need our assistance in determining how much to pay this quarter, please call the office at 203-245-0309 to discuss or to schedule a time to come in and review your books ASAP.

Attached are blank vouchers for both the IRS and the State if you need them. If you have any trouble opening the attached documents please let us know.

Third Quarter 2012 Federal Estimated Tax Voucher

Third Quarter 2012 Connecticut Estimated Tax Voucher

Make check for the Federal Tax payment payable to the United States Treasury and mail to:

Internal Revenue Service

P.O. Box 970006

St. Louis, MO 63197-0006

Make check for Connecticut State Tax payment payable to Commissioner of Revenue Services and mail to:

Department of Revenue Services

P.O. Box 5053

Hartford, CT 06102-5053

Be sure to write your Social Security or Tax I.D. # and 2012 Form 1040ES on your checks.

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Quarterly Sales & Use and Payroll Are Due on or before July 31st!!

 

The Connecticut sales & use and payroll forms can be found on the DRS website:

http://www.ct.gov/drs/cwp/view.asp?a=1509&q=443208

The federal payroll forms can be found on the IRS website:

http://www.irs.gov/businesses/small/article/0,,id=99194,00.html

 

If you need our assistance in preparing the required forms, please call the office at 203-245-0309 to discuss or to schedule a time to come in ASAP.

 

 

MJW EA Madison CT

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It is Important to Notify Your Tax Professional Whenever You Make ROTH Contributions!

Contrary to popular belief, not everyone can contribute to a Roth IRA!

The IRS sets annual limits you can contribute to your Roth IRA. The current limits are $5,000 for anyone under the age of 50, and $6,000 for those 50 and older. However, your contribution cannot be higher than your compensation. Most people aren’t aware that if your modified adjusted gross income is too high your limit may be lowered. Penalties exist for excess contributions. There is a 6% penalty on the amount contributed over the limit which continues on until the Excess Contribution is removed. If you contributed too much for the current year, there is still something you can do: withdraw the excess amount plus any earnings before your tax return is due. If you contributed too much for a prior year and have not yet withdrawn the excess you should do so immediately to avoid more penalties.

Be aware of how much you contribute! Discuss the limits with your financial advisor and your tax professional.

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Connecticut Refund Alert!

It has come to our attention that some of our clients are receiving their state refunds on debit cards instead of directly deposited into their bank accounts, even though we have correctly submitted your bank information.  If you receive a DRS Chase debit card in the mail, this is not a scam, this is your refund.   The debit card will look like this :

For more information about your debit card refund or how to activate your card, please visit Connecticut’s website.

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Attention – Deadline Approaching!

There is only one month left until tax returns are due!  Our goal is to have all individual tax returns (for which we have received complete information by April 1st) done by the April 17th deadline.  Any tax returns for which we receive information after April 1st, will most likely be on extension.

Call or drop by the office with your information!

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Payroll Tax Cut Extension

As expected, Congress has passed and President Obama has promised to approve an extension of the 4.2% social security tax rate (reduced from 6.2%) for employees for the rest of 2012.

The reduced rate was previously scheduled to expire after February 29, 2012.

If you use computerized payroll processing software, remember to update it before processing payroll during March.

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Please Welcome Our New Staff!

We, at Mary Jo Walker EA, are pleased to announce two new interns to our team.  We would like to introduce Chelsea Ahearn who is working towards a BS in Accounting at Central Connecticut State University and will graduate this May; and Deborah Derusha who also attends Central Connecticut State University and is working towards a BS in Accounting with a graduation planned for May 2014.

Please join us in welcoming them to our team.

The Team at MJW EA

MJW EA Madison CT

 

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Form 1099 Alert

Effective for 2011, Form 1099-MISC does not have to be prepared for payments made using credit card or through third party networks, such as PayPal.  Those payments will be reported to the recipients by the credit card companies and third party networks using Form 1099-K, a new information report.

You should begin noting which payments are being made using a credit card in your accounting software.

Call us if you have questions!MJW EA Madison CT

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