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Remember to schedule your FREE meeting with us to see how we can save you time and money! (520) 241-0371 info@eclconsulting.com |
| Pay via Pay Pal |
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ECL Consulting now offers our clients the option of paying their invoices via Pay Pal. Look for a link on your invoice to take you directly to Pay Pal. Save time and money by paying online, securely and easily.
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| ECL Staff Contact Info |
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Each of ECL's staff members can be reached directly. You can also call 520-241-0371 to leave a message for any staff member.
Our central fax number is
1-520-843-2092.
Please make sure you dial the "1" and the area code, no matter where you're dialing from.
Eli Larriva:
520-241-0371
520-721-6868
520-638-6738
Kris Dorris:
443-206-3613
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| May Tax Deadlines |
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May 11
Employers - Social Security, Medicare, and withheld income tax. File form 941 for the first quarter of 2009. This due date applies only if you deposited the tax for the quarter in full and on time.
Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in April.
Employers - Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in April. |
| How to Submit Your Monthly Materials to Us |
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Fax number for submitting monthly materials:
1-520-843-2092
(Please be sure to dial all the digits, including the leading 1, even if you are in the same area code.)
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Save on QuickBooks |
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ECL Consulting, LLC has partnered with A+ QBooks Consulting & Services, LLC to bring you substantial savings on QuickBooks.
QuickBooks Enterprise Solutions 9.0 5 to 30 users software special - from $50/month! 1 year of Full Services Plan by Intuit is included!
Complete QuickBooks Point of Sale 8.0 new systems special - from $40/month! Includes a computer, 1 user software, 1 receipt printer, 1 barcode reader, 1 credit card swipe, and 1 cash drawer.
Call (800) 609-0788 or email for details or to order. |
| ECL Consulting Presents... |
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The Better Business Bureau of Southern Arizona has invited ECL Consulting to present a seminar on "Intro to QuickBooks."
This seminar will review 10 of the most common mistakes QuickBooks users make, as well as a brief introduction to the functions, features and benefits of the software. A Q&A session with an active QuickBooks sample company file will provide visual & interactive answers to your questions.
Covers QuickBooks Premier and QuickBooks Pro 2009 and earlier versions for PC. MAC users welcome.
Location: The seminar will be held at the headquarters of The Better Business Bureau of Southern Arizona, 434 S Williams Blvd., Suite 102, Tucson, AZ 85711.
Date and Time: May 21, noon to 1 pm. You are welcome to bring a bag lunch.
Cost: Free
Register: Call the BBB at 888-6161 or send an email. | |
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Greetings!
Spring is a great time to clean out that growing mountain of tax and financial papers that clutters your home and office. Here's what you need to keep and what you can throw out without fearing the wrath of the IRS. |
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Spring Cleaning: Tax Records You Can Throw Away |
Let's start with your "safety zone," the IRS statute of limitations. This limits the number of years during which the IRS can audit your tax returns. Once that period has expired, the IRS is legally prohibited from even asking you questions about those returns.
The concept behind it is that after a period of years, records are lost or misplaced and memory isn't as accurate as we would hope. There's a need for finality. Once the statute of limitations has expired, the IRS can't go after you for additional taxes, but you can't go after the IRS for additional refunds, either.
For assessment of additional taxes, the statute of limitation runs generally three years from the date you file your return. If you're looking for an additional refund, the limitations period is generally the later of three years from the date you filed the original return or two years from the date you paid the tax. There are some exceptions:
- If you don't report all your income and the unreported amount is more than 25% of the gross income actually shown on your return, the limitation period is six years.
- If you've claimed a loss from a worthless security, the limitation period is extended to seven years.
- If you file a 'fraudulent' return, or don't file at all, the limitations period never begins to run. The IRS can, in fact, get you at any time.
- If you're deciding what records you need or want to keep, you have to ask what your chances of an audit are. A tax audit is an IRS verification of items of income and deductions on your return. So you should keep records to support those items until the statute of limitations runs out.
- If you're deciding what records you need or want to keep, you have to ask what your chances of an audit are. A tax audit is an IRS verification of items of income and deductions on your return. So you should keep records to support those items until the statute of limitations runs out.
Assuming that you've filed on time and paid what you should, you only have to keep your tax records for three years, but some records have to be kept longer than that.
Remember, the three-year rule relates to the information on your tax return. But, some of that information may relate to transactions more than three years old.
Next time, we'll cover a list of documents you should hold on to.
Did you know that ECL Consulting offers organizing services for your small business? Our Expert Organizers are experienced in developing systems for efficiently managing paper records & digital files, maximizing office space, process & project management, scheduling & time management. Contact us to learn more. |
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Ask An Expert |
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Q: I didn't file my tax return (or an extension) on April 15. What do I do now?
A: Filing a past due return may not be as difficult as you think. Taxpayers should file all tax returns that are due, regardless of whether or not full payment can be made with the return. Depending on an individual's circumstances, a taxpayer filing late may qualify for a payment plan. All payment plans require continued compliance with all filing and payment responsibilities after the plan is approved. It is important, however, to know that full payment of taxes saves you money.
Here's what to do:
Gather Past Due Return Information
In order for the IRS to assist with preparing a tax return, taxpayers should bring any and all information related to income and deductions for the tax years for which a return is required to be filed.
Prepare and File Forms
You'll need to get the proper forms and publications. Then sign and date your tax return; and send to the correct address.
Payment Options - Ways to Make a Payment
There are several different ways to make a payment on your taxes. Payments can be made by credit card, electronic funds transfer, check, money order, cashier's check or cash.
Getting Free Help
The IRS offers free assistance by computer, telephone, facsimile and in person. The IRS can assist taxpayers with obtaining forms, publications and answers to a wide range of tax questions.
Payment Options For Those Who Can't Pay in Full
Taxpayers unable to pay all taxes due on the bill are encouraged to pay as much as possible. By paying as much as possible now, the amount of interest and penalties owed will be lessened. Based on the circumstances, a taxpayer could qualify for an extension of time to pay, an Installment Agreement, temporary delay, or Offer in Compromise.
Taxpayers who need more time to pay can find out in just a few minutes whether they qualify for a payment agreement with the IRS. Just click on the Online Payment Agreement link and follow the prompts. By entering some basic information about their tax situation, eligible taxpayers can set up in a matter of minutes either a short-term payment extension or a monthly payment plan.
- A short-term extension gives a taxpayer up to 120 days to pay. No fee is charged, but the late-payment penalty plus interest will apply.
- A monthly payment plan or installment agreement gives a taxpayer more time to pay. Penalties and interest will continue to be charged on the unpaid portion of the debt throughout the duration of the installment agreement/ payment plan. Further, it is important to review all options as the interest rate on a loan or credit card may be lower than the combination of penalties and interest imposed by the Internal Revenue Code. It is best that you pay as much as possible before entering into an installment agreement.
- A user fee will also be charged if the installment agreement is approved. The fee, normally $105, is reduced to $52 if taxpayers agree to make their monthly payments electronically through electronic funds withdrawal. The fee is $43 for eligible low-and-moderate-income taxpayers.
- Alternatively, taxpayers can apply for a payment agreement by filling out Form 9465, Installment Agreement Request. This form can be filed along with either an electronically filed return or a paper return. If filing on paper, be sure to attach it to the front of the return.
What Will Happen If You Don't File Your Past Due Return or Contact the IRS
It's important to understand the ramifications of not filing a past due return and the steps that the IRS will take. Taxpayers who continue to not file a required return and fail to respond to IRS requests for a return may be considered for a variety of enforcement actions.
Please contact us for further information and support on your late returns. Ever have an accounting, tax, QuickBooks or cash flow management question and didn't know who to ask? Now you can Ask An Expert! Email us your questions and we will print the question and the answer in our newsletter! No question is too big or too small. | |
Have you enjoyed this newsletter? Have any suggestions for things you'd like to see covered? Have a question for our resident Accounting Expert? Let us know by emailing askexpert@eclconsulting.com.
Each issue will cover different topics and have different features, so watch for us each Tuesday.
Remember, we provide accounting and cash flow solutions for successful companies -- yours!
Eli Larriva
ECL Consulting, LLC
(520)241-0371
info@eclconsulting.com
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