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In This Issue...
E-file mandates for 2010 tax returns
Some taxpayers won't be able to file early
Small Business Health Care Tax Credit for Small Employers
Tax Filings Due in January
About C&L
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suzanne
Suzanne LoBiondo, CPA
516-791-1303

 
Chris
Christopher Cheeseman, CPA
516-791-1303
Time to Get Organized in the New Year!
 

We at C&L Tax and Accounting Services LLP would like to wish all of you a very happy and prosperous 2011.   


With tax time rapidly approaching, C&L is getting ready for the season.  Our individual organizers are ready to be mailed and we encourage you to use these as a guide when putting your tax information together.   


We are excited to have you visit our new office for your tax appointment, or we are happy to come to your home.  We look forward to another successful year together!


Very truly yours, 


Suzanne LoBiondo, CPA
Christopher Cheeseman, CPA

E-file mandates for 2010 tax returns

A new law requires paid tax return preparers to electronically file federal income tax returns for efile imageindividuals, trusts, and estates starting January 1, 2011.  Previously, IRS has been encouraging e-filing but had not issued the mandate, unlike New York State. 
 

Several years ago, legislation was passed by New York State mandating tax professionals to e-file the New York State income tax return for all clients unless the taxpayer(s) formally opted out of the process.  For tax year 2010 and beyond, taxpayers are no longer allowed to opt-out of electronic filing.  Therefore, all NY tax returns that are eligible must be electronically filed.

 

The mandate applies to all New York returns - individuals, fiduciary, and business returns - unless otherwise ineligible for e-filing.

 

Last year, about 90% of our tax returns were successfully e-filed.  In fact, nearly 99 million people used e-file for 2009.  E-file supports this growing trend toward electronic tax filing and payment with benefits like faster refunds, greater accuracy, secure and confidential submission, no paper return to mail, and file now pay later availability.  

 

Clients do not need to be concerned about the security, as it is the fastest, safest method for filing a tax return.

In addition, you may opt to have your refund check deposited directly into your financial institution account, which ensures you receive your refund the fastest way possible. You may also elect to use electronic withdrawal to pay any balance due.


Some taxpayers won't be able to file early

Due to new tax laws enacted by Congress and signed by President Obama in December, some taxpayers will have to wait until mid to late February to file their tax returns in order to give the IRS time to reprogram its processing systems. The delay affects both paper filers and electronic filers. The IRS will begin accepting e-file returns from taxpayers unaffected by the delay on January 14. Those who need to wait to file include:

  • Taxpayers claiming itemized deductions on Schedule A:
  • Taxpayers claiming the deduction for higher education tuition and fees; and
  • Taxpayers claiming the educator expense deduction.

Any clients affected by this can still send us their information early and have the return in process so it is ready to go as soon as the IRS gives the go ahead.


Small Business Health Care Tax Credit for Small Employers


In a previous edition of our newsletter, we explained a new credit in 2010 for some small employers who pay at least 50% of the cost of health care for employees.  To be eligible, the employer must have less than the equivalent of 25 full time employees and average annual wages paid to them of less than $50,000.  If you think this credit applies to you, please contact us at 516-791-1303.


Tax Filings Due in January


Just a reminder that the following tax filings are due in January: Payroll taxes, W-2 forms to employees, 1099 forms to independent contractors, and IT-204-LL NY filing fees for LLCs, LLPs, and certain partnerships.  If you need any of these forms prepared, please contact us.

About C&L Tax and Accounting Services LLP
 
clC&L Tax and Accounting Services LLP is a boutique CPA firm that specializes in meeting the tax and accounting needs of individuals and small businesses. Our experienced tax and accounting professionals offer clients insightful and strategic tax planning and compliance services that maximize savings year after year.

C&L Tax and Accounting Services LLP's offers a wide range of tax and accounting planning, compliance and consulting services for both individuals and small businesses. We invite you to peruse our capabilities and contact us for a consultation.