|
|
Dear Clients and Friends,
Tax season is in full swing and we are now scheduling appointments for those who want to come in to our office. Please call us at 516-791-1303 if you would like an appointment. For those that prefer to mail in their information, please do so as soon as you have collected all your 2011 documents.
Your referrals have been coming in and we greatly appreciate them. We thank you for your confidence and value our relationship.
Very truly yours,
Suzanne LoBiondo and Christopher Cheeseman
|
|
Income Tax Refund Debit Cards |
|
You can now choose to receive your New York State income tax refund on a debit card. This can be a great option for those taxpayers who don't have a checking account. Debit cards:
- Provide a secure, convenient, and cost effective way for you to manage your money.
- Allow you to avoid check cashing fees.
- In most instances, there's no charge for using the card to make cash withdrawals
How debit cards work:
Once the Tax Department has processed your return, you'll be issued a debit card in the amount of your refund.
If you and your spouse filed a joint return, each of you will receive separate debit cards in a single envelope. Each card provides access to the entire amount of the refund.
For details, visit the NYS Tax website at http://www.tax.ny.gov/pit/file/debit_cards.htm and if you are interested in having your refund issued on a debit card, be sure to let us know when you give us your tax information.
|
|
New IRS Form 1099-K |
|
Many businesses have been receiving a new 1099 form this year. The 1099-K is a new IRS information return for reporting certain payment transactions to improve voluntary tax compliance. You should have received a 1099-K by the end of January 2012 if, in 2011 you received payments from:
- merchant card transactions (e.g., debit or credit cards)
- in settlement of third party payment networks (i.e., online sellers) at or above our minimum reporting thresholds
-gross payments that exceed $20,000, AND
-more than 200 such transactions.
The gross receipts or sales from all business operations in any amounts shown on Form(s) 1099-K should be reported on your 2011 income tax return.
|
C&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.