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 "The Tax Benefits of Going Green" Payroll and Mileage Changes for 2010 The Fair and Accurate Credit Transactions Act (FACTA) Bormel, Grice & Huyett 2010 Business Scholarship Awarded
"The Tax Benefits of Going Green"
The Green Building Institute, located in Jessup, MD, is partnering with Bormel, Grice & Huyett, P.A. in sponsoring a seminar series entitled "The Tax Benefits of Going Green". Barry Fields, CPA, MST, a tax specialist at Bormel, Grice & Huyett, P.A. and Treasurer of the Green Building Institute, will be presenting the program which will focus on the "green" business and individual tax incentives currently available. The seminar will be offered approximately ten times over ten weeks this fall in the Baltimore Washington Area. The Green Building Institute is a 501(c)(3) nonprofit organization established to educate businesses and individuals in the many benefits of green building and sustainable living. Bormel, Grice & Huyett, P.A. is a full service public accounting firm with a broad base of business, individual, and not for profit clientele including contractors, developers, and professional service providers. For additional information contact Lisa McDowell at (443) 733-1234 or go to the following website: www.greenbuildinginstitute.org. For information on seminar dates, location and registration go to the following website: Green Tax Benefits Seminars.
Second quarter 2010 payroll tax returns due. Due date for 2009 Annual Return/Report of Employee Benefit Plan (Form 5500). . P ayment of third installment of 2010 estimated tax by individuals, trusts and estates.Payment of third installment of 2010 estimated tax by calendar-year corporations. Last day for filing 2009 Form 1065 for partnerships that obtained an automatic five-month filing extension. Last day for filing 2009 Form 1041 for trusts that obtained an automatic five-month filing extension. Last day for filing 2009 income tax return by calendar-year corporations that obtained an automatic six-month filing extension.
L ast day for filing 2009 individual income tax returns for those who obtained an automatic six-month filing extension.Last day for filing 2009 Annual Return/Report of Employee Benefit Plan (Form 5500) for those who obtained a two-and-one-half month filing extension
Last day for filing Form W-4 by employees who wish to claim exemption from withholding of income tax for 2010.
Last day to receive Form 1099-B statements from Broker and Barter Exchange Transactions and Form 1099-S, Proceeds from Real Estate Transactions.
File Forms 1098, 1099, W-2G and Form 1096 with the IRS.
File Forms W-2 (copy A) along with Form W-3 with the IRS and the Social Security Administration (SSA). If Forms 1098, 1099, W-2, W-2G, are filed electronically, the due date for filing them with the IRS and the SSA is extended to March 31.
Corporation and S Corporation income tax returns for calendar year 2009 due.
Last day for calendar year corporations to file Form 7004, an automatic six-month extension of time, for 2009 income tax returns.
Individual income tax returns, Form 4868 (automatic six-month extension) plus payment of any 2009 tax liability due.
First quarter individual estimated tax payments due for 2010.
Last day for making 2009 IRA contributions.
Gift tax returns and payment of any gift tax for 2009 due.
Calendar year fiduciary income tax returns and requests for six-month automatic extensions due.
Partnership returns and requests for five-month automatic extensions (Form 7004) for 2009 due.
First installment for corporation estimated income tax is due for 2010.
April 30 First quarter 2010 payroll tax returns due.
and Mileage Changes for 2010
For 2010, the Social Security Administration has no increase in the maximum amount of earnings subject to Social Security and self-employment taxes. The Social Security rates will remain at 6.2% for employers and employees on earnings up to the wage limit of $106,800 paid in 2010. The maximum withholding for Social Security will be $6,621.60. The Medicare rates will remain at 1.45% each for employers and employees; all earnings will continue to carry no ceiling on maximum taxable earnings.
IRS limits the amount employees can deposit to a 401(k) plan each year. A participant’s maximum pre-tax contribution for 2010 will be $16,500 (an additional $5,500 can be contributed for individuals who will be at least age 50 by the end of the year). This limit applies to all 401(k) plans the person participated in during the year. It is the employee’s responsibility to keep track of the total contributions if they participated in the 401(k) plans of more than one employer during the same year.
Beginning January 1, 2010, the standard mileage rates for the use of a car (or van, pickup or panel truck) will be:
Should you need assistance with these items, please feel free to call our office. For further information click here to visit the IRS weblink.
The Fair and Accurate Credit Transactions Act (FACTA) The FACTA was signed into law in late 2003, which recently took effect. This law entitles you to one free credit report per year from each of the three major credit reporting agencies (Equifax, Experian and TransUnion). The free access will start in December for those persons living in the western United States. Midwestern states will be eligible in March, while the southern and eastern states will be eligible in June. You can request your credit reports online at www.annualcreditreport.com, through the Federal Trade Commission's website, by phone at 1-877-322-8228 or by filling out the request form and mailing it to: Annual Credit Report Request Service P.O. Box 105281 Atlanta, GA 30348-5281 One of the biggest reasons to be vigilant about checking one’s credit report is fraud. Reviewing your credit report on a regular basis will reveal any unauthorized credit activity. Since fraudulent information can affect your credit score (also known as a FICO score), it is highly recommended that you pull your free reports on a staggered basis (e.g., a report from one reporting agency every four months).
Bormel, Grice & Huyett Business Scholarship Awarded
From left to right: Larry Bormel, Andy Wang, Lisa Dunn & Kirsten Grauso This year’s recipients of the Bormel, Grice & Huyett Scholarship are Andy Wang, Lisa Dunn, and Kirsten Grauso from River Hill High School. Larry P. Bormel, CPA, presented the scholarship awards at the Senior Awards Ceremony on May 28. The award is sponsored by the Baltimore Washington Corridor Chamber Foundation in conjunction with Bormel, Grice & Huyett, P.A., and is presented annually to area high school seniors for scholastic achievement and interest in pursuing a business curriculum in college.
AWARD FOR BORMEL, GRICE & HUYETT P.A. The Maryland Chamber of Commerce awarded Bormel, Grice and Huyett, P.A. the Maryland Small Business Award "Honoring those who through imagination, perseverance, and hard work exemplify the entrepreneurial spirit in Maryland." The firm was among 25 small businesses selected from the State of Maryland for recognition. Bormel, Grice and Huyett was cited for outstanding client service and contributions to the community. This year also brought an award to the firm from the Maryland Association of Certified Public Accountants, recognizing compliance with the quality control standards set by the American Institute of Certified Public Accountants. Congratulations to our staff for all of their efforts which culmin-ated this wonderful recognition! Note: You may click on award seal images above to view the official documents.
We have immediate openings for the following: Accounting/Auditing - 5+ years public accounting experience required; NFP, benefits plans, real estate and construction experience a plus. Excellent benefits including health insurance, 401k, flexible spending, competitive salaries and advancement opportunities. Please email resume with salary requirements to mcollins@bormel-grice.com.
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