“If you were married or divorced and your name has changed sometime in the last year, be sure to notify the Social Security Administration before you file your taxes with the IRS. If the name on your tax return doesn’t match SSA records, the IRS will flag it as an error and that may delay your refund.” If your name has changed at all please check out this article.
http://www.irs.gov/uac/Newsroom/Five-Tips-if-Your-Name-Has-Changed
“Due to the heavy volume of refund inquiries, the IRS anticipates both “Where’s My Refund” on IRS.gov and the refund feature on the IRS2go phone app will have limited availability during busier periods. IRS systems are only updated once a day, usually overnight, and the same information is available whether on the Internet, IRS2go smart phone app or on IRS toll-free lines.”
We are pleased to announce three new employees who will be working at Brickley DeLong.
Andrea Kerkstra
Andrea is originally from Scottville, Michigan. She earned her Bachelor’s degree from Central Michigan University in 2006. After earning her degree, she worked at an Accounting firm in Gaylord for two and a half years and then a firm in Manistee for three years. Some of her hobbies include reading, traveling, and scuba diving. Andrea will be working in our Grand Rapids office.
Evan Patterson
Evan was born and raised in Ravenna, MI. After graduating high school, he began attending school at Muskegon Community College, and then transferred to Grand Valley State University. At Grand Valley, Evan is currently a senior majoring in Accounting and Finance. In his free time, he enjoys playing basketball as well as outdoor activities such as snowboarding and water skiing. Evan will be interning at our Muskegon office during tax season.
Eric Huizing
Eric is a senior at Calvin College and will be graduating with a degree in Accounting and Chinese Language. He is from Grand Rapids and is currently living in Easttown. Some of his hobbies include cycling, film, competition, and brewing beer. He comes from a family of four (three of which are accountants); he believes that this is where his interest in accounting stemmed from. Eric will be interning at our Grand Rapids office during tax season.
WASHINGTON — Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30.
The announcement means that the vast majority of tax filers — more than 120 million households — should be able to start filing tax returns starting Jan 30.
The IRS estimates that remaining households will be able to start filing in late February or into March because of the need for more extensive form and processing systems changes.
The opening of the filing season follows passage by Congress of an extensive set of tax changes in ATRA on Jan. 1, 2013, with many affecting tax returns for 2012.
The IRS originally planned to open electronic filing on Jan. 22, 2013.
Who Can File Starting Jan. 30?
The IRS anticipates that the vast majority of all taxpayers can file starting Jan. 30, regardless of whether they file electronically or on paper. The IRS will be able to accept tax returns affected by the late Alternative Minimum Tax (AMT) patch as well as the three major “extender” provisions for people claiming the state and local sales tax deduction, higher education tuition and fees deduction and educator expenses deduction.
Who Can’t File Until Later?
The key forms that require more extensive programming changes include Form 5695 (Residential Energy Credits), Form 4562 (Depreciation and Amortization) and Form 3800 (General Business Credit). A full listing of the forms that won’t be accepted until later is available on IRS.gov.
Source: qtd. from IR-2013-2, January 8, 2013
“The tax side of the ‘Fiscal Cliff’ has been averted. The U.S. senate overwhelmingly passed legislation to avert the so-called fiscal cliff on January 1, 2013 by a vote of 89 to 8, sending the American Taxpayer Relief Act of 2012 to the House, where it was similarly approved on January 1, 2013 by a vote of 257 to 167.” (CCH, 2013)
Read more by clicking the link below:
Congress Approves Eleventh-Hour Agreement To Avert Fiscal Cliff
The Michigan Legislature recently appropriated funds to support the previously passed Agricultural Disaster Loan Origination Program of 2012. GreenStone Farm Credit Services will begin processing applications filed under this program immediately. There are now disaster relief funds available for the affected Michigan fruit growers. Please click the link below to read more about what we are and can do for the Michigan fruit growers.
Year-end planning is a bigger challenge this year than in past years because, unless Congress acts, tax rates will go up next year, many more individuals will be snared by the alternative minimum tax (AMT), and various deductions and other tax breaks will be unavailable. To be more specific, as a result of expiring Bush-era tax cuts, individuals will face higher tax rates next year on their income, including capital gains and dividends, and estate tax rates will be higher as well. The AMT problem arises because, for 2012, AMT exemptions have dropped and fewer personal credits can be used to offset the AMT. Additionally, a number of tax provisions expired at the end of 2011 or will expire at the end of 2012. Rules that expired at the end of 2011 include, for example, the research credit for businesses, the election to take an itemized deduction for State and local general sales taxes instead of the itemized deduction permitted for State and local income taxes, and the above-the-line deduction for qualified tuition expenses. Rules that will expire at the end of this year include generous bonus depreciation allowances and expensing allowances for business, and expanded tax credits for higher education costs.
These adverse tax consequences are by no means a certainty. Congress could extend the Bush-era tax cuts for some or all taxpayers, retroactively “patch” the AMT for 2012 to increase exemptions and availability of credits, revive some favorable tax rules that have expired, and extend those that are slated to expire at the end of this year. Which actions Congress will take remains to seen and may well depend on the outcome of the elections. While these uncertainties make year-end tax planning more challenging than in prior years, they should not be an excuse for inaction. Indeed, the prospect of higher taxes next year makes it even more important to engage in year-end planning this year. To that end, we have compiled a checklist of actions (see below) that can help you save tax dollars if you act before year-end. Many of these moves may benefit you regardless of what Congress does on the major tax questions of the day. Not all actions will apply in your particular situation, but you will likely benefit from many of them.
We can narrow down the specific actions that you can take once we meet with you to tailor a particular plan. In the meantime, please review the following list and contact us at 231-726-5800 at your earliest convenience so that we can advise you on which tax-saving moves to make. We also should schedule a follow-up for later this year to see whether the November election results will require changes to year-end planning strategies.
Year End Tax Planning for Individuals
Year End Moves for Business Owners
Other Year End Tax Planning Sources
2013 Tax Changes Require Thorough Year-end Tax Planning
Now Is the Time: Converting a C Corporation to an S Corporation or LLC
Current Developments in S Corporations
Recent Developments in Estate Planning: Part I
Recent Developments in Estate Planning: Part II
The staff at Brickley DeLong are excited to welcome Kirk Kauffman, CPA to our Grand Rapids Office. Kirk is originally from the Grandville/Jenison area. He received a Bachelor’s as well as a Master’s in Accounting at Grand Valley State University. Since finishing school, he has worked as a CPA in Texas as well as Vermont.
He and his wife are expecting a baby girl in December. Because of this exciting news, they decided to move back to West Michigan to be close to family and friends.
Kirk enjoys a variety of outdoor activities, such as hiking and camping. In addition, he played water polo at GVSU; he is looking forward to continue playing through a local club team.
I am happy to be with Brickley DeLong and excited about the prospect of joining the Grand Rapids office, which is looking to grow considerably in the near future. Having the chance to get in at the ‘ground floor’ of that kind of growth was just too good of an opportunity to pass up! I am hoping that this is the beginning of a long career with Brickley DeLong – Kirk Kauffman
