We are a full service accounting firm committed to providing our clients with professional, individualized services and direction in a wide range of financial and business needs.  When calling you will speak directly to a tax specialist.

Our mission is to help clients maintain financial growth in the present while taking a dedicated course to reach future goals. This requires ongoing communication, complete research, and sound analysis to thoroughly reach an understanding of our clients' needs. All tax due dates fall on a business day. If the due date falls on a holiday
or weekend, the due date should be postmarked the next business day.
Click here to see our calendar for pending tax due deadlines.
 

Upcoming deadlines for individuals:
Individuals who did not file their tax returns by April 15th and filed extensions instead now have until October 15th, 2014
 to file their 2013 tax returns. Extensions should have included payments for any estimated balance due amounts.
Upcoming deadlines for Corporations and Partnerships
:
Corporations and Partnerships who did not file their respective tax returns by the deadlines and filed extensions
instead now have until September 15th, 2014 to file their 2013 tax returns.
Tax Extenders (50 or so tax provisions that expired at the end of 2013) Update:
Congress failed to act on extending for two more years a variety of tax provisions that expired at the end of 2013, even though these provisions had been approved by the Senate Finance Committee in April. As it stands, there will probably not be a “tax extenders”
bill until after the November elections later this year. Hopefully, the bill would provide for retroactive enactment.

News Updates:

What information do you need when you hire a new employee?
  • Under the Affordable Care Act (ACA), employers must provide a Notice of Coverage Options to all new hires. This requirement took effect on October 1, 2013. The purpose of the Notice is to inform employees of the availability of the Health Insurance Marketplace created in accordance with the ACA. All employers subject to the Fair Labor Standards Act (which encompasses almost all employers) must provide the Notice, regardless of whether the employer offers health coverage.
  • Employers must complete a Form I-9 (Employment Eligibility Verification) for each newly hired employee. The form is used to confirm that the employee is authorized to work in the United States.
  • All new employees must complete a federal Form W-4, Employee's Withholding Allowance Certificate. This form tells the employer how much federal income tax to withhold from the employee's pay.
  • Federal law requires that employers submit certain information to their state regarding each new hire. Under federal law, employers generally must report new hires within 20 days of the employee's start date, but several states have shorter timeframes. Texas Employers must report the following information within 20 days of the first day on the job for all new employees:

    a. federal employer identification number,
    b. employer name,
    c. employer address,
    d. employee Social Security number,*
    e. employee name,
    f. employee address, and
    g. first day of paid work.

The IRS recently provided a new interpretation of the one-rollover-per-year rule for IRAs by withdrawing a prior proposed regulation that had allowed taxpayers with multiple IRAs to make one rollover per year from each IRA. Starting in 2015, taxpayers will only be able to make one rollover per year no matter how many IRAs they own.

Sales and Use Tax from Garage Sales:  The state comptroller has issued guidance on applicable sales tax from the sale of personal items sold at garage sales or through auction websites or advertisements. However, the occasional garage or yard sale will probably not generate a sales tax obligation.

The Internal Revenue Service on Tuesday released a "Taxpayer Bill of Rights" to let taxpayers know of existing statutory and administrative protections. IRS Commissioner John Koskinen recently unveiled a list of 10 rights at a news conference in Washington, D.C. The bill of rights has been under discussion for some time and the Commissioner said he would seek legislative enactment of these rights.

A few reminders that many small businesses overlook when hiring new employees:

  • Prepare an employee handbook which explains what your company’s policies are.
  • Do not rush the hiring process, take your time to find the right person for the job
  • Avoid improper pay practices which can later turn into a problem
  • Maintain a personnel file on each employee and include all relevant and required information

These simple suggestions can avoid problems later on. Call our office if you have any questions!

Forgetting or deliberately not picking up your mail and later challenging your tax liability in a “collection due” process by saying you did not receive it will not work.   

The Tax Court has recently held that if the IRS sends a notice of deficiency to a taxpayer's legal residence and that notice is returned to the IRS by the Postal Service because the taxpayer didn't pick up the notice after many weeks, the taxpayer cannot argue that he didn't receive the notice.  It is always a good idea to open and read any correspondence received from the IRS!

   

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We specialize in personal, small business, and large corporate taxes.
We also provide litigation and bankruptcy support services.
Servicing San Antonio and Surrounding Areas

Call our office if you have questions regarding the new Health Care legislation
or want to discuss tax planning opportunities for 2014.
It is always recommended to start planning for the current year now rather
than wait until December.  Phone: (210) 804-0276
 

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Geoffery Morgan, CPA, PC
8614 Crownhill Blvd.
San Antonio, TX 78209
Phone: (210) 804-0276
Fax: (210) 804-0636
Email: geoff@geoffmorgancpa.com

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