Deadlines, Deadlines, Deadlines

Standard taxes are not the only item to consider as a deadline for Tuesday.

Remember April 17, 2012 is the deadline for your IRA contributions for 2011 and payins to Coverdell education savings accounts even if you are filing an extension.

Securities traders can fully deduct trading losses they have and ignore the wash sale rule if they fill out Section 475(f). They need to elect a special tax status for 2012, if they have not done so the prior year. This deadline is also April 17, 2012.

Photo by Benjamin Miller

Thank Goodness for Emancipation Day!

Since tax day, April 15, falls on a Sunday we would normally have to have tax returns postmarked by Monday, April 16th. But that day is Emancipation Day and Washington D.C. will be observing the holiday. What does that me to us the tax payers?
 One extra day to hunt your accountant down and get those taxes prepared. Word of caution: Do not wait that long to get your taxes done. Your accountant, spouse or yourself will be screaming not so pleasant words to you.

If you do need more time there are two ways to get a six-month extension.

1. Mail or efile Form 4868 with IRS by the due date with a check for the amount of taxes you may owe. Don’t skimp on this number, if the IRS feels it is too low they may void the extension.

OR

2. For a FEE, the IRS has an approved processor that you can use your credit card to charge an extension-related tax payment.

If hard times have fallen upon you this past year and you don’t have the money to pay with your extension when filing, file anyway. You may be able to miss the 5%-a-month late-filing levy. You can set up an installment plan by filing Form 9465. Unemployed people and for self-employed individuals whose incomes have declined by at least 25% may get the IRS to waive the failure-to-pay penalty for six months.

After you file the extension, the new due date will be October 15, 2012.

Happy Filing!

"What is the State of Your Business?" Quiz

Take the "What is the State of Your Business? Quiz


1. ALWAYS
2. MOST OF THE TIME
3. SOMETIMES
4. NOT VERY OFTEN
5. NEVER

1. Do you receive the three major financial statements on time every month?
2. Do you know that these statements are accurate?
3. if needed, can your accounting department give you the company's financial position immediately?
4. do you meet with a financial adviser frequently to review financial statements to improve profitablility and cash flow?
5. do you project cash flow and profitability at least 90 days in the future?
6. do you use a daily financial dashboard or report from which to manage your business?
7. Before you make any major decision, do you consult a CPA and understand the impact on cash flow and profitability?
8. Are you comfortable that you have controls in place to protect your assets from theft, embezzlement or fraud?
9. Do you know the value of your business?
10. Can you estimate your tax liability at any time during the year so you can be proactive in managing your tax liability?

TOTAL _______

SCORE     STATE OF BUSINESS

1-15           Business Under Control

16-25         Business Control Questionable

26-35         Lack of Control and Stability

37-50         Danger: Spinning Out of Control

Two Partners

Jeff Unalp CPA

Guy Black CPA

  

The two partners, Jeff Unalp and Guy Black, at UMBCPA, LLP have more than 45 years of experience and have performed just about every function in a Fortune 500 company accounting department. Therefore, our clients are able to go from behind the accounting and finance knowledge curve to gaining control of this important function in a short amount of time. There is little cost or disruption in transitioning your accounting department functions to UMBCPA, LLP.

There's a Quiet Revolution Happening in Small Business

Savvy business owners and managers can get access to experienced, trustworthy CPAs and their qualified staff to run their finances at less cost than they normally would pay for a bookkeeper or an accounting staff sitting on site. These savvy business owners do not have to settle for less-qualified employees and now are able to afford steady financial leadership, objective advice and expert analysis just like the big companies. They benefit by having clear financial data that help them maximize the value of the company, whether they are planning to run or exit the business.

How do business owners and managers do it? We have built an accounting platform that combines business accounting systems with the technology of remote access and mobile technology on secure servers. It's strategic. It's collaborative. It's cost-effective. Best of all, your results can be available next day instead of next month. We are a team of experts, with more than 45 years of running accounting and finance departments, who can simplify and improve your accounting processes, communicate clearly and proactively advise you on what actions need to be taken on a daily basis.

UMB Certified Public Accountants

http://www.umbcpa.com/

560 Lennon Lane, Suite 100
Walnut Creek, CA 94598
925.256.9880

8880 Cal Center Drive, Suite 400
Sacramento, CA 95826
916.361.6598