http://eubankbetts.com/ Take a look at our recent blog posts and client newsletter articles. en-us Tue, 01 May 2012 09:00:00 -0500 Tue, 01 May 2012 09:00:00 -0500 http://www.eubankbetts.com/newsletter.php#2 If you're cringing because you haven't filed a 2011 tax return yet, don't worry. It's not too late, and it's not as hard as you may think. Tue, 01 May 2012 09:00:00 -0500 http://www.eubankbetts.com/newsletter.php#2 http://www.eubankbetts.com/newsletter.php#4 Would you like to legally deduct every dime you spend on vacation this year? The five strategies outlined in this article will show you how. Tue, 01 May 2012 09:00:00 -0500 http://www.eubankbetts.com/newsletter.php#4 http://www.eubankbetts.com/newsletter.php#1 When you hire someone to work around the house or baby-sit your children, do you need to pay tax for them? Keep reading to find out. Tue, 01 May 2012 09:00:00 -0500 http://www.eubankbetts.com/newsletter.php#1 http://www.eubankbetts.com/newsletter.php#3 Tue, 01 May 2012 09:00:00 -0500 http://www.eubankbetts.com/newsletter.php#3 http://www.eubankbetts.com/blog.php?id=78 Tips you need to know if you are recently married or divorced. Wed, 22 Feb 2012 09:00:00 -0600 http://www.eubankbetts.com/blog.php?id=78 http://www.eubankbetts.com/blog.php?id=77 The Internal Revenue Service today issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Thu, 15 Dec 2011 09:00:00 -0600 http://www.eubankbetts.com/blog.php?id=77 http://www.eubankbetts.com/blog.php?id=76 Under Mississippi law, all limited liability companies operating in Mississippi are required to file an Annual Report with the Secretary of State beginning in 2011. Mon, 18 Apr 2011 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=76 http://www.eubankbetts.com/blog.php?id=75 2010 Tax Relief Act Provides Opportunities for Individuals and Businesses Thu, 31 Mar 2011 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=75 http://www.eubankbetts.com/blog.php?id=74 If a household employee is paid less than $1,700, neither the employee or the employer is liable for social security and medicare tax on those wages. Tue, 08 Feb 2011 09:00:00 -0600 http://www.eubankbetts.com/blog.php?id=74 http://www.eubankbetts.com/blog.php?id=73 One-on-One Help from the Social Security Administration Employers who need help with general wage reporting information can call the Social Security Administrationâ??s Employer Reporting Service Center at 800-772-6270. For answers to more technical questions, employer service liaison officers are available around the country; just call 800-772-6270. Wed, 08 Dec 2010 09:00:00 -0600 http://www.eubankbetts.com/blog.php?id=73 http://www.eubankbetts.com/blog.php?id=72 The Small Business/Self-Employed Tax Center on www.irs.gov has a wealth of information for your small business. Wed, 08 Dec 2010 09:00:00 -0600 http://www.eubankbetts.com/blog.php?id=72 http://www.eubankbetts.com/blog.php?id=71 One major mistake many new business owners make is not adequately budgeting for taxes due. If you cannot pay the full amount, it is better to at least file your tax forms by their due dates. Partial payments will help reduce the amount of penalties and interest. Wed, 03 Nov 2010 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=71 http://www.eubankbetts.com/blog.php?id=70 Effective January 1, 2011, several tax law amendments will be implemented by the Mississippi Department of Employment Security. Outlined below are the amendments for Unemployment Insurance taxes. Mon, 25 Oct 2010 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=70 http://www.eubankbetts.com/blog.php?id=69 The IRS has issued proposed regulations, effective January 1, 2011, relating to employers' remittances of federal employment taxes. Mon, 25 Oct 2010 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=69 http://www.eubankbetts.com/blog.php?id=68 By computer, phone or mail, the IRS is available 24/7 with products and services to support our small business and self-employed customers. Tue, 05 Oct 2010 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=68 http://www.eubankbetts.com/blog.php?id=67 The Small Business Jobs Act of 2010 (�¢??the Jobs Act�¢?��) was signed into law on September 27, 2010. The legislation contains a number of tax benefits for small and large businesses affecting the 2010 and 2011 tax years, as well as several changes for individuals. Thu, 30 Sep 2010 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=67 http://www.eubankbetts.com/blog.php?id=66 The rules for reimbursement on over-the- counter (O-T-C) medicine and drug costs under certain employer-provided benefit plans are about to be changed due to the health care reform law enacted earlier this year. Recent IRS guidance explains how the law impacts reimbursements from flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), health savings accounts (HSAs) and Archer Medical Savings Accounts (Archer MSAs). Tue, 28 Sep 2010 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=66 http://www.eubankbetts.com/blog.php?id=65 Planning what to do in case of a disaster is an important part of being prepared. The IRS encourages taxpayers to safeguard their records. Some simple steps can help taxpayers and businesses protect financial and tax records. Thu, 02 Sep 2010 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=65 http://www.eubankbetts.com/blog.php?id=64 Federal tax law provides many opportunities for taxpayers to cut their tax bills â?? regardless of what time of the year it may be. Late summer may not seem like the season to think about taxes to many people. However, midyear is an ideal season to assess your tax situation and identify and implement appropriate planning strategies. Thu, 19 Aug 2010 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=64 http://www.eubankbetts.com/blog.php?id=63 IRS e-File for Business and Self-Employed Taxpayers IRS e-file has become the most-used option for filing individual and business tax returns. The IRS will confirm receipt of your return within just 48 hours. E-filers receive refunds in about half the time as do paper filersâ?? even faster with direct deposit. E-file also offers the convenience of filing tax returns early and delaying payments owed until the due date. In most states, you can also e-file your federal and state returns at the same time. Thu, 19 Aug 2010 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=63 http://www.eubankbetts.com/blog.php?id=61 William L. Eubank, Jr., CPA received the Mississippi Society of CPAs Public Service Award at the 2010 Annual Convention and Business Meeting in Destin, Florida. Fri, 09 Jul 2010 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=61 http://www.eubankbetts.com/blog.php?id=62 Closing Deadline Extended to Sept. 30 for Eligible Homebuyer Credit Purchases Eligible taxpayers who contracted to buy a home, qualifying for the first-time homebuyer credit, before the end of April now have until Sept. 30, 2010 to close the deal, according to the Internal Revenue Service. Fri, 09 Jul 2010 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=62 http://www.eubankbetts.com/blog.php?id=60 The HIRE Act was signed into law earlier this year. It provides tax benefits to businesses that hire and retain unemployed workers in 2010. Have you hired new employees after Feb 3, 2010? Were they employed for less than 40 hours during the last 60 days prior to their being hired? Were they hired to replace another employee who left voluntarily or was let go for just cause (including downsizing)? Are any of the new hires related to owners of 50% or more of the company? If so, how are they related? Fri, 09 Jul 2010 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=60 http://www.eubankbetts.com/blog.php?id=59 IRS employees will explain and protect your rights as a taxpayer throughout your contact with the IRS. The IRS will not disclose to anyone the information you give us, except as authorized by law. You have the right to know why the IRS is asking for information, how it will be used, and what happens if you do not provide the requested information. Wed, 07 Jul 2010 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=59 http://www.eubankbetts.com/blog.php?id=58 The federal government has issued regulations under the recent health care reform legislation, the Patient Protection and Affordable Care Act. Here is a brief overview of the interim final regulations and their impact on health care policies and plans. Thu, 01 Jul 2010 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=58 http://www.eubankbetts.com/blog.php?id=57 Keeping good records is a very important part of the growth and maintenance of your business. Tue, 01 Jun 2010 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=57 http://www.eubankbetts.com/blog.php?id=56 The "Hiring Incentives to Restore Employment Act of 2010" (The HIRE Act) was signed into law earlier this year. It provides tax benefits to businesses that hire and retain unemployed workers in 2010. Since the law's enactment, the IRS has issued guidance as to how the new law affects employers. Thu, 27 May 2010 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=56 http://www.eubankbetts.com/blog.php?id=55 Maintaining good payroll records is critical for both you and your employees.Keep detailed employment tax records. Tip income employees receive from customers is taxable. Employees must report cash tips to you by the 10th of the month after the month the tips were received. If tip income is below a threshold amount, no withholding will be required. Large food or beverage establishments may be required to file Form 8027, Employerâ??s Annual Information Return of Tip Income and Allocated Tips. Keep track of withheld federal income tax, Social Security and Medicare taxes, state and local taxes, and the net amount paid to each employee (including advance earned income credit payments) during the year. Thu, 06 May 2010 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=55 http://www.eubankbetts.com/blog.php?id=54 The Patient Protection and Affordable Care Act (the "Act", as amended) was recently signed into law. The Act will affect nearly every individual and business in the U.S. The Act generally requires most individuals to have at least a minimum level of essential health care coverage (or imposes penalties on individuals who fail to do so). Under the new law, lower income individuals (with income up to 400% of the poverty level) may be entitled to receive tax credits and cost-sharing reductions to help pay for the coverage. Mon, 05 Apr 2010 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=54 http://www.eubankbetts.com/blog.php?id=53 To take a business deduction for the use of your car, you must determine what percentage of the vehicle was used for business. No deduction is allowed for strictly personal use, such as commuting. Deductible car expenses can include the cost of: 1) traveling from one workplace to another, 2) making business trips to visit customers or attend business meetings away from your regular workplace, and 3) traveling to temporary workplaces. Thu, 01 Apr 2010 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=53 http://www.eubankbetts.com/blog.php?id=52 IRA, SEP, SIMPLE, and 401(k) Plans: Whether retirement days are near or far, you should be up-to-date on the types of retirement plans available to you and your employees. The plans you will hear most about are IRA, SEP, SIMPLE, and 401(k). In addition to providing for your retirement, they may offer significant tax benefits today. Mon, 22 Mar 2010 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=52 http://www.eubankbetts.com/blog.php?id=51 The federal income-tax credit available to individuals who buy their "first" principal residence was a significant part of the package intended to "kick start" the economy in 2009. The credit was scheduled to expire after November 30, 2009, but due to the Worker, Homeownership and Business Assistance Act of 2009 ("Act"), the credit is now available for qualifying home purchases made before May 1, 2010. Wed, 17 Feb 2010 09:00:00 -0600 http://www.eubankbetts.com/blog.php?id=51 http://www.eubankbetts.com/blog.php?id=50 As you may have heard, the federal estate tax rules changed radically in 2010 and could change radically again in 2011 unless Congress passes new legislation. The following information is intended to advise you of what has happened and encourage you to reevaluate your estate plan as soon as possible. Thu, 04 Feb 2010 09:00:00 -0600 http://www.eubankbetts.com/blog.php?id=50 http://www.eubankbetts.com/blog.php?id=49 The IRS has provided further guidance to one of its questions and answers (Q&As) relating to the COBRA premium subsidy credit available to employers. The latest guidance pertains to situations in which a credit is claimed for 2009 COBRA premium payments received in 2010. Wed, 20 Jan 2010 09:00:00 -0600 http://www.eubankbetts.com/blog.php?id=49 http://www.eubankbetts.com/blog.php?id=48 The IRS National Research Program will conduct a comprehensive study on employment taxes beginning in February 2010, the first of its kind in 25 years. Originally scheduled for November 2009, the IRS delayed launching the program for a few months. Mon, 18 Jan 2010 09:00:00 -0600 http://www.eubankbetts.com/blog.php?id=48 http://www.eubankbetts.com/blog.php?id=47 Enacted in November 2009, the Worker, Homeownership, and Business Assistance Act of 2009 contains many tax provisions that affect individual and business taxpayers. For individuals, the Act provides an expansion of the first-time homebuyer tax credit by including existing homeowners who are "long-time residents." A number of other key measures contain changes for businesses, including an important new net operating loss provision. Thu, 03 Dec 2009 09:00:00 -0600 http://www.eubankbetts.com/blog.php?id=47 http://www.eubankbetts.com/blog.php?id=46 Eubank & Betts, PLLC is pleased to offer our valued clients a secure, password protected Portal where they can upload and/or download important financial documents from anywhere at anytime. Mon, 19 Oct 2009 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=46 http://www.eubankbetts.com/blog.php?id=45 2009 is drawing to a close. The sooner you address year-end tax planning issues, the better. Whether you are approaching year-end planning from an individual or business perspective, you can take action to benefit from favorable tax law provisions. Mon, 12 Oct 2009 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=45 http://www.eubankbetts.com/blog.php?id=44 The Financial Accounting Standards Board's (FASB) Statement of Financial Accounting Standards (SFAS) No. 109 sets forth the financial accounting and reporting standards for the effects of income taxes resulting from an entity's activities during the current and previous tax years. FASB Interpretation (FIN) 48 ("Accounting for Uncertainty in Income Taxes") directs how SFAS No. 109 applies by setting a threshold condition that a tax position taken by an entity must satisfy before any part of the benefit of that position may be recognized in the entity's financial statement. Tue, 22 Sep 2009 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=44 http://www.eubankbetts.com/blog.php?id=43 Tax Facts for the Unemployed - There are few upsides to losing your job. But if you do join the ranks of the unemployed, it is important to understand how this life change will affect your taxes. In addition, you may qualify for tax breaks on retirement account withdrawals, as well as on expenses incurred during the job search or in relocating to start a new job. This article provides more information. Wed, 09 Sep 2009 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=43 http://www.eubankbetts.com/blog.php?id=42 The IRS recently reminded individual taxpayers what important steps may be necessary to take upon being informed that their employment status is considered to be that of an employee, rather than an independent contractor. Notice 989 is entitled Commonly Asked Questions When IRS Determines Your Work Status as "Employee". What action a taxpayer may need to take depends on whether an income tax return was already filed reporting the income at issue, and if so, how the income was reported. Tue, 18 Aug 2009 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=42 http://www.eubankbetts.com/blog.php?id=41 Anyone who has a loved one or friend who is an accountant knows that food is a very important part of "Tax Season." Accounting firms provide lunch and/or dinner to employees who work long hours preparing tax returns before the April 15 deadline. Now add in the fact that Eubank & Betts, PLLC feels that giving back to the community is very important and you will understand why creating a cookbook for charity was a good idea. Tue, 04 Aug 2009 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=41 http://www.eubankbetts.com/blog.php?id=40 The U.S. Tax Court has recently ruled in a case that could have a significant impact on the federal income-tax treatment of business interests that are held in a limited liability company (LLC) or limited liability partnership (LLP). Thu, 23 Jul 2009 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=40 http://www.eubankbetts.com/blog.php?id=39 Retaining and storing your income tax records is an important final step of your tax filing responsibility. This letter is a refresher on the rules for keeping your tax records, along with some information on storage options. Wed, 15 Jul 2009 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=39 http://www.eubankbetts.com/blog.php?id=37 Eubank & Betts, PLLC offers skilled QuickBooks ProAdvisors who are knowledgeable in a broad array of business fields. Tue, 23 Jun 2009 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=37 http://www.eubankbetts.com/blog.php?id=38 Bill Eubank was a guest on WLBT's Midday Mississippi segment to discussed Full Life Precepts. Questions he answered were: What are the 3 R's? Who should initiate the conversation? How can a professional (such as an Accountant) help? Tue, 23 Jun 2009 09:00:00 -0500 http://www.eubankbetts.com/blog.php?id=38