Gaylor Tax Services Updates

2012 Tax Changes

2012-01-16T16:08:00.000-08:00

Although we are looking to start filing season for 2011 tax returns, it is also important to consider changes in effect for 2012. Some important tax changes for 2012 are:

Individuals

• Each personal and dependent exemption is $3,800 - an increase of $100 over 2011.
• The 2012 standard deduction rose slightly. A taxpayer filing as single (or married filing separately), saw a $150 increase to the basic deduction as it rose to $5,950. Married couples filing a joint return gained a $300 deduction to $11,900. Those filing as Head of Household have an additional $200 deduction as the amount increased to $8,700.
• The maximum earned income tax credit for low and moderate income workers rose to $5,891 for 2012, a $140 increase from 2011.
• Standard mileage rates regarding medical miles driven remained unchanged at 14 cents per mile. The deduction for charitable mileage increased by 4 cents, however, as it rose to 23 cents per mile. Business miles driven increased to 55.5 cents per mile for most vehicles earlier in 2011 and that amount remains unchanged going into 2012.
• Though the credit amounts don't change for 2012, the modified adjusted gross income threshold at which the lifetime learning education credit begins to phase out is $104,000 for joint filers and $52,000 for single filers. This is up from $102,000 and $51,000, respectively.
• Perhaps the item with the potential for greatest impact is the decreased Alternative Minimum Tax (AMT) exemption from $74,500 to $45,000 for a married couple. Single taxpayers and those filing Head of Household experience an exemption decrease from $48,450 to $33,750. If you are unsure about this change and it's impact please discuss with the office.
• Lastly, the FICA ceiling rose to $110,100 from $106,800. The good news is that the employee rate remains at 4.2% at least through February 29, 2012. Currently, that rate is slated to increase to the historic rate of 6.2% after that date, but many believe the lower rate will be extended for the entire year.

These are some of the changes that have already occurred and I expect additional changes to occur as this is an election year and most politicians will be looking to keep things to the advantage of the American public to stay in their good graces.

Social Security Base Limit Changes for 2012

2011-11-02T09:46:00.000-07:00

On October 19, 2011, the Social Security Administration announced that the 2012 Social Security contribution and benefit base will be $110,100. This is an increase of $3,300 from the base of $106,800 which has been in effect the last three years. The Social Security Old-Age, Survivors, and Disability Insurance (OASDI) program sets an annual maximum limit (called the contribution and benefit base) on the amount of earnings subject to the Social Security OASDI tax. Employers must deduct Social Security taxes from their employees’ pay and contribute to Social Security taxes themselves on total OASDI-covered wages paid to each employee, up to the annual OASDI contribution limit. The OASDI limit typically changes each year with changes in the national average wage index.

The limit for Medicare remains the same at unlimited wages or earnings.

If you have any questions, please feel free to contact the office.

Sale of a Home and Effect on your Taxes

2011-09-26T12:05:00.000-07:00

SALE OF HOME - If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Here are ten tips from the IRS to keep in mind when selling your home.

1) In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.

2) If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).

3) You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.

4) If you can exclude all of the gain, you do not need to report the sale on your tax return. If the Title Company reported the sale on Form 1099-S, then you should report the sale on your tax return to avoid later correspondence from the IRS.

5) If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.

6) You cannot deduct a loss from the sale of your main home.

7) Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude.

8) If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time. If you have a home with non-qualified use (use not as a primary residence after 2009), there are additional calculations that must be made to determine how much gain may be taxable on that sale.

9) If you received the first-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year’s tax return.

10) When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change.

Arizona State Charitable Tax Credits

2011-09-26T09:18:00.000-07:00

It's not too early or to late to plan for 2011 taxes, below are some steps you can take to reduce your Arizona tax liability. Arizona offers several tax credits:

1) Credit for contributions to Private School Tuition Organization. You may receive up to $500 ($1,000 MFJ) in state tax credit by contributing to one of the many private schools or tuition organizations in the state. To see more information and find a list of qualifying organizations, click here: School Tuition Organizations for Individual Donations

2) Credit for Donations to the Military Family Relief Fund. Make a cash contribution of $200, ($400 if MFJ) and support our AZ Military Families in need. Visit the Arizona Department of Veteran Services website for more information.

3) Credit for Contributions Made or Fees Paid to a Public School. Make a cash contribution of $200, ($400 if MFJ) to an AZ Public School (K - 12th grade). Help support your local school or find a school that can use the financial assistance. You can search for schools by name on the AZ Department of Education website.

4) Credit for Contributions to Organizations That Provide Assistance to the Working Poor. Make a cash contribution of $200, ($400 if MFJ) to a qualified charitable organization. For more information and to find a list of current qualified organizations, click here. You must itemize on your Arizona individual tax return to claim this credit.

By choosing the above listed credit options, you can designate where your money is directed.

A few notes about these credits:
- may also qualify as charitable donations on the Federal tax return.
- the credits are non-refundable, meaning it will reduce your tax liability by the amount of the credit and any excess credit will not be refunded to the taxpayer.

If you have questions, you can contact the office and we can provide answers to your questions. The phone number is 602.494.7641.

Arizona "Use" Tax Crack Down

2011-08-02T17:17:00.000-07:00

What is "Use" tax and why should I care? Use tax is the equivalent of sales tax in Arizona for items purchased from online or out of state vendors in which no sales tax or a lesser amount than the Arizona rate was charged to the consumer. With the increase in online purchases, the state has had a loss of sales tax revenue.

The application of Use tax has been on the books for many years but has not been formally imposed on the general public. Many retail businesses have had a Use tax reporting requirement that is reported with their normal sales tax (TPT - transaction privilege tax) reporting.

For the 2011 tax year, the Arizona legislature has now formally cracked down on this issue for individuals by requiring reporting as part of the Arizona income tax return. Individuals will need to report the amount of purchases that had no sales tax charged and then will need to remit the amount with their tax return.

As of my writing, I am not aware of the specifics of how the Arizona Department of Revenue will implement this requirement but as more information becomes available, I will share with clients and interested parties.

IRA Charitable Distributions Renewed for 2010 and 2011

2011-01-12T14:34:00.000-08:00

These release from the IRS allows for some planning opportunities for those taxpayers that have Required Minimum Distributions and that are Charitably Inclined:

Quoted from IRS Employee Plan News dated 1/12/2011 - "The qualified charitable distribution provisions were renewed for 2010 and 2011, allowing individuals age 70½ or over to exclude from gross income up to $100,000 that is paid directly from their individual retirement accounts (excluding SEP or SIMPLE IRAs) to a qualified charity. The excluded amount can be used to satisfy any required minimum distributions that the individual must otherwise receive from their IRAs for 2010 and 2011. The deadline for making a 2010 QCD is January 31, 2011. The election to treat a January 2011 QCD as having been made in 2010 is made by including the QCD on the individual’s 2010 income tax return.

To qualify as a QCD, the IRA trustee must make the distribution directly to the qualified charity. Any distributions, including any RMDs, which the IRA owner actually receives cannot qualify as QCDs. Likewise, any tax withholdings on behalf of the owner from an IRA distribution cannot qualify as QCDs.

IRA owners who have received their 2010 RMDs may not recontribute those distributions to an IRA to have them redistributed directly to a qualified charity as a QCD. However, if an IRA owner received a distribution in excess of his or her 2010 RMD, the owner can roll the excess to another or the same IRA within 60 days of receiving the distribution and then have the funds paid directly to the qualified charity as a QCD."

Mandatory Electronic Filing for Individual Tax Returns

2011-01-10T11:43:00.000-08:00

Due to Federal law changes, Gaylor Tax Services LLC is required to electronically file all individual income tax returns with the IRS starting in 2011. This includes individual, Trust and Fiduciary income tax returns and will at this time prohibit the office from even offering to mail the tax return on behalf of you, our client.

The IRS has not provided specific provisions for how a taxpayer may opt out at this time, but there will be that opportunity once clarification is obtained.

Electronically filed returns are safe and provide efficient processing by the IRS as they do not have to manually enter the tax return and thereby avoid entry errors by IRS entry clerks.

If you have any questions please feel free to contact the office.

A Tax Holiday to Start 2011?

2011-01-03T14:28:00.000-08:00

New law payroll tax holiday - with the recent tax changes that were signed in late December there was a pleasant "tax holiday" for earned income. For remuneration received during 2011, the 2010 Tax Relief Act reduces the employee Social Security tax rate by two percentage points to 4.2%. (Similarly, for self-employment income for tax years beginning in 2011, the combined Social Security tax rate under the SECA tax is reduced by two percentage points to 10.4%.) As a result, for 2011, employees will pay only 4.2% Social Security tax on wages up to $106,800 (and self-employeds will pay only 10.4% Social Security self-employment taxes on self-employment income up to $106,800). This translates to an increase to take home pay for the individual taxpayer of up to $2,136 for the 2011 tax year. So at a glance, this seems to be a nice benefit (I don't want to comment on politics of reducing the funding to the Social Security program by making this change but want to highlight that appears to be the ramification to this "tax holiday".)

IRS Releases Mileage Rates for 2011

2010-12-10T15:18:00.000-08:00

The standard mileage rates were recently updated and released by the IRS. The IRS issued the notice of the rates in both Revenue Procedure 2010-51 and Notice 2010-88 for 2011.

The standard mileage rates for 2011 will be:

Business use: 51 cents per mile
Charitable use: 14 cents per mile
Medical care: 19 cents per mile

For automobiles used for business purposes, the portion of the standard mileage rate treated as depreciation will be 22 cents per mile for 2011.

Just as a reminder the rates for 2010 were:

Business use: 50 cents per mile
Charitable use: 14 cents per mile
Medical care: 16.5 cents per mile

Arizona Tax Credits - 2010

2010-11-17T13:16:00.000-08:00

As we approach the end of 2010, there are still many steps you can take to reduce your Arizona tax liability. Arizona offers several tax credits:

1) Credit for contributions to Private School Tuition Organization. You may receive up to $500 ($1,000 MFJ) in state tax credit by contributing to one of the many private schools or tuition organizations in the state. To see a list of qualifying organizations, click here: School Tuition Organizations for Individual Donations

2) Credit for Donations to the Military Family Relief Fund. Make a cash contribution of $200, ($400 if MFJ) and support our AZ Military Families in need. Visit the Arizona Department of Veteran Services website for more information.

3) Credit for Contributions Made or Fees Paid to a Public School. Make a cash contribution of $200, ($400 if MFJ) to an AZ Public School (K - 12th grade). Help support your local school or find a school that can use the financial assistance. You can search for schools by name on the AZ Department of Education website.

4) Credit for Contributions to Organizations That Provide Assistance to the Working Poor. Make a cash contribution of $200, ($400 if MFJ) to a qualified charitable organization. For a list of current qualified organizations, click here.

By choosing the above listed credit options, you can designate where your money is directed.

A few notes about these credits:
- may also qualify as charitable donations on the Federal tax return.
- the credits are non-refundable, meaning it will reduce your tax liability by the amount of the credit and any excess credit will not be refunded to the taxpayer.

If you are unsure about taking advantage of these credits, please give the office a call and a 2010 tax plan can be completed to determine your eligibility for these credits.

Be on the lookout for more tax items in the next few days/weeks.

2010 Tax Changes

2010-11-06T10:27:00.000-07:00

There have been a lot of changes that have gone into effect for this year and that affect planning for next year as well. For individuals, there is the opportunity to convert traditional IRA retirement accounts to Roth IRA accounts and pay the tax over two years instead of all at once and without regard to income limits (prior to this year and after this year income limitations will apply again). Also there is still the chance to take advantage of energy efficient improvements to your principal residence, some of these credits expire after the end of this year. Considerations for 2011 include whether tax rate reductions will be retained or if resetting of rates will take effect and automatically increase taxes for income levels (mainly because the 10% tax bracket will be eliminated and so lower income people will be affected to a greater amount).

For small businesses, there is a tax credit if you provide health insurance for non-owners or family of owners, subject to certain limits for wages and number of employees. Businesses also are continuing to be incentivized to make capital improvements through increased section 179 expense limitations.

This is just a quick summary. I will try to share other impacts over the next few entries. Please take some time to review this year to avoid surprises at tax time while you can still make changes before year end.

Arizona Income Withholding Changes

2010-05-18T09:28:00.000-07:00

Many Arizona clients have been getting notice that Arizona is making a change to the way withholding will be figured for income subject to withholding. A little background: historically Arizona residents selected withholding based on a percentage of the amount of Federal withholding, so you would select 20% and if you Federal withholding was $100 that would result in $20 in Arizona withholding.

This change is slated to take effect for payments on 7/1/2010 through the end of the year. The change results now in a calculation that will be a percentage of your taxable income that is paid by that employer or pension provider. The choices are 1.8%, 2.7%, 3.6%, 4.2% or 5.1% and you can elect to have an additional dollar amount withheld per paycheck or pension payment.

I have been fielding several phone calls or reqeuests for assistance with this issue. The calculation can be straight forward but if you need assistance you can contact the offices of Gaylor Tax Services, LLC for assistance.

If your payroll or human resources department has not sent out the form, you can download the form at the Arizona Department of Revenue Website here

Haiti Donations and Tax Deductions

2010-01-27T12:49:00.000-08:00

A recent tax law change may affect donations being made related to charities providing earthquake relief in Haiti, you may be able to claim those donations on your 2009 tax return.

Per the IRS here are 10 important facts you should know about this special provision:

1 - A new law allows you to claim donations for Haitian relief on your 2009 tax return, which you will be filing this year.

2 - The contributions must be made specifically for the relief of victims in areas affected by the Jan. 12 earthquake in Haiti.

3 - To be eligible for a deduction on the 2009 tax return, donations must be made after Jan. 11, 2010 and before March 1, 2010.

4 - In order to be deductible, contributions must be made to qualified charities and can not be designated for the benefit of specific individuals or families.

5 - The new law applies only to cash contributions. (Cash Contributions mean non-goods donations, like clothing, food, etc.)

6 - Cash contributions made by text message, check, credit card or debit card may be claimed on your federal tax return.

7 - You must itemize your deductions in order to claim these donations on your tax return.

8 - You have the option of deducting these contributions on either your 2009 or 2010 tax return, but not both.

9 - Contributions made to foreign organizations generally are not deductible. You can find out more about organizations helping Haitian earthquake victims from agencies such as the U.S. Agency for International Development ( www.usaid.gov).

10 - Federal law requires that you keep a record of any deductible donations you make. For donations by text message, a telephone bill will meet the record-keeping requirement if it shows the name of the organization receiving your donation, the date of the contribution, and the amount given. For cash contributions made by other means, be sure to keep a bank record, such as a cancelled check or a receipt from the charity. Receipts should show the name of the charity, the date and amount of the contribution.

Do I have to file a Tax Return?

2010-01-27T12:15:00.000-08:00

"Do I have to file a Tax Return?" I am approached with this question on a frequent basis, whether the question is about a child that started working or for a new business venture that has just started. The answer is almost always the same - "It depends". There are many factors that can effect whether you should file a return or not. A few of the factors for this year include the below items to consider:

- Federal Income Tax Withheld - even if you are below the income requirements to file, you should file to get a refund of Federal and possibly state tax withholding. If you don't file, you can't get a refund and there is a limitation on the time period you can claim a refund. Don't miss that opportunity.

- Making Work Pay Credit - new for 2009 is a credit for earned income which could be as much as $800 for married couple filing a joint return and $400 for other taxpayers (single, head of household, married filing separately).

- Earned Income Tax Credit - If you worked and did not earn a lot of money, you may be eligible for this refundable credit. You need to file to be able to claim this.

- Additional Child Tax Credit - this is a refundable tax credit that may be available to you if you have at least one qualifying child (child under age 17 at the end of 2009) and you did not get the full amount of the Child Tax Credit.

- Refundable American Opportunity Credit - this education tax credit is available for 2009 & 2010. This credit is available for the first 4 years of postsecondary education and provides a maximum credit of $2,500 per student.

- First-Time Homebuyer Credit - Just because you bought a home and qualify for the credit is not enough to receive the possible $8,000 tax credit. You must file a tax return to claim the credit and receive your refund. There are certain requirements to qualify for this credit that will be addressed in another posting.

I generally recommend that you consult with a professional to determine your filing requirements if you are uncertain. You may also check out the IRS website and look for the Free File link.

Home Buyer Credit Update

2009-11-10T11:28:00.000-08:00

The President signed into law the extension of the first time home buyer credit effective on November 7, 2009. Along with the extension, there has been some additional provisions provided to not only first time homebuyers but also for homebuyers looking to move up to a larger home.

The new $6500 credit applies to a homebuyer that has lived in their personal residence for a consecutive period of 5 years out of the last 8 years. The limit is on homes that are $800,000 or less in the purchase price. If you go over that amount, the credit will be disallowed.

The income limitations apply to both first time homebuyer as well as the new 5 year homebuyer - single buyers with incomes up to $125,000 and married couples with incomes up to $225,000 — may receive the maximum tax credit. These limits have increased from the previous provisions of the first time homebuyer credit.

To see if you qualify, please check with your tax advisor or check out the IRS website .

Year End Tax Reminders

2009-10-28T18:04:00.001-07:00

Our office was putting together a year end reminder newsletter and I thought I would share the thoughts I put together here on my blog:

Defer Income: If you are employed, review your retirement plan contributions and increase your contribution amount if possible. If you are retired, take advantage of the repeal of Required Minimum Distribution for 2009 (if you are age 70 1/2, you generally are required to withdrawal from your retirement accounts, Congress passed a law to allow retirees to fore go that requirement for the year 2009).

Capital Gains/Losses: If you have capital losses that carried over from 2008 to 2009, review your investments to see if you have any capital gains that you can realize with little or no tax implications. Perhaps you want to realize a loss to offset your other income, if you sell stock, mutual funds or other investment items any losses can offset first other capital gains and then second other ordinary income up to $3,000 per year. Don't generate more of a loss than you can benefit from.

Increase Deductions: If you itemize deductions, check to see if you can benefit from paying extra charitable contributions, property taxes, medical expenses to decrease your taxable income. But be careful if you are subject to Alternative Minimum Tax some of these items may not be beneficial.

Arizona Tax Credits: If you are an Arizona resident, don't forget to take advantage of the state credits (available as of the authoring of this article in late October) for Donation to School Tuition Organizations ($500 for single, $1,000 for Married Filing Joint), Fees paid to Public Schools ($200 for single, $400 for Married Filing Joint), Donations to Charities that Provide Assistance to the Working Poor ($200 for single, $400 for Married Filing Joint) and the Arizona Military Family Relief Fund ($200 for single, $400 for Married Filing Joint). Additional information on the first 3 credits can be found here: http://www.azdor.gov/TaxCredits.aspx and the Military Family credit can be found here: http://www.azdvs.gov/mfrf.htm

Just a few quick simple reminders to help you minimize your tax liability this year.

Cheers!

International Tax Issues

2009-06-18T12:58:00.000-07:00

I hadn't realized how global I have become until the last few days. I have had clients that have immigrated to the United States from around the world, but generally the same tax rules apply once you are considered a resident of the U.S. for tax purposes.

But yesterday and today, I had discussions with clients that have international ties still that make consider the situations and ponder what affect their situation might have for other folks.

Today I spoke with someone that moved to the US in the past 10 years or so. He had a parent pass away in the last year or two and the siblings had purchased the old home from the parents. Recently the siblings sold the home that they all owned and paid tax on the sale in that country. Now I find myself attempting to explain that you have to report the sale on the United States tax return but because tax was paid on the sale, that tax that was paid will be allowed as a credit against the US taxes on that same sale amount.

Yesterday I had a phone conference with an advisor located in Canada to discuss a client that is overseas. This is truly exciting since the client is working overseas and qualifies for the Foreign Earned Income Exclusion. This exclusion allows wage earners as well as self-employed individuals to exclude a good amount of their income from tax in the United States, legally. There are certain requirements that you should discuss with your tax advisor if this might be applicable, to see how to qualify for exclusion of the income you earn overseas. This could shelter as much as $87,600 for 2008 (and the amount is adjusted for inflation).

As I review the issues I deal with the background of the clients affected, it reminds me that our world is getting smaller all the time. Do you know how international issues might affect you?

Arizona State Tax Credits

2009-05-18T20:57:00.000-07:00

Are you a resident of Arizona? Do you have Arizona taxable income? If you answered YES to either of those 2 questions, you may want to consider utilizing the currently available Arizona income tax credits. There are several to consider: credit for solar energy property, credit for fees paid to public schools, credit for contributing to the Arizona Military Family Relief Fund, credit for donations to Private School Tuition Organizations and even a credit for Contributions to Charities that assist the working poor.

Each of these credits have different criteria as to qualifications, dollar limits and potential phase outs for application. This discussion is limited to introducing the availabitily of these credits to those who may be qualified to take advantage but you should consult with your own tax advisor to see if these are beneficial.

Gaylor Tax Services recommends that it's clients take advantage of these credits if they are of interest to you and if they would help reduce your overall tax burden.

IRS Wants to Capture All Sources of Income

2009-05-14T15:57:00.000-07:00

There was legislation that was passed in the last year that will require banks, credit card processors and vendors like PayPal to report the dollars processed via card payments. The thought process is that these types of payments go unreported by taxpayers, in particularly the payments processed through PayPal for items like Ebay sales.

You will want to talk with your tax professional if you have been running a side business about the potential implications for accepting payment via credit card or bank cards. Are you in business? Is this a hobby that may have potential reporting consequences? Your tax advisor should be consented to find out for sure.

Arizona Payroll Withholding Changes

2009-05-06T11:50:00.000-07:00

Recent changes to Arizona Withholding have been announced for employers and employees in Arizona:

• For income tax withheld on or after May 1, 2009 through December 31, 2009, the percentages will be increased to 11.5%, 21.9%, 26.5%, 28.8%, 35.7% or 42.6%. To review or download the new form use this link: Arizona Form A-4

• For income tax withheld on or after January 1, 2010 through June 30, 2010, the percentages will be decreased to 10.7%, 20.3%, 24.5%, 26.7%, 33.1% or 39.5%.

• For income tax withheld on or after July 1, 2010, the amount withheld will no longer be a percentage of federal withholding. The amounts withheld must be based on tables prescribed by the department. For more information about this withholding law change, visit the Arizona Department of Revenue website at http://www.azdor.gov/

California Mandatory E-Pay Requirement

2009-05-06T09:50:00.000-07:00

Received the following message from the California Franchise Tax Board (FTB):

Mandatory e-Pay Message

Know that FTB has begun mailing notices (FTB 4106 MEO) to taxpayers who meet the mandatory e-pay threshold.

The new mandatory e-pay law requires certain taxpayers to remit their payments electronically. The first payment that would trigger the mandatory e-pay requirement is the 2009 taxable year first quarter estimate that was due April 15th, 2009. This first payment did not have to be made electronically, but all future payments should be made electronically.

For the 2009 calendar year we will not impose the mandatory e-pay penalty (1% of the amount paid) to allow taxpayers and practitioners additional time to implement practices and procedures to comply with the requirement.

This requirement is only for taxpayers when their extension payments or estimated tax payments are over $20,000 or their total tax liability is over $80,000. There are a couple of ways to pay electronically: Web Pay or pay by Credit Card. To see other payment options available to California tax payers visit: http://www.ftb.ca.gov/online/payment_choices.shtml Other states offer similar type payment arrangements and make it more convenient and secure. Arizona offers a credit card option as well as a web payment (check out http://www.aztaxes.gov for this payment option).

Tax Filing Deadline Passes

2009-05-05T12:09:00.000-07:00

With the passing of April 15th, another due date for individual, partnership and fiduciary tax returns (for calendar year end organizations) has come and gone. For the firm's clients, extensions have been filed for clients that have been clients in the past.

One new item in 2009, partnerships and fiduciary no longer have a 6 month extension, instead now the extension is for 5 months. These tax returns are now due by September 15th instead of October 15th as the extended due date.