The IRS is giving back money? Yes, actually.

IRS Has $1 Billion for People Who Have Not Filed a 2008 Income Tax Return – and Alaskan refunds are above the national average.

WASHINGTON — Refunds totaling more than $1 billion may be waiting for one million people who did not file a federal income tax return for 2008, the Internal Revenue Service announced today. However, to collect the money, a return for 2008 must be filed with the IRS no later than Tuesday, April 17, 2012.
The IRS estimates that half of these potential 2008 refunds are $637 or more.
Some people may not have filed because they had too little income to require filing a tax return even though they had taxes withheld from their wages or made quarterly estimated payments. In cases where a return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund. If no return is filed to claim a refund within three years, the money becomes property of the U.S. Treasury.
For 2008 returns, the window closes on April 17, 2012. The law requires that the return be properly addressed, mailed and postmarked by that date. There is no penalty for filing a late return qualifying for a refund.
The IRS reminds taxpayers seeking a 2008 refund that their checks may be held if they have not filed tax returns for 2009 and 2010. In addition, the refund will be applied to any amounts still owed to the IRS, and may be used to offset unpaid child support or past due federal debts such as student loans.
By failing to file a return, people stand to lose more than refunds of taxes withheld or paid during 2008. Some people, especially those who did not receive an economic stimulus payment in 2008, may qualify for the Recovery Rebate Credit. In addition, many low-and moderate-income workers may not have claimed the Earned Income Tax Credit (EITC). The EITC helps individuals and families whose incomes are below certain thresholds. The thresholds for 2008 were:

• $38,646 ($41,646 if married filing jointly) for those with two or more qualifying children,
• $33,995 ($36,995 if married filing jointly) for people with one qualifying child, and
• $12,880 ($15,880 if married filing jointly) for those with no qualifying children.
   

If you’d like additional information or assistance, contact us today at 907-561-3871!

****Remember: Individual Tax Returns are due April 17th!

Press Release - Carter Financial & Tax Consultants Corporation

Carter Financial & Tax Consultants Corporation names Michelle McKay as new CEO.

Anchorage, AK, August 1, 2011:  Carter Financial & Tax Consultants Corporation is pleased to announce the appointment of Michelle McKay to Chief Executive Officer.  Ms. McKay has been serving most recently in the capacity of Chief Financial Officer for this business consulting firm.  Fluent in the ability to engage clients from multiple spheres of disciplines, she will continue to leverage the company, and its sister company, A-Plus Tax & Accounting,  for continued growth. With over 2000 tax and accounting clients, this Alaskan-based company, with another office in Mississippi, provides multiple business consulting services including business formation, growth strategies, human resources and marketing designs, as well as insurance and financial foundations alongside its core base of accounting and tax preparation. 

To find out more about how A-Plus Tax & Accounting and the Carter family of companies and how they can better serve you, please contact Brenda Carlson, VP of Marketing & Compliance at 907.561.3817 to schedule a free 30-minute no-obligation consultation.

We like to brag...on our clients!

We have some pretty amazing clients.  We may not always post it here (for privacy's sake, of course), but occasionally, we go out of our way to get permission to share some exciting news about our clients! 

Today, we are absolutely thrilled to be able to share that Weaver Creek is nominated for New Artist Vocal Group Song of the Year for "Almost Feel the Hammer".  This inspirational song was written and produced by the band's own members and was released on radio right before Easter. 

This October, the CCMA will allow fans to vote in rounds 2 and round 3 to determine the winners.  You must be a member of CCMA (register at www.ccma.cc and click on the link Not A Member on the left hand side).  Join ICM as an Associate Fan Member and then you will be able to vote in rounds 2 and 3 with other members from around the globe!  Fans are allowed to vote in a maximum of FIVE categories of their choice. 

(Voting takes place on the www.powersourcemagazine.com site, not the CCMA site).

As a company that serves to promote small businesses in their successes, we're pretty jazzed that one of our "own" has made national news!  So, join us if you would, and vote for Weaver Creek! 

Check out their website at www.weavercreek.us and sample some of their music. Downloads can be purchased on iTunes and www.cdbaby.com - search for "Weaver Creek Send Me" to download the entire album.

"The End is Near!"

A friend of mine posted this on Facebook this morning and it totally cracked me up. She saw it posted by a tax return site.  What a great attention-grabber!  Quite possibly more effective than the dancing Lady Liberty, or the plethora of flags and dancing signs. 

Every new year, some new Nostradamus prediction is blasted across the tabloids at the supermarket and online.  I'm suggesting that Mr. Nostradamus change his prediction dates from January to April 15th.  Surely, they'd be a bit more believable.  Merely the mention of "the end" around a tax preparer and it doesn't matter what you're saying, they'll hear "the end" and they'll believe anything!

For the past few weeks, I've been wearing dual hats; well, I always wear more than one, but during tax season this year, I've been doing back-of-house tasks (don't worry - I let the professionals do the returns!) and I have to say, I can only hope that "The End is Near!"

Yes, tax preparers all over the country are feeling the pressure and time is ticking for citizens to do their duty by midnight tonight.  If you've filed your taxes, then today is like any other day for you.  However, if you're in the back of the pack, rushing to the finish line, I just have one thing to say:

"Hurry, the End is Near!"

We'll be here at the office late into the evening, so there's still time to get an extension filed.

Uncertainty of the Future Brings A Special Alert from the IRS

"That man is prudent who neither hopes nor fears anything from the uncertain events of the future." Anatole

We live in uncertain times; just like our ancestors believed about their situation and undoubtedly our children will believe about theirs.  I realize this may seem a little deep for a tax and accounting blog, but it's been proven time and again that when you are diligent to prepare for the known, the unknown - when it happens - is not such a big deal.  While the government potentially shutting down is big, you can safeguard yourself against some of the fall-out.  Just like the IRS has a contingency plan for the "Funding Lapse", having your taxes done (or at the least, an extension filed) before the deadline will result in little impact for you.

The IRS today reminded taxpayers that tax returns will still be due on April 18 even in the event of a government shutdown. This includes any return otherwise due on that date including all tax returns or estimated tax payments. IRS emphasized that e-filed returns will continue to be processed and refunds will be issued if due on an e-filed returns. The processing of paper returns will be delayed as will any taxpayer refunds due on paper returns. However, any checks or payments submitted with a paper return will continue to be processed.

IRS also announced the agency’s contingency plans in the event of a government shutdown. Generally speaking, automatic IRS functions will continue to be available.  One major exception to this general rule is that the taxpayer hotline will continue to be available, but only for taxpayer questions involving an individual income tax return.

By contrast, functions involving contact with IRS will generally be unavailable. The IRS said that any previously scheduled appointment with IRS personnel will be cancelled, including appointments with collections, appeals or the taxpayer advocate’s office. The practioner priority hotline will be unavailable and will any walk-in taxpayer assistance center. No new liens will be filed or issued, however any lien notices already on the way to the post office will continue to be delivered.

Meanwhile, anyone having a specific question may gain further insight by reviewing the overall IRS contingency plan at http://www.treasury.gov/connect/blog/Documents/IRS-Funding_Lapse_Contingency_Plan2011.PDF

Time Flies...

You know what they say, "Time flies when you're having fun!"  I'm not exactly sure who "they" are, but they seemed to be in the know.  It's been a month since the last post, and I have to tell you, it's been crazy!!! 

In the span of two very short weeks, our company moved an entire office location.  It wasn't just packing up offices, but it was cleaning and breaking down desks, cabinets, built-ins; filling holes, dusting and finally carpet shampooing.  Hard enough, but add on remodeling the new offices, painting, cleaning out old junk, getting rid of desks, filing cabinets and more and you could break a sweat in no time at all.

Oh, let's not forget moving phones, faxes, copiers, printers, credit card machines and postage machines.  Whew!  I'm tired all over again, just thinking about it! 

Did I mention that this was all during tax season?  Yes, corporate taxes were due March 15th, as well as payroll for clients, accounting, and various other things.  It's a miracle we didn't crash.  Oh, the server did (on March 15th, no less), but we didn't!

Our staff is amazing.  They worked long hours, lifted heavy boxes, grabbed a hammer or a paint brush, drove countless trips back and forth between the two offices and still managed to do their everyday work.  I work with an amazing group of people!

The dust has settled (for the most part), and the staff continues to work hard on tax returns and daily operational duties.  In fact, I doubt they've even skipped a beat.

So why did we do it?  Why do we continue to do it?  It's the clients.  At A Plus Tax and Accounting and Carter Financial & Tax Consultants, the driving force for what we do is this:  We strive to help businesses and individuals succeed in their endeavors.  If that means we put in a few more hours on tax returns, or order in late night take out a few more times, then so be it.  We love what we do and we love our clients!

We invite you to stop in, call or visit our website at http://www.carterusa.us/ and meet our staff, visit our office and have a cup of coffee.  And, if you're putting off getting your taxes done, know that, in the words of Tom Bodett, "We'll keep the light on" just for you.

FEBRUARY 14th - A Very Special Day, Indeed

I say "February 14th" and you say, "Valentine's", right?  Perhaps, but did you also know that February 14th, 2011 is special for another reason?  Let me tell you why...

TAX RETURNS CAN BE E-FILED! (You did remember that we're a tax and accounting company, didn't you?)

The IRS will be ready to start processing individual e-filed returns containing the previously delayed forms beginning at approximately 6pm.  The following forms and schedules are affected by the 2010 Tax Relief Act:

• Schedule A (Form 1040), Itemized Deductions
• Form 8917, Tuition and Fees Deduction
• Educator Expense Deduction claimed on Form 1040, line 23, and Form 1040A, line 16
• Form 4684, Casualties and Thefts                                                                                 
• Form 8859, District of Columbia First-Time Homebuyer Credit
• Form 3800, General Business Credit
• Form 5405, First Time Homebuyer Credit and Repayment of the Credit
• Form 6478, Alcohol and Cellulosic Biofuel Fuels Credit
• Form 8834, Qualified Plug-in Electric and Electric Vehicle Credit
• Form 8910, Alternative Motor Vehicle Credit
• Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit

While this is good news, the even better news is that you may have your tax returns prepared BEFORE this date and Carter will hold the returns to file until Monday night.  Bring your taxes in today and sleep easy tonight knowing they'll be taken care of. 

p.s.  remember the chocolate and roses...