Relevant

IRS Reminds Parents of Ten Tax Benefits 

Your kids can be helpful at tax time. That doesn't mean they'll sort your tax receipts or refill your coffee, but those charming children may help you qualify for some valuable tax benefits. Here are 10 things the IRS wants parents to consider when filing their taxes this year.

1. Dependents In most cases, a child can be claimed as a dependent in the year they were born. For more information see IRS Publication 501, Exemptions, Standard Deduction, and Filing Information.

2. Child Tax Credit You may be able to take this credit for each of your children under age 17. If you do not benefit from the full amount of the Child Tax Credit, you may be eligible for the Additional Child Tax Credit. For more information see IRS Publication 972, Child Tax Credit.

3. Child and Dependent Care Credit You may be able to claim this credit if you pay someone to care for your child or children under age 13 so that you can work or look for work. See IRS Publication 503, Child and Dependent Care Expenses.

September 20th, 2011 5:30 – 7:00 p.m.

Martin Straub, CPA.CITP, QuickBooks ProAdvisor and Maynard Man of Cordell, Neher & Company, PLLC will be presenting a QuickBooks Roundtable on Wednesday, December 7, 2011 11:00 a.m. - 1:00 p.m. covering the following year-end topics:

• Tax Law & Payroll Changes
• New Features in QuickBooks 2012
• Year-End Tasks and File Maintenance Recommendations
• Q&A/User Discussion

Where:   Cordell, Neher & Company, PLLC Conference Center
               175 E. Penny Road, Ste. 1, Washington

Cost:  $25 for Cordell, Neher & Company, PLLC Clients/$35 for Non-Clients
          (Includes a Sandwich Lunch)

Registration:  Call Andrea Mattix at (509) 663-1661 or e-mail to This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Questions on course material/information: Contact Martin Straub, CPA.CITP, QuickBooks ProAdvisor at (509) 663-1661.

How are you managing your business finances? Many business owners are discovering that their assets are not as well protected as they thought. This is especially true in small business environments where a single employee manages all the finances. Often there are no "checks and balances" to verify that transactions are accurate.

When proper, consistent procedures are not in place, employees can learn to manipulate the accounting system to their benefit. Whether they take money from the company or mistakes are undiscovered, the end result can greatly impact your company’s management discussions, financial reports and tax filings.Unfortunately, once financial records have been altered, discovering the problems can be extremely difficult. Most standard accounting practices are not designed to uncover internal issues such as embezzlement.   

WASHINGTON —The Internal Revenue Service today announced that the nation’s 738,000 tax return preparers who have Preparer Tax Identification Numbers (PTINs) can now renew their PTINs for the 2012 filing season.

Preparers are required to renew their PTINs on an annual basis and need to do so before the next year begins. For example, a preparer’s PTIN for 2012 must be renewed by Dec. 31, 2011.

Anyone who for compensation prepares, or helps prepare, all or substantially all of tax returns or claims for refunds must have a PTIN. Paid return preparers must have valid, current PTINs to prepare tax returns in 2012.

September 20th, 2011 5:30 – 7:00 p.m.

Steven M. Neher, CPA, and Martin Straub, CPA.CITP, QuickBooks ProAdvisor of Cordell, Neher & Company, PLLCwill be presenting a QuickBooks Roundtable in Chelan on the following topics:

• Budgeting
• Using Classes and Related Reports
• Job & Cost Reporting
• Q&A/User Discussion

Where:   Senior Center, 534 E Trow Avenue, Chelan Washington

Cost:  $25 for Lake Chelan Members/$35 for Non- Members

Registration:  Contact Lake Chelan Chamber of Commerce at (509) 682-3503.

Questions on course material/information: Contact Steven M. Neher, CPA or Martin Straub, CPA.CITP, QuickBooks ProAdvisor at (509) 663-1661.

TUMWATER – Employers will not be penalized for late online filing of an industrial insurance quarterly report following a recent computer slowdown at L&I. Last week an L&I computer server was unable to handle the volume of traffic, which prevented some businesses from filing their reports by the August 1 deadline.

“This is not the experience we want for our employers, especially first-time filers,” commented Beth Dupre, Assistant Director for Insurance Services. “We’re upgrading our equipment right away, so users should once more find our services fast and easy to use.” If an employer files their quarterly report by Friday, August 5, any penalties or interest will be credited back to the employer’s account.

WASHINGTON — The Internal Revenue Service today encouraged taxpayers to guard against being misled by unscrupulous individuals trying to persuade them to file false claims for tax credits or rebates.

The IRS has noted an increase in tax-return-related scams, frequently involving unsuspecting taxpayers who normally do not have a filing requirement in the first place. These taxpayers are led to believe they should file a return with the IRS for tax credits, refunds or rebates for which they are not really entitled. Many of these recent scams have been targeted in the South and Midwest.

WASHINGTON — As part of its new oversight program of the nation’s tax return preparation industry, the Internal Revenue Service today announced it will send letters to approximately 100,000 tax return preparers who prepared returns in 2011 but failed to follow new requirements.

In 2010, the IRS launched an initiative to increase its oversight of the tax return preparation industry and regulate the conduct of tax return preparers. All paid tax return preparers must obtain a Preparer Tax Identification Number (PTIN) and, when required to do so, sign their names and include their PTINs on the returns and refund claims they prepare for compensation.