Proposed Changes to Electronic Payment System

The IRS has issued proposed regulations eliminating the paper deposit coupon system and replacing it with mandatory use of the Electronic Federal Tax Deposit System (EFTPS) begininng January 1, 2011.

EFTPS is currently required only for taxpayers whose deposits of certain taxes exceed $200,000 annually. The proposed regulations would require use of the EFTPS for depositing certain taxes, including withholding, FICA, FUTA, and corporate income and estimated taxes. Some businesses with minimal amounts of tax would not be subject to the EFTPS requirements and could still remit payments with the related tax return.

The proposed regulation is expected to be made final by the end of this year. The existing deposit requirements, thresholds, etc. would generally remain the same.

Useful Apps – Mint.com

This posting is the first in a line of posts dedicated to useful applications available through iTunes or other online application stores for use on your mobile devices or on the computer. Look for future posts flagged under the “Apps” category at LMGW.com!

This week’s App:

Mint.com

Mint.com is an online website that will aggregate various account information you have in order to put together a complete financial picture for you. After registering for a free account with mint.com, you will need to follow a simple setup process to register all of your financial accounts with mint.com. The vast majority of these require your online login and password that your normally use to access your accounts. You can supply mint.com with your checking and savings accounts, credit card accounts, auto loans, investment accounts, and other items. After you have registered, you can donwload and install the mint.com app on your mobile device. Now with the touch of a button you can easily access your account balances, receive notifications of expenses and withdrawals over your pre-defined limits, low balance alerts, and multiple other items all in one place! For those of you with accounts at several different institutions and who are looking for real-time data on their account balances, mint.com is a great (and free!) solution.

Of course mint.com does not take the place of normal financial housekeeping duties like budgeting, account reconciliations, and so forth. We always recommend you continue these best practices in order to stay on top of your spending and investment habits, but mint.com can be an added tool to keep you more aware of where you stand at any one moment.

LMGW Certified Public Accountants, LLP Named One of the 2010 “Best Accounting Firms to Work For”

PR Log, October 13, 2009 (Click here to read the original article)

The “Best Accounting Firms to Work For” survey and award program was designed to identify, recognize and honor the best places of employment in the accounting industry, benefiting the nation’s economy, its workforce and businesses.

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