2013 Client Organizer
The attached client organizer is designed to help you gather tax information needed to prepare your 2013 personal income tax return. Click on the link below to access the client organizer.
News
2013 Form 1099
The Internal Revenue Service requires the filing of Form 1099 for every person or business (except certain corporations) you paid $600 or more to in your trade or business for commissions, fees, and other forms of compensation for services rendered during 2013. The filing deadline for sending these forms to your vendors is January 31, 2014. Examples of payments for services that should be reported include rent paid, outside labor, management fees, legal fees, accountant fees, medical fees, and repairs or maintenance. Form 1099 is also required for interest and dividends paid of $10 or more, whether paid individually or in connection with your trade or business.
The importance of filing these forms has increased dramatically as the penalties for not filing have increased. Congress in recent years passed new laws expanding who is required to receive a Form 1099, and on your 2013 tax return you will need to answer under penalty of perjury whether you have made any payments that require a Form 1099 and whether you in fact filed these forms. Additionally, the Internal Revenue Service and the Franchise Tax Board may disallow deductions if the required Form 1099’s are not filed.
If you would like LMGW to prepare the required forms for you, please complete the 1099 Request Form by clicking here and return it to us via email, fax, or mail.
In order for LMGW to guarantee your forms are timely filed, we must receive all necessary information no later than January 17, 2014. Please contact our office or email 1099@LMGW.com if you have questions.
Remedies for resolving Taxpayer disputes with the Internal Revenue Service
The Internal Revenue Service was created in 1862 as the federal agency responsible for collection of tax and interpretation and enforcement of the Internal Revenue Code. As with any collection of laws and regulations the Internal Revenue Code is open to varying levels of interpretation. Congress and the IRS have developed, over time, an effective set of tools and remedies for taxpayer disputes with the IRS arising out of the varying interpretations of the complex set of laws and regulations that compromise the Internal Revenue Code.
The remedies provided to taxpayers and the IRS in resolving disputes can be divided into four major categories:
- Determination Letters and Rulings – These are letters or rulings with varying degrees of binding effect to transactions. The transactions can be proposed or contemplated transactions, or completed transactions that have not been subject to the examination process
- Examination Process – During the examination process discussions are opened with the IRS and the taxpayer is afforded the opportunity to explain the stance taken under the laws and regulations for specific transactions. The examination process is a period for both finding of fact as well as discussing application of law to specific transactions. Audit determinations, if agreed to, are final and binding.
- Appeals Process and Tax Court – The Appeals Process and the US Tax Court afford the taxpayer an additional avenue for dispute resolution when the taxpayer disagrees with the finding at the examination level. Appeals are an informal process that focuses on determining rule of law to the transactions that were considered in examination. New issues are generally not raised at Appeals. The US Tax Court is the taxpayer’s last step after appeals (before Appellate Courts or the US Supreme Court) to litigate issues under examination.
- Taxpayer Advocate Service – The Taxpayer Advocate Service is available to taxpayers as an independent source within the IRS to help resolve taxpayer disputes. This function is mostly related to resolving issues with communication between the taxpayer and IRS personnel. Read more
LMGW Continues its Commitment to Community with 1st Annual Community Volunteer Day
On September 27, 2013, LMGW employees left their offices, donned jeans and tennis shoes, and ventured out for a day of work in their community, establishing the tradition of LMGW’s Annual Community Volunteer Day.
Senior accountant Katie Vachon coordinated the 2013 event, acting as liaison with community leaders on behalf of LMGW partners and staff. LMGW’s nonprofit organization of choice this year was the Boys and Girls Club of San Jose, Smythe Clubhouse. (http://www.bgclub.org/join-the-club/smythe/)
After meeting at the start of the work day at the San Jose clubhouse, LMGW partners and employees were briefed on their volunteer work for the day. Tasked with organizing the long-neglected donation room, the group set to work emptying the room. LMGW volunteers tackled boxes and bags of assorted donations – meticulously sorting and categorizing, labeling, and later putting everything in their proper places.
Michael Bryant and Jacen Dickman took the lead in installing bicycle hooks on the walls, while Matt Wheeler, Tim Hoffart, and other staff moved equipment. The Boys and Girls Club of San Jose, Smythe Clubhouse, gives the majority of donations it receives as prizes for member boys and girls who earn tickets for homework, awards, citizenship, and for other recognitions. LMGW staff working as a team created an organized, easily accessible donation room to benefit the children and families of Smythe Clubhouse. Read more
LMGW Seeks Interns for Winter and Summer 2014
Advancement and opportunity await at LMGW Certified Public Accountants! LMGW is seeking interns to join our team of growing professionals during this exciting growth phase in our company. Potential candidates must be interested in a rewarding and successful long-term career in public accounting and be focused on personal and professional growth. Interns will have an opportunity to see how a successful accounting firm operates and will participate in projects such as tax returns, audits, reviews, compilations, litigation support, bookkeeping, and trust accounting.
Applicants will:
- Have a strong interest in public accounting
- Possess a strong sense of confidence in one’s own abilities and a drive to learn
- Understand it takes hard work and discipline to succeed, and look forward to proving oneself
- Recognize the opportunity to be part of the growth and transition of a firm moving to the next level
- Keep the “big picture” view in mind at all times