News & Resources

LMGW Stays Active in the Community

On August 13, 2015, LMGW staff rolled up their sleeves and spent the day assisting hundreds of people who struggle to meet even the most basic necessities. Senior accountant Leah Burling coordinated the 2015 event, acting as liaison with community leaders on behalf of LMGW partners and staff.  LMGW’s nonprofit organization of choice this year was Sacred Heart Community Service of San Jose.

http://sacredheartcs.org/

Sacred Heart provides services for families in need, among them the homeless and elderly, single parent families and other impoverished individuals.

Sacred Heart has evolved into a respected and innovative provider of programs that assist families with achieving lifelong economic self-sufficiency. Today, it meets basic needs such as food, clothing, and housing assistance, while at the same time offering the tools for self-sufficiency, including employment assistance, family mentoring, and adult and youth education programs.

After meeting at the community center, our group was divided into three assignments manning the pantry, clothes closet and the donation center. LMGW staff packaged boxes of food donated from local food banks, and then handed these food items out to those seeking assistance. Those in the clothes closet folded and sorted clothes in preparation for delivery, and those at the donation center received and sorted donations into different categories.

The day was hard work, but everyone was able to see the value of the services that Sacred Heart provides.

The LMGW Family Continues To Grow

Managing Partner, Matt Wheeler and his wife Jenny welcomed their son Devin into the world on Wednesday, August 26^th at 12:55 AM. Devin weighed 6 lbs, 2 oz and was 19 inches long. Dad, Mom and sister, Samantha are all thrilled with the new addition. Welcome Devin! Perhaps a fourth-generation CPA?

Law passes that changes tax return filing due dates for 2016

On July 31, 2015, President Obama signed into law the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015”.  Within this law are a number of important tax provisions including revised due dates for partnership and corporation tax returns.

The new due dates become effective for entities with tax years beginning after December 31, 2015.  So for calendar year entities, this will take effect during the 2017 filing season for 2016 tax returns.  Partnerships will have to file their returns by March 15th, formerly April 15th (if a normal calendar year-end).  In other words, the filing deadline for Partnerships will be accelerated by one month.

C-Corporations will have to file their returns by April 15th, formerly March 15th (if a normal calendar year-end).  So C-Corporations get an additional month to file their tax returns.

Time for a Mid-Year Premium Tax Credit Checkup

If you have insurance through the Health Insurance Marketplace, you may be getting advance payments of the premium tax credit which are paid directly to your insurance company to lower your monthly out-of-pocket cost for insurance.  These advance payments are determined when you sign up for insurance through the Marketplace and are based on income estimates.  If your income circumstances have changed since the beginning of the year, you may be required to pay back those advance payments next April during tax time.  No one likes surprises, so if this fact pattern sounds familiar, you will want to contact the Marketplace to report these changes to them.  Here is a link to a IRS Tax Tip that gives further information.

Tax Tips for Students with a Summer Job

Is your child a student with a summer job? Here’s what you should know about the income your child earns over the summer. Read more