News & Resources

LMGW Receives Highest Rating in Peer Review Report

LMGW Certified Public Accountants, LLP has received a rating of “pass” related to the system of quality control for the accounting and auditing practice in its most recent peer review. Pass is the highest rating a firm can receive. The peer review program is dedicated to enhancing the quality of accounting, auditing and attestation services performed by CPAs in public practice. Peer reviews are required every 3 years. For our clients, this ensures that LMGW is providing the highest quality service. For a copy of our latest system review report please click the link below:

Peer Review Report – 2012

2012 Client Organizers

The attached client organier is designed to help you gather tax information needed to prepare your 2012 personal income tax return.  Click on the link below to access the client organizer.

Blank Organizer

Summary of the American Taxpayer Relief Act of 2012

On January 2, 2013, the American Taxpayer Relief Act of 2012 was signed into law. The Act prevented many of the tax increases that were set to go into effect this year and extended many favorable tax breaks that would have otherwise expired. However, it also increased tax rates and put higher limitations on deductions for high-income individuals. Below is a summary of some of the key changes made by the 2012 Taxpayer Relief Act: Read more

LMGW Holiday Decorating Contest

Congratulations to one of our newest staff members, Chris Burich! He is the winner of the 1^st annual LMGW holiday decorating contest. Chris had a little assistance from some very special helpers – his wife Kelly and two adorable daughters.

The judging took place on Thursday, December 13, 2012 and the winner was announced at our annual Hot Cocoa and Secret Gift Exchange. To view all the contestants’ photos click here.

Happy holidays from all of us at LMGW!

Form 1099 Required Reporting

The Internal Revenue Service requires the filing of Form 1099 for every person or business to whom you paid $600.00 or more in your trade or business for commissions, fees, and other forms of compensation for services rendered during 2012. Examples of payment for services that should be reported include rent paid, outside labor, management fees, legal fees, accountant fees, medical fees, and repairs & maintenance.

The IRS and state taxing authorities can assess penalties for failure to file these forms. Additionally, they may disallow these deductions if you do not file.

You are not required to file Form 1099 for 2012 if the person or business to whom you paid is a corporation, unless the payments are made to an attorney or to a medical or health service provider registered as a corporation.

If you would like LMGW to prepare the required forms for you, please fill out the LMGW 1099 request form and return it by sending an email with the request form attached to 1099@lmgw.com. You can also fax or mail back the request form to the fax number and address listed below.

Please download and use Form W-9 from our website to request the required information from your vendors, if needed.

The deadline for filing is January 31, 2013. In order for LMGW to guarantee your forms are timely filed, we ask that we receive all necessary information no later than January 18^th, 2013.

Please call Collin at 408-252-1800 ex. 232 or email 1099@LMGW.com if you have any questions.