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 the 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 lastest system review report, please click the link below:

Peer Review Report – 2009

Extended Deadline for Homebuyer Tax Credit

If you were eligible for the Homebuyer Tax Credit but did not close by June 30, 2010, Congress enacted new legislation on July 2nd extending the closing date to September 30, 2010. Under the Homebuyers Assistance and Improvement Act of 2010 buyers that were under contract by April 30, 2010 will now have until September 30, 2010 to close and still qualify for the Homebuyer Tax Credit. Under previous law, the closing date had to occur by June 30th. The requirement that the binding contract must have been entered into by April 30, 2010 remains the same.
Taxpayers claim the credit by filing form 5405 with their tax return. A copy of a properly executed settlement statement, and proof of living in your home for a 5 consecutive year period if you are claiming the credit as a long time resident, should be attached to the form. Failure to submit proper documentation may delay the issuance of a refund.

New Tax Law Alerts

Fraudulent E-Mails– Phony e-mails claiming to be from the IRS have been circulating. As fraudulent e-mails containing harmful viruses or requesting personal information in an identity theft scam are becoming more and more frequent we want to remind our clients that the IRS does not send unsolicited e-mails to any taxpayers nor do they request personal information via e-mail. Visit www.irs.gov/privacy for more information.

Report of Foreign Bank and Financial Accounts (FBAR)-If you have an interest in or signature authority over a foreign financial account, you may have a FBAR filing requirement if the aggregate value of these accounts was $10,000 or more at any time during 2009. FBARs are due by June 30, 2010 and there are hefty penalties for failing to file a timely FBAR. Some taxpayers may be eligible for an extension to file until June 30, 2011. Read more

Health Care Reform

RIA’s Complete Analysis of the Tax and Benefits Provisions of the 2010 Health Care Act as Amended by the 2010 Health Care Reconciliation Act

The following sections contain RIA’s Complete Analysis of the Tax and Benefits Provisions of H.R. 3590, the Patient Protection and Affordable Care Act, as signed into law by the President on Mar. 23, 2010 ( PL 111-148, 3/23/2010 ), as Amended by H.R. 4872, the Health Care and Education Reconciliation Act of 2010, as signed into law by the President on Mar. 30, 2010 ( PL 111-152, 3/30/2010 . H.R. 3590, the Patient Protection and Affordable Care Act, is generally referred to in the Analysis as the “2010 Health Care Act,” while H.R. 4872, the Health Care and Education Reconciliation Act of 2010, which amends the 2010 Health Care Act, is generally referred to in the Analysis as the “2010 Reconciliation Act”. Read more

Tax Record Retention

Retaining and storing your income tax records is an important final step of your tax filing responsibility. We would like to remind you of the rules for keeping your tax records along with some information on storage options.

 When determining how long to keep most of your income tax records, we look at the time frame over which the IRS can audit a return and assess a tax deficiency or that you can file an amended return. For most taxpayers, this period is three years from the original due date of the return or the date the return is filed, if later. For example, if you file your 2009 Form 1040 on or before April 15, 2010, the IRS has until April 15, 2013 to audit the return and assess a deficiency. However, if a return includes a substantial understatement of income, which is defined as omitting income exceeding 25% of the amount reported on the return, the statute of limitations period is extended to six years. Read more