Who is a CPA?

A CPA is more than a Certified Public Accountant. In order to become a CPA, one should pass a series of rigorous examinations which is common for all the states in America and then work for a firm as a trainee by obtaining certain amount of experience. The firm will also conduct examinations that will ask the trainee to prepare financial statements and reports. CPAs are trusted financial advisors for individuals and businesses and they help in maintaining records and preparing reports/statements for the public. A Certified Public Accountant does more than what meets the eye. Their job is demanding and requires diligence, commitment and trust.

 

Why hire a CPA?

 

People rely on CPAs because they have good analytical and decision making skills apart from their dedication and integrity. Many CPAs provide a wide range of services apart from their usual accounting and auditing skills. They provide consultation in areas related to income tax help and planning, advice on management and Information technology, financial planning for businesses and families, preparing financial statements etc. To employ the services of a reliable and experienced CPA, you can contact Cirimelli Pyle and Associates in the Bay area, California for quality services for all your tax needs. They can be reached at (408) 879-9990 or by email cpa@cpasllp.com.

 

For income tax help in the Bay area, hiring professional CPAs can give you a wider perspective on tax planning like never before. You will reach new financial heights and experience breakthroughs that will safeguard your financial standing. There are certain matters which can’t be managed all by yourself. That’s when a CPA steps in and controls the proceedings one step at a time.

What is an IRS Tax Audit?

When you receive a letter from the IRS stating that your tax returns are selected for an audit, there is no reason to panic. An IRS Tax Audit is a review of your tax returns to determine its accuracy and authenticity. It usually leaves even an honest tax payer stressed out and unnerved. But there is no major cause for concern if you are truthful in submitting your tax returns. The people who receive letters from the IRS stating an immediate submission of their tax returns will usually cheat when filing their tax returns or demand a lot of tax deductions. The good news for all honest filers are that if you have taken the necessary steps in filing your taxes on time and in an accurate manner, there are chances that the audit will get concluded in a few hours time.

 

How to resolve tax filing errors

 

However if the errors made by you are intentional or if you had made mistakes like omitting your actual income and miscalculating the right amount, it’s time to seek professional help from experienced business accountants. In this case, you will be off the hook from any fines or penalties imposed by the IRS. Cirimelli, Pyle and Associates in San Jose have the best business accountants working for them who will give you the right advice and guidance on how to go about filing your taxes without any problems from the IRS. For tax help and assistance, feel free to mail them at cpa@cpasllp.com or visit their corporate website at www.cpasllp.com for more information.

 

If you have received any notification from the IRS and you prefer to let a professional handle it, then you can contact Cirimelli, Pyle and Associates in San Jose to do the job in a quick and efficient manner. It is always better to bring along a professional to the audit directly to resolve the situation in an amicable manner.

New rules for NOLs

Essentially, a net operating loss or NOL is generated when a business has more deductions than income.

Under prior rules, a business that had an NOL could carry that loss back only two years for a refund of taxes paid in those earlier years. (The business could also choose to carry the loss forward for up to 20 years.)

The “American Recovery and Reinvestment Act of 2009″ changed the carryback period to as many as five years. The new rule applies only to 2008 net operating losses in companies with average gross receipts over the last three years of $15 million or less.

* Planning opportunities

The carry back periods of three, four, or five years are elective. That means that the taxpayer can choose how long to carry back the NOL as long as it doesn’t exceed five years.

This opens up many tax planning opportunities, especially if taxable income has fluctuated significantly over the years. Not only that, it’s a terrific benefit to taxpayers with NOLs larger than could be absorbed over the traditional two-year period.

As an alternative to carrying the loss back to prior years, you can still elect to forgo the carryback altogether and simply carry your losses forward to reduce future taxes.

Remember that the new NOL rules are elective, and you may choose to carry losses back as you see fit for up to five years.

There are filing and time restrictions on this tax break for businesses, so contact us if you need details and filing assistance.

What’s New in Finances

“Do Not Call” doesn’t prevent scammers

Registering with the National Do Not Call Registry is supposed to keep you from getting all those annoying mass marketing phone solicitations.

It appears that the current recession has brought out scam artists hungry for revenue and unconcerned about the illegality of their sales pitches.  During the first quarter of this year, the Federal Trade Commission received 450,000 complaints from those who signed up with the Do Not Call Registry, but who are still receiving unwanted calls.

Among the scams currently being pitched:  extended auto warranties, swine flu cures, debt renegotiation plans, and free lunch seminars promoting “low-risk” investments.

Be aware that the scammers are especially active right now, and be very skeptical of offers and promotions made by phone or e-mail.

How to deal with finances after a spouse’s death

The death of a spouse can leave the survivor with a bewildering array of financial problems. In many families, one partner handles all the financial matters. If that partner passes away first, without having discussed and documented the couple’s financial affairs, the survivor may face a steep learning curve or make poor financial decisions out of ignorance.

In many cases, the surviving spouse will be the wife. In fact, recent studies indicate that seven out of ten baby boomer wives will outlive their husbands. So getting a handle on the family’s financial affairs is especially important for women.

If you’re dealing with the death of a spouse, here are a few guidelines to help you navigate.

* Locate important documents. These include wills, insurance policies, deeds, investment certificates, powers of attorney, birth and marriage certificates, bank statements, and vehicle titles. You’ll need these documents to change beneficiaries, revise asset titles, and verify account balances.

* Keep paying bills. Don’t risk losing your good credit by neglecting ongoing expenses.

* Check survivor benefits. Contact the Social Security Administration to learn about survivor benefits. Also call your spouse’s former employer to find out about employee benefits, such as payouts of unpaid salary, unused vacation, and pensions.

* Decide how you’ll handle life insurance proceeds. Benefits may be paid in a lump sum or an annuity. If you take proceeds in a lump sum, you’ll want to place them at least temporarily in readily available investments, such as money market accounts. Survivors often live on insurance proceeds for many years, so think twice before using the insurance money to remodel the house, pay off the mortgage, or take an expensive vacation.

* Get competent legal and financial advice. Seek out qualified and trusted professionals to help you through the process of probate, taxes, and planning for your financial future. All too often, the surviving spouse makes irrevocable financial decisions or unnecessary purchases in the days and weeks following a partner’s death. Unfortunately, widows and widowers are easy prey for con artists. Someone may call with a great deal on a “sure fire” investment, or attempt to capitalize on your grief by offering unnecessary goods or services. A trusted professional advisor can provide objectivity when such “opportunities” are presented.

* Plan before a death occurs. Ideally, you and your spouse will develop a financial plan before a death occurs. One way to organize such a plan is to set up a tabbed binder that outlines the family’s financial affairs. One tab might list key contacts, such as lawyers, accountants, and business associates. Another tab might disclose the location of important documents.

Discussing and documenting your financial affairs will be time well spent. If you need assistance, give us a call.

To contact these business accountants and get the best tax advice and guidance, call Cirimelli Pyle and Associates at 408-879-9990. If you need more information visit their website at www.cpasllp.com .

Major Tax Deadlines For June 2009

* June 15 – Second quarter 2009 individual estimated tax is due.
* June 15 – Due date for calendar-year corporations to pay second installment of 2009 estimated tax.
* June 15 – Due date for calendar-year trust and estates to pay second installment of 2009 estimated tax.

NOTE: Businesses are required to make federal tax deposits on dates determined by various factors that differ from business to business.

Payroll tax deposits: Employers generally must deposit Form 941 payroll taxes (income tax withheld from employees’ pay and both the employer’s and employees’ share of social security taxes) on either a monthly or semiweekly deposit schedule. There are exceptions if you owe $100,000 or more on any day during a deposit period, if you owe $2,500 or less for the calendar quarter, or if your estimated annual liability is $1,000 or less.

* Monthly depositors are required to deposit payroll taxes accumulated within a calendar month by the fifteenth of the following month.

* Semiweekly depositors generally must deposit payroll taxes on Wednesdays or Fridays, depending on when wages are paid.

For more information on tax deadlines that apply to you or your business, contact our office.

What’s New in Taxes

School’s out! That means moving time for millions

Millions of people move each year, often during the summer months when children are out of school. If you’re considering a move this summer, be aware that moving can have some important tax consequences.

* Retirement plans. If you have a retirement plan at work, you may have several choices upon leaving a job. You can roll your retirement funds into an IRA, possibly roll the money into a new employer’s plan, or perhaps even leave the money in your former employer’s plan. Keep in mind that any amount distributed directly to you is subject to automatic 20% income tax withholding, and you may also face a 10% early withdrawal penalty.

* 401(k) loans. Facing a layoff or new job and need cash? Tap your 401(k) balance only as a last resort. If you have an existing 401(k) loan, pay it off. If you leave your employer and can’t repay the loan within a preset time, the loan balance is considered a withdrawal. As such, you’ll be hit with income taxes and possibly a 10% penalty.

* Job search expenses. Expenses incurred to search for a new job are tax-deductible, even if your job search doesn’t land you that coveted position. To qualify, you must be looking for a job in the same occupation.

* Moving expenses. If your job-related move qualifies (the IRS has both a distance and a time test), you can deduct the costs of moving your household goods and your family.

* Home sale. When you sell your home, you can exclude up to $250,000 of the gain from your taxes. The exclusion amount is $500,000 for married couples filing a joint return. To qualify for the full exclusion, you must have owned and occupied the house as your main home for two out of the five years prior to its sale. A partial exclusion may apply if you fail the two-year test due to a job-related move.

If you’re considering a job-related move and want help sorting out the tax issues, give us a call.

Energy-saving home improvements could cut your 2009 taxes

President Obama signed the “American Recovery and Reinvestment Act of 2009″ into law on February 17, 2009. Among the various provisions in the law are new energy tax credits that can really add up to savings for the homeowner. Making energy-saving improvements to your home will help to save on utility bills, enhance your efforts to go “green,” add value to the home, and perhaps reduce your tax bill for 2009. These residential energy tax credits fall into two main categories: energy efficiency improvements and renewable energy systems. In many cases, the “Recovery Act” adjusts or extends similar energy credits previously available.

* Energy efficiency

The “Recovery Act” adjusts the residential energy property credits previously allowed, increasing the tax credit to 30% and the maximum aggregate cap to $1,500. The credit applies to eligible property placed into service in your principal residence during 2009 and 2010. Qualifying improvements for this energy credit include insulation; exterior windows and doors; central air conditioning systems; water heaters and furnaces burning natural gas, propane, or oil; stoves using renewable biomass fuel such as wood, pellets, and plants; hot water boilers; electric heat pump water heaters; certain metal roofs; and advanced main air circulating fans.

Installation of these items as part of a newly constructed home does not qualify for the credit. For certain eligible items, the credit can be calculated based only on the cost of materials; for other items, the cost of installation also can be included. This credit is not subject to income phase-outs, and the credit is allowed under the alternative minimum tax.

* Renewable energy

The 2009 law also generally removes the tax credit dollar limits for renewable energy systems. Such property includes solar hot water heaters, geothermal heat pumps, and wind energy systems. The tax credit, available through 2016, is up to 30% of the cost, including both labor and materials. Primary residences, second homes, and rental units qualify for this credit; existing and newly constructed structures are eligible.

Now may be the right time to upgrade the energy efficiency of your home. To discuss the tax breaks available for the improvements you have in mind, give us a call. We can help you sort through the details.

New Business

2009 vehicle deductions

Each year the IRS publishes depreciation limits for business vehicles first placed in service that year. Because 50% bonus depreciation is allowed only for new vehicles, these limits are different for new and used vehicles.

For new business cars, the first-year limit is $10,960; for used cars, it’s $2,960. After year one, the depreciation limits are the same for both new and used vehicles purchased in 2009: $4,800 in year two, $2,850 in year three, and $1,775 in all following years.

The 2009 first-year depreciation limit for trucks and vans is $11,060 for new vehicles and $3,060 for used vehicles. Limits for both new and used vehicles in year two are $4,900, in year three $2,950, and in each succeeding year $1,775.

For details relating to your 2009 business vehicle purchases, contact us.

Cirimelli Pyle and Associates LLP in Santa Clara will help you take advantages of tax breaks throughout the year by helping you avoid paying unnecessary remunerations.

To contact these business accountants and get the best tax advice and guidance, call Cirimelli Pyle and Associates at 408-879-9990. If you need more information visit their website at www.cpasllp.com .

Choosing the right CPA

Choosing a CPA Firm is one of the most important decisions you will ever have to make. It is as important as choosing a doctor or lawyer as it involves proper planning of your tax payments every year. Overtime, the business accountant you employ will become you’re key financial advisor and this relationship is based on dependability and trust. Sometimes preparing your tax returns may get a little tedious as you need to keep a check on your bank balance and try and save as much as you can by taking advantage of tax breaks. For tax help and financial advice, contact Cirimelli Pyle and Associates in Campbell, California.

 

Save on taxes by employing a professional CPA

 

This CPA Firm in Campbell will help you plan ahead by minimizing unnecessary tax payments and helping you deal with the IRS by helping you set up your accounting system and increasing your monthly income.  Whether you’re an individual, family member or a corporate professional, Cirimelli Pyle and Associates in Campbell will put you on to the best business accountants who will provide a full range of traditional services including tax planning, financial statement preparation, budgeting, forecasting and data processing. They will also prepare payroll and sales tax returns, W-2 forms, business property statements and other accounting services.

Visit their corporate website at www.cpasllp.com for more information on other services offered.

 

For general or professional tax help in the state of California, call this CPA Firm at 408-879-9990 or Fax them at 408-879-0992. You can also e-mail them at: cpa@cpasllp.com,

What are Tax cuts?

Tax cuts are usually a reduction in taxes. This applies to a decrease in the income of the government and an increase in the income of the people. Tax cuts usually provide a breakthrough for individual and corporations to invest heavily and this in turn produces a huge economic turnover. People will usually spend freely during this time and this result in more jobs, investments and economic growth of the country. Tax cuts usually doesn’t affect the economy in a negative way, but contributes to a higher GDP growth. If you would like to take advantage of tax cuts and save money every year, then Cirimelli Pyle and Associates in San Jose is the right company to approach.

 

The best tax advice you ever got

 

Cirimelli Pyle and Associates in San Jose is a Certified Public Accountant company that offers in depth services in managing your tax payments and providing quality financial management solutions for individuals, families and businesses. They are members of both the American Institute of Certified Public Accountants and the California Society of Certified Public Accountants. Many of us would like a substantial decrease in income tax payments every year. This CPA Firm in San Jose will chart out a payment schedule that will help you pay your taxes on time as well as save your hard earned money for investment. They fully utilize the latest computer equipment and the latest technology to maintain quality, accuracy and efficiency in the preparation of financial statements and tax returns.

 

 

This CPA Firm in San Jose assists their clients by ensuring that they receive the counsel and information necessary to help them make sound business decisions. To get the best tax advice and guidance, call Cirimelli Pyle and associates at 408-879-9990. If you need more information visit their website at www.cpasllp.com .

Choosing the right CPA

Choosing a CPA Firm is one of the most important decisions you will ever have to make. It is as important as choosing a doctor or lawyer as it involves proper planning of your tax payments every year. Overtime, the business accountant you employ will become you’re key financial advisor and this relationship is based on dependability and trust. Sometimes preparing your tax returns may get a little tedious as you need to keep a check on your bank balance and try and save as much as you can by taking advantage of tax breaks. For tax help and financial advice, contact Cirimelli Pyle and Associates in Campbell, California.

 

Save on taxes by employing a professional CPA

 

This CPA Firm in Campbell will help you plan ahead by minimizing unnecessary tax payments and helping you deal with the IRS by helping you set up your accounting system and increasing your monthly income.  Whether you’re an individual, family member or a corporate professional, Cirimelli Pyle and Associates in Campbell will put you on to the best business accountants who will provide a full range of traditional services including tax planning, financial statement preparation, budgeting, forecasting and data processing. They will also prepare payroll and sales tax returns, W-2 forms, business property statements and other accounting services.

Visit their corporate website at www.cpasllp.com for more information on other services offered.

 

For general or professional tax help in the state of California, call this CPA Firm at 408-879-9990 or Fax them at 408-879-0992. You can also e-mail them at: cpa@cpasllp.com,

The purpose of using QuickBooks

What are QuickBooks? They are accounting software developed for the sole purpose for small time businessmen who don’t have formal training in accounting. This software dominated the accounting software market 80% of the time. Small Businesses use QuickBooks for financially related business processes like tracking business expenses, preparing invoices, entering sales receipts, preparing financial statements and tax returns. To get access to QuickBooks, you can contact Cirimelli Pyle and Associates in Los Altos. This CPA Company in Los Altos is a certified QuickBooks Proadvisor which offers various services to help do-it-yourself business owners manage their day-to-day operations using accounting software packages like QuickBooks and Peachtree.

 

Professional Accounting help

 

Many San Jose businesses have contacted Cirimelli Pyle and Associates in Los Altos to help them get started with QuickBooks and empower them to manage their bookkeeping and control their cash flow. This will enable them to work with a San Jose CPA Firm in an advisory capacity. However it’s not enough to get started on this process alone. This CPA Company in Los Altos will give you the proper training and guidance while answering all your questions. As small time businessmen, getting the most of everyday could be an overwhelming experience. If you would like to work alongside any San Jose CPA Firm, then this is the right place to get started.

 

 

They will provide training, oversight and ongoing support. Call them at (408) 879-990 and ask for Steven Pyle CPA to discuss your specific needs. You can email him at steve@cpasllp.com.

Pay your Taxes on time

Money is owed to the government in the form of taxes. According to www.irs.gov, the Internal Revenue Service or IRS is the US government agency responsible for tax collection and tax law enforcement. We should never put off paying our taxes as the IRS could place a levy on your bank account. It’s always better to plan out your tax payments accordingly with the help of a Certified Public Accountant. It’s quite a complicated procedure to calculate the actual amount. So this is where a company like Cirimelli, Pyle and Associates comes in for tax help and filing. It’s imperative that you hire an experienced and reputed business accountant in San Jose to do the job for you.

 

Hire a good public accountant

 

Cirimelli Pyle and Associates LLP has employed the best business accountants in San Jose to prepare financial statements for their clients on a monthly, quarterly or other periodic basis which enables them to gain a comprehensive understanding of the data. These Certified Public Accountants offer in depth professional expertise in business and individual tax planning. They offer advice and consultation in areas such as mergers and acquisitions, tax shelters, financing arrangements and representation before regulatory agencies. Because of their size and structure, they are able to offer each client personal attention and service. For additional tax help they call upon the specialized knowledge of other staff members when needed.

 

 

If you would like some help in filing your tax returns, Cirimelli, Pyle and Associates

is the best firm for the job. Call Steven Pyle of CPA who is Certified Public Accountant and Managing Partner of this company. He can be reached at 408-879-9990 or by email: steve@cpasllp.com.

Who does your Tax Filing?

Tax Filing may be like studying Greek and Latin for most people. It gets pretty tedious to keep a rain check on all your tax statements, plan your income and expenditure, take advantage of tax breaks and prepare a proper schedule to avoid unnecessary remunerations. It might seem like a nightmare for some people, who try to get through their tax payments, but always end up confused with the whole process. There is no cause for worry anymore as there are highly qualified CPA’s who will take up the job of doing your taxes. These San Jose Accountants will help you take on all your income tax returns and guide you through the process of paying them to the IRS without any hassles.

 

Payment of Taxes in Cupertino

 

Cirimelli, Pyle and Associates, the CPA Firm in Cupertino provides quality management services with the highest efficiency. This CPA Firm in Cupertino is here just for you to provide assistance in tax planning, filing income tax returns, financial statement preparation, budgeting, forecasting and data processing. They are Certified Public Accountants who have set up a business to help tax payers for businesses and individuals. These San Jose Accountants have a wide range of experience and expertise in this industry and are familiar with the business needs of many organizations big and small alike.

 

 

For tax help in Cupertino or if you have any queries or doubts regarding payment of your taxes in Cupertino, call 408-879-9990. You can also visit their corporate website at www.cpasllp.com or email them at cpa@cpasllp.com for more information on other services offered. Get the right help today!