Major Tax Deadlines

For October 2009 

* October 1 – Generally, the deadline for self-employeds and small businesses to establish a SIMPLE retirement plan for 2009. 

* October 15 – Deadline for filing 2008 individual tax returns on automatic extension of the April 15 filing deadline. 

* October 15 – If you converted a regular IRA to a Roth IRA in 2008 and now want to switch back to a regular IRA, you have until October 15, 2009, to do so without penalty. 

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 

A new vehicle could bring tax savings 

If you’re thinking of buying a new car, truck, motorcycle, or motor home this year, you might benefit from a tax break included in the “Recovery Act of 2009.” Here are the details. 

* You can deduct state and local sales taxes paid on up to $49,500 of the purchase price of a qualifying vehicle. 

* Qualifying vehicles generally include new (not used) cars, light trucks, motorcycles, and motor homes purchased after February 16, 2009, and before January 1, 2010. 

* The deduction can be claimed on your 2009 tax return regardless of whether or not you itemize other deductions. 

* The deduction phases out for single taxpayers with income between $125,000 and $135,000. For joint filers, the phase-out range is $250,000 to $260,000. 

For more information or planning assistance, give us a call. 

Mortgage debt relief: Answers to frequently asked questions 

To compound the financial woes resulting from a foreclosure or other mortgage restructuring for your home, the IRS generally imposes tax when debt is cancelled. In other words, you’re taxed on the amount forgiven by the lender as if you actually received it as income. However, Congress provided some relief to homeowners under the “Mortgage Forgiveness Debt Relief Act of 2007.” 

Here are the answers to several common questions in this area. 

* What relief does the recent law provide? Generally, it excludes tax on cancellation-of-debt income realized from a foreclosure, short sale, or other mortgage restructuring. This tax break only applies to debt used to buy, build, or improve your principal residence. It isn’t available for vacation homes or investment property. 

* Is there a limit? Yes. The exclusion can cover the tax due on up to $2 million of forgiven debt ($1 million if you’re married and file separate tax returns). Any excess is taxable under the general rules. 

* How does the exclusion affect your basis in the home? You must reduce your basis (the amount used to determine taxable gain or loss from a home sale) by the amount of cancelled debt excluded from taxable income. For example, if a loan restructuring results in cancellation of $50,000 of debt on a home with a basis of $450,000, your basis is reduced to $400,000. This could increase your taxable gain when you sell the home, although the first $250,000 of gain ($500,000 for joint filers) may still be sheltered by the home sale exclusion. 

* How do I know how much debt is excluded? Your lender will send you Form 1099-C (Cancellation of Debt) showing the amount of debt forgiven and the fair market value of property given up through foreclosure. It also sends the IRS a copy of the form. The IRS encourages homeowners to check this information carefully. 

* What is a short sale? Instead of foreclosing on a home, a lender may allow you to sell it for less than the mortgage amount and take the proceeds in full satisfaction of the debt. For instance, let’s say you still have a mortgage of $250,000 on your home, but the home’s value has dropped to $225,000. Assuming the bank agrees to a short sale and you incur $15,000 in selling expenses, you turn over the remaining $210,000 to the bank. The $40,000 difference, which will be reported on Form 1099-C, qualifies for the tax exclusion on cancellation-of-debt income. 

* Is this tax relief permanent? No. Initially, the tax exclusion only applied to debt forgiven in 2007, 2008, or 2009. But the economic stimulus law passed last year – the “Emergency Economic Stabilization Act of 2008″ – extended this tax break for three years through 2012. 

This is just a brief overview of the new mortgage debt relief available to homeowners. Call us if you have questions pertaining to your situation. 

New Business 

Our workforce is changing 

Things are changing on the job front. Here are a few workforce numbers reported recently. 

* If the trend reported in June 2009 continues, women will soon make up the majority of the nation’s workforce. In June 2009 women held 49.83% of the country’s 132 million jobs. This will be the first time in history that women constitute a majority on the job front. 

* The Labor Department reports that in the first five months of 2009, 5.3% or some 7.6 million workers held more than one job. 

* According to the Pew Research Center, the U.S. workforce is getting older. By 2016, 22.7% of the workforce will be aged 55 and older. Reasons cited include the effect of the current economic downturn on retirement savings and the extra years young people remain in school instead of joining the workforce. 

* The Bureau of Labor Statistics reports that between 2000 and 2008, the number of workers aged 65 to 69 rose 25%. Workers in the 70 to 74 age group increased 32%, those in the 75 to 79 age group increased 38%, and those 80 and older increased 67%. It’s clear that as people live longer, their attitudes toward retirement are changing. 

Six questions to ask before starting a business 

Throughout America, in rural towns and large cities, companies come and go with clockwork frequency. That specialty store with the ragged sign and lousy service? It’s been replaced by a funky restaurant that serves great linguini. Yesterday’s bicycle shop is today’s bakery. It’s no wonder. Creating a company that can survive even a few years is not an easy feat. 

If you recently lost your job or have always dreamed about being your own boss, you may be contemplating a new business venture. Before launching a small business, increase your chances of success by answering a few simple questions. 

1. Is there a market for my product or service? Test your target demographic. This can be as simple as putting together focus groups who will provide honest feedback. You might also attend trade shows to network with others in similar markets. Consider reviewing census figures for your area. For example, are you planning to sell baby clothes when most people in your target area are empty nesters? 

2. How much money will I need? You’ll want to review sales revenue and expense forecasts for the first year of planned operations. By the way, don’t count on friends, relatives, or bankers to bail you out if cash flow doesn’t meet expectations. A basic rule is that the company should have enough cash to survive – without tapping loans, credit cards, or lines of credit – for at least a year. For many people, that means starting the business while keeping their day job. 

3. Do I have a business plan? A detailed business plan will help you think through all aspects of your company’s start-up phase. It defines what you’re selling. It lays out marketing strategies, start-up capital requirements, overhead expenses, expected cash flow, and plans for business growth. It should include a summary of your experience in that product or service. 

4. Are my books in order? Whether you keep your own records or hire someone else to perform this important task, you should know whether your business is profitable on a monthly basis. That means tracking all expenses, including payroll costs and inventory. A sales-only focus has doomed many small businesses to failure. 

5. How should the business be structured? Sole proprietors are liable for the business debts, taxes, and legal costs of their companies. You might want to consider setting up your firm as a corporation or limited liability company. Analyze this important decision at the outset so that you understand your options. 

6. Should I set up a website? Whether or not you plan to use the Internet for sales, you can’t ignore the potential value of an online presence. It might create a higher degree of visibility for your small business and enable you to advertise your main selling points to the general public. A website also gives the opportunity to promote your activities or offer special incentives. 

Starting a small business is not for the faint of heart. For guidance in getting off to a good start, give us a call. 

What’s New in Finances 

Income levels down in 2008 and not much improvement expected in 2009 

The Census Bureau’s annual report on income and poverty provides a snapshot of the state of the U.S. economy. 

According to the report, the median American household income dropped 3.6% in 2008, the steepest drop since the government began keeping records in 1947. Income was at its lowest dollar level since 1997. 

It’s expected that 2009 will probably be even worse, with a 5% decline in incomes expected. 

Other statistics from the report: 

* The number of people living in poverty rose to 13.2% in 2008, up from 12.5% in 2007. That’s the highest poverty rate since 1997. 

* Thanks to Medicare, Medicaid, and the state Children’s Health Insurance Program, the number of Americans without health insurance remained the same as the previous year. 

* Women continued to earn 77% of what men made in 2008, unchanged from 2007. 

Credit card fraud: Will you be the next victim? 

Credit card fraud has been around since the advent of credit cards, but the thieves have advanced with technology. 

At first, crooks used low-tech maneuvers like robbery, dumpster diving, or mailbox crashing to steal cards, statements, and merchant receipts. Although still popular, these methods are being eclipsed by more sophisticated techniques that range from phone scams and phishing to phony websites and spyware. 

Phone scammers use lies to trick victims into disclosing their credit card numbers and other sensitive information. The callers might say they’re asking for charitable donations, selling goods or services, or “updating” your account information. 

Phishing is the online equivalent, where scammers send e-mails claiming to be from legitimate sources like PayPal, eBay, banks, or even the IRS. The e-mails usually direct recipients to official looking websites that use various pretexts to elicit credit card information. 

Spyware can be installed on your computer when you open an unsolicited e-mail attachment. Although less frequent, skilled hackers can also insert spyware through unpatched weaknesses in Windows or Web browsers. 

The spyware sends the desired data (credit card numbers, etc.) to remote servers whenever the victims enter the information. 

Here are steps you can take to guard against fraud. 

* Photocopy credit cards and other important documents that you keep in your wallet. Use the copies to notify your bank and credit card companies if your wallet is lost or stolen. Then cancel the cards and put a hold on all charges. 

* Always review your bank and credit card statements to make sure the charges are legitimate. Notify issuers immediately of any unauthorized entries. Then consider changing your account number or canceling the card. 

* Shred statements or receipts before disposing of them. 

* Never give personal information to an unsolicited caller. Scammers can falsify names and numbers that appear on your caller ID. Look up the company’s number to make sure it’s legitimate; then call back if you wish. 

* Don’t open e-mail attachments from unknown parties, and don’t respond to unsolicited e-mail requests for personal information. 

* Avoid writing down your PIN or passwords, and shield the numbers when using ATMs or similar machines. Even if nobody is nearby, thieves may have affixed hidden cameras. 

* Protect your computer with a firewall, anti-virus software, and an anti-spyware program and update them. 

* The IRS does not use e-mail to contact you. Do not open or respond to such e-mails. 

The information contained in this blog is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance. For more information on anything in the Online Advisor, or for assistance with any of your tax or business concerns, contact our office.

Today’s fiercely competitive environment coupled with a bleeding economy places small and growing businesses at a distinct disadvantage. Such businesses do not have access to the management tools that big businesses enjoy. They lack timely financial information of the health of their business and awareness of the benchmark of comparative businesses. 

This is where Cirimelli, Pyle and Associates level the playing field. This accounting firm located in Campbell, Ca. understands the needs of the small businessman and has the appropriate solutions. It provides quality management and financial services backed by relevant reports and statements. Cirimelli, Pyle and Associates has been the guiding force behind many a small business on the road to success. 

Please visit their website at http://cpasllp.com/  to know more of their financial support services.

Cirimelli, Pyle and Associates LLP, located in Campbell, Ca. is an accounting firm which offers a total package of financial services. Apart from routine accounting, tax planning and forecasting, this CPA firm tenders advice on non-traditional finance-related matters. This includes such services as consultancy in mergers and acquisitions, and tax shelters. Cirimelli, Pyle and Associates keep abreast of the latest technological advances in financial computing and incorporates such tailor-made systems into its client’s day-to-day operations. These business accountants also advise clients of their performance measured against prevailing industry standards. This CPA firm offers its clients comprehensive need-based financial services. 

Contact CPA at 408-879-9990 or visit them at www.cpasllp.com and arrange for a free informal consultation.

Cirimelli, Pyle and Associates, a California CPA firm of accountants in San Jose offers accounting services to real estate professionals. Their clients are agents, brokers, investors and developers whose tax and accounting needs they meet. This CPA firm offers tailor-made services developed in-house to address the challenges and typical tax practices faced by the industry. Cirimelli, Pyle and Associates endeavors to maximize tax benefits and facilitate estate planning for their clients while protecting their assets from creditors. These business accountants provide a single-window for the accounting and taxation needs for any professional in the real estate business.

For more of their services, visit their webpage http://www.sanjose-cpa.com/svcs_real.htm

Cirimelli, Pyle and Associates LLP, is a firm of California licensed CPAs that offers quality financial management services to all commercial ventures and professionals regardless of size. Cirimelli, Pyle and Associates LLP is updated with the latest technological advances in the accounting field. The firm is backed by a wealth of experience in accounting systems designs, and advises their clients on selection of computers and personnel as a management tool for sound business decisions. In addition, Cirimelli, Pyle and Associates LLP undertakes all traditional accounting tasks like bookkeeping, preparation of financial statements and tax returns and helps clients fulfill required statutory obligations. 

For more information on their services, please visit their websites: www.sanjose-cpa.com and www.cpasllp.com. You can also contact them at 408-879-9990 and cpa@cpasllp.com. Also visit www.incometaxbayarea.com

Cirimelli, Pyle and Associates is based in Campbell, Ca. It is an experienced firm of CPAs who offer composite services related to accounting, taxation and financial aspects of day-to-day running of any business. Their clients represent a cross-section of professionals, manufacturing industries, hotels, restaurants and commercial establishments. This CPA Firm has an advanced computerized system for preparation of periodical financial statements and tax returns. Timely financial analysis is a barometer of the health of an organization that serves to forewarn top management and business owners to take corrective action when needed. This firm of CPAs files statutory returns as required by regulatory bodies and even appears before them on behalf of their clients.

We owe taxes one way or the other to the federal government. Whether it’s working in a company, running a business or doing our own things through self employment, year-end tax planning is a must for all American citizens. Filing tax returns can get complicated because we may make mistakes that are intentional or unintentional, but the IRS will think otherwise and cut tax deductions that you are likely to receive sooner or later. To avoid such unnecessary situations, you can seek professional tax help and advice from a tax consultant. 

A CPA or tax consultant is the right person who can provide accounting services in an impeccable manner that lets you take control of your finances and prepare for yearly tax filings. Cirimelli Pyle and Associates, a CPA Firm in Santa Clara, California provides service in Individual/Business tax preparation, client accounting, write up services, year-end tax planning and a free initial consultation for new clients. To know more visit http://cpasllp.com/services/services.htm or call (408) 879-9990 or FAX: (408) 879-0992.

CPAs otherwise called Certified Public Accountants shoulder a huge responsibility as they have to exercise moral judgments in dealing with each individual’s case. As highly qualified professionals, they play a huge role in society and are responsible to all those who take their help and guidance. Their key role involves, improving accounting standards, maintaining client confidentiality and offering impeccable services to people from different backgrounds and professions. 

If you say that you need a business accountant to help you in organizing your finances or filing your income tax returns, then Cirimelli Pyle and Associates is the right CPA Firm for the job. From providing financial management, accounting, auditing services and basic tax help for individuals and companies, this CPA Firm in San Jose employs only experienced accounting professionals to carry out various tasks. Visit their corporate website at www.cpasllp.com to know about their services offered in the state of California.

Major Tax Deadlines

For September 2009 

* September 15 – Due date for individuals to pay third quarter installment of 2009 estimated tax. 

* September 15 – Due date for filing 2008 tax returns for calendar-year corporations that had an extension of the March 16 filing deadline.      

* September 15 – Due date for filing 2008 partnership tax returns that had an extension of the April 15 filing deadline. 

* October 1 – Deadline for businesses to adopt a SIMPLE retirement plan for 2009. 

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 

The IRS reminds taxpayers to use new tax breaks 

The IRS has issued a news release reminding taxpayers to take advantage of the tax breaks provided in the “American Recovery and Reinvestment Act of 2009,” the recovery law passed earlier this year. 

Among the tax benefits that are available for a limited time: 

* First-time homebuyer credit of up to $8,000 for homes purchased before December 1, 2009. 

* Deduction for state and local sales and excise taxes paid on the purchase of a new car, light truck, motor home, or motorcycle. No limit on the number of vehicles you may buy, but the deduction per vehicle is limited to tax on up to $49,500 of the purchase price. Higher-income taxpayers won’t qualify for the deduction, and the deduction ends after 2009. 

* Credit for energy-efficient home improvements of up to $1,500 for improvements done in 2009 and 2010. 

* American opportunity tax credit of up to $2,500 for qualifying higher education expenses for 2009 and 2010. 

The IRS is so concerned that taxpayers will not utilize these tax breaks that it has also launched a YouTube video site and an iTunes podcast with information about these tax breaks. 

Do a year-end investment review to cut taxes and increase returns 

This is a good time of year to review and rebalance your investment portfolio. Although the recent market volatility has been disastrous for many investors, there may still be some year-end moves you can make that will cut your 2009 taxes and increase your after-tax returns. As you identify investments to buy and sell, keep the following tax implications in mind: 

* First, remember that any sales you make within your retirement accounts are free of tax. If you need to trade just to rebalance your portfolio, consider doing it in your IRA or 401(k) plan. 

* If you’re selling investments to weed out poor performers, remember that losses can cut your tax bill. You can use capital losses to offset taxable gains, plus up to $3,000 of other income. If you still have losses left over, you can carry them forward to use in future years. 

* Not all dividends on stocks and mutual funds are taxed at the same rate. “Qualified” dividends paid by most U.S. and some foreign companies enjoy lower rates of 5% or 15%, depending on your tax bracket. 

* You can often manage the size of your gain or loss when you decide to sell some, but not all, of a particular stock or mutual fund. To do this, you must have kept good records of the date and the price for each share purchase. By selling the highest cost shares first, you’ll minimize your taxable gain or maximize your loss. You must specify the particular shares you are selling at the time you sell. 

* Don’t forget to include any reinvested dividends when you calculate your cost basis for mutual fund shares. 

* If you’re planning to buy or sell mutual fund shares close to year-end, take the tax consequences of the fund’s year-end distribution into account. 

* If you want to dispose of stock that has appreciated, consider donating it to your favorite charity. You can generally claim a deduction for the appreciated value and avoid paying any tax on your gain. 

Give us a call to find out more about year-end investment planning. 

New Business 

IRS urges small businesses to use tax breaks

The “American Recovery and Reinvestment Act,” the economic stimulus law passed earlier this year, included a number of tax-saving opportunities for businesses. Because some of these tax breaks are available for a short time only, the IRS is urging small businesses to act now to benefit from the provisions.

 * Equipment purchases. The $250,000 limit for immediately expensing qualified equipment purchases was extended through 2009. The deduction is gradually reduced once annual equipment acquisitions exceed $800,000. Both new and used equipment qualify for this tax break. Sport utility vehicles are still subject to the $25,000 expensing limit. 

In addition to the expensing option, purchases of new equipment, software, and qualified leasehold improvements can qualify for 50% first-year bonus depreciation through the end of 2009. 

* Expanded net operating loss carryback. The 2009 law extended the carryback period for 2008 net operating losses from two years to as many as five years. To be eligible for the extended period, a business’s average annual gross receipts for the last three years must be $15 million or less. 

This option is available to eligible taxpayers for a limited time. A corporation that operates on a calendar-year basis, for example, must file a claim by September 15, 2009, while eligible individuals (sole proprietors, partners in a business partnership, and S corporation shareholders) have an October 15, 2009, deadline. 

* COBRA credit. Employers providing the 65% COBRA health insurance premium for former employees claim credit for this subsidy on their quarterly or annual employment tax returns. According to the IRS, businesses can ease cash flow problems by reducing their employment tax deposits by the amount of the credit. 

For guidance in identifying and utilizing both new and old tax breaks for your business, give us a call now. 

Is your business prepared for flu season? 

The government is encouraging businesses to look ahead to the upcoming fall and winter flu season and to make plans to minimize the flu’s effects on business productivity. Flu season may be worse this year due to the H1N1 or swine flu which still has not been effectively brought under control. 

Some actions being suggested by government officials: 

* Encourage vulnerable workers to get the flu vaccine as soon as it becomes available (pregnant women, health care providers, older individuals, and those with asthma, for example). 

* Clean work areas, stock up on hand sanitizers, encourage frequent hand washing. 

* Send workers home at the first sign of flu symptoms, and encourage them to stay home for at least 24 hours after fever abates. 

* Consider staggering work shifts or letting employees work at home if a company-wide outbreak seems likely. 

Your business should also consider developing a plan for operating if a flu pandemic strikes. The U.S. government has started to plan for the consequences of a pandemic, but in the chaos that would accompany a serious outbreak of flu, your business can’t rely only on the government. At this point, it’s probably too early to make concrete plans. But it’s not too early to start thinking about the possible effects on your business and how you would deal with them. 

Consider the following issues: 

* Loss of employees. How would you cope if perhaps 25% of your employees were sick and unable to report for work? How would your business be affected? 

* Quarantined employees. What would happen if a significant number of your employees were quarantined and unable to report to work? Could they work from home? It’s quite possible that compulsory quarantine would be imposed if an area is affected by an outbreak. 

* Loss of a supplier. How would you be affected if a major supplier lost employees and cut back production? How much inventory do you keep on hand? 

* Disruption in shipping. A pandemic could well disrupt transportation and shipping. This could affect both your supplies of materials and your ability to ship a product. 

* Loss of communications. In a worst case, telephone and/or Internet service could be interrupted. How would this affect your ability to do business? 

The potential problems and the solutions to them are different for every business. There are certainly no easy answers. But the businesses that come through a pandemic in the best shape will be those that have done their planning! Make a start by assessing your vulnerabilities and thinking of possible responses. 

What’s New in Finances 

New credit card rules become effective 

The new “Credit Card Accountability, Responsibility and Disclosure Act of 2009″ (CARD), which is designed to protect consumers from unfair credit practices, generally does not take effect until February 2010. But a few provisions went into effect on August 20, 2009. 

Credit card companies must now give consumers 45 days notice before changing interest rates or fees. However, they don’t need to warn you of a rate increase if your payment is late by 60 or more days.  

The new law will not allow credit card companies to count your payment as late unless they’ve sent their bill at least 21 days before it is due. 

Provisions in the law which go into effect next year will restrict rate increases on existing card debt and marketing to college students. 

As things change, update your beneficiaries 

Although life’s only certainties may be death and taxes, we rarely enjoy planning for them. But without planning, your assets can go to unintended recipients – including the government. 

* Only the first step. Naming your beneficiaries is only the first step. It’s just as important to periodically review the beneficiaries designated by your will, insurance policies, investment accounts, retirement plans, and similar documents. Examine each document carefully, because some assets may pass to the beneficiaries named in the governing document, regardless of the terms of your will. 

Example: You name your husband as sole beneficiary of your life insurance policy and your 401(k) plan. After a few years, you divorce and remarry. You remove your ex-husband from your will and name your new husband as the insurance beneficiary, but you forget about the 401(k) plan. The result: When you die, your ex-husband probably will inherit the plan assets. 

Events that might require changing beneficiaries include marriage, birth, divorce, death of a beneficiary, increases or decreases in your wealth, changes in tax law, or simple changes of heart. Even in the absence of a triggering event, it’s wise to review your designations regularly. A beneficiary may have fallen out of favor. A once-needy beneficiary may have become wealthy, enabling you to divert your assets elsewhere. Ongoing changes to estate tax law may mandate different approaches to beneficiary selection. 

* Where to start. When reviewing your beneficiary designations, start by listing the relevant documents. In addition to your will, personal life insurance, and active retirement plan, include employer-provided life insurance and life insurance associated with services such as credit cards, medical plans, and trade associations. You’ll also need to look at stock purchase plans, stock option plans, and similar benefit programs. 

If you haven’t reviewed your beneficiary designations lately, think about doing it soon. For assistance in your review, give us and your attorney a call. 

Take a Break 

Millions, Billions, Trillions: Just how much money is it? 

The recent stimulus law provided about $800 billion dollars in an effort to get the U.S. economy back on track. The proposed 2010 federal budget hit the $3.5 trillion mark. 

Just how much money is that? Most people have a hard time envisioning such astronomical amounts. Here’s a visual that might help. 

$1,000,000 – If you laid one million one-dollar bills end-to-end, you would have a path 95 miles long. 

$1,000,000,000 – A billion one-dollar bills laid end-to-end would go around the earth almost four times. (The earth is about 25,000 miles around.) 

$1,000,000,000,000 – A trillion one-dollar bills laid end-to-end would go around the earth 3,800 times. So a $3.5 trillion federal budget would wrap the world 13,000 times in one-dollar bills. And that, fellow taxpayers, is a lot of money. 

The information contained in this newsletter is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance. For more information on anything in the Online Advisor, or for assistance with any of your tax or business concerns, contact our office. 

The first thing you should ask yourself is do you really need a business accountant? If you would like to file your tax returns quickly or if you are caught up in a complicated situation that you just can’t solve, then you can employ the services of a Certified Public Accountant. A CPA is a licensed agent who specializes in handling corporate/individual tax issues, accounting transactions, audits and business consultations. 

The next step would be to find a CPA Firm that is reliable enough to entrust your financial confidentiality. This is an important step and the sooner you find a CPA firm, the better for you as you don’t have to worry about handling complex situations. Cirimelli Pyle and Associates is a CPA Firm in Sunnyvale that offers all their clients top notch accounting services and financial management solutions in an immaculate manner. To know more visit www.cpasllp.com or mail them at mailto:cpa@cpasllp.com if you have any queries.