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August 2011 Newsletter

Bryan's Random Thoughts

Hello ,
 
Let's get past the debt ceiling talks and move on to the new school year!  Let's capture the last of the summer activities and trips!  Enjoy family and friends!
 
I hope you enjoy this month's articles!
 
Hope you have a great August!
 
Bryan Mogg

CCH Tax Briefing, August 1, 2011

LEGISLATION: White House and Congressional Leaders Agree to Raise Debt Ceiling; Create Joint Committee on Deficit Reduction

With an August 2 deadline looming, President Obama and Congressional leaders have reached an eleventh hour agreement to raise the federal debt limit. The two-part deal includes creation of a joint select committee of Congress to determine additional deficit reduction measures before year-end.
 
At press time, it is unclear what changes to the Tax Code may be addressed by the joint committee. In recent months, tax proposals from both sides of the aisle raised as part of the current deficit debate have included bold, sweeping changes. Many of these changes could be part of the joint committee's recommendation.

Click for the full tax briefing on our website

CCH Tax Briefings, April 14, 2011

LEGISLATION: Obama Signs 1099 Repeal Bill

President Obama signed on April 14 a
bill (H.R. 4) to repeal controversial
expanded information reporting on
Form 1099 for certain business payments
and rental property expense payments. The
Senate passed H.R. 4 on April 5, the House
had approved the bill on March 3, 2011.
To offset cost of repeal, H.R. 4 increases
the amount of the overpayment of the
health insurance premium assistance credit
that is subject to recapture. Since both the
House and Senate passed identical bills,
H.R. 4 — also known as the “Comprehensive
1099 Taxpayer Protection and Repayment
of Exchange Subsidy Overpayments
Act of 2011” — did not have to go to a
conference committee.

Click for the full tax briefing on our website

CCH Tax Briefings, February 17, 2011

LEGISLATION: Obama Unveils FY 2012 Budget; Renews Call to End Bush-Era Tax Cuts for Higher Income Individuals

President Obama released the third proposed federal budget of his term, for fiscal year (FY) 2012, on February 14.  The FY 2012 budget renews many of the president's earlier tax policies, such as ending the Bush-era tax cuts for higher income individuals, making permanent the American Opportunity Tax Credit, eliminating some energy tax incentives, and reforming some international tax provisions.  Overall, President Obama proposed $3.73 trillion in federal spending and $1.1 trillion in deficit reductions.  The president's FY 2012 budget now faces many Congressional hearings, at which lawmakers are expected to challenge many of the proposals, especially in the GOP-controlled House.

Click for the full tax briefing on our website

irs.gov, June 23, 2011

TAXES: IRS Increases Mileage Rate to 55.5 Cents per Mile

The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes.
 
The rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011, as set forth in Revenue Procedure 2010-51.

Click here to learn more about standard mileage rates

accounting today, June 8, 2011

NONPROFIT: IRS Says 275,000 Organizations Automatically Lose Tax-Exempt Status

The Internal Revenue Service said Wednesday that approximately 275,000 organizations have automatically lost their tax-exempt status under the law because they did not file legally required annual reports for three consecutive years.
 
The IRS believes the vast majority of the organizations are defunct, but it also announced special steps to help any existing organizations to apply for reinstatement of their tax-exempt status.

Click here learn more about tax-exempt status

American Expres OPEN Forum, June 7, 2011

SAVINGS: How Cloud-Based Systems Trim Your Operating Costs

Enter the cloud. It's calling you. It wants to save you money. Actually, it wants to make money off of your business, but if you're even a little bit aware of what you're doing, you'll save money by switching to cloud-based computer applications rather than traditional solutions. Say hello to a brave new world of business conducted in the stratosphere and enjoy the very earthly delight of a larger profit margin. Here's what to expect.

Click here to learn more about cloud-based systems

Aha! Jokes

Newsletter Joke

The requirements of this job
 
Employer: "In this job we need someone who is responsible."
 
Applicant: "I'm the one you want. On my last job, every time anything went wrong, they said I was responsible."

ROTARY: Peach and Pear Sale

Rotary Club of Littleton Sunrise is selling Peaches and Pears.  They are picked on a Friday and delivered the next day on Saturday.  Peaches are sold in 20 lb. and 10 lb. boxes.  Pears are sold in 10 lb. boxes.  20 lb. boxes are $30 and 10 lb. boxes are $20.  Pickup is August 27th at the south side parking lot a Arapahoe Community College.

Click here for more information on peaches and pears

ROTARY: Rubber Ducky Race

Rotary Club of Littleton Sunrise and Love INC are hosting the 5th Annual Brad Bradfor Rubber Ducky Race on August 14th at the War Memorial Rose Garden in Littleton.  There will be 5 chances to win $10,000.  Ducks can be adopted for $5 or 4 for $20.

Click here for more information about rubber ducky race

IRS Circular 230 Notice

IRS CIRCULAR 230 NOTICE: We are required by U.S. Treasury Regulations to inform you that, to the extent this communication (including any attachments) includes any tax advice, it is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties imposed by any governmental taxing authority or agency.

In This Issue

Bryan's Random Thoughts

LEGISLATION: White House and Congressional Leaders Agree to Raise Debt Ceiling; Create Joint Committee on Deficit Reduction

LEGISLATION: Obama Signs 1099 Repeal Bill

LEGISLATION: Obama Unveils FY 2012 Budget; Renews Call to End Bush-Era Tax Cuts for Higher Income Individuals

TAXES: IRS Increases Mileage Rate to 55.5 Cents per Mile

NONPROFIT: IRS Says 275,000 Organizations Automatically Lose Tax-Exempt Status

SAVINGS: How Cloud-Based Systems Trim Your Operating Costs

Newsletter Joke

ROTARY: Peach and Pear Sale

ROTARY: Rubber Ducky Race

IRS Circular 230 Notice

Keep the referrals coming
We work solely from referrals so we need your referrals. The best praise you can give us is to refer someone.

We have partnered with Kiva to provide microfinancing loans. We will provide a $25 microfinancing loan on your behalf for Kiva for every referral that becomes a client. We have created a lending team to track the number of loans we have made as a group and the total amount of loans outstanding. Keep the referrals coming and watch the loans grow. Long live the spirit of entreprenuerism.
Click to learn how it works
Financial Calculators
We have linked many financial calculators to our website.  We have financial calculators for auto, business, college, credit card, investment, loan, mortgage, personal finance, retirement, savings, and taxes.  We will be adding more calculators as the need arises so check back often.  If you would like to see another calculator, please let us know and We'll see if we can add it.
Click for website
Facebook
We are on Facebook.  "Like" us and receive more articles than those included in the newsletter along with discussions, promotions, and event postings.
Payroll Relief
We now have a fully comprehensive payroll solution platform with a low cost fixed fee. It processes accurate payroll but also includes direct deposit, efiling of tax payments and forms, year end processing, and provides an employee portal at no extra charge.
Click for more information on Payroll Relief
QuickBooks and Quicken Discounts
Many of our clients use these products and have been trying to find them at discounted rates so we contacted the company and are now able to provide these discounts to our clients and friends.
 
Please check out the discounts available.
Click for QuickBooks and Quicken Discounts
Mogg & Associates, LLC • 2629 W Main St, Ste 160 • Littleton • CO • 80120

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