Rink & Robinson, PLLC opened its doors in 1956 and has provided services to the greater Hickory area for 60 years. On behalf of our staff, we want to thank our family, friends and clients for their support over the many decades. We are grateful to our community and are fortunate to welcome new clients. We appreciate your business and the trust you have placed in our hands.
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As tax filing season approaches, the Internal Revenue Service has information for taxpayers who wonder how long to keep tax returns and other documents.
Generally, the IRS recommends keeping copies of tax returns and supporting documents at least three years. Some documents should be kept up to seven years in case a taxpayer needs to file an amended return or if questions arise. Keep records relating to real estate up to seven years after disposing of the property.
Health care information statements should be kept with other tax records. Taxpayers do not need to send these forms to IRS as proof of health coverage. The records taxpayers should keep include records of any employer-provided coverage, premiums paid, advance payments of the premium tax credit received and type of coverage. Taxpayers should keep these – as they do other tax records – generally for three years after they file their tax returns.
Whether stored on paper or kept electronically, the IRS urges taxpayers to keep tax records safe and secure, especially any documents bearing Social Security numbers. The IRS also suggests scanning paper tax and financial records into a format that can be encrypted and stored securely on a flash drive, CD or DVD with photos or videos of valuables.
Now is a good time to set up a system to keep tax records safe and easy to find when filing next year, applying for a home loan or financial aid. Tax records must support the income, deductions and credits claimed on returns. Taxpayers need to keep these records if the IRS asks questions about a tax return or to file an amended return.
It is even more important for taxpayers to have a copy of last year’s tax return as the IRS makes changes to authenticate and protect taxpayer identity. Beginning in 2017, some taxpayers who e-file will need to enter either the prior-year Adjusted Gross Income or the prior-year self-select PIN and date of birth. If filing jointly, both taxpayers’ identities must be authenticated with this information. The AGI is clearly labeled on the tax return. Learn more at Validating Your Electronically Filed Tax Return.
Taxpayers who need tax information can request a free transcript for the past three tax years. The ‘Get Transcript’ tool on IRS.gov is the fastest way to get a transcript.
If taxpayers are still keeping old tax returns and receipts stuffed in a shoebox in the back of the closet, they might want to rethink that approach. Keep tax, financial and health records safe and secure whether stored on paper or kept electronically. When records are no longer needed for tax purposes, ensure the data is properly destroyed to prevent the information from being used by identity thieves.
If disposing of an old computer, tablet, mobile phone or back-up hard drive, keep in mind it includes files and personal data. Removing this information may require special disk utility software. More information call our office @ 828-322-5813.
IRS changes W-2 & 1099 Filing deadlines
Effective with the 2016 reporting year, deadlines for filing form W-2 with the Social Security Administration (SSA) and Form 1099-Misc with the IRS are changing to January 31.
In the past, employers were required to provide both the W-2 and 1099-Misc forms to recipients by January 31 with a later submission date for filings with the SSA and the IRS (February 28 for paper filings or March 31 for electronic filings).
Beginning in 2017, the 2016 reporting forms will now have one filing deadline – January 31 – for all federal W-2s. This is true for both employee and agency copies regardless of filing type.
Be aware, many states, including North Carolina, have adopted the Federal change to the January 31 deadline!
The new January 31 deadline also applies if you’re filing Form 1099-MISC and reporting amounts in Box 7: Non-employee Compensation (which is fairly common practice). If you don’t have amounts in Box 7, then the deadline remains February 28 for paper filings or March 31 for electronic filings.
As a reminder, the IRS recently eliminated the automatic 30-day extension of time to file W-2 forms. You may still file for an extension, but the IRS states that it will only grant the extension in extraordinary circumstances or due to a catastrophe.
With the timing of the new deadline, it is important that employers, and their CPAs, are well prepared to complete these year-end tasks.
We are growing and expanding our business. In doing so, we need great people to join our team! If you hold a current NC Certified Public Accountant certificate then you meet one of the qualifications to join our staff of professionals. This rare opportunity will allow you to manage your future, your income and your personal growth.
Listed below are requirements for the position:
The Candidate must have a four-year degree in Accounting.
Financial Statement Preparation
Tax – Research & Planning
Tax – Partnership
Tax – Multi-state
Tax – Individual
Tax – Corporate
Fixed Assets / Depreciation
CCH (Pro-Systems fx): Tax, Trial Balance, and Fixed Assets
QuickBooks
Microsoft Office (Word & Excel)
Standard Office Equipment
Learn & adhere to firm procedures and policies
*Applicants must be strategic thinkers, adept in problem solving, possess a strong work ethic & pay special attention to details while working in a fast-paced professional environment.
**Candidate must possess managerial skills and have experience with a CPA firm.
***Knowledge of Pro-Systems Tax, Trial Balance, Fixed Assets, and CCH Client Accounting suite is a major plus
Partnership opportunity available
Apply by Clicking on the link
Certified Public Accountant ~ Career Opportunity
Rink & Robinson, PLLC is a team of Certified Public Accountants and Consultants located in Hickory, NC. We are a leader in assisting small businesses with their taxes and financial reporting by using QuickBooks. As a full service firm, we provide a full array of QuickBooks services including: initial setup, training, data entry, repairing data, data transfer accounting, record keeping, and software support. Look no further for financial staffing.
From simple to complex, “it’s all in the set-up.” If you want QuickBooks to give you the reports you need to successfully run your business, then it needs to be set up correctly. Waiting until year end for your accountant to make corrections is costly and ineffective for your business needs. We will set the correct preferences, customize the invoice format and memorize the right reports to make this powerful business tool work for you. Also, we recommend signing up for quarterly or monthly ongoing services. Our clients appreciate the support and advice that our regular interaction provides.
Is your QuickBooks file accurate, reconciled, and giving you the information you need? If not, we can offer you the service of an experienced staff member who has the training and working knowledge to fix the file and provide continuing advice.
How would you like to run your business and not worry about needing an accounting expert on staff? Let us assist you by performing the more difficult monthly reconciliations and journal entries, while you use QuickBooks to invoice your customers, write your checks, manage your receivables and payables, and give you up-to-date sales and cost information. We can do this remotely, so you can keep using QuickBooks while we do the “back office” work.
We work with all versions of QuickBooks and can work with you along the way. There are online QuickBooks solutions if you want to be able to have access to your financial information from anywhere. This also allows us “real time” access to perform accounting functions such as bank reconciliations, recording payroll, and making journal entries. Take advantage of a free consultation to find out what solution works best for you.
Please note: Whether you are a small or large business or even an Individual; we provide customized accounting and bookkeeping services to all entities.
IN CONGRESS, July 4, 1776.
The unanimous Declaration of the thirteen united States of America,
When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature’s God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.
We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.–That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, –That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn, that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security.–Such has been the patient sufferance of these Colonies; and such is now the necessity which constrains them to alter their former Systems of Government. The history of the present King of Great Britain is a history of repeated injuries and usurpations, all having in direct object the establishment of an absolute Tyranny over these States. To prove this, let Facts be submitted to a candid world.
He has refused his Assent to Laws, the most wholesome and necessary for the public good.
He has forbidden his Governors to pass Laws of immediate and pressing importance, unless suspended in their operation till his Assent should be obtained; and when so suspended, he has utterly neglected to attend to them.
He has refused to pass other Laws for the accommodation of large districts of people, unless those people would relinquish the right of Representation in the Legislature, a right inestimable to them and formidable to tyrants only.
He has called together legislative bodies at places unusual, uncomfortable, and distant from the depository of their public Records, for the sole purpose of fatiguing them into compliance with his measures.
He has dissolved Representative Houses repeatedly, for opposing with manly firmness his invasions on the rights of the people.
He has refused for a long time, after such dissolutions, to cause others to be elected; whereby the Legislative powers, incapable of Annihilation, have returned to the People at large for their exercise; the State remaining in the mean time exposed to all the dangers of invasion from without, and convulsions within.
He has endeavoured to prevent the population of these States; for that purpose obstructing the Laws for Naturalization of Foreigners; refusing to pass others to encourage their migrations hither, and raising the conditions of new Appropriations of Lands.
He has obstructed the Administration of Justice, by refusing his Assent to Laws for establishing Judiciary powers.
He has made Judges dependent on his Will alone, for the tenure of their offices, and the amount and payment of their salaries.
He has erected a multitude of New Offices, and sent hither swarms of Officers to harrass our people, and eat out their substance.
He has kept among us, in times of peace, Standing Armies without the Consent of our legislatures.
He has affected to render the Military independent of and superior to the Civil power.
He has combined with others to subject us to a jurisdiction foreign to our constitution, and unacknowledged by our laws; giving his Assent to their Acts of pretended Legislation:
For Quartering large bodies of armed troops among us:
For protecting them, by a mock Trial, from punishment for any Murders which they should commit on the Inhabitants of these States:
For cutting off our Trade with all parts of the world:
For imposing Taxes on us without our Consent:
For depriving us in many cases, of the benefits of Trial by Jury:
For transporting us beyond Seas to be tried for pretended offences
For abolishing the free System of English Laws in a neighbouring Province, establishing therein an Arbitrary government, and enlarging its Boundaries so as to render it at once an example and fit instrument for introducing the same absolute rule into these Colonies:
For taking away our Charters, abolishing our most valuable Laws, and altering fundamentally the Forms of our Governments:
For suspending our own Legislatures, and declaring themselves invested with power to legislate for us in all cases whatsoever.
He has abdicated Government here, by declaring us out of his Protection and waging War against us.
He has plundered our seas, ravaged our Coasts, burnt our towns, and destroyed the lives of our people.
He is at this time transporting large Armies of foreign Mercenaries to compleat the works of death, desolation and tyranny, already begun with circumstances of Cruelty & perfidy scarcely paralleled in the most barbarous ages, and totally unworthy the Head of a civilized nation.
He has constrained our fellow Citizens taken Captive on the high Seas to bear Arms against their Country, to become the executioners of their friends and Brethren, or to fall themselves by their Hands.
He has excited domestic insurrections amongst us, and has endeavoured to bring on the inhabitants of our frontiers, the merciless Indian Savages, whose known rule of warfare, is an undistinguished destruction of all ages, sexes and conditions.
In every stage of these Oppressions We have Petitioned for Redress in the most humble terms: Our repeated Petitions have been answered only by repeated injury. A Prince whose character is thus marked by every act which may define a Tyrant, is unfit to be the ruler of a free people.
Nor have We been wanting in attentions to our Brittish brethren. We have warned them from time to time of attempts by their legislature to extend an unwarrantable jurisdiction over us. We have reminded them of the circumstances of our emigration and settlement here. We have appealed to their native justice and magnanimity, and we have conjured them by the ties of our common kindred to disavow these usurpations, which, would inevitably interrupt our connections and correspondence. They too have been deaf to the voice of justice and of consanguinity. We must, therefore, acquiesce in the necessity, which denounces our Separation, and hold them, as we hold the rest of mankind, Enemies in War, in Peace Friends.
We, therefore, the Representatives of the united States of America, in General Congress, Assembled, appealing to the Supreme Judge of the world for the rectitude of our intentions, do, in the Name, and by Authority of the good People of these Colonies, solemnly publish and declare, That these United Colonies are, and of Right ought to be Free and Independent States; that they are Absolved from all Allegiance to the British Crown, and that all political connection between them and the State of Great Britain, is and ought to be totally dissolved; and that as Free and Independent States, they have full Power to levy War, conclude Peace, contract Alliances, establish Commerce, and to do all other Acts and Things which Independent States may of right do. And for the support of this Declaration, with a firm reliance on the protection of divine Providence, we mutually pledge to each other our Lives, our Fortunes and our sacred Honor.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Dear Clients, Family Members and Friends:
Please take a moment to reflect on all that we have to be grateful for as Americans. We are truly a blessed people in a blessed land with an incredible heritage of faith, perseverance, courage, honor, and Independence. This is a special holiday and it commemorates one of the most inspired and blessed movements in world history. As Americans lets remember our forefathers and the sacrifices they made by reading the Declaration of Independence. Happy Birthday America!
From the
Staff of Rink & Robinson, PLLC
In Observance of July 4, 2016 our office will be closed for the week beginning Monday July 4th
and will reopen on Monday July 11th @ 8am.
Whether you file taxes online or file tax return forms via mail, the general process to request an extension on the tax deadline is the same. The tax extension deadline is the regular tax deadline. To qualify for a tax extension, you must file the appropriate form by the standard tax filing deadline of April 18, 2016 (or April 19, 2016, if you live in Maine or Massachusetts).
Once you’ve filed your completed IRS tax extension form, you’ll automatically get the six-month extension to file your IRS tax return.
Most taxpayers can qualify for the general automatic tax extension from the Internal Revenue Service if they can’t file their tax returns by the due date. The automatic income tax extension allows you six more months to submit your federal tax forms.
Six months is generally the longest amount of time allowed for an extension for filing taxes, though there are certain exemptions to this general rule. Note that a federal tax extension does not mean that the deadline to submit your state taxes is extended; each state has its own requirements for filing an extension.
Some taxpayers will not qualify to file extensions of any kind. People who are under court order to pay by the regular due date will not be granted more time to pay or file their taxes. Also, if you want the IRS to figure out the taxes you owe or that will be refunded, you will not qualify for the six-month extension.
Even if you file an extension, you will have to pay penalties if you do not pay your taxes by the regular tax due date. Filing a tax extension keeps you square with the IRS and lets them know that you will be filing your complete paperwork later, but it does not grant you more time to pay the taxes you owe. If you might be subject to a penalty, keep the following in mind:
1. The penalty for paying late is 5 percent for every month that the outstanding tax is not paid.
2. The maximum penalty for paying late is 25 percent of the total.
3. The minimum penalty is $135 or 100 percent of the balance due, whichever is smaller.
If you are going to pay your taxes late, you can avoid a penalty if you can show the IRS that you have a reasonable cause for not paying your taxes on time. If you believe that you have reasonable cause, attach a form explaining your reasons to your federal tax extension form. Note that you might have to pay interest on unpaid taxes. Currently, this rate is about 3 percent annually.
Much like the late payment penalty, you can avoid the minimum penalty by showing the IRS that you have a reasonable cause for filing after the due date. Attach a statement to your form with an explanation about why you filed taxes after the due date to apply for this extension. You do not have to, nor should you, include the tax extension form.
The interest on your late taxes will accumulate as tax debt until you pay the IRS in full. So although an extended deadline might sound good, it’s wise to file for a tax extension only if absolutely necessary.
You can find more information at IRS.gov or by calling the IRS tax help line number at 800-829-1040.
Tax Deadline ~ April 18, 2016
Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government’s General Accounting Office in prior years, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.
Whether we like it or not, today’s tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program, there’s no substitute for the assistance of an experienced tax professional.
For your personal income tax return, we will send you a tax organizer each year. The tax organizer will assist you in accumulating your tax information and assist us in making sure your tax return is complete by having identified all deductions that pertain to your individual tax situation. Having a certified public accountant reviewing your return is an added benefit from small preparers who have no second review process. We make suggestions and are hands on in providing a valuable service to you for the future.
Attention to all
Repair, Maintenance, Installation, Automotive, etc.
Effective March 1, 2016, N.C. Gen. Stat. § 105-164.4(a)(16) imposes the general 4.75% State rate of sales and use tax “to the sales price of or the gross receipts derived from repair, maintenance, and installation services” sold at retail and sourced to the State. The applicable local (2.00% or 2.25%) and applicable transit (0.50%) rates of sales and use tax also apply to the sales price of or the gross receipts derived from such services.
Defined by activities such as: to keep or attempt to keep tangible personal property or a motor vehicle in working order to avoid breakdown and prevent repairs or to install or apply tangible personal property except tangible personal property installed or applied by a real property contractor pursuant to a real property contract. ~ for more information call our office.
An example: A person engaged in business in the state of selling appliances at retail is a retailer. Any charges by such person on or after March 1, 2016 for a service call for troubleshooting only is a charge for repair, maintenance, and installation services and is subject to tax.
A sampling of services generally considered repair, maintenance, and installation services
are listed below.
Reupholster boats.
Re-string or re-grip tennis rackets, golf clubs, or musical instruments.
Tune pianos or other musical instruments.
Repair laptops, cell phones, remove viruses/malware, conduct diagnostic tests, or adjust computer settings.
Please note there are some exemptions to this NEW statute like:
pressure washing
housekeeping of real property
and more!
This is a directive issued by NC Department of Revenue- New NC Sales Tax Laws
North Carolina Department of Revenue
Businesses are allowed to deduct the cost of capital expenditures over time according to depreciation schedules. In previous legislation, Congress allowed businesses to more rapidly deduct capital expenditures of most new tangible personal property, and certain other new property, by permitting an additional first-year write-off of the cost. For qualified property placed in service before Jan. 1, 2015 (before Jan. 1, 2016 for certain property with a longer production period and certain aircraft), the additional first-year depreciation was 50% of the cost. The new law extends additional first-year depreciation for investments placed in service during 2015 through 2019 (with an additional year for the longer production period property and aircraft). The bonus depreciation percentage is 50% and phases down to 40% in 2018, and 30% in 2019. However, for the long production period property and aircraft, the 40% and 30% rates apply instead in 2019 and 2020 respectively.
For property placed in service in 2015, the new leaves in place the prior rules as to what kinds of property qualify for additional first-year depreciation. Generally the property must be (1) tangible depreciable property with a recovery period of 20 years or less; (2) water utility property; (3) computer software; or (4) qualified leasehold improvement property. Also, the original use of the property must commence with the taxpayer; used machinery doesn’t qualify.
However, for property placed in service after 2015, the new law includes as a qualifying category of property “qualified improvement property” instead of “qualified leasehold improvement property.” The new category is broader than the old category and includes any improvement to an interior portion of a building which is nonresidential real property if the improvement is placed in service after the date the building was first placed in service, but not including any improvement for which the expenditure is attributable to the enlargement of the building, any elevator or escalator, or the internal structural framework of the building.
In a win for agricultural interests, the new law also permits certain trees, vines, and other plants bearing fruit or nuts to be eligible for bonus depreciation when planted or grafted, rather than when placed in service.
And, as was true for property placed in service before 2015, the new law allows taxpayers to elect to accelerate the use of AMT credits in exchange for giving up bonus depreciation (and other accelerated depreciation) for bonus-depreciation-eligible property placed in service during 2015. And, the provision modifies the rules for that exchange, beginning in 2016, by changing the limit on the unused AMT credits that may be claimed in lieu of bonus depreciation.
I hope this information is helpful. Also, if you would like information on any other aspect of the new law, please do not hesitate to call. 828-322-5813 or 800-467-4972
