December Newsletter

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DON’T LET CAPITAL LOSSES GET YOU DOWN

No one wishes to lose money on an investment. But, if it happens, the investor may at least be able to lower his or her tax bill. This article explains how capital losses can save tax, looks into the wash sale rule and offers some potential coping strategies. A sidebar looks at special considerations related to mutual funds.

 

IRS CONTINUES TO ENFORCE “REASONABLE” SHAREHOLDER-EMPLOYEE SALARIES

Because shareholder-employees of S corporations aren’t subject to self-employment taxes on their respective shares of the company’s income, many such businesses minimize shareholder-employee salaries (which are subject to payroll taxes) and compensate them mostly via “dividend” distributions. But the IRS views overly minimized salaries as an improper means of avoiding payroll taxes. This article discusses the “reasonable” salary issue and suggests ways companies can minimize the odds of an IRS investigation.

 

AGE 50 OR OLDER? CATCH-UP CONTRIBUTIONS ARE FOR YOU

Individuals in their 50s or 60s are probably starting to think more and more about retirement. Those who are not completely comfortable with the size of their nest eggs shouldn’t forget about “catch-up” contributions. This article looks at these additional amounts that workers age 50 or older can contribute to certain retirement accounts.

 

7 LAST-MINUTE TAX-SAVING TIPS

The year may be quickly drawing to a close, but there’s still time for individuals to take steps to reduce their 2016 tax liability. This brief article offers up seven last-minute tax-saving tips to consider.

Raffensperger, Martin & Finkenbiner selected Pick of Counties Top Accountant for fifth straight year/in /by

2016poc_logoFor a fifth straight year, Raffensperger, Martin & Finkenbiner, LLC has been selected as The Gettysburg Times Pick of the Counties Top Accountant by the readers of the Gettysburg Times.

Raffensperger, Martin & Finkenbiner, LLC joins 27 other local businesses as the only five-time winners of the Pick of the Counties. The Gettysburg Times began polling it’s readers in 2012 and Raffensperger, Martin & Finkenbiner, LLC has been selected each year that the daily newspaper has run the survey. Over 11,400 people participated in this year’s survey.

The survey existence corresponds with partners John Martin, Rich Finkenbiner and Ryan Raffensperger’s purchase of Charles H. Raffensperger’s, CPA practice in 2012.  The elder Raffensperger opened the firm in 1976 and it has provided quality tax and business advice along with superior service since that time.

“We are extremely humbled to be chosen for a fifth straight year,” Ryan Raffensperger said. “It is a testament to our loyal clients and our dedicated staff. We plan to continue to offer the same quality service for years to come.”

The 3 CPA’s combine over 55 years of experience to serve both business and individual accounting and tax preparation needs. Located at 34 West Middle Street, the office can be reached Monday-Friday from 8:30-5:00pm at (717) 337-1414.

 

IRS Warns of E-mail Schemes

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The Internal Revenue Service noticed that email schemes in their name were being sent to many Americans. So far this tax season they have seen a “400 percent surge in phishing and malware incidents”. The e-mails being sent out ask taxpayers for information on wide variety of topics including refunds, filing status, confirming personal information, ordering transcripts, and verifying PIN information.

The forms of communication are not just limited to e-mail but have also occurred by way of text message.

The IRS Commissioner, John Koskinen, is urging people who receive these e-mails to not even open them. When the e-mail is open, and the link is clicked, people are being taken to an impostor website that asks for personal information. These sites may also have malware that can infect the computer and allow for criminals to steel information and track movement.

This scheme is affecting all regions of the country.

In addition to the email schemes, our clients are reporting to us that they are receiving phone calls from individuals claiming to be IRS agents and stating outstanding balances that need to be paid immediately. These calls are inaccurate. You should not provide any information to these individuals.

Raffensperger, Martin & Finkenbiner has been selected by readers of the Gettysburg Times as the Top Accountant in Pick of the Counties for four straight years. The experienced accounting firm is accepting new clients during this tax season and has daily hours 8:30-5pm and Saturday hours from 9-2pm.

Open Normal Hours on President’s Day

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Raffensperger, Martin & Finkenbiner, LLC is open Monday, February 15, 2016 during our normal business hours of 8:30am-5:00pm.

The Adams County Courthouse is closed in observance of the Federal Holiday. Therefore, on-street parking in front of our location at 34 West Middle Street is more accessible than normal.

Today is a great day to drop your tax information off, or pick up your completed returns.

For those of you observing the holiday, we hope that you enjoy the day off.