New Services & People at eeCPA

We have some exciting new services to offer you this summer.

Enhanced Payroll Services

We are thrilled to introduce the new payroll system that we are now offering, which can save companies considerably on payroll processing and tax compliance. With this new program, we are able to electronically file and pay all payroll returns, process direct deposit payroll within 24 hours, and provide streamlined, accurate payroll reports in real time. If you are interested in learning more about how we can improve your payroll system, please contact us.

Employee Benefit Plan Administration

In addition to our enhanced payroll services, we are now available to serve as a Third Party Administrator for your 401(k), Profit Sharing & Pension plans. Not only can we prepare the returns for you, but we can provide TPA service and review your plan to ensure total compliance. We are very excited about providing this service, since we believe that we will be able to save our clients lots of time, effort, confusion & cash.

As part of our tax services, we already review our clients’ 401(k) plans for compliance, and try to address issues before penalties are imposed, plus we often use funding of retirement plans as a tax strategy to minimize tax liabilities. Now, you will be able to refer to one source, rather than a number of different companies, and we will be able to save you money on duplicated efforts and fees. Plus, we hope to improve the speed with which we can deliver a year-end tax plan, since we will not have to coordinate and depend upon other companies to do the calculations. We will be able to deliver the entire service at a cost savings to you!

Please contact us if you want to find out more.

New Staff

Another change you might notice this summer is the addition of our new intern, Loralei Bailey. Loralei is a student at Arizona State University and is a double major in English Literature and Accounting. She is a very enthusiastic addition to our firm and we enjoy working with her!

Summer Hours

eeCPA, PLC will be closed on Monday, May 30th, in observation of Memorial Day. Please note that our regular office hours have changed for the summer. We are open 8am until 5pm on Mondays through Thursdays. Our Friday hours will be from 8am until 1pm.

We hope you have a very relaxing summer!

Thinking of a Short Sale? Act Now or Pay Later!

If you were considering selling a home in a short sale, act now! The Mortgage Debt Relief Act of 2007 expires in 2012, which is right around the corner. Under the Mortgage Debt Relief Act, taxpayers can exclude realized income from the debt on their principal residence. If your loan is cancelled or forgiven, you will receive a Form 1099-C for the balance forgiven. This form is reported to the IRS because it is treated as income for tax purposes. The Mortgage Debt Relief Act grants relief from that taxable income.

There is little talk in Congress about extending this act so plan ahead! If you wait until after 2012, the laws prior to the provision will be retroactively instated. Let’s say you sold your home for a short sale of $300,000 and you owed $500,000. You will receive a 1099-C, which shows that the lender forgave you $200,000. If you sold your home before December 31, 2012, you will not owe any income tax. If the closing occurred after January 1, 2013, you will be taxed on that $200,000.

If you are considering a short sale, act quickly before it’s too late!

Finishing Up Spring Cleaning? What Documents to Keep and What to Toss

Have you been staring at that stack of documents in your house? You probably want to shred everything, but are worried you might need to retrieve those files again. No need to worry! Here is our list of documents to retain and documents to you can safely destroy.

Here is what you should keep:

· All Asset Purchase documents (Real Estate, Vehicles) for assets that you currently own or have owned at any time since 11/1/2008

· All Birth Certificates, social security cards, passports

· All Promissory Notes and Credit Documents for loans that you are still paying on.

· Wills, Trusts, Health Directive Statements

· All Powers of Attorney issued now or in the past to you or by you

· Marriage Certificate

· Death Certificates

· Stock Certificates

· Savings Bonds

· All Gift Tax Returns ever filed

· All Brokerage account statements from 1/1/2008 to current

· All Bank Statements from 1/1/2008-current

· All Credit Card Statements from 1/1/2008-current

· Retirement Plan Documents

Here is what you should toss:

· All income tax returns, bank statements and brokerage/retirement account statements from 12/31/07 and prior

· All receipts and paid bills from 12/31/07 prior

Please be sure to contact our office if you have any specific questions!