Extension Deadline-October 15th

 

If you filed an extension for your return, the deadline to file is next week!

 

The deadline to file an Individual Income Tax Return with a 6-month extension is October 15th. The IRS estimates that there are about 12 million taxpayers who requested an automatic 6-month extension in 2013. Even though the government is currently shut down, these extended tax returns and any taxes owed are still due.

 

 If you have any questions about your extension or payments, please contact us!

 

http://www.irs.gov/uac/Newsroom/Tax-filing-and-Payment-Extensions-Expire-Oct.-15;-Check-Eligibility-for-Overlooked-Tax-Benefits;-Choose-efile;-Payment-Options-Available 

 

http://www.cpapracticeadvisor.com/news/11188789/oct-15-tax-extension-deadline-stands-despite-government-shutdown

 



                                                               

 

518 Arbor Hill Rd.

Kernersville, NC 27284

Ph: 336-996-3338

www.cpamcdaniel.com 

North Carolina Department of Revenue Issues Warning of Phone Scams

The North Carolina Department of Revenue (NCDOR) recently issued a warning that there has been an increase in telephone scams from criminals posing as representatives from federal agencies. Criminals will call taxpayers requesting payment for delinquent tax bills, and urge taxpayers to transfer money as quickly as possible from a specific financial institution. The North Carolina Department of Revenue will never ask for electronic payments or immediate transfers from a specific financial institution. The Department of Revenue will also send up to 5 notices by mail before any phone calls are made requesting payment on an overdue tax bill. The North Carolina Department of Revenue recommends that if you feel that you received a questionable phone call, it is best to contact the Department of Revenue directly and speak to a representative. If you have any questions, please contact us.

For further information, the North Carolina Department of Revenue’s website is www.dornc.com and their phone number is (877) 252-3052.

 

 

518 Arbor Hill Rd.

Kernersville, NC 27284

Ph: 336-996-3338

www.cpamcdaniel.com

Government Shutdown-Who's Affected

Due to a lapse in funding, the  government shutdown went into effect on October 1^st, 2013. The USA government website lists the government services and operations that will be affected by the shutdown. These include call centers that handle veteran’s benefits, all national parks and monuments, new applications for small business loans, and hundreds of thousands of federal employees being furloughed without pay. Also, gun permits, passports, and patents will be delayed.

Some of the services that will not be affected by the shutdown are active military, air traffic controllers, prison guards, border patrol agents, and the U.S. Postal services. Social Security beneficiaries will continue to receive their benefits, and Medicare and Medicaid will continue, depending on the length of the shutdown. For a full list of governmental agencies that will be affected, the USA government website is linked below.

http://www.usa.gov/shutdown.shtml

We have also linked other websites that have further information about the government shutdown and what it affects below.

http://www.buzzfeed.com/hunterschwarz/this-is-what-the-government-shutdown-means-for-you

http://www.usatoday.com/story/news/politics/2013/10/02/government-shutdown-five-things-wednesday/2904929/

 

518 Arbor Hill Rd.

Kernersville, NC 27284

Ph: 336-996-3338

www.cpamcdaniel.com 

Small Businesses Still Failing on Security Measures

An article from the CPA Practice Advisor reports that although the risk of financial fraud is higher than ever, small businesses still do not take security seriously enough. Most small businesses do not put security measures in place until they have already become victims of fraud.  The CPA Practice Advisor reports that “small businesses are the most common victims in fraud instances, with the highest rate of fraud (31.8%) of any business size category and the largest median loss”. This means that it is of utmost importance to have security measures in place to prevent fraud. Some of these measures can include, but are not limited to: securing documents properly, conducting employee background checks, using online browsing protection, and conducting regular checks of the business’ finances.

 

Small businesses should take precautions towards protecting their financial security before financial fraud becomes a problem. The article from the CPA Practice Advisor is linked below. If you have questions about how to keep your small business financially safe, contact us!

 

http://www.cpapracticeadvisor.com/news/11151496/despite-threat-of-fraud-most-smb-owners-fail-on-security

518 Arbor Hill Rd.

Kernersville, NC 27284

Ph: 336-996-3338

www.cpamcdaniel.com



The new $100 bills worth upwards of $1,000?



The newly designed $100 bills will be released on October 8th, and some of these bills will be worth upwards of more than $1,000! The serial numbers printed on some of these bills will be very valuable to collectors, and therefore will be worth a lot of money. Some bills will even be worth up to $15,000! The International Business Times lists the serial numbers that will have value: "The following are some of the subcategories: solid, which means the numbers are the same, like 11111111; radar, which is the same number backward or forward, like 13466431; repeater, which means both halves are the same, like 12791279; super repeater, which is a pair of numbers that repeats four times like 55553333, a ladder, like 12345678; low, 00000100 or lower; high, 99999900 or higher" (IB Times). When the new bills are released, it might be worth your time to check out the serial numbers to see if you have received one of these rare bills.

Linked below are websites with more information on the new $100 bills.

http://www.ibtimes.com/new-100-bills-could-be-worth-thousands-find-out-how-1409984

http://www.usatoday.com/story/money/business/2013/09/22/new-100-dollar-bills/2849643/

518 Arbor Hill Rd.

Kernersville, NC 27284

Ph: 336-996-3338

www.cpamcdaniel.com

The 5 Most Common Financial Scams

 

CNN Money recently came out with a list of the top 5 financial scams going on right now. The article states that "more than 8 in 10 consumers have received a potentially fraudulent offer". One of the most important things to remember is that if it sounds too good to be true, it probably is. Trust your instincts! CNN Money reports that financial fraud adds up to about 50 million dollars a year! To avoid falling for one of these scams, we have listed the top 5 most common financial scams below:

• E-mails from Abroad

• A 'Free' lunch

• ‘Winning' the lottery

• Penny Stocks

• Cold calls 

For more information, the article from CNN Money is linked below.

http://money.cnn.com/2013/09/12/pf/financial-scams/index.html

If you have any questions about financial scams, please contact us.

 

 

518 Arbor Hill Rd.

Kernersville, NC 27284

Ph: 336-996-3338

www.cpamcdaniel.com

 

 

 

What College Students Need to Know about Retirement:

Retirement might seem like a long way off for college students, but the earlier students start saving for retirement, the better. The U.S. News recently came out with an article about what college students need to know about retirement, and the most important step is simply getting started. Developing a retirement plan before a career has even started is the easiest way to prepare for retirement age.

First and foremost, it is important to open a savings account and routinely deposit money into it. “Saving early and capitalizing on years of compounding interest is key to retiring comfortably” (U.S. News) .Developing the good habit of saving while students are young will make it easy to continue saving as students get closer to retirement age. The article from U.S. News also mentions paying off the highest-interest debts first, and then focusing on lower-interest debts. It is also important to open a retirement account or 401k as early as possible. Students should research all investment choices presented, whether that is an individual retirement account or a company provided account.

For more tips on how to prepare for retirement at a young age, the U.S. New article is linked below: 

http://money.usnews.com/money/retirement/articles/2013/07/24/what-college-students-should-know-about-retirement

If you have any questions about saving for retirement, please contact us!

 

 

518 Arbor Hill Rd.

Kernersville, NC 27284

Ph: 336-996-3338

www.cpamcdaniel.com