Congratulations to BNKJ’s own David Bowman on his recent engagement to be married. Click here to witness his proposal which aired November 2013 on CBS!
Congratulations to BNKJ partner
Howard F. Neiman
Congratulations to BNKJ partner
Howard F. Neimanfor being honored – for the third year in a row -- with the “2013 Five Star Wealth Manager Best in Client Satisfaction Award” in the area of Taxation.
Less than 4% of Atlanta professionals are nominated, and nominations only happen through client referrals. Click here to read the article in the September quarterly issue of the Atlanta Business Chronicle.
BNKJ Announces 50 Weeks of Giving
In celebration and commemoration of the firm’s 50 years in business, BNKJ is proud to announce its 50 Weeks of Giving Campaign, created to give back to the community the firm has been servicing for half a century.
BNKJ is planning to highlight – week by week – charities to receive a donation from the firm, as well as a radio spot to highlight the charity on WABE NPR Radio, 90.1 FM.
The most current recipients of our 50 Weeks of Giving Campaign are as follows:
- Camp Twin Lakes, providing life-changing experiences to children with serious illnesses, disabilities and other challenges. http://www.camptwinlakes.org/
- Atlanta Children’s Shelter, guiding homeless families to independence through social services and emotional support. http://www.acsatl.org/
- Community Assistance Center, stabilizing our community by meeting basic human needs such as food, shelter, clothing and financial assistance. http://www.ourcac.org/
- Wounded Warriors, honoring and empowering our nation’s wounded warriors, veterans and injured service members. http://www.woundedwarriorproject.org/
- Zaban Couples Center, helping homeless couples resettle and gain independence by providing basic necessities and counseling. http://www.zabancouplescenter.org/
Congratulations to these worthwhile organizations, and thank you for all you continue to do for our community and our world!
Listen to BNKJ’s 50 weeks of giving radio spots!
As always, the goals of our firm are focused on helping our clients plan effective tax strategies and save money. To help achieve these goals, we are pleased to provide you with our 2013/2014 Online Tax Planning Guide. In this year's guide, which is offered through an easy to navigate web-based application, we offer essential information and resources on the latest tax law changes and opportunities.
Because tax laws change often, understanding the current opportunities and the time frame available to benefit from them is important. In our Guide, we review significant dates for optimal savings, and outline ways you might be able to minimize your tax bill. In addition, we highlight and explain significant tax reform for 2013, which includes the following:
Increased rates on individual income and dividends/capital gains;
A permanent patch for the alternative minimum tax (AMT);
A federal estate tax with a higher tax rate and exemption amount;
Education and other tax breaks for families; and
Renewed Section 179 expensing amounts and bonus depreciation for businesses.
We hope you will take advantage of this resource as we prepare to help you maximize your 2013 tax savings.
Using a Payroll Provider Does
Not Exempt You From Payroll Tax
The Internal Revenue Service released a fact
sheet on July 15 which said that an employer is legally responsible for all
payroll taxes due, even if that employer outsources payroll and tax-related
duties and even if the third-party payer turns out to be unscrupulous.
That includes any federal income taxes
withheld and both the employer and employees' share of Social Security and
Medicare taxes, even if the employer forwards tax amounts to a profit-sharing
plan or retirement account to make the required deposits or payments.
The IRS said it issued the fact sheet to
warn taxpayers of the risks involved with third-party payers of payroll tax and
to reduce the chance of fraud.
Several people and companies have been
prosecuted in the past few months for stealing funds intended to pay clients'
payroll taxes, according to the IRS, and while most payroll companies provide
very good service, unfortunately some providers "do not have their
clients' best interest at heart."
If you are an employer, the IRS offers these
tips in protecting you and your company from unethical third-party payers:
in the Electronic Federal Tax Payment System;
not substitute the third party's address for your business' address;
contact the IRS about any bills or notices;
the particular rules that apply to reporting agencies; and
familiar with the due dates for taxes that apply to employers anduse the
Small Business Tax Calendar to keep track of them.
Please contact your BNKJ representative or Dick
Babush for any questions you may have regarding this legislation at
770-261-1900 or email@example.com.
As always, we will be sure to keep you
abreast of any changes and/or updates in tax laws and other regulations that
may affect you, your family or your business interests.
Money Saving Tip: When purchasing prescription medications at your pharmacy, ask
your pharmacist if there is a coupon available for your prescription. Often
times there are discounts available on brand name medications.
"I dream of a better tomorrow, where
chickens can cross the road and not be questioned about their
Many Americans like to display their flags in the summer and
store them in the fall! Members of the West Point Band illustrate how to properly fold an American
BNKJ’s Team at the Kaiser Permanente 5K Fundraising Event at Turner Field, Fall 2013
DICK BABUSH REPRESENTS SOUTHEAST IN WASHINGTON FOR MEETING WITH TREASURY
Richard K. Babush, JD, CPA,
BNKJ’s founding partner Richard K. “Dick” Babush recently joined a small group of 10 tax professionals in Washington, DC to visit with the Assistant Secretary for Tax Policy Mark J. Mazur; former IRS Commissioner Mark W. Everson; and former Senior Counsel to the U.S. Senate Finance Committee Dean Zerbe. The goal of the meeting, organized by Alliantgroup, was to have candid, thoughtful discussions about the national Affordable Care Act and its implications and issues especially as they relate to closely held businesses.
CPAs participating in the discussion came from all over the United States, Dick representing the Southeast and other CPAs representing California, Indiana, Maryland, Massachusetts, Montana, New Jersey, New York and Ohio.
Dick and the other CPAs were able to highlight what issues they thought were important to receive guidance from Treasury, and also provided Treasury with an understanding of how they see the impact of the new law on their clients.
SunTrust Bank’s Chief Economist Gregory Miller recently spoke
at the BNKJ Economic Update in Atlanta.
Click here for a copy of his presentation.
Dear Clients and Friends,
As in past years, we would like to share with you a few reminders and pointers regarding changes in tax laws and other information that we hope will be helpful to you when completing forms as an employer, filing returns for 2012, and preparing for 2013. Click here to view.
In addition, we have included a form that should assist you in reconciling your payroll tax returns to your general ledger and W-2s.
We are getting you this information now because we think it is important to have a few weeks to incorporate this information prior to year end, but please note that at this time there are still many rates that have not been announced by the Internal Revenue Service (IRS). We are closely monitoring the announcements of the 2013 numbers and will update our website accordingly as rates are released.
Included in that section of our website is our annual checklist for other annual tax forms such as 1099s and business licenses. We have active links to the IRS website which indicate how to obtain IRS forms. If you are not sure if you are required to file certain taxes, or need any tax forms or other instructions, please let us know.
Please let your BNKJ representative know if any questions arise, and we will be sure to keep you abreast of any changes and/or updates in tax laws and other regulations that may affect you, your family or your business interests.
BNKJ recently held its periodic Volunteer Day, this time helping to beautify the Reading Garden near the Sandy Springs Library, just over a mile from BNKJ’s office.
We will be holding Volunteer Days in the future at this location to help maintain the garden.
On January 3, 2013, President Obama signed into law the American Taxpayer Relief Act (H.R. 8) (ATRA).
The individual provisions include legislation related to
- Income Tax Rates
- Personal Exemptions
- Itemized Deductions
- Capital Gains/Dividends
- Permanent AMT Relief
- Estate, Gift and GST Taxes
- Cancellation of Indebtedness on Principle Residence
- Mortgage Insurance Premiums
- IRA Distributions to Charity
The business provisions include legislation related to
- Sec 179 Small Business Expensing
- Bonus Depreciation
- Research Tax Credit
Click here for BNKJ's full summary of the American Taxpayer Relief Act of 2012, prepared by BNKJ partner Dick Babush.
As previously indicated, the above tax provisions are not all inclusive of the provisions contained in the Act. There are many more provisions dealing with various education credits, energy credits, child and dependent care credits and business tax extenders. We look forward to the opportunity to assist you in planning for these tax changes.
Please contact your BNKJ representative or Dick Babush for any questions you may have regarding this legislation at 770-261-1900 or firstname.lastname@example.org
RESOURCES FOR 2013
Our friends at Kilpatrick Townsend put together a nice piece on how to deal with (or avoid) the IRS this year. Click here for the article.
BNKJ—PROUD TO BE BULLDOG 100 RECIPIENTS THREE YEARS IN A ROW