Firm Happenings and Financial News

Dec 30

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12/30/2015 8:25 AM  RssIcon

Happy New Year!

As another year comes to a close, we take a moment to reflect. This has been a very exciting year for us, and we look forward to what 2016 holds.

Just a reminder that our offices will be closed all day Friday, January 1st.

If we prepare your tax returns, you can expect to receive your year-end business checklists, personal tax organizers, and engagement letters, as needed, within the first two weeks of January. These tools are meant to help you collect the information we will need to prepare your 2015 tax returns.

Before that though, have a happy New Year! We wish you nothing but success in 2016.

Form 1099 Processing, Due January 31st

It is that time of the year again, time to start assembling information for year-end Form 1099 reporting.

Now is a good time for you to request an updated Form W-9 from your vendors in order to have current information when the time comes to complete these forms. Forms 1099 must be mailed to the recipient no later than January 31, 2016.

As a general rule, Form 1099 recipients are defined as unincorporated businesses or individuals that you have paid $600 or more for services provided in a calendar year. In addition, all payments for attorney fees, regardless of amount or type of entity, are subject to 1099 reporting.

An individual qualifies as a 1099 recipient if they had a current business license at the time of service and performed these services free of control from the party who paid for the services. If Falco Sult processes your Forms 1099, please submit the following items, via email, for each Form 1099 recipient to our office by Friday, January 8, 2016:

If you have any questions about Form 1099 filing, please contact us.

Falco Sult and Carlson Advisors West Coast Combine Forces

We are excited to announce that on December 1, the West Coast Operations of Carlson Advisors LLP became part of Falco Sult. With the purchase comes growth in both clientele and staff, including Gerry A. Michael, an expert in the graphic arts and printing industry.

"Our acquisition of the West Coast operations of Carlson Advisors provides the opportunity to bring in a specialized accounting practice that focuses on the printing and graphic arts industry in Seattle and Southern California," said Chris Falco, co-founder of Falco Sult.

By combining with Carlson Advisors, we achieve something that we have worked hard to do, namely, increase our resources so that we can better serve our clients.

Motivated by the desire to solve problems and, in doing so, produce positive results for our clients, we want to continue to build a unique firm that shatters the myths of what CPAs are all about.

Talk to Your Family about Security Online and at Home

For families with children and aging parents, it’s important to make sure everyone guards their personal information online and at home. It may be time for “the conversation.”

The IRS, state revenue departments and the tax industry have teamed up to combat identity theft in the tax arena. Our theme: Taxes. Security. Together. Working in partnership with you, we can make a difference.

Especially in families that use the same computer, students should be warned against turning off any security software in use or opening any suspicious emails. They should be instructed to never click on embedded links or download attachments of emails from unknown sources.

Identity thieves are just one of many predators plying the Internet. And, actions by one computer user could infect the machine for all users. That’s a concern when dealing with personal financial details or tax information.

Kids should be warned against oversharing personal information on social media. But oversharing about home addresses, a new family car or a parent’s new job gives identity thieves a window into an extra bit of information they need to impersonate you.

Aging parents also are prime targets for identity thieves. If they are browsing the Internet, they made need to the same conversation about online security, avoiding spam email schemes and oversharing on social media.

They may also need assistance for someone to routinely review charges to their credit cards, withdrawals from their financial accounts. Unused credit cards should be canceled. An annual review should be made of their credit reports at annualcreditreport.com to ensure no new accounts are being opened by thieves, and reviewing the Social Security Administration account to ensure no excessive income is accruing to their account.

Seniors also are especially vulnerable to scam calls and pressure from fraudsters posing as legitimate organizations, including the Internal Revenue Service, and demanding payment for debts not owed. The IRS will never make threats of lawsuit or jail or demand that a certain payment method, such as a debit card, be made.

Fraudsters will try to trick seniors, telling them they have won a grand prize in a contest or that a relative needs money – anything to persuade a person to give up personal information such as their Social Security number or financial account information.

Some simple steps – and a conversation – can help the young and old avoid identity theft schemes and scammers.

To learn additional steps you can take to protect your personal and financial data, visit Taxes. Security. Together. You also can read Publication 4524, Security Awareness for Taxpayers. Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. These are your Taxpayer Bill of Rights. Explore your rights and our obligations to protect them on IRS.gov.

Source: IRS Security Awareness Tax Tip Number 5

Our Hopelink Giving Tree Was a Huge Success Thanks to You!

Even more than in previous years, we were able to give back to our community and to those less fortunate. Because of your immense generosity, we were able to donate a car full of gifts to the Hopelink Giving Room. Special thanks to Geopier NorthWest for their significant donation.

Hopelink's Giving Rooms make it possible for parents who are struggling financially, to be able to hand-select donated toys and other items they know their children will love. Hopelink estimates that 6,000 children are served through their Giving Rooms.

Thank you again and we look forward to working with you in the New Year!

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Falco Sult   |   16150 NE 85th St Ste 203, Redmond, WA 98052   |   425-883-3111   |   Login