Another tax season come and gone...
PKC would like to extend a special "thank you" to all of our clients for placing your trust in us for another year. We had a very successful tax season and hope to see you again next year! Please keep in mind that we are here all year - if you have questions about your tax situation or have current changes you would like to discuss, please feel free to call or email anytime. We would be happy to serve you!
The Department of Labor has announced a rule that will extend overtime protections to nearly 5 million white collar workers within the first year of its implementation. Failure to update the overtime regulations has left an exception to overtime eligibility originally meant for highly-compensated executive, administrative, and professional employees now applying to workers earning as little as $23,660 a year. For example, a convenience store manager, fast food assistant manager, or some office workers may be expected to work 50 or 60 hours a week or more, making less than the poverty level for a family of four, and not receive a dime of overtime pay. As of December 1, 2016, employee annual salaries must exceed $47,476 or they must be converted to hourly employees subject to overtime rules. This change will greatly impact small business owners across the country by having to pay additional wages for their employees doing the same job they are currently.read more
Did you get a letter from the IRS?
Don't be alarmed! Call PKC today and we can help. This is the time of year that the IRS will send out notice letters by mail to those that may have forgotten to include income on their tax return. When you receive a notice, you will generally have 30 days to respond. Please notify PKC at 608-783-0440 and we can assist you in resolving your issue.
For families with children and aging parents, it's important to make sure everyone guards their personal information online and at home. 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 for 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 instruction to never click on embedded links or download attachments of emails from unknown sources. Kids should be warned against oversharing personal information on social media. Aging parents are also prime targets for identity thieves. If they are browsing the internet, they made need to be a part of the same conversation about online security, avoiding spam email schemes, and oversharing on social media. Seniors also are especially vulnerable to scam calls and pressure from fraudsters posing as legitimate organizations, including the IRS, 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 used. Fraudsters will try to trick seniors, telling them they have won a grand price 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. Taken from the IRS Security Awareness Tips, December 21, 2015Read more from the IRS
We Need Your Help!
PKC is growing and would appreciate the opportunity to assist others with their financial or tax questions or concerns. If you are happy with our services, please tell your friends!
2016 Mileage Rates
The IRS has released the 2016 mileage rates, effective January 1, 2016 as follows: Business - 54 cents per mile Medical - 19 cents per mile Charitable - 14 cents per mile