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The MSEA Newsletter
is published monthly and is available to all members.
January 2005
| President's
Communication |
This was
written prior to our holiday luncheon held December 21st but from
the preparatory work done by our Monthly Program Chair Sal Salazar
I know it will be a great success. Much thanks to Sal and his
helpers!
I will take
this opportunity to wish all members of MSEA and their families
an enjoyable holiday season and my best wishes for the new year
2005 with its forthcoming tax filing season. Have a great one!
On a somber
note our prayers and thoughts go to Past President Joe Salazar
and his family, we trust in a full recovery for Joe!
Andrew
J Bonfield
President MSEA
Phone (831)
625-7681
Email aebonfield@comcast.net
| Board
of Directors Meeting Notes |
MISSION
SOCIETY OF ENROLLED AGENTS
Secretary Notes
San Jose,
CA
December 21, 2004
The Mission
Society of Enrolled Agents regular Board Meeting was called to
order by President Andrew Bonfield at 10:00AM.
Roll call
was taken. Board members present: Andrew J. Bonfield, EA, Myra
J. Thompson, EA, Karen Fihn, EA, Ted Danen, EA, Randy Warshawsky,
EA, David Hatt, EA, George Pan,EA, Jessie Singh, EA, Ilse Beck,
EA, Richard Hillsbery, EA, Dorothy McGinley, EA, Tom Chun, EA,
Martin Lowe, EA and Rosemary Hernandez, EA. Board member absent:
Mandy Bamdad,EA.
Minutes of
the meeting were approved as corrected.
TREASURER'S
REPORT:
Was reviewed and accepted subject to audit.
COMMITTEE
AND ORGANIZATION REPORTS:
were presented.
NEW
BUSINESS:
A motion was made and passed to accept all the Scholarships applied
for this year and with the signature of the President present
to CSEA by December 31, 2004 for consideration.
OLD
BUSINESS:
No motions were made.
ADJOURNMENT:
There being no further business, the board meeting was adjourned
at 11:00AM by Andrew Bonfield. The next meeting is scheduled for
January 18, 2005 at 10:00AM at Maggiano's, in San Jose.
Respectfully
Submitted,
Ted Danen, EA, MBA
Secretary
Attention
all members. We now have advertising on our newsletter. The fee
is $35 and your ad will run for 3 months. If you are interested
send your ad to editor@missioneas.org.
Do you need
to see what an IRS notice says, but don't have it in front of you?
If you know the notice number, you can look up its purpose, basic
message, possible enclosures, and other useful details. And if you
have the tear-off stub from the last page, you can use the information
printed on it to see some of the variable content included in that
notice.
http://www.irs.gov/individuals/article/0,,id=96199,00.html
Understanding Your IRS Notice
New
for 2004 – Optional State Sales Tax Tables for 2004
You can elect
to deduct state and local general sales taxes instead of state
and local income taxes as an itemized deduction on Schedule A
(Form 1040). You cannot deduct both.
Generally,
to figure your state and local general sales tax deduction, you
can use either your actual expenses or the Optional State Sales
Tax Tables contained in IRS Publication 600.
IRS Pub.
600 has been posted to the IRS website at:
http://www.irs.gov/pub/irs-pdf/p600.pdf
NOTE
– In addition to the Table amount sales tax paid on following
items can be used: (See “Step 5” on pages 2 &
3 of Pub. 600)
Larry McClellan,
Tax News & Tips, Your Client Newsletter
IRS
Simplifies Tax Deposit Rules for Small Businesses
IR-2004-143,
Nov. 30, 2004
WASHINGTON
- The Internal Revenue Service today announced it will increase
the minimum threshold for Federal Unemployment Tax Act (FUTA)
deposits, a move that will reduce burden for more than 4 million
small businesses.
Under the
new rules effective January 1, 2005, employers are required to
make a quarterly deposit for unemployment taxes if the accumulated
tax exceeds $500. The current threshold is $100.
"The
IRS is committed to reducing burden on taxpayers whenever we can,"
said IRS Commissioner Mark W. Everson. "The new rules will
help cut paperwork for millions of small businesses. The IRS Office
of Taxpayer Burden is continually reviewing what other steps we
might take that will save money and time for businesses."
The maximum
amount the IRS collects from employers per employee is $56 per
year, if the employer timely made state unemployment tax payments.
The current $100 threshold requires most employers with two or
more employees to make at least one federal tax deposit per year.
Raising the requirement to $500 will reduce burden for employers
with eight employees or less by eliminating their requirement
to make up to four FUTA tax deposits yearly.
The $100
minimum deposit threshold was established in 1970.
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