Ken Coyle, CPA, Managing PartnerThe Big PictureAs we enter another season of holiday wonder, generous giving, delighted children, celebrations of faith and cherished times spent with family and friends, it is a perfect time to express our thankfulness for the many blessings that are too numerous to count. As a firm, reaching our diamond anniversary has been quite a milestone. We have been part of some great success stories, both past and present. Some of those stories involve clients we have helped, some involve community organizations we have partnered with, and some are about the individual accomplishments of partners and staff. They all add up to a great sense of purpose and fulfillment, and appreciation for the opportunities that have come our way.In preparing to welcome a new year, a new tax season, new clients, and new opportunities to make a difference, we encourage you to take a few minutes to consider where you are financially, and whether there are things you can do before the end of the year to make your tax burden a little lighter. Looking at the big picture is something we do well. A bit of planning now may benefit you at tax time. We wish you a warm and wonderful holiday season. Ken_Coyle@mnccpa.com  UPCOMING: Tax Tips
Ron Barnes, CPA, PFS PartnerGreat News for Indiana Taxpayers!When the State of Kentucky passed the Kentucky Tax Modernization Act in March 2005, there was an unintended and in some instances a very significant negative tax impact on Indiana residents who conduct business in Kentucky.One provision of the Kentucky Act was to discontinue recognition of the pass-through treatment associated with S-corporations and limited liability companies. Prior to the Act, both Indiana and Kentucky taxed income from these entity types at the individual or shareholder level rather than at the entity level (i.e. the income “passed through” to the individual owner). As a result of the Kentucky Act, these businesses are now required to compute and remit tax due at the entity level. An offsetting credit for tax paid on the shareholder’s allocable income is allowed on the Kentucky individual income tax return, preventing the income from being taxed twice. continue reading... Listento “Big Talk onSmall Business,” on radio 1080AM from 10–10:30 AM on Nov. 28 and Dec. 6 and 28. Greg Rogers of Capital Asset Management will answer questions and discuss investing. Employee Benefits
Kenny Adams, CPA PartnerHave you considered a cafeteria plan?Employers are looking for ways to provide competitive employee benefits at an affordable cost. Consumer-driven health plans go a long way toward helping employers and employees save on the rising cost of health care. How can employers help employees save even more on their share of the cost of health insurance? And, what about expenses the health plan doesn’t cover?Since 1978, many employers have adopted an IRS-approved benefit plan that helps employees save 25% to 40% on the cost of heath care. It’s called a “Section 125” Plan. By adopting this plan, employers help employees stretch their paychecks. Employees who participate usually see an increase in take-home pay. And employers experience an increase in the bottom line too! continue reading...  Year-end can be Knight Bytes
James Osborne, II, | On the Horizon from MicrosoftMicrosoft is set to turn the world on its ear – again. With nearly 96% of the market for desktop operating systems and application suites, Microsoft’s Windows and Office are the unofficial standard. Microsoft recently released both Windows Vista and Office 2007 to manufacturers. Systems featuring the new software should be available to the general public by the end of this month, and the boxed versions of the software should hit store shelves by early 2007.continue reading... | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax Law | 2006 Legislation UpdateOn August 17th, President Bush signed into law a comprehensive pension reform bill: the Pension Protection Act of 2006. Its 900+ pages give tax professionals many new variables to consider in advising business and individuals on their retirement benefits, and create a whole new set of rules on charitable giving. There are a handful of miscellaneous provisions that deserve attention as well.continue reading... |
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Tax Q&A | True or False: Tax questions about gambling activitiesThe recent local election results have generated increased discussion about gambling activities in our area. Many taxpayers have preconceived notions about the tax issues related to these activities that are not quite accurate. Here is the truth behind several commonly-believed falsehoods.continue reading... |  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keeping Up | Are You Due a Refund?Earlier this year the Internal Revenue Service announced that a one-time refund on the 2006 federal income tax return will be available to anyone who paid long-distance taxes on landline,continue reading... New Mileage Rates for 2007Beginning January 1, 2007, the new standard mileage rates will becontinue reading... | Happy Holidays! | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
People and Events | ChesscapadesWelcome New Employee... Belinda Lyvers, Paraprofessional Promotions... Jennifer Napier to Staff II; Amanda “Mandy” Smitson to Staff IICongratulations to Kevin Lippe for passing the CPA exam and to Lisa Jarrett for receiving Quickbooks certification.
| Disappearing Chess Sets When we sponsor a community event, we hope to be remembered. Our signature giveaway is a chocolate chess set. Below, Ann Ransdell thanks Ron Barnes for the set she won at a recent GLI Small Business Breakfast. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| This is an advertisement | We at McCauley, Nicolasare eager to assist you with your business and personal accounting and consulting needs. Give us a call at812-288-6621 or contact Delene_Murray, 288-6621. |
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| © McCauley, Nicolas & Company, LLC | Autumn 2006 Subscribe |Unsubscribe | Industry Ideas | 812-288-6621 |
