Announcements

Payroll Forms
Employers are required to furnish Form W-2 to their employees by Jan. 31, 2012. Other payroll reports that are due by Jan. 31, 2012, include Forms 941, 940, Iowa Withholding, Iowa VSP and Iowa Unemployment reports.

Payroll Tax Cut Temporarily Extended into 2012
Nearly 160 million workers will benefit from the extension of the reduced payroll tax rate that has been in effect for 2011. The Temporary Payroll Tax Cut Continuation Act of 2011 extends the 2 percentage point payroll tax cut for employees, continuing the reduction of their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages paid through Feb. 29, 2012.

Written Consent Needed to Disclose Tax Information
Existing Treasury regulations require that we obtain written consent from you for disclosure of tax returns and tax return information to third parties. There are a few exceptions but, in general, we need your written authorization in a form prescribed by the Treasury to release such information to most third-parties, including lenders, attorneys, investment advisors and other tax preparers. Please contact us so that we may provide you with the required authorization form. We suggest that whenever possible, you provide your own tax return copies and specific tax return information to third parties to avoid delays.

QuickBooks Training Class – Just a Few Openings Available
A QuickBooks Training Class offered by McGowen Hurst Clark & Smith, P.C., will be held on Tuesday, Jan. 10, from 4-8 p.m. at the MHC&S office at 1601 West Lakes Parkway, Suite 300, WDM. This class is geared for beginner to intermediate users. It is a hands-on class with each participant having access to a computer. (Participants can either bring their own laptop or one will be provided.) The cost is $125 and includes all reference materials and dinner. Please call MHC&S today and ask to speak to Pam Corbin at (515) 288-3279. The instructor for this class will be QuickBooks Proadvisor Tara Raymond.

Standard Mileage Rate for 2012
The IRS recently announced that the standard mileage rate for 2012 will be 55.5 cents per mile for business miles and 23 cents per mile for medical or moving expenses. The rate for providing services for a charity is 14 cents per mile.

Holiday Project – Reach Out and Read Iowa
This holiday season, MHC&S was proud to partner with the Reach Out and Read Iowa organization in hosting a book drive. The mission of the organization is to prepare America’s young children to succeed in school by advising parents about the importance of reading aloud and giving developmentally-appropriate books to children. The program is geared for children ages 6 months through 5 years, who are living in low-income communities.

MHC&S was proud to donate 212 new books to the cause. Molly OlingerTopf, program director for Reach Out and Read Iowa, shared that children who have been read to by their parents enter kindergarten with larger vocabularies and stronger language skills, and are better prepared to achieve their potential. Thank you to all our team members for their generous contributions.

McGowen, Hurst, Clark & Smith, P.C.

1601 West Lakes Parkway
Suite 300
West Des Moines, IA 50266
Phone: (515) 288-3279

106 E. Jefferson St.
P.O. Box 312
Winterset, IA 50273-0312
Phone: (515) 462-1882

Email: info@mhcscpa.com

Web: www.mhcscpa.com