McGowen Hurst Clark & Smith, Tax, Audit, Consulting, Financial Services, Des Moines, CPA

General Business/Management Strategies

Firing etiquette: How to let employees go diplomatically
A poll conducted by NFI Research found that two-thirds of senior executives and managers agree that terminating an employee ranks as the single-most dreaded activity in their line of work.

Wealth Advice/Estate Planning

Timeshares: Investment or vacation convenience?
Most of us have been approached by a timeshare representative while on vacation or traveling for business. The offer sounds too good to be true: Just listen to a short presentation about a wonderful investment opportunity, and you will receive a fabulous prize. But with timeshares, things aren’t always what they seem.

Family Business/Succession

Deduct your way to affordable health insurance
The cost of health insurance and the number of uninsured citizens have grabbed the attention of the nation and caused small-business owners increasing concern. Many owners of S corporations or partnerships find it difficult to afford the cost of health insurance, particularly if they have employees who must also be covered. The tax law allows a break for some business owners who purchase private health insurance for themselves and their families.

Physician Services

Skirting tax deadlines just got more costly
Now there is even more incentive to ensure that your business tax returns get properly filed. As part of the Mortgage Forgiveness Debt Relief Act of 2007, the consequences of failing to file your partnership or S corporation returns have increased. This applies to returns due after Dec. 20, 2007.

Nonprofit Organizations

Is telecommuting a good option for your organization?
Many organizations have considered allowing employees to telecommute. It may be a good option for your agency, but there are several areas that cause concern for managers. This article addresses those concerns while discussing the traits that are needed in a good candidate for telecommuting.

Business Tips

Improving Business Operations - Develop a cost accounting system to determine exactly what it costs you to deliver a service or product. Costing has to be fully loaded and comprehensive.

Wealth Tips

Your Purchases - New is not always better. Shop wisely for used vehicles, drive them longer and avoid financing them.

Announcements

MHC&S Named Best Place to Work in Central Iowa

MHC&S was recognized as the 1st place winner in the medium-sized company division of the Best Places to work in Central Iowa survey. This is the second time MHC&S has received this award. The awards are based on the percentage of employees who respond and their degree of favorable responses. Bob McGowen, Managing Partner said, “The Best Places to Work event presents an excellent opportunity to learn what our employees are really thinking and provides us with valuable information to improve our day-to-day operations and workplace environment.”

Are you planning to travel this summer?

Want to go somewhere you’ve never been before? We invite you to visit us at our newly designed Web site at . Here you will be able to stay current with new tax legislation, check on tax deadline dates, sign up for our many newsletters, read about our new services to help you succeed, download a tax organizer, link to important sites like the IRS or Social Security, view career opportunities and more. So don’t delay. Hop on board and take in all the sites.

Tax Deadlines

July 31 – Employers

If you maintain an employee benefit plan, such as a pension, profit sharing or stock bonus plan, file Form 5500 or 5500-EZ for calendar year 2007. If you use a fiscal year as your plan year, file the form by the last day of the seventh month after the plan year ends.

Iowa Tax Deadline Extended for Taxpayers Affected by Tornadoes and Flooding

Taxpayers affected by tornadoes and flooding will have additional time to file Iowa tax returns and pay Iowa tax. The extended deadline is July 28, 2008, for returns and payments due after May 24, 2008, and before June 26, 2008. Affected taxpayers will not be subject to any penalty for failing to file or pay. In addition, interest will not be due on payments made by July 28, 2008.

The taxes that are impacted by this extension are:

Corporation income tax
Withholding tax
Franchise tax
Sales and use tax, including the automobile rental excise tax and the special equipment tax
Hotel and motel tax
Environmental protection charge
Inheritance tax, including the generation skipping transfer tax and the qualified use inheritance tax
Motor fuel and special fuel tax
Cigarette and tobacco tax

If an affected taxpayer receives a penalty or interest notice from the Department, the taxpayer should call the telephone number on the notice.

Taxpayers filing a paper return should make a notation on the return stating, “Taxpayer affected by tornadoes/flooding.”

Contact Information

McGowen Hurst Clark & Smith, P.C.
1601 West Lakes Parkway Suite 300
West Des Moines, IA 50266
Phone: (515) 288-3279

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

E-mail: info@mhcscpa.com
Web:

Our firm is a network member of CPAmerica International

The technical information in E-ssentials is necessarily brief. No final conclusion on these topics should be drawn without further review and consultation. Please be advised that, based on current IRS rules and standards, the advice contained herein is not intended to be used, nor can it be used, for the avoidance of any tax penalty assessed by the IRS.