Disclosure: The articles presented on this blog are general in nature and should not be assumed to be applicable to your situation. In addition, tax law changes daily and the articles on this blog are not updated to reflect these changes. Anyone receiving any part of the information on this blog should not rely on or act or refrain from acting on the basis of any matter or information contained in this blog without seeking appropriate tax, legal or other professional advice.
The transmission and receipt of information contained on this blog does not form or constitute a client relationship. Nothing in this blog constitutes legal advice. Opinions rendered by tax professionals are not authority.
Waldorfaire 2012 presented by Honolulu Waldorf School on March 10, 2012
Honolulu Waldorf School’s treasurer, Dick Oshima, invites you to Waldorfaire on Saturday, March 10, 2012 from 10:00am to 4:00pm which features creations of painters, crafters, potters and sculptors as well as food, rides, games and crafts.
Honolulu Waldorf School
Niu Valley Campus
350 Ulua Street
Honolulu, Hawaii 96821
Applicable Federal Rates (APR) for March 2012
The minimum interest rates for loans made in March 2012 …
- Short-term loans – Less than 3-years: 0.19%
- Mid-Term loans – Three to Nine years: 1.08%
- Long-term loans – Over nine year: 2.65%
Source: IRS.gov
IRS2Go 2.0 for Android and iPhone (iOS) Devices
In 2011 the Internal Revenue Service (IRS) released its mobile app, IRS2Go, which basically allowed taxpayers to find the status of their tax refund and the ability to signup to receive tax tips via email.
This month (2/2012) the IRS released an updated version of their app (IRS2Go 2.0) which includes three (3) new features, the most notable allows the taxpayer to request a copy of their Account or Return transcript.
Full Features of IRS2Go 2.0
- Get your tax refund status.
- Subscribe to the IRS’ Tax Tips.
- Subscribe to the IRS’ Twitter news feed.
- Receive tax tips, filing options, etc. through the IRS’ informational videos.
- Read the latest news items published on the IRS’ website.
- Request a copy of your Account or Return transcript.
- A list of IRS contact phone numbers.
IRS2Go 2.0 is currently available for Android and Apple (iOS) devices and can be downloaded by scanning the QR Code with your mobile device or by clicking the links below:
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- IRS2Go for Android
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- IRS2Go for Apple (iOS)
Android Marketplace - https://market.android.com/details?id=gov.irs&hl=en
Apple App Store - http://itunes.apple.com/us/app/irs2go/id414113282?mt=8
Source: IRS.gov
Payroll Tax Cut Extended Through 2012
This weekend (2/2012) congress approved a deal to keep the much publicized payroll tax cuts in place through the end of the year (2012) which means that the employee’s social security (FICA) tax rate is set at 4.2% until January 2013 when it’s scheduled to revert back to the pre-2011 rate of 6.2%.
Source: Forbes.com
Hawaii International Film Festival Oscar Night America 2012 in Honolulu, Hawaii
The Hawaii International Film Festival (HIFF) is non-profit organization that Oshima Company CPA’s managing partner, Dick Oshima, supports through his role as the Board of Director’s Treasurer – a position that he’s held since 2000.
The Hawaii International Film Festival (HIFF) is a non-profit organization that’s dedicated to the advancement of cultural exchange and media awareness in the Pacific Rim. The organization’s goal is to promote cultural understanding of the East and West through the art of cinema through year-around programming. The organization’s major annual event is the Hawaii International Film Festival which showcases 150+ full-length and short film from around the world.
If you missed the annual festivities of the Hawaii International Film Festival last month mark your calendars for the upcoming Oscar Night America 2012 annual fundraising event in February 2012 where guests will see an advanced telecast of the 84th Annual Academy Awards.
Tickets to the Oscar Night America 2012 can be purchased online through HIFF’s website (www.hiff.org), by email (tickets@hiff.org) or by telephone (808-792-1577 ext. 1)
Individual Seats – $300
Best Supporting Actor Table – $3,000
- Invitations, seating and dinner for 10-people
- Walk the Red Carpet event
- Pre-event cocktail hour
- Silent auction
- Pick the Winner Oscars game
Best Actor Table – $5,000
- Invitations, seating and dinner for 10-people
- Walk the Red Carpet event
- Pre-event cocktail hour
- Silent auction
- Pick the Winner Oscars game
- Preferred checkout for silent auction
- Wine service
- Special gift bags for your guests
Best Picture Table – $8,000
- Invitations, seating and dinner for 10-people
- Walk the Red Carpet event
- Pre-event cocktail hour
- Silent auction
- Pick the Winner Oscars game
- Preferred checkout for silent auction
- Wine service
- Special gift bags for your guests
- Limo service to and from the event
- One night stay at the Halekulani Hotel
Hawaii International Film Festival
Oscar Night America 2012
Halekulani Hotel
2199 Kalia Road
Honolulu, Hawaii 96815
2012 Standard Automobile Mileage Rates
Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 55.5 cents per mile for business miles driven
- 23 cents per mile driven for medical or moving purposes
- 14 cents per mile driven in service of charitable organizations
The rate for business miles driven is unchanged from the mid-year adjustment that became effective on July 1, 2011. The medical and moving rate has been reduced by 0.5 cents per mile.
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs as determined by the same study. Independent contractor Runzheimer International conducted the study.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.
General Records Retention Guidelines
BUSINESS RECORDS (KEEP FOREVER)
- Income tax returns
- Income tax payment checks
- Investment trade confirmations
- Important correspondence
- Legal records
- Retirement and pension records
- Certified Public Accountant (CPA) audit reports
- Annual financial statements and book of account
- Corporate documents (incorporation, charter, by-laws, etc.)
- Stock records
- License, patents and trademarks and registration packets
- Documents substantiating fixed asset additions
BUSINESS RECORDS (KEEP SIX YEARS)
- Bank reconciliation and cancelled checks
- Cancelled payroll and dividend checks
- Personnel and payroll records
- Purchase records
- Sales records
- Travel & entertainment records
- Supporting documents for tax returns
- Property record / improvement receipts
- Sales receipts
- Utility records
- Other bills
- Monthly financial statements
- Credit card statements
- Employment applications (unless your profession requires longer retention)
- Expired insurance policies
- Income tax returns
- Income tax payment checks
- Investment trade confirmation
- Important correspondence
- Legal records
- Retirement and pension records
- CPA audit reports
- Supporting documents for tax returns
- Accident reports and claims
- Medical bills
- Property records / improvements receipts
- Sales receipts
- Utility records
- Other bills (if tax related)
- Credit card statements
- Medical bills (in case of insurance disputes)
- Utility records
- Expired insurance policies
- Car records – Keep until car is sold
- Credit card receipts – Keep until verified on your statement
- Insurance policies – Keep for the life of the policy
- Mortgages / Deeds / Leases – Keep six year beyond the agreement
- Pay stubs – Keep until reconciled with your annual Form W-2
- Property records / improvements – Keep until property sold
- Sales receipts – Keep for the life of warranty
- Stock and bond records – Keep for six years beyond date of sale
- Warranties & instructions – Keep for the life of the product
- Other bills – Keep until payment is verified on next bill
Note: Before getting rid of any financial and/or legal paperwork, consult your accountant and/or attorney.
Additional Topic Reference Material: Internal Revenue Service – How Long Should I Keep Records?
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Waldorf Handcrafters’ Market Day in Honolulu, Hawaii
When Dick Oshima, Managing Partner, isn’t busy tending to his own business or the business of his clients he’s often lending his expert knowledge and experience to various local non-profit organizations throughout the State of Hawaii.
Dick is currently serving his 9th term as the Treasurer for the Honolulu Waldorf School in Honolulu, Hawaii and they welcome you to their Niu Valley campus on Veterans’ Day (11/11/11) where they will be showcasing the handmade creations of local artists at the Waldorf Handcrafts’ Market Day.
There will be 50 vendors onsite from woodworker and author, Francisco Clemente, custom jeweler Kyote Designs, watercolor painter, Patrice Federspiel, and many more.
Food and beverage vendors will include Da Spot, Le Crepe Cafe, Cha Cha Cha Salsaria, and Il Gelato along with gourmet beverages creations by the Waldorf 12th grade students.
The event is open to the public from 10:00am to 4:00pm and street parking is available in addition to the King’s Cathedral parking lot on Kalanianaole Highway.
Honolulu Waldorf School - Niu Valley Campus
350 Ulua Street
Honolulu, Hawaii 96821
The Oshima Company CPA Is An Authorized IRS E-File Service Provider
Starting this year the Oshima Company CPA is offering it’s clients the option to electronically file their 2010 Federal and Hawaii income tax returns for no additional fee.
Some of the advantages in favor of e-filing your tax returns can mean faster refunds (as little as 8-days), the ability to file your tax returns now and pay later and the peace of mind that comes with a receipt acknowledgment indicating if and when the government received your income tax returns.
If you have already filed your 2010 Federal income tax returns, you can check the status of your refund at the Internal Revenue Service’s website — Where’s My Refund
District of Columbia Holiday Affects Federal Income Tax Filing Deadline
The Internal Revenue Service today opened the 2011 tax filing season by announcing that taxpayers will have until Monday, April 18, 2011 to file their 2010 Federal income tax returns and to pay any taxes owed because Emancipation Day, a holiday observed in the District of Columbia, falls on Friday, April 15, 2011.
By law the District of Columbia holiday impacts the tax deadlines in the same way that federal holidays do, which is to postpone them until the next business day.
Also, taxpayers who will file for an extension of time will have until Monday, October 17, 2011 to file their 2010 Federal income tax returns because October 15, 2011 falls on a Saturday.
