2017 Annual Volunteer Day

On December 5, 2017, Wheeler Accountants spent the day helping a local non-profit that makes a big impact on the community.  This is an annual event that is looked forward to across the office, and is coordinated by our in house Events Committee.

The year, Wheeler chose to volunteer at ConXion to Community, a wonderful organization that makes a big impact in our community.  The mission of ConXion is to create new opportunities through education, workforce development and social services to create a better community. They offer a wide variety of community assistance programs, including at risk youth and adult education. The Organization has a large building that needs maintenance. Learn more about ConXion by visiting their website (www.conxion.org/).

Per the Organization, “so much was accomplished during the volunteer day.”

The Wheeler team split up into four groups to tackle tasks that ConXion had assigned. One team cleaned out the side yard to help drain ground water surge and rain water. This helps prevent leaks through the floors of the building. A second team tackled the front yard, and helped make some safety improvements by clearing the fire hydrant of ivy! A third team worked in the main hall to put up a Christmas tree and other decorations for the upcoming toy drive. The fourth and final team – the painters- did a great job painting walls in the facility to help the Organization look much more professional, per Patrick at ConXion.

After Wheeler did their hard work, they enjoyed pizza and bowling.  Another Volunteer Day on the books, and already looking forward to next year!

In Lieu of Holiday Cards

In lieu of a holiday card to our clients and partners, the members of our firm donate to a charity of their choice, and Wheeler Accountants provide a matching contribution.  Some very worthy organizations that have received contributions this year are Humane Society of Silicon Valley, Second Harvest of Santa Cruz County, The Bridge School, and Supernova, to name a few.

Tax Reform

Now that it appears congress is on the cusp of (finally) formalizing a comprehensive tax reform package for 2018, we are getting some clarity on what many of the final provisions of the bill are looking like. Many taxpayers are expected to see a decrease in overall tax rates starting with the 2018 tax year. Additionally, some deductions are being greatly modified or eliminated which puts many of us in a position to make choices before the end of the year on how to best position ourselves to avoid losing deductions by making payments in the correct year. The interesting thing about this bill is that different taxpayers will be affected in wildly different ways. There will be winners and there will be losers. Each situation is unique. Though we are running out of time, we are assisting clients as best we can right now. Please do reach out to your Wheeler Accountants advisor for specific tax advice applicable to your situation.Continue reading

Charitable Contributions of Property

If you contribute property to a qualified organization, the amount of your charitable contribution is generally the fair market value of the property at the time of the contribution. However, if the property fits into one of the categories discussed here, the amount of your deduction must be decreased. As with many aspects of tax law, the rules are quite complex. If you’re considering a charitable contribution of property, here’s what you need to know:

After discussing how to determine the fair market value of something you donate, we’ll discuss the following categories of charitable gifts of property:

  • Contributions subject to speciial rules
  • Property that has decreased n value;
  • Property that has increased in value;
  • Food Inventory.
  • Bargain Sales.

Continue reading

Small Business: Tax Breaks for Charitable Giving

Tax breaks for charitable giving aren’t limited to individuals, your small business can benefit as well. If you own a small to medium size business and are committed to giving back to the community through charitable giving, here’s what you should know.

1. Verify that the Organization is a Qualified Charity.

Once you’ve identified a charity, you’ll need to make sure it is a qualified charitable organization under the IRS. Qualified organizations must meet specific requirements as well as IRS criteria and are often referred to as 501(c)(3) organizations. Note that not all tax-exempt organizations are 501(c)(3) status, however.

There are two ways to verify whether a charity is qualified: use the IRS online search tool or ask the charity to send you a copy of their IRS determination letter confirming their exempt status.Continue reading

New e-Services Scam Affects Taxpayers, Tax Pros

As IRS e-Services begins its move later this month to Secure Access authentication and its two-factor protections, cybercriminals are likely to make last-ditch efforts to steal passwords and data prior to the transition.

IRS e-Services users should be aware of a new phishing scam that tries to trick tax professionals into “signing” a new e-Services user agreement.

The phishing scam seeks to steal passwords and data.These and other sophisticated schemes are adaptive in nature, and everyone should be cautious before clicking on a link or entering sensitive personal information.

How the e-Services Scam Works

The scam email claims to be from “e-Services Registration” and uses “Important Update about Your e-Services Account” in the subject line. It states, in part, “We are rolling out a new user agreement, and all registered users must accept its revised terms to have access to e-Services and its products.” It asks the individual to review and accept the agreement but takes them to a fake site instead.

What to do if you Clicked on a Link

For those who may have clicked on this link, perform a deep scan with security software, and then contact IT/cybersecurity personnel and the IRS e-Help Desk on IRS.gov.

Questions or Concerns?

Don’t hesitate to call our office at 408-252-1800 if you have any questions about IRS e-Services or believe you may have been a victim of an IRS-related scam. To learn more about what the IRS is doing to protect accounts with Secure Access authentication, please visit the e-Services landing page on the IRS website.

Solar Technology Tax Credits Available for 2017

Certain energy-efficient home improvements can cut your energy bills and save you money at tax time. While many of these tax credits expired at the end of 2016, tax credits for residential and non-business energy-efficient solar technologies do not expire until December 31, 2021. Here are some key facts that you should know about these tax credits:Continue reading

Year-End Tax Planning Strategies for Individuals

Once again, tax planning for the year ahead presents a number of challenges, first and foremost being what tax reform measures (if any) will actually become legislation–and when they take effect (e.g. retroactive to January 1, 2017, or a future date). Furthermore, a number of tax extenders expired at the end of 2016, which may or may not be reauthorized by Congress and made retroactive to the beginning of the year. And then, of course, there are the normal variations in individual tax circumstances such as the sale of a home that could bump up income into another tax bracket.

With this in mind, let’s take a look at some of the tax strategies you can use given the current uncertainties.Continue reading

It’s a Girl!

Congratulations to Managing Partner, Matt Wheeler and his wife Jenny on the birth of their third child. Alexandra Mary Wheeler was born on November 7, 2017. She weighed 6 lbs 7 oz and was 19 inches long. Mom and baby are doing well. Sister, Samantha and brother, Devin are thrilled to have a baby sister.

Wheeler Congratulates Nick Satterfield

 

Congratulations to Nick Satterfield, Senior Accountant, who married his high school sweetheart, Shelby on Saturday, November 4th. The wedding took place in Burlingame, close to where Nick and Shelby’s families live. The event was filed with family and friends. Wheeler wishes Nick and Shelby the best as they enjoy their new life together.