Tax Season is here and more than 4,430 changes to the tax code, are you ready?

Based on most recent publication from the IRS – IRS Newswire Issue IR – 2012-6 there are more than 4,430 changes to the Tax code affecting individuals and businesses.

“There were approximately 4,430 changes to the tax code from 2001 through 2010, an average of more than one a day, including an estimated 579 changes in 2010 alone.  The IRS must explain each new provision to taxpayers, write computer code so it can process returns affected by the provision, and train its auditors to identify improper claims.”

We are here and ready to help you. At Cordero CPA we have the most advance review process to ensure you obtain the biggest allowable benefit on your tax return.  A personal or business return will get the same quality review to ensure tax law changes are on your side.

How we do that, using the best available software in the market and maintaining adequate inside training program to ensure our tax preparers are up to the last minute changes.

Call today for an appointment and begging the process to a full tax laws changes benefit return.

Miami (305) 599-4111

Kissimmee (407) 931-0002

BEWARE:  THE IRS WILL NEVER COMMUNICATE WITH YOU OR ME VIA EMAIL.

DON’T OPEN EMAILS LIKE THIS OR REPOND TO THEM.

FOR MORE INFORMATION VISIT THE IRS WEBSITE AT

www.irs.gov/privacy/article/0,,id=179820,00.html

THANKS

ALFONSO CORDERO

From:              Internal Revenue Service <customer.service@irs.gov>

Subject: Debt for the period 2011 #ID2377

Date: January 8, 2012 4:23:30 PM EST

To:    Cordero Alfonso <corderoalfonso@aol.com>

Reply-To:    Internal Revenue Service <customer.service@irs.gov>

IRS notice,

The analysis of the last annual calculations of your fiscal activity has indicated that you are entitled to receive a tax refund of $382.34

Please submit a request of the tax refund and a processing of the request will take 7-14 days.

A tax refund can be delayed by different reasons.

For instance submission of invalid records or sending after the deadline.

Please find the form of your tax refund attached and fill out it and send a report.

Sincerely,

Internal Revenue Service.

http://www.ted.com/talks/thomas_suarez_a_12_year_old_app_developer.html

My youngest daughter send me this link and I found is fascinating.

Look and it and let me know your thoughts

Have a great Day

Alfonso Cordero – SI ME DICEN TAXES YO DIGO CORDERO

http://www.ted.com/talks/thomas_suarez_a_12_year_old_app_developer.html

Income Reporting and Schedule C Issues

Taxpayers filing a Schedule C must report the correct gross income and all related deductions on their return.  Determining the correct income and deductions creates an issue for preparers who need to verify the income reported and expenses claimed, whether this is a result of poor record keeping or a direct attempt to falsify figures to optimize credits.

The common income-reporting issues are:

•  Questionable Schedule C income to qualify for EITC (i.e., taxpayers with no 1099)

• Questionable Schedule C losses that reduce other income and qualify taxpayers for EITC
• Schedule C income, but the taxpayers have no records for income or expenses
• Income from Schedule C businesses, but no expenses when it is reasonable to expect the taxpayer incurred expenses

Schedule C Recommendations

REPORT ONLY INFORMATION THAT IS VALID AND SUSTAINABLE.  INCORRECT AND / OR FRAUDULENT INFORMATION ONLY INCREASES THE OPPORTUNITIES FOR AN AUDIT.

AND REMEMBER:  SI ME DICEN TAXES – YO DIGO CORDERO.

Payroll Tax Cut Temporarily Extended into 2012

WASHINGTON — 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 temporarily extends the two 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. This reduced Social Security withholding will have no effect on employees’ future Social Security benefits.

Employers should implement the new payroll tax rate as soon as possible in 2012 but not later than Jan. 31, 2012. For any Social Security tax over-withheld during January, employers should make an offsetting adjustment in workers’ pay as soon as possible but not later than March 31, 2012.

Employers and payroll companies will handle the withholding changes, so workers should not need to take any additional action.

Under the terms negotiated by Congress, the law also includes a new “recapture” provision, which applies only to those employees who receive more than $18,350 in wages during the two-month period (the Social Security wage base for 2012 is $110,100, and $18,350 represents two months of the full-year  amount). This provision imposes an additional income tax on these higher-income employees in an amount equal to 2 percent of the amount of wages they receive during the two-month period in excess of $18,350 (and not greater than $110,100).

This additional recapture tax is an add-on to income tax liability that the employee would otherwise pay for 2012 and is not subject to reduction by credits or deductions.  The recapture tax would be payable in 2013 when the employee files his or her income tax return for the 2012 tax year. With the possibility of a full-year extension of the payroll tax cut being discussed for 2012, the IRS will closely monitor the situation in case future legislation changes the recapture provision.

The IRS will issue additional guidance as needed to implement the provisions of this new two-month extension, including revised employment tax forms and instructions and information for employees who may be subject to the new “recapture” provision.  For most employers, the quarterly employment tax return for the quarter ending March 31, 2012 is due April 30, 2012.

Perry Pitches Scrapping Tax Code, Offering Optional 20 Percent Flat Tax

Rick Perry is proposing letting Americans choose between their existing income tax rate or a new flat tax of 20 percent, part of a tax and spending reform plan that the Republican presidential candidate is dubbing “Cut, Balance and Grow.”
“The goal of my ‘Cut, Balance and Grow’ plan is to unleash job creation, address the current economic crisis, while at the same time generating a stable source of revenue to address our record deficit and put our fiscal house in order,” Perry, the governor of Texas, said at an event Tuesday in South Carolina.
Perry said people taking up the flat tax can scrap the current code, and it would lower and simplify tax rates to the point that Americans could file their tax returns on a post card, which he pulled out as he spoke.
His plan would also get rid of the Alternative Minimum Tax for families, balance the federal budget by 2020, reform entitlements, ban earmarks and impose a cap on federal spending at 18 percent of gross domestic product.
Perry’s proposed flat tax would preserve key tax exemptions for families earning less than $500,000 a year and would increase the standard deduction to $12,500 for individuals. It would also eliminate the tax paid on the country’s largest estates when property owners die and eliminate taxes on Social Security benefits.
He also revived a proposal to allowed young workers to invest part of their payroll taxes into private accounts — a plan that President Bush once pushed until it died in a Republican-controlled Congress.
“The flat tax will unleash growth but growth’s not enough,” Perry said. “We must put a stop to this entitlement culture that risks the financial solvency of this country for future generations. I mean the red flags are alarming.”
He called for corporate tax reform, including a one-time reduced tax rate of 5.25 percent for businesses that bring their profits that are parked overseas back to the U.S.

“The U.S. Chamber (of Commerce) estimates this one-time tax reduction would bring more than $1 trillion in capital back to the U.S. create up to 2.9 million jobs, and increase economic output by $360 billion,” he said.

“In other words, it’s the kind of economic stimulus President Obama could have achieved if he wasn’t hell-bent on passing big government schemes that have failed American workers,” he said.
Perry’s proposal comes two and a half months after he began running for the GOP nomination, and following lackluster appearances in several debates.

The policy rollout is a critical part of Perry’s efforts to right a struggling campaign as well as set him back up against rivals like Mitt Romney, who hasn’t suggested a flat tax, and Herman Cain, who has proposed a 9-9-9 plan of 9 percent corporate income tax rates and a 9 percent national sales tax.
Publisher Steve Forbes, one of Perry’s key supporters for the 2012 Republican nomination, described the proposal as appealing to all comers.

“You have to make a real sum of money before the tax kicks in,” Forbes told Fox News, describing the basics of Perry’s plan. “Middle-income people are not going to pay more and they are going to save huge amounts of money.”

Unlike Herman Cain’s 9-9-9 plan, which relies largely on a new national sales tax, Perry said he would avoid a sales tax while lowering the corporate tax to 20 percent and eliminate taxes on dividends and capital gains, aiming to free up money that presumably would be invested in economic growth.
Forbes argued that a flat tax gets rid of the billions of hours in paperwork, and possibly the millions of jobs that go with tax filings. Without changes to the code, he noted, the Tax Foundation estimates that by 2015, $483 billion alone will be spent on trying to interpret and understand the code.

“You put something like the Perry plan in place, that is several hundred billions in savings off the bat, that’s huge,” he said.

Proponents of the flat tax argue that a uniform rate will improve the U.S. economy because it will increase take-home wages, in essence incentivizing work. Lower taxes, they claim, will also encourage entrepreneurship.

President Obama’s campaign, ready on the criticism, issued a statement saying Perry’s plan, as well as Romney’s are intended to benefit high-income households at the expense of the middle class.
“Both the Romney and Perry economic plans embrace a far-right vision for our tax code,” wrote James Kvaal, policy director for Obama for America. “They share elements with plans offered by congressional Republicans, which independent economists believe would fail to accelerate job creation now. Both plans would cut taxes on wealth and investment income, shifting the tax burden onto work and wages. Both plans are likely to be costly, driving up the deficit at a time of historic fiscal challenges. And under both plans, the most fortunate Americans would pay less while the middle class would pay a higher share.”

But Perry’s campaign dismissed the criticism.
“Gov. Perry’s plan will reduce taxes for everybody and grow the economy and not pit Americans against each other like President Obama is doing,” Perry campaign spokesman Mark Miner told Fox News.

The Club for Growth, a conservative economic group, praised the proposal.
“Rick Perry’s plan for tax reform would be massively pro-growth,” the club’s president, Chris Chocola, said. “A flat tax like the one proposed by Perry would unleash years of economic growth if it is passed into law.

Chocola said he continues to be “disappointed” that Romney has not embraced a flat or fair tax.
“He would be wise to avoid using class warfare when comparing his current proposals to those of Gov. Perry or Herman Cain,” he said. “The Club for Growth is looking for bold leadership on tax reform from the Republican nominee — not demagoguery or platitudes.”

Read more: http://www.foxnews.com/politics/2011/10/24/perry-to-pitch-scrapping-tax-code-offering-optional-20-percent-flat-tax/#ixzz1boSybJCG

Florida’s tax free weekend has been reinstated for 2011 and is scheduled to take place from August 12-14, 2011, which is perfect for parents who need to pick up schools supplies, clothing, shoes, and other back to school shopping items.

FLORIDA’S TAX FREE WEEKEND APPLIES TO:

Books, clothing and footwear ($75 or less)

School supplies ($15 or less)

PARTIAL LIST OF EXEMPT ITEMS:

Clothing and accessories must be $50 or less. Items eligible included: Clothing must be under $100 for:

Baby Clothes

Backpacks

Belt Buckles

Bibs

Blouses & Shirts

Jeans, Pants, Shorts

Coats and Wraps

Dresses

Formal Clothing

Gloves

Graduation Caps and Gowns

Jackets

School Supplies, limit per item is $10:

Binders, Folders

Calculators

Pencils, Pens, Crayons

Erasers, Glues

Highlighters

Notebooks

For more information please visit www.myflorida.com

For the first time in Expolit Alfonso Cordero from Cordero CPA.
Talking about non-profit organizations (Churches, ministries and others) in danger of extinction, the rights and responsibilities of them to the tax agencies (IRS-FDR)

During the past ten years, the department of revenue has been making changes on how to supervise non-profit organizations.

That is why Alfonso Cordero from Cordero CPA, who for years has been directed to the public in South Florida through his radio program on La Nueva 88.3 FM will conduct two seminars in this year’s Expolit, about “nonprofit organizations in danger of extinction” and “rights and responsibilities” thereof.

Among the topics to be addressed, is that of, make sure that our non-profit organization complies with the requirements set by the IRS

Information returns.

Taxable income.

Payments to ministers

Payments to employees

And the very well known as name of love offering in the eyes of the IRS

! Don’t compromise your tax exemption!

There are more than 1.6 million nonprofit organizations without including churches in the United States; these organizations have assets in excess of three trillion dollars and more than 1.2 trillion dollars in income.

These workshops are aimed, among others, to churches, ministries, food banks, ministries and general music to all persons who effectively run an organization “non profit”.

Alfonso Cordero, who is a Certified Public Accountant, has over 30 years experience in the subject of taxes, has represented the IRS giving seminars about taxes and also for over 22 years has been in media sharing news about this topic.

Mr. Cordero, who over the past 20 years has been especially interested in the area “non profit”, will talk about critical facts and the law regarding benefits and responsibilities when filing such an organization, your tax return.

! Extra! As a nonprofit institution recovered more $ 30,000 in taxes paid to government.

Date: Monday, May 23 – 2:45 PM and 4:00 PM

Location: Expolit Convention Center, Miami Airpot

Room: 356 “C”

WWW.CORDEROCPA.COM

CORDERO C.P.A. 599 305 411

Cordero advises:

The tax declaration saved my immigration status:

Greetings, perhaps many will be wondering what has to do taxes with immigration, and the truth is far, below an example that will be easier to understand:

This woman we’ll call Maria who lives three years ago in this country has not made his tax declaration ever: 2008, 2009 and 2010, now she can only do their taxes for three years, but she can also apply for all credits that are available to her under the law,  and in many cases receive a refund. In the case of Mrs. Maria, she did not have a legal immigration status. You should still make your statement, with the good news that the day you get your social security number may amend up to three years back, then revise and implement, if so, by credits, so as to see, the best idea is to catch up with Uncle Sam, remember when making any immigration procedure, one of the questions is, if you have violated United States law;  not present a tax declaration is a violation of federal law.

I do not want to say goodbye in this issue without inviting you to give thanks to God for living in a country like this and more watching the recent events in countries like Egypt and Libya, we are definitely blessed with that fact. Continuing with this line of our duties with the United States is to present our annual tax return, remember that this year the deadline is April 18 and maybe this case can be yours:

And do not forget: If they say taxes, I say CORDERO. (“Si me dicen taxes, Yo digo Cordero”)

* Listen on the la ruta 88.3 F.M. Monday at
4:10 PM, look for us on FACEBOOK as CORDERO CPA  or our website WWW.CORDEROCPA.COM .

Cordero Certified Public Accountants launches new website, www.CorderoCPA.com to educate and offer assistance with accounting and tax preparation.

Orlando, Fla. – March 2011 – Say Goodbye to tax and accounting troubles!  www.CorderoCPA.com has been re-launched by CPA, Alfonso Cordero, founder of Cordero Certified Public Accountants.  The new website will act as an online hub for information regarding taxes and accounting.  Viewers of the site can get tax relief, book free consultations and hear tax tips from Alfonso Cordero himself. (more…)