If you prepared W-2s or 1099s, please be aware of the following February 29^th deadlines:

• Mail 2011 Form W-3 to the Social Security Administration with Copy A of all W-2’s
• Mail 2011 CO Form DR 1093W Annual Transmittal of State W-2 with Copy 1 of all W-2’s (for CO businesses)
• Mail 2011 Form 1096 to the IRS with Copy A of all 1099’s

February 1, 2012 marks Shaw & Associates’ 15 Year Anniversary.  Shaw & Associates has not only experienced consistent growth and success during the last 15 years, we have continually expanded our services to better serve our clients.  We are proud of our quality service, community involvement, and outstanding staff, but most of all, we are proud of the relationship we have with each and every client.

Business owners, please be aware that W-2 and 1099 forms are due to recipients by 1/31/12.  Also due are 941 forms, 940 payments, State of Colorado withholding and State of Colorado unemployment payments.  If you need assistance with any of these forms, please contact us.

Congress has passed a temporary extension of the payroll tax cut.  Had Congress not acted, the Social Security tax rate of 4.2% would have reverted back to 6.2% as of January 1, 2012.  The current tax cut extension expires February 29, 2012.

The Super Committee has failed.  What does this mean for you from a tax perspective? 

Without a resolution, the current payroll tax deduction will expire at the end of this year.  In addition, the “Bush Tax Cuts” will expire at the end of 2012, and since 2012 is an election year, we are unlikely to see any changes until after the election.   If you have specific questions or concerns, please give us a call. 

The end of the year is quickly approaching.    Many tax strategies must be implemented by 12/31/2011.  Contact our office to schedule your year-end tax planning meeting.

The end of the year is quickly approaching.  It is important to make any employee contributions to a company retirement plan (401k, 403b, 457, Simple IRA) prior to December 31^st.  Don’t forget to fund your College Savings Plan by the end of the year to receive a deduction on your 2011 tax return.

Join Shaw & Associates for the Northern Colorado Career Symposium on November 18, 2011, from 8:30 a.m. to 5:00 p.m. at the Fort Collins Marriott.  Our own Dave Palm, Financial Advisor and Susan Graham, CPA will be featured presenters discussing Tax and Financial Tips for Individuals in Career Transition.  For more info visit www.northerncocareerfair.com. 

Mortgage interest rates are at historic lows.  Refinancing your current mortgage may have a significant impact on your overall financial situation.  Now is an ideal time to evaluate if refinancing is right for you.

Non-profit 2010 extensions are due by 11/15/11. This is for entities who are calendar-year tax filers; if you have a different fiscal year end and are unsure of your deadline, feel free to check in with us. 

Recently the stock market has been on quite a roller coaster ride.  It is important that you do not panic and keep your long-term goals and strategies in mind.  However, it is still important that you look to minimize some of this impact through proper diversification and asset protection. We recommend that financial plans be reviewed periodically, and we are always available to assist you and to discuss any concerns that you may have.

Even though there was much discussion of tax increases or a major overhaul of the tax code, nothing of this nature occurred with the final compromise.  However, Congress has appointed a special committee to recommend further action to lower the deficit.  A final recommendation is due by November and revenue enhancements could be part of the equation.  Stay tuned!

The Internal Revenue Service has made a mid-year decision to increase the standard mileage rate deduction for business travel to 55.5 cents per mile effective July 1, 2011. The rate of 51 cents per mile should continue to be used for travel from January 1, 2011 through June 30, 2011.  Keep in mind you’ll have to provide us the total mileage for each half of the year next year when we prepare your 2011 tax return.