Pinellas County proclaimed the week of February 12th – 18th, 2012 as “Robotic and STEM Education Week.”  Manufacturing has become a cornerstone of our economy and interest groups need the support of manufacturing as well as others who wish to be recognized for the positive contributions made to robotics and STEM education and what it is doing for our young people.

If you have an interest in this, call our office to speak with Ann Paxton further about it.

PDR Certified Public Accountants. Since 1974. 727-785-4447. 813-498-1294. 1-866-760-6938. www.pdr-cpa.com

Last night at the 2012 90th Annual Meeting for the Clearwater Regional Chamber, PDR Certified Public Accountatns was awarded the Medium Business of the Year Award!!

The annual meeting was kicked off by the President/CEO of the Clearwater Regional Chamber of Commerce, Bob Clifford.  Bob welcomed everyone to the meeting, which was attended by over 500 people!  Speakers included Mayor Frank Hibbard, Jen Holloway, and Admiral William D. Baumgartner.

The Clearwater Chamber announced winners for the following Businesses of the Year: Small Business of the Year, Medium Business of the Year, Large Business of the Year, Small Not-for-Profit Business of the Year, Medium Not-for-Profit Business of the Year, and Large Not-for-Profit Business of the Year.

PDR is gracious that we were selected as the 2012 Medium Business of the Year and we will continue to strive to better serve our clients in the future. 

There are six ways that one’s identity/bank account information can be stolen:

1. Dumpster diving - classic.  Nearly everyone has heard of this one.  It’s the classic jump in a dumpster, take information that isn’t yours, making someone’s life miserable.
2. Skimming - very common.  This is when the thieves will either fool someone into not swiping his or her card in the normal credit card scanner, directing the person to use the fake scanner OR adding an additional scanner to the top of a credit card scanner (i.e. on RedBox machines) easily scanning one’s credit card.  Be careful, identity thieves will put these in places where people are in a hurry and don’t realize until it is too late what just happened.
3. Phishing.  Not like fishing at the pier, phishing as in sending ‘phony’ emails out, scamming people to click on links and enter personal information.  For example, the IRS does NOT send out emails, so don’t open anything that comes from them! 
4. Changing your address.  Thieves will do this in hopes to get your bank statements, etc. sent directly to them.  They can use all your account information and turn your world upside down at the drop of a hat.
5. Stealing – the method that is recognized by all, but easily forgotten by many.  Don’t leave your purse in your car unattended, be aware of your surroundings, take precautions, etc.
6. Pretexting.  Your phone  is a mini, hand-held computer.  Surprisingly, thieves can use your phone to steal your information.  If you get a pop-up on your phone that is not something of the norm … DO NOT CLICK IT.  Whenever something is out-of-the ordinary on your phone, chances are it is.

I know people will read this and think, <insert sarcastic tone of voice here> “Great, this is exciting news; there are six totally separate ways my identity can be stolen.  Now, how do I prevent myself from having this happen to me?”

Protect your password  Never share your password with other people.  Change your password on a regular basis.  Do NOT write your password down.  Do NOT consistently use the same password.  Use a strong password that is NOT obvious.

Protect your computer  Install an anti-virus and anti-spyware software.  Update these programs regularly.  Install a firewall.  Never click on a link sent in unsolicited e-mails.

Protect yourself from fraud schemes  Never respond to an unsolicited e-mail with personal information.  Verify that a business or offer is legitimate before advancing money.  Verify that a payment to you is legitimate before sending items.  Be aware of existing fraud schemes like inheritance and lottery scams.

Protect your personal information  Shred all documents containing personal information; don’t just rip and cut up papers because they can be easily put back together.  Only share your social security number when absolutely necessary.  Question suspicious phone and e-mail inquiries.  routinely monitor receipt of bills and financial statements.  Mail outgoing bills at the post office or in a locked collection box.

What to do if you are a victim Report lost or stolen checks, debit cards and credit cards immediately.  Contact law enforcement and your financial institution if you feel you are the victim of identity theft.

Be vigilant  If you notice something out-of-the ordinary, question it.  If you see a suspicious credit card scanner, toggle it and see if it easily comes off.  These thieves typically use velcro or strong magnets to attach their ‘devices,’ so if it comes off easily, it’s a scam!

Check your credit report  Checking your credit report every 6 month or so allows you to check for any fishy activity that you know you did not do.  Fight identity theft by monitoring your credit report regularly to keep a look out for anything out-of-the ordinary.  Every year, you can get a FREE credit report by going to www.annualcreditreport.com.

If you have been a victim and are in need of tax advice, please call us today at 727-785-4447 or 1-866-730-6938 and we will be happy to work with you.  If you would like to contact Fifth Third Bank, you can visit their website at www.53.com. 

(*NOTE: the above information is information that was obtained via presentation and hand outs from Fifth Third Bank.  It is for general guidance and awareness only.  It does not constitute as legal advice, tax advice, accounting services, investment advice, or professional consulting.  The information should not be used as a substitute for consultation with professional tax, account, legal, or other competent advisors.  Before making or taking actions, consult a professional advisor who has been provided with all pertinent facts relevant in your particular situation.)

One strategy that is commonly used in year-ed individual tax planning is to determine the best timing for claiming itemized deductions.  generally, it is beneficial for taxpayers to defer income and accelerate expenses.  This strategy may enable you to itemize your deductions if you claimed the standard deduction in the past.  This year, some certainty for planning purposes is provided due to the extension of the reduced individual income tax rates through 2012 by the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.

In addition to the reduced tax rates, the Tax Relief Act extended numerous other tax benefits including:

1. Marriage penalty relief
2. Repeal of the itemized deduction and personal exemption phase outs
3. Itemized deduction for state and local general sales taxes in lieu of state and local income taxes
4. Mortgage insurance premium deduction
5. Above-the-line deduction for certain out-of-pocket classroom expenses
6. Above-the-line higher education tuition deduction and other education-related incentives
7. Alternative minimum tax (AMT) patch
8. Nonrefundable tax credit offset of entire regular and AMT tax liability
9. Tax-free IRA distributions to charity

However, the additional standard deductions for state and local real property tax, motor vehicle sales tax, and net disaster losses are no longer available.

Tax planning for higher-income taxpayers is more complicated.  Generally, you must reduce your otherwise allowable itemized deductions if your adjusted gross income exceeds a specified threshold amount.  However, the phase=out of itemized deductions and personal exemptions for higher-income taxpayers is eliminated through 2012 by the Tax Relief Act.  The failure to take the alternative minimum tax (AMT) into account may also jeopardize your tax planning strategy, as the AMT continues to negate many itemized deductions.  The Tax Relief Act of 2010 increased the AMT exemptions amounts for the 2010 and 2011 tax years, which provides some relief from this tax burden.

Although maximizing your itemized deductions is an important aspect of tax planning, there are other issues that you may need to consider in light of your overall tax scenario.  We hope to provide you with planning options that enable you to achieve the greatest tax savings possible.  Please contact our office at your earliest convenience if you would like to make an appointment to discuss your tax planning options.  You can reach us at info@pdr-cpa.com or 727-785-4447.

Collecting Deductions 

Our friends at BizActions have provided us with information as to how to easily explain how you can have a good time and still use the receipt as a deduction.  Basically, you can still have fun with your clients or customers and still deduct part of the cost you spend to entertain them!

Generally, the tax law allows you to deduct 50% of the cost of meals and entertainment that are either associated with your business or are directly related to your business.  For instance, you can serve your clients lunch at the office in the conference room and the meal you serve them would qualify as an entertainment expense that is directly related to your business.

People tend to usually accrue entertainment expenses that are associated with their business.  In order to have an entertainment expense that would qualify for a deduction, you must hold a substantial and legitimate business discussion either preceding or proceeding the entertainment.  For example, if you finish a business meeting at 5:00 p.m. and wish to take your client(s) out to dinner, that dinner is deductible within the allowable limits.

Want another sigh of relief?  You do not have to show that any income or any other business benefits were a result of an entertainment expense!

Some other smart ideas to claim deductions within the allowable limits include, but are not limited to:

Hosting a party!  That’s right, a party!  You are allowed to deduct the cost of hosting clients or business associates at your home before or after a business meeting!  You can still use the cost spent on hosting your clients and business associates even if non-business guests are in attendance.  For example if you have a total of 25 guests at your house and 12 of them were business guests in which you had a meeting prior to or after the party, you can write off 12/25th of the amount you spent.

Invite your spouse along.  If you and your business guest each bring their spouse, then the cost of entertaining the group is still deductible … as long as the meal is business-related.

Keeping records is just as important!  It’s important to substantiate your deductions by maintaining records of the cost, time, description, business purpose, and the business relationship of the people that were entertained.  This will help, if you are ever in an audit because the IRS takes a hard look at entertainment expenses to ensure they aren’t for personal reasons.  So the best defense is a strong offense; be prepared, just in case!

Want an example for why it’s important to keep records?  A large corporation was deducting 50% of its entertainment and meal expenses for five years, even though a lot of the deductions were fully deductible.  Their accounting system that they used applied the 50% deduction regardless of the type of expense.  After some investigation, it was found that the company had posted 50,000 items as entertainment and meals, allowing them to potentially have a lot more deductions than what the system allotted.  The company wanted to amend the returns and could only retrieve the necessary information by using a statistical sample of all the items for each year that could be 100% deductible.  However, they found that the IRS does not accept a statistical sample for this purpose.  Moral of the story … keep detailed records!

 Making a good website

Our friends at BizActions newsletter have outlined a few tips for a successful website.  We thought you might like to know these useful tips.  

1. Buy a domain. Having your own domain name will build trust as well as make your company look more professional. Having your own domain name also allows you to avoid unwanted ads as well as allow you to use a domain e-mail address rather than a free e-mail service.
2. Skip the fluff. Customers want to get to the heart of the matter fast. So skip the “enter pages” and the “splash screens.” The worse thing you could do is to have an “enter page” that forces the visitor to download a Flash program. Sometimes, you might feel compelled to use Flash pages, and in that case, allow your viewers the option to view your page without it as well.
3. Give contact info. Provide your phone numbers, hours of operations, time zone, mailing address and e-mail address. Try not to use a P.O. box because some companies won’t deliver to a P.O. box and many customers won’t buy your product if that is the only address listed.
4. Keep contact links easy to find.No one wants to search all of your website for your contact information. Include at least one way to contact you on every web page. The home page should also include your Webmaster’s e-mail address.
5. Make it personal. Have an “About Us” page where you list the names and e-mail addresses of the owner, president, executives and staff. Photos are always a nice personal touch as well as small biographies. You don’t want to come across as an anonymous site, it makes the customer feel more comfortable using your service if they see your face and know something about you.
6. Watch your spelling. Spell-check. Proofread. Spell-check. Proofread. Do this for every page. Remember that spell check programs look for only misspelled words, NOT misused words. Misspelled words make your site look unprofessional and undermine your credibility. Not to mention they are a pet peeve of many people.
7. Update often. The content on your site should be updated at least every six months. Include a “Last Updated on (date)” note. Even if you don’t actually change the information, it lets customers know you are top of things.
8. Cater to the world. Include tags with your images to help people with sight disabilities and the hundreds of thousands of computer users around the globe who use text-only software and Web browsers.
9. Think speed. Your pages should load quickly. Many people do not have the time and patience to wait for you page to load. Fast-loading pages show you are a pro and boost customer confidence.
10. Post some kudos. Ask clients for testimonials and put them on the site. If you can, use the client’s full name; first-name-only testimonials come across as less credible.
11. Check all links. Download a link checker and use it monthly to find any broken links within your site. Broken links irritate customers and are a fast way of sending them to your competitor. Have your Webmaster design an “error” page so that your customers can get back on track if they encounter a bad link.
12. Simplify the purchase. If you are selling products, make sure your prices, shipping costs, discounts and return policy are clearly stated and are easily accessible. Keep your order forms simple.
13. Make promises. Provide money-back guarantees as well as privacy policy for your newsletter e-mail list or other offers. Note these clearly on your site.
14. Keep it safe.This may be obvious, but the best cyber-stores have the most secure purchase programs available. Most customers are savvy about buying online and won’t risk a stolen credit card number or, worse, identity theft.

Tick Tock, Deadlines are quickly apporaching

Tax deadlines are quickly approaching.  Don’t wait until the last minute to get your information in!

SEPTEMBER 15, 2011

This is the deadline for filing extended corporate tax returns, estate income tax returns, trust income tax returns, partnership returns, as well as the 3rd quarterly installment of estimated taxes.

OCTOBER 15, 2011

This is the deadline for filing extended personal tax returns.  It is also the deadline for funding a SEP-IRA or Solo 401(k) for 2010 if you requested an extension.

If you don’t have all of your wage and income information, you can call the IRS and get a transcript.  The telephone number is 800-829-1040.  You can ask to have a transcript faxed or mailed to you.

OTHER DEADLINES

Don’t forget that there are also deadlines coming up if you are planning to start a retirement account in t2011.

 Need assistance??

Call us at 727-785-4447 or email us at info@pdr-cpa.com and we can help you with all your tax needs.  Don’t wait until it’s too late, get your information together today!

PDR Certified Public Accountants. Since 1974. 727-785-4447. 813-498-1284. http://www.pdr-cpa.com/

The shareholders of PDR Certified Public Accountants are proud to announce the opening of a new Tampa office!  On July 5, 2011, PDR CPAs expanded by adding an additional Tampa office location at 405 N. Reo Street.  The new office is located near Tampa International Airport (TIA) making it an easily accessible location.

PDR has been providing accounting services since 1974.  Rapid growth had originally led us to move to a larger office in Clearwater in 2006 and continued growth has allowed us to branch into Tampa.  By opening a Tampa office, it allows us to reach more clients with the same dedicated, experienced staff.

Currently, we have 34 employees.  Having a large professional staff allows members to become proficient in selected areas and to share their knowledge with everyone in the firm.

PDR CPAs offers the following services: accounting and auditing services, corporate and personal tax services, research and development tax credits and cost segregation studies.  Some of the industries we work with include health care, manufacturing, professional services and not-for-profits.

Contact us today at 727-785-4447 or 813-498-1294 to set up a consultation at either the Tampa or Clearwater location!

PDR Certified Public Accountants: “Professionalism. Dedication. Results.” Since 1974. 727-785-4447. 813-498-1294. 1-866-730-6938. http://www.pdr-cpa.com

Photo courtesy of Lane, Witherspoon & Carswell Commercial Real Estate Advisors

Healthcare.  An ever-growing topic these days.  Long term care facilities deal with this daily.  We understand that and that’s why PDR has persons on staff that keep up-to-date on the unique needs the healthcare industry continues to demand from these facilities.

What can we do to help you?

Sometimes it seems there may be mountains to climb and no one to traverse the climb with you.  We understand that and are willing to be there for you.  PDR provides healthcare and clinical consulting to assist you in the accounting aspect of long term care.

We can provide the following for you:

• Audit, review or compilation of a facilities’ annual financial statements
• Monthly/quarterly accounting and management services
• Medicare/Medicaid cost report preparation and assistance with desk review and audits
• Tax Planning
• tax return preparation
• Negotiations for the purchase or sale of facilities
• Litigation support
• Evaluation of current operational structure
• Implementation of an effective internal control structure

We can also assist you with:

• Retrospective or concurrent medical record review for Medicare underutilization and/or documentation requirements
• Assessment of current processes for MDS, RAI, care planning and prospective payment systems
• Development of meaningful quality management programs with CQI orientation
• Development and implementation of standards of care, protocols, and flow-sheet charting as well as other methods of queuing licenses personnel to assure complete skilled notes
• Mock survey and/or staff coaching for survey preparation
• Development of a restorative program
• Identification of current personnel and administrative capacities
• Team building training 

We Care

PDR Certified Public Accountants understands that there is a lot that you have to do to make sure you long term care facility is up to par and is functioning properly.  That is why we want to help you.  We like to make experiences personal and meaningful. 

We understand that long term care facilities are facing critical issues such as sharp declines in operating margins and increased threats of compliance problems, audits and fines.  That is why we have developed assessments that can help improve your residents’ care as well as your facility’s bottom line.  We strive on appropriately capturing the Medicare reimbursement your facility has earned, balancing clinical and fiscal issues and understanding complex billing issues.

Give us a try

Call us today to set up an appointment for consulting or to find out more about the services we offer.  We will be more than happy to assist you with the financial aspects of your long term care facility.  We want to help you as much as we possibly can!

PDR Certified Public Accountants: “Professionalism. Dedication. Results.”  Since 1974. 727-785-4447. 1-866-730-6938. http://www.pdr-cpa.com

Are you in need of a business valuation?  Maybe you are uncertain if you are going to need a valuation.  There are a myriad of situations that call for a reliable valuation of one’s business.  These are just a few such circumstances:

• Purchase or sale of your company
• Initiation of an employee stock ownership plan (esop)
• Creation of guy/sell agreements among owners
• Estate and gift tax determination
• Property settlements such as those involved in divorce proceedings
• Insurance settlements such as those required in a fire/flood loss
• Insurance fraud investigation

Each situation is different and therefore there are several ways of performing each valuation.  The method that is used to determine the value of a business will vary, depending on the circumstances.

Preparation  

The art of preparing a valuation begins with understanding the particular circumstances and goals as well as using various methods available to provide the most advantageous calculation of such a value.

Many situations require a reputable witness available to present the valuation findings in court proceedings.  PDR can be that witness as well as perform the valuation.

Qualifications  

PDR has a Certified Valuation Analyst (CVA) on staff that enables us to provide you the resources of a specialist in the field.  We are also members of the National Association of Certified Valuation Analysts.

PDR has performed numerous valuations for a variety of business types since 1974.  We have experiences as expert witnesses and provide opinions and testimony in litigation matters.  A call to PDR CPAs can help you determine if you need to hire business valuation services to ensure you receive the most advantageous value. 

PDR Certified Public Accountants: “Professionalism. Dedication. Results.”  Since 1974. 727-785-4447 www.pdr-cpa.com