Larrieu, Smith Named Pensacola Rising Stars

Congratulations to Robin Larrieu and Justin Smith for being named to the Pensacola Independent News Rising Stars 2012 list!  The Rising Stars program has been honoring leaders under the age of 35 in Pensacola since 2008.  To be chosen as a Rising star, one must be seen as an upcoming leader in his or her profession within our community.

Read more about the 2012 Pensacola Rising Stars.

Saltmarsh is proud of Robin and Justin!  Congratulations from the entire Saltmarsh team!

Robin Larrieu is the Network Engineer in the Information Technology Services Department of Saltmarsh, Cleaveland & Gund. Coming from a large ISP she joined the firm in June 2006 and began her career in 2003.

Her experience includes computer networking and technology consulting. Robin is a Microsoft Certified Desktop Support Technician.

Justin Smith is a Senior in the Tax & Accounting Services Department of Saltmarsh, Cleaveland & Gund. He has been practicing public accounting since 2006.

Justin’s area of expertise includes corporate and individual tax specializing in construction contractors, homeowner’s associations and non-profit organizations.

Bill Massey Quoted in American Banker

Bill Massey, CPA, Shareholder, has been quoted in the latest edition of American Banker and on AmericanBanker.com in an article focusing on rebuilding Florida's community banks.   

To read Bill's quote and the article in its entirety, please click on the link below. The article is on the second page of the document.

Fla. Regulator Intends to Help State's Banks Rebuild

Saltmarsh Announces 2012 Promotions

Please join us in congratulating the following individuals who have been promoted as of January 1, 2012:

Suzanne Cox, CPA has been promoted to Senior Manager in the Audit Department of the Tampa office of Saltmarsh, Cleaveland & Gund. Suzanne has been practicing in this field since 2003,  and her experience includes audit, accounting, taxation and consulting services. Her areas of expertise include development, construction and manufacturing companies. Prior to working in public accounting Suzanne worked as an Information Systems Consultant for a private accounting software firm.

Cedric Durre has been promoted to Manager in the Information Technology Services Department of Saltmarsh, Cleaveland & Gund. He has been practicing in this field since 2001, and his experience includes networking and information technology. He also has experience working in internet service provider infrastructure and datacenter environments.

Lisa Goodwin, CPA has been promoted to Senior in Audit Department of the Fort Walton Beach office of Saltmarsh, Cleveland & Gund and provides audit and assurance services to clients. She joined the firm in October 2008 and her areas of concentration include non-profit, governmental, condominiums, and homeowners’ associations.

Alexandria O'Brien has been promoted to Senior in the Audit Department of the Tampa office of Saltmarsh, Cleaveland & Gund. Since joining Saltmarsh in 2008, she has worked in our accounting and audit department serving our financial institution clients, private companies and nonprofit organizations.

Legislative Alert - Update on IRS Form 1099 and Other Payment Returns

Background

An information return is a tax document businesses are required to file to report certain business transactions to the Internal Revenue Service (IRS). The requirement to file Information Returns is mandated by the Internal Revenue Service and associated regulations.

Any person, including a corporation, partnership, individual, estate, and trust, who engages in reportable transactions during the calendar year must file information returns to report those transactions to the IRS. Persons required to file Information Returns to the IRS generally must also furnish statements to the recipients of the income. Filers of 250 or more such returns must file these returns electronically with IRS.

Key Developments & Observations

• Earlier in 2011, previously expanded Form 1099 rules – that were originally passed as a component of the Patient Protection and Affordable Care Act of 2010 – were repealed. If the rules had not been repealed, effective for payments made after December 31, 2011, the general requirement for information reporting by all persons engaged in a trade or business who make payments in any tax year aggregating $600 or more to a single payee would be expanded to include payments made to a corporation (but not payments to a tax exempt corporation). Additionally, the class of payments for which reporting is required would be expanded to include all amounts paid in consideration for property, and other gross proceeds for both property and services.
• Starting January 1, 2011, brokers required to file Form 1099-B regarding a covered security must also report the customer’s adjusted basis in the security and whether any gain or loss with respect to the security is long term or short term.

• An entity should use Form W-9 to request the taxpayer identification number of a U.S. person (including a resident alien) who will receive an information return.

• An entity should use the appropriate Form W-8 for foreign persons who will receive an information return.

For more information or to ask questions about this legislative alert, contact one of our tax and accounting advisors at 800-488-7458, or visit our website to learn more.
© 2011 EisnerAmper LLP

This publication is intended to provide general information to our friends. It does not constitute accounting, tax, or legal advice; nor is it intended to convey a thorough treatment of the subject matter.

Jim Speed Retirement

This week, Saltmarsh celebrated the retirement of Jim Speed.  Jim spent more than 30 years of his public accounting career at Saltmarsh and spent a portion of his time here as the shareholder in charge of retirement plan accounts, profit sharing plans and flexible medical and dependent care spending accounts.

We surprised Jim with a reception in the community room and a slide show of images of him at the firm through the years.  We are grateful for Jim's commitment to the firm and we wish him a very happy retirement!

From right: Jim Speed with Ron Jackson.



The cake was delicious!  So much so, we didn't get a photo before it was eaten!



Payroll Tax Cut Temporarily Extended into 2012

IR-2011-124, Dec. 23, 2011

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.

Ft. Walton Beach Holiday Party

The Fort Walton Beach office celebrated the holidays together at the home of Glenn Scharf with tons of delicious food and fun games, coordinated by Allyson Oury.  After an intense game of "Dirty Santa," the team rounded out the night with the "Team Work" pyramid.

IRS Announces 2012 Standard Mileage Rates

WASHINGTON — The Internal Revenue Service today issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

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.

These and other requirements for a taxpayer to use a standard mileage rate to calculate the amount of a deductible business, moving, medical, or charitable expense are in Rev. Proc. 2010-51.

Notice 2012-01 contains the standard mileage rates, the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan.


At Saltmarsh, our tax consultants work full time to keep up with the constant changes in our tax laws. We develop strategies that will allow you to take full advantage of the law, and we use our best judgment and experience to advise you as to what actions you can take to reduce your tax burden. Learn more about tax and accounting services by visiting our website at www.saltmarshcpa.com.

United Way Day of Caring 2011

Recently, Saltmarsh employees participated in the United Way's Day of Caring by helping Oakcrest Elementary School with the up-keep of their vegetable and butterfly gardens.  In addition, new fruit trees were installed along with an irrigation system.

In addition to helping at the school, Saltmarsh employees also collected school supplies for the children of Oakcrest.

Thanks to all of our employees who helped to make a difference in the lives of these children, whether it was through giving school supplies or through giving your time!

2011 Saltmarsh Christmas Party

The Saltmarsh Christmas party was held at the Pensacola Country Club on December 3rd.  Here are a few pictures for your enjoyment!  Happy Holidays!