Reminder about Unclaimed Property

California’s Unclaimed Property Law requires banks, insurance companies, corporations, and certain other entities to report and submit their customers’ property to the State Controller’s Office when there has been no activity for a period of time (generally three years). Currently, the state has more than $8 billion in unclaimed property belonging to approximately 32.5 million individuals. Common types of unclaimed property are bank accounts, stocks, bonds, uncashed checks, insurance benefits, wages, and safe deposit box contents.  For claims where the property is worth less than $500 and there is only one listed owner, the process is a simple online form and users could get a check for their unclaimed property within 14 days. For items such as unclaimed money orders, cashier’s checks, royalties, and the contents of safe-deposit boxes, a paper process is required. Check out the CA State Controller website at http://sco.ca.gov/upd_msg.html today and see if you or a relative has any unclaimed property!

IRS Tax Scams 2017: FAQs

As tax season approaches, taxpayers are reminded to be on the lookout for an array of evolving tax scams related to identity theft and refund fraud. Every year scam artists look for new ways to trick taxpayers out of their hard-earned money, sensitive financial information or even access to their computers. It seems that no matter how careful you are there’s always a possibility that identity thieves could steal your personal information and try to cash in by filing fraudulent tax returns in your name.

Here’s what you need to know this year: Read more

Qualifying for a Health Coverage Exemption

With the 2017 tax filing season in full swing, it’s not too early to think about how the health care law affects your taxes. The Affordable Care Act requires you and each member of your family to do at least one of the following:

• Have qualifying health coverage called minimum essential coverage
• Qualify for a health coverage exemption
• Make a shared responsibility payment with your federal income tax return for the months that you did not have coverage or an exemption

Read more

Updated Withholding Tables for 2017

Updated income-tax withholding tables for 2017 have been released. The newly revised version contains percentage method income-tax withholding tables and related information that employers need to implement these changes.

In addition, employers should continue withholding Social Security tax at the rate of 6.2 percent of wages paid. The Social Security wage base limit increases to $127,200 ($118,500 in 2016). The Medicare tax rate remains at 1.45 percent each for the employee and employer.

The additional Medicare tax of 0.9 percent for employees (not employers) remains in effect and should be withheld from employee wages that exceed $200,000 in a calendar year, at the beginning in the pay period in which the employee’s wages exceed $200,000. Read more

Kim Cabanayan Named Employee of the Quarter

Kim Cabanayan, Senior Bookkeeper and QuickBooks ProAdvisor has been chosen as Employee of the Quarter after receiving nominations from both LMGW Partners and Managers. Kim maintains a close relationship with many of our small and mid-size business clients, keeping abreast of deadlines and communicating their needs to our Partner group. Kim has shown outstanding leadership and continues to be a key member of our bookkeeping and consulting departments. Congratulations to Kim!