January 7, 2016

Please welcome our newest team member! Sarah Price joins Pinell & Martinez, CPAs as our newest accounting intern. Sarah is an accounting student at the University of New Orleans and is looking to apply her coursework in “real world” situations. Her enthusiasm and positive attitude are infectious, and we are excited to have her with the Firm.

January 4, 2016

Congratulations Elisa! Pinell & Martinez, LLC is excited to announce that Elisa, our past accounting intern, graduated in December 2015 from Southeastern Louisiana University with a Bachelor of Science Degree in Accounting. She has been a tremendous help throughout her internship and will be a perfect fit with the Firm as our newest staff accountant. Elisa will continue her studies at Southeastern to pursue a Master of Business Administration. We are highly impressed with her work ethic and are grateful to have her as a part of the team!

October 13, 2014

Required Health Insurance Coverage: The government imposed Affordable Care Act requires you and each member of your family to have health insurance that meets government provisions, have an exemption, or pay a penalty with your Individual Income Tax Return. Will you have to pay a penalty, or will you receive a tax credit? Read more...

October 3, 2014

The 0.9% Medicare Surtax Explained: Many taxpayers have already felt the effect of the 0.9% Medicare tax in 2013. The impact of the additional 0.9% Medicare surtax increases as the taxpayer’s salary increases because, unlike the Social Security Tax, there is no cap on the amount of compensation subject to the Medicare tax. In addition, there is an unjust marriage penalty associated with the new tax. Read more...

February 3, 2014

Pinell & Martinez, CPAs would like to welcome our newest team member. Elisa joined the firm a few days ago and we are very fortunate to have her! She is our newest administrative assistant and makes a great addition to our team. She says she chose to work with Pinell & Martinez, CPAs because of the warm and welcoming atmosphere she immediately felt during her interview. This position will allow Elisa to further her knowledge in public accounting while pursuing her bachelor's degree in accounting at Southeastern Louisiana University.

October 1, 2013

Updated Per Diem Rates. When gathering your tax documents for the upcoming filing season, be sure to provide us with the location and dates for all "away from home" business travel. Taxpayers using the per diem rates must comply with the rules in Rev. Proc. 2011-47.

The IRS issued its annual update of special per diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home (IRS Notice 2013-65). The notice provides the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method. The updated rates are effective for per diem allowances paid to any employee on or after Oct. 1, 2013, for travel away from home on or after that date, and supersede the rates in Notice 2012-63, which provided the rates for Oct. 1, 2012, through Sept. 30, 2013. When gathering your tax documents for the upcoming filing season, be sure to provide us with the location and dates for all away-from-home business travel.

July 8, 2013

Quality Control over our Firm's Accounting and Auditing Practice As a member of both the AICPA and the Louisiana Society of CPA’s, our firm is required to undergo a periodic "peer review" by another CPA firm. This review is a check on the quality control of our firm, and ensures that we are in compliance with all business accounting and auditing pronouncements.

The independent CPA issued his opinion stating, "The system of quality control for the accounting and auditing practice of Pinell & Martinez, LLC...has been suitably designed and complied with to provide the Firm with reasonable assurance of performing and reporting in conformity with applicable professional standards." Click here to view a copy of Pinell & Martinez's System Review Report.

March 9, 2013

Watch Trading Activity in Your Investment Portfolio! When your mutual fund manager sells stock at a gain, these gains pass through to you. Consequently, these realized gains are taxed even though you don't withdraw them from your account. You may prefer a fund with low turnover, assuming satisfactory investment management. Turnover isn't a tax consideration in tax-sheltered funds such as an IRA or 401(k). For growth stocks you invest in directly and hold for the long term, you pay no tax on the appreciation until you sell them. No capital gains tax is imposed on appreciation at your death.

February 27, 2013

Defer or Avoid Income Recognition: Most taxpayers are in a higher tax bracket in their working years than they are during retirement. Deferring income until retirement may result in paying taxes on that income at a lower rate. In addition, through the use of tax-deferred retirement accounts you can invest the money you would have otherwise paid in taxes to increase the amount of your retirement fund. Deferral can also work in the short term if you anticipate being in a lower bracket in the following year or if you can take advantage of lower long-term capital gains rates by holding an asset longer.

February 7, 2013

Does the New Surtax Apply to You? As of January 1, there is a new 3.8% net investment income tax on some categories of passive investment income for individuals, trusts and estates that exceed certain income thresholds. As a result, it is in your best interest to identify these income sources and adopt strategies to lower your modified adjusted gross income or your net investment income to avoid the surtax. . If you think the new tax may apply to you, we can explain your choices and help you pick the best strategy to reduce your tax bill.

January 30, 2013

IRS further delays acceptance of certain tax returns. Individuals claiming education credits (Form 8863) can begin filing their tax return mid-February. Individuals and/or businesses claiming the 'Mortgage and Interest Credit', 'Depreciation and Amortization', 'Work Opportunity Credit', 'Domestic Production Activities Credit', and 26 other credits must wait until mid-March. See the full list by clicking this IRS web link.

November 7, 2012

Tax planning is the process of controlling when, whether, and how to conduct business and personal transactions to reduce or eliminate your tax liability. Click here to learn what documents you should prepare for the upcoming tax season in order to reduce your business' tax liability.

November 1, 2012

We Can Help You Address the Issues that Keep You Up at Night! Where will your business be in five years? Would strategic budget cuts in some areas improve your company’s health? Are there ways you can boost revenue? If you’re nearing retirement, is there a buyer or successor in the wings? These are the kinds of questions that keep many business owners up at night. Fortunately, as your CPA, we can help you sleep a little easier. Our firm is made up of highly qualified and educated professionals who work with clients like you all year long, serving as trusted business advisers. We act as coaches, guides and trainers for our business clients, helping them chart the best route to success. So be sure to turn to us with all your business questions or concerns.

October 15, 2012

Waiting until the tax return due date of Monday, April 15, 2013 to put your financial house in order is a straight path to paying higher taxes. To manage your taxes and minimize your tax bill, you need to know the rules of the game, which are constantly changing, and you want to take advantage of year-round tax-planning opportunities. Contact us today.

October 5, 2012

Would you like to safeguard your company's cash, equipment and other financial assets? Pinell & Martinez, CPAs releases an article titled Internal Controls: The Components of an Effective System which provides insight into the components of a properly designed internal control system. Click here for the full article.

April 3, 2012

Let Us Help You Leverage What You Can Learn from Your Tax Return! What does your tax return say about your financial situation? The fact is, the paperwork you file each year offers excellent information about how you are managing your money—and about areas where it might be wise to make changes in your financial habits. If you have questions about your financial situation, remember that we can help. Our firm is made up of highly qualified and educated professionals who work with clients like you all year long, serving as trusted business advisors. So whether you are concerned about budgeting; saving for college, retirement or another goal; understanding your investments; cutting your tax; starting a business; or managing your debt, you can turn to us for objective answers to all your tax and financial questions.

February 5, 2012

Pinell & Martinez, LLC releases an article titled Taking Control of Your Accounting System With Information Technology. The article gives an overview of software that is designed to lessen the likelihood of your business underestimating expenses, overspending, financial mismanagement, and fraud. Click here for the full article.

We understand how burdensome paying taxes can be. Therefore, save time by taking advantage of Pinell & Martinez's pick-up service. Therefore, we can schedule an appointment to meet at your office or home to pick up your tax documents and discuss your return. Contact us to schedule an appointment.

IRS announces 2012 mileage rates. Beginning on January 1, 2012, the standard mileage rates for the use of a vehicle will be: 55.5 cents per business miles driven, 23 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in service of charitable organizations. Taxpayers have the option of deducting “actual car expenses” rather than the standard mileage rate. “Actual car expenses” are the actual costs allocable to the use of the car. This includes depreciation or lease payments, maintenance and repairs, tires, the cost of gas, oil, insurance, and license and registration fees. Pinell & Martinez, CPAs will help you determine which method works to your advantage.

Are you or your employees discovering all the features QuickBooks has to offer? Pinell & Martinez provides QuickBooks training. Contact us for more information.

Need assistance selecting, installing, and/or using software. As a Certified Information Technology Professional (CITP) and with knowledge in a wide range of financial software, we can assist you and your company.