Archive for the ‘Fun’ Category

My Top 10 Questions of Tax Filing Season: Numbers 5-7

Friday, April 25th, 2014

Authored by David Cash, CPA, MAcc. Dave has worked in the Logan and Salt Lake City offices of CMP. He spent 2 years in the Logan office and has been in the Salt Lake City office for over 5 years. Dave specializes in oil and gas taxation, pension administration and reporting, and individual and business tax planning and compliance.

Back on February 21, 2014 my first 4 questions and answers, of the most asked questions that I receive related to Income Taxes, were posted on our blog. This edition will have Questions and Answers to numbers 5, 6, and 7. (more…)

Weddings: A few tips to make your planning simple.

Tuesday, March 18th, 2014

Authored By: Lynette Wildman, Administrative Assistant in the Logan office

We wanted to share some additional tips that are not tax related but can be very helpful!!

There are many things to think about when planning a wedding. I’d like to share a few tips that may be helpful. Keep in mind that everyone’s circumstances are different. Ours was mixing American traditions with Tongan traditions.

Set the budget: I would suggest setting this first. Set it before you start so it doesn’t get out of control. Have the bride and groom choose the things that are most important to them so you know where to spend a little more money. (more…)

Cook Martin Poulson Tax Return Process

Tuesday, January 22nd, 2013

One of our goals at CMP is to make the tax filing process as painless as possible. To accomplish this we would like to explain our tax return process and provide you with our new tax preparation tool kit. (If you have not received your tool kit from CMP as of January 28th please contact someone at CMP.)

Tax Organizer
Begin preparing for your taxes by filling out the tax organizer that will be mailed to you. This organizer contains all the information we need to prepare your tax return. It is vital to complete the organizer so we’ll have all the information necessary to ensure you are getting all of the deductions you are allowed, such as the birth of a child or educational expense credits. In addition, all tax forms must be included such as W2(s), 1099(s), 1098(s), K-1(s), etc.

Gathering Your Tax Information
We ask that you send your tax information to CMP at least 1 week prior to your appointment. This allows your tax preparer time to input your information before your meeting. Will give you more time to review the return together and to answer any additional questions you may have. With this in mind, after you’ve gathered your tax information and you’ve filled out your tax organizer, please drop it off at our office or mail it as soon as possible.

Engagement Letter
The engagement letter will also be included in the packet. This is an agreement between you and CMP that defines what we, as your tax professionals, are responsible for and what you, as the client, are responsible for. Before we can start work on your tax return we will need the agreement signed and returned to us.

Review
At the end of your tax appointment, your tax professional will advise you of your refund or amount due. Keep in mind that the return still has to go through the review process and the amount of your refund or amount due may change. If you mail your information in or drop it off, your tax professional will either call or email you, whichever you prefer, once the return has been completed.

Shareholder Review
Once your return has been prepared, your return will be reviewed by a CMP shareholder. The shareholder review is a quality control process we use in an effort to ensure accuracy and that we have utilized every tax benefit available to you.

E-filing Your Return
Once your return has been reviewed our support staff will contact you and have you sign IRS form 8879. The IRS requires your signature and that of your spouse, if you are married, in order for us to electronically file the return on your behalf. Please make sure we have the best phone number or email address to contact you to take care of this process quickly. We take a team approach to preparing your tax return at CMP and appreciate your timely response. Generally, electronically filed tax returns are submitted and accepted by the IRS and State agencies within several days.

Assembly
Following IRS acceptance, your copy of the tax return will be assembled. Your tax return will include a letter from a firm shareholder outlining the services we provided, specific filing instructions, payment vouchers if applicable, and the information you provided to prepare your return. We will also include the invoice for the tax services provided. We require payment when your tax return is picked up or mailed. Service charges will begin to be applied after 30 days.

Extensions
New this year, we are unable to file an extension on behalf of you or your business(s) without receiving your permission prior to the filing deadline. If you plan to extend, please contact CMP before the filing deadline or an extension will NOT be filed.

Filing Deadlines
Corporation Deadline is March 15, 2013
Individual, Partnership and Trust Deadline is April 15, 2013

If you have any questions about the tax return process, don’t hesitate to contact us.

Cook Martin Poulson Celebrates 35 Years of Growth & Success

Thursday, July 5th, 2012

Cook Martin Poulson, P.C. has grown from a Small Accounting Firm to a Tax, Accounting & Business Consulting Powerhouse

LOGAN, UT – This year, Cook Martin Poulson, P.C. celebrates 35 years of business and growth, utilizing an honest approach, excellent service and a talented staff to quickly outgrow its competitors and spread across Northern Utah.

“Right from the beginning, this company’s success has stemmed from its ability to meet the needs of its clients quickly, personally and professionally,” said Troy Martin, Partner & Co-Owner of Cook Martin Poulson, P.C.

Bruce Cook and Dwight Cook began the firm in 1977 as a two-man show and over the years has grown to be one of the most successful accounting firms in Cache Valley during our busy season we employee over 50 employees.

In 2004, an office was opened in Salt Lake City, Utah, soon after, in September of 2005, the firm made the change to its current name with five owners, including Richard K Poulson, Troy R. Martin, Daniel G. Smith, Kirk Eck and John R. Adams—each with an equal vote on how the company is run.

“I truly believe this firm’s longevity during the last 35 years springs from its deep roots in the community, its innovative spirit and an unyielding commitment to excellence. We look forward to another 35 years ahead.” Martin said.

To learn more about Cook Martin Poulson, P.C., please visit www.cookmartin.com or call 435.750.5566.

Special Dietary Needs HSA Reimbursement

Wednesday, March 7th, 2012

Authored By:  Dustin Wood, CPA.  Dustin has been with the firm 7 years and is the audit manager here at Cook Martin Poulson, PC.  He specializes in financial statement services.

Individuals with special dietary needs (gluten-free diet, salt-free diet, etc.) can reimburse themselves through their Health Savings Account (HSA) plan for the difference in cost of groceries between a “normal” diet and their special dietary needs.  For products which don’t have alternative substitutes (such as xanthan gum used for gluten-free cooking) the full cost should be eligible for reimbursement. 

It is recommended to have a doctor’s note regarding the special dietary needs, and good financial records should be maintained to substantiate any reimbursements.  You should also contact your HSA account provider to verify whether special dietary needs can be reimbursed in the plan you participate in. 

Special dietary needs can increase grocery costs significantly and this is one way to attempt to offset some of those costs by using pre-tax HSA contributions to reimburse grocery cost differences to accommodate the special dietary needs.  The special dietary needs cost difference could potentially be reimbursed through flex spending funds (though flex spending limits are typically lower than those of HSAs and most individuals would use flex spending funds primarily for other medical expenses).

 

quoteCook Martin Poulson amended my taxes and got me several thousand dollars in a refund.quote

Rob Corcoran
Influence Real Estate

Utah Accountant and CPA

Your Financial Well-Being? You Can Hold Us Accountable!

For over 30 years, the Salt Lake City accounting firm of Cook Martin Poulson, PC, has been saving money for people like you. Our team of absolutely awesome accountants has the skills, experience and expertise to make a real difference in the financial lives of each and every one of our clients.

We all know that paying taxes is important, but it’s equally important to only pay what you legally have to. We believe in helping you keep the money you’ve worked so hard for, and pride ourselves on our reputation for caring, friendly and professional financial and business expertise and advice.

Cook Martin Poulson, PC, is one of the top Salt Lake City accounting firms – and for good reason. We are passionate about staying true to our core values of developing and growing lasting relationships, keeping commitments and being proactive in our thinking, planning and implementation.

A Full Service Business Development Company

We offer a full range of accounting services including bookkeeping, tax, Utah CFO services and more, so if you’re looking for a Salt Lake City CPA, come and talk to us. We have a wonderful team of Certified Public Accountants, staff accountants, paraprofessionals and interns. We also have our own tax attorney, so you know that whatever your financial requirements, we have the people and the passion to more than meet your needs.

We are proud to offer the people of Salt Lake City UT the following services:

  • Bookkeeping and Payroll services

  • Financial Statements Audits and reviews

  • Business Consulting

  • ObamaCare Tax consulting

  • Business Valuations

  • Proactive income tax services

  • CFO Outsourced solutions

  • Retirement plan design and administration

  • Cost segregation

  • R&D Tax credit services

  • Estate and Succession Planning

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