Gary W. Lee, CPA

11/26/2019

Some things to get ready for the end of year:

• Let your accountant know about any holiday bonuses BEFORE 12/31/19; this will affect the W-2s and your payroll tax returns.

• Use any temporary labor or independent contractors this year? Be sure to get a W9 from them so your accountant can issue 1099’s which must be in the mail by 1/31/20. This also includes any attorneys you’ve paid and your leasing company.

• Be sure to have current addresses for your employees so their W-2s are accurate and on time.

• Did your company make any single purchases for your business over $500? Make sure you get the receipt/invoice to your accountant so they get them listed in your assets for depreciation.

Remember: getting all of this information to your accountant as they happen throughout the year will make for a smoother close out and a happier holiday season for everyone!

07/10/2019

Retiring? Have a new goal in life?
Check out our site and let us know how we can help with IRA Rollovers:
https://www.garyleecpa.com/personal

06/20/2019

https://www.garyleecpa.com/personal

Two new IRS impersonation telephone scams are on the agency’s radar.
1) In one, thieves posing as IRS employees tell victims they owe back taxes and must pay up fast or their Social Security numbers will be suspended or canceled.
2) The second involves the mailing of letters threatening liens or levies for unpaid taxes. The letters reference the “Bureau of Tax Enforcement,” which does not exist.

06/06/2019

Just a reminder that if you are scheduled for Estimated Tax payments, your 2nd Quarter installment is due June 17th, 2019.

If you have any questions let us know how we can help!

03/08/2019

A message from our Fearless Leader/ Head Honcho/ King of the Cubicles

A moment of reflection, to acknowledge how lucky I am to work alongside the women that work with me. How they all care for our clients, eager to learn and expand their talents, have a take charge attitude yet work seamlessly with each other. It just doesn't get any better than this.

Yup, we kinda like him too!! Thanks Gary W. Lee, CPA!!

01/22/2019

How do you know when you've found an accountant that is on the ball and there for you at a moment's notice to help? When they run out in time to wave to the Google Earth Guy! (A new client told us he was so impressed, that's why he contacted us!)

01/02/2019

For our business clients:
IRS mileage rates have changed for 2019 - read up on the increase here:

https://bit.ly/2s7OpUc

Let us know if you have any questions!

Go to our website for more information: www.GaryLeeCPA.com

The business mileage rate increased 3.5 cents for business travel driven and 2 cents for medical and certain moving expense from the rates for 2018. The charitable rate is set by statute and remains unchanged.

12/04/2018

Some new tax rules for individuals that you NEED to know:

New Tax Rules for Individuals for 2018                                                                       

11/29/2018

An in-depth look at the Tax Cuts and Jobs Act. Contact us with your questions!

https://www.garyleecpa.com/business

11/26/2018

We are excited to add a new member to our team! Ed Gil has joined us here in Jax Beach and will put his CPA license to great use. Let us know how we can help you!

For years, Gary W. Lee CPA, PA has been providing quality, personalized financial guidance to local individuals and businesses. Our expertise ranges from accounting services, business consulting and tax management to more in-depth services such as financial statement preparation and financial pla...

11/15/2018

Some new Retirement Plan Enhancements working its way through Congress to keep a lookout for!

Check out more information here:

https://www.garyleecpa.com/business

10/23/2018

With the passing of the Tax Cuts and Jobs Act, this means new tax rules. One of them is that your entertainment expenses will no longer be a deductible expense. No more sports tickets to woo a potential client, as an example. The most confusing aspect of this change was that the meals portion was also disallowed; maybe. After 10 months into the New Year, the IRS has now cleared up the confusion.

https://www.irs.gov/pub/irs-drop/n-18-76.pdf

You may deduct 50% of the cost of meals during an entertainment activity IF they are purchased separately from the cost of the entertainment or if the food and beverages are stated separately on your invoice or receipts; assuming the substantiation requirements of section 274 are met documenting the business purpose of the expenditure.
Here is a link to additional information on changes that have taken place for 2018:

https://www.forbes.com/sites/greatspeculations/2018/04/15/new-limitation-on-meals-and-entertainment-deductions-could-lead-to-more-sep-ira-and-401k-plans/

Contact us with any clarifications you might need!