Larry Parkinson is promoted to Director of Tax

Rackers & Fernandez, LLC is please to announce that Larry Parkinson has been promoted to Director of Tax.   Larry has over 30 years of experience and continues to add to his extensive tax and accounting background. Larry is responsible for the firm’s tax compliance, tax planning and accounting for income taxes.   Join us in congratulating Larry to his…

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A Not-So-Ordinary Tax Season is History

This was more than your typical tax season. With a plethora of changes to the tax code and a late start brought about by 11th hour congressional decisions, it was an even more harried and intense process than usual. We appreciate the good working relationships with our clients that helped us keep moving to meet the April 15 deadline-thank you!…

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2014 Update Reminders

2014 MILEAGE ALLOWANCES 56 Cents per mile for business miles driven 23.5 Cents per mile for medical or moving purposes 14 Cents per mile for Miles driven in service to a charitable organization REMEMBER TO MAINTAIN YOUR MILEAGE LOGS FOR 2014 ! 2014 RETIREMENT PLAN LIMITS Defined contribution plans. The maximum allowable annual contribution you can make Savings plan remains unchanged…

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We have changed our name!

Dear Clients,   We have changed our name! RFC Advisors, LLC has returned to Rackers & Fernandez, LLC. Our new web-site is www.rf-llc.com. The staff members you talk to everyday are still here and ready to handle our accounting needs.   Our street address and phone number will remain the same at 334 Jungermann Road, St. Peters, MO 63376 and 636-498-1900.   This…

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Standard Mileage Rates For Business, Medical & Moving Decrease 0.5¢ Per Mile For 2014

IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) will decrease by 0.5¢ to 56¢ per mile for business travel after 2013. This rate can also be used by employers to reimburse tax-free under an accountable plan employees who supply their own autos for business use, and to value personal…

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2013 Year End Tax Planning

Dear Client:   As we approach the end of another year, we want to remind you of certain year-end tax planning possibilities for 2013. There are a number of tax breaks that won’t be around next year unless Congress acts to extend them.   These include, for individuals: the option to deduct state and local sales and use taxes instead…

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Record Retention

Dear Client:   It is hard to believe we will be preparing 2013 tax returns soon.   This letter is detailing our record retention policy. Our policy for any client is retain accounting and tax records for a period of seven (7) years. This means that all papers (e.g., check stub copies or tax returns) that relate to tax years…

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S Corporation Shareholders

Dear Clients, As we get closer to year end, we want to remind our S Corporation shareholders of the following items.   S Corporation shareholders who own a 2% or greater interest in the Corporation must include in their W-2 wage the following fringe benefits they receive from the corporation: Health Insurance (this is deductible as wages by the corporation…

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Important Health Care Information!

Dear Clients,   You may have read or heard of changes coming in the health insurance world. Additionally, if you offer health insurance via your company, you may have already received something like this from your health insurance broker.   As part of the Patient Protection and Affordable Care Act, individuals and employees of small businesses will have access to…

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