Nonprofit organizations are required to file an information return annually.  See our recent post for the details on this.

Nonprofit organizations that don’t meet their filing requirements for three consecutive years automatically lose their tax-exempt status. more…

BORGIDA & COMPANY, P.C., CPA'S INVITE YOU TO ATTEND a free seminar on employee fraud at our Manchester office, 360 East Center Street, Manchester on SEPTEMBER 15, 2010 @ 5:30 pm.

Stephen Pedneault, CPA, CFE, CFF, FCPA, owner of Forensic Accounting Services, LLC in Glastonbury, CT will be the guest speaker.  Steve is author of three books on fraud and most recently featured on the cover of the fall issue of the Connecticut CPA Magazine.

Receive a complimentary signed copy of Steve's most recent book "Preventing and Detecting Employee Theft and Embezzlement:  A Practical Guide" with your attendance.

THIS IS ONE SEMINAR YOU WON'T WANT TO MISS!

Please RSVP
Lynn (860) 656-2465
LynnO@Borgidacpas.com

Light dinner & drinks served 5:30-6:00 

Ever go looking for a copy of an old tax return and can't find it?  This happens frequently.  How? more…

 Every small business owner should read Preventing and Detecting Employee Theft and Embezzlement: A Practical Guide”.  This is written by Stephen Pedneault, CPA/CFF, CFE, founder and Principal of Forensic Accounting Services, LLC, located in Glastonbury, CT.  more…

Blow out the candles and cut the cake, the Social Security Administration ("SSA") is celebrating its 75th birthday!

I recently attended a presentation by one of the Social Security representatives.  If you get a chance to attend one of these sessions, I strongly encourage you to do so.  Here are some of my notes from this seminar.  Please be aware that I did not verify these facts.  Any errors would surely be in my note taking ability.

• The SSA was formed in 1935 to provide a foundation for retirement and other benefits to people in need.
• Social security benefits became taxable in 1983.  The exclusions for amounts under the threshold for taxability, $25,000 for a single person and $32,000 for a married couple, were never indexed to inflation.
• There are approximately 53 million people receiving social security benefits.
• SSA pays out about $56 billion dollars per month.
• SSA mails out your annual statement three months before your birthday.  This lists your historic earnings and projected benefits.
• The trustees of the SSA are required to issue a report annually regarding the projected status of the organization.  Per the 2009 report, assuming no changes, they expect to be able to pay full benefits until 2038.  They also expect to have funding for approximately 75% of the benefits after this time.   

Are you planning on collecting social security benefits soon?

If so, are you planning on taking your benefits early?

If you are already receiving benefits, how have your dealings been with the agency? 

ACTION ITEM:  If you need to deal with the SSA, go online first.  If you need to see someone in person, call and make an appointment.  Don't just show up at the office, especially on a Monday, or after a long holiday weekend.

Thomas F. Scanlon, CPA, CFP®