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J. Kirk Gray, PC, . was established in 1990. Our firm provides accounting, tax, consulting, computer and financial services to its clientele. Since its foundation, our purpose has been to be the leading provider of quality professional services and to embrace a reputation of excellence.
Services provided include:
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Interest Rates Rise for the Third Quarter of 2006
WASHINGTON - The Internal Revenue Service today announced there will be an increase in the interest rates for the calendar quarter beginning July 1, 2006. Each of these interest rates increases by a single interest point over the rate in the second quarter. The interest rates are as follows:
eight (8) percent for overpayments [seven (7) percent in the case of a corporation];
eight (8) percent for underpayments;
ten (10) percent for large corporate underpayments; and
five and one-half (5.5) percent for the portion of a corporate overpayment exceeding $10,000.
Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points. Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points. The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.
The interest rates announced today are computed from the federal short-term rate based on daily compounding determined during April 2006.
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Making Tax Payments Correctly
When filing your return, remember to make sure your tax payment check or money order is payable to the "United States Treasury."
Whether you are filing your current year’s return, a prior year’s return or an amended return, always provide your correct name, address, Social Security number, daytime telephone number, tax year and form number on the front of your check or money order. Enclose your payment with your return, but do not staple it to the form. Do not mail cash with your tax return.
If you have a balance due on your 2005 Form 1040, complete and include Form 1040-V, Payment Voucher, when sending your payment and tax return to the IRS. This will help the IRS process your payment more accurately and efficiently.
If you are paying by electronic debit of your bank account, you will need to know your account number and your financial institution’s routing number. You can check with your financial institution to make sure that an electronic withdrawal is allowed and to get the correct routing and account numbers.
If you are paying by credit card, call toll free or visit the Web site of either service provider listed below and follow the instructions:
Link2Gov Corporation: 1-888-PAY-1040 (1-888-729-1040), www.pay1040.com Official
Payments Corporation: 1-800-2PAY-TAX (1-800-272-9829), www.officialpayments.com
The service providers charge a convenience fee which may vary between the providers. You will be told what the fee is during the transaction and you will have the option to either continue or cancel the transaction. You can also find out what the fee will be by calling the provider’s toll-free automated customer service number or visiting the provider’s website. You will be given a confirmation number at the end of the call.
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Opt Out
Did you know that you could stop receiving those unwanted solicitations to get a new credit card?
You can stop those letters and phone calls telling you that you are pre-approved for a new credit card with one phone call, or go on line. All solicitations that have been originated by Tans Union, Equi Fax or Experian will be eliminated by calling 1-888-567-8688 or go on the web to www.optoutprescreen.com.
Either way is simple. All the information you will need is your name, birth date, Social Security number and address.
Help protect yourself from fraud and identity theft and reduce your unwanted mail.
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Unauthorized Withdrawal Scam
Hurricane Katrina Scams
Women's Financial Literacy
Safford Sales Tax Raise
Undelivered Refunds
W-2's
Being Prepared for your Individual Tax Interview
New Scam
Being prepared for your Tax Interview for your Business:
Requirement of Written Acknowledgment for Donated Cars
2006 Mileage Rates
IRS HAS FREE PUBLICATIONS ON EVERY TOPIC YOU NEED
Free File Available through IRS
Tip for Recently Married or Divoriced Taxpayers
Gift Taxes
Volunteer Tax Return Preparation Available in Most Towns
Claiming the Credit for the Elderly or the Disabled
Claiming the Child and Dependent Care Credit
Are you eligible for a tax credit
Gambling Income and Losses
Help from the Taxpayer Advocate Service
Tips for Deducting Charitable Contributions
Caution on Credit Counseling
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