Volume 1 Issue 2, December 2008
 Looking Ahead to 2009:
Obama's Plan
by Michael Fulco, Heard, McElroy & Vestal
Now that the dust has settled on the “Election of a Lifetime,” it’s time to take a closer look at how President-elect Obama’s tax proposals will affect your personal situation. It is likely that the current economic crisis, budget constraints, and congressional influence will morph the final product into something quite different than what is proposed. However, a brief study of the plan as it relates to current tax law can be used to make an educated prediction of what the future holds. Read Full Article
How Safe Is Your Money?
by Josh Parsons, Heard, McElroy & Vestal
 With all of the talk about the state of the economy, one question comes to mind: how safe is your money? On October 3, 2008, President Bush signed the Emergency Economic Stabilization Act of 2008, immediately increasing the Federal Deposit Insurance Corporation’s (FDIC) insurance on all deposit accounts at insured banks from $100,000 to $250,000 per depositor. If you meet the guidelines specifically outlined by the FDIC, the insurance will protect you against the loss of your funds if your insured bank fails. Read Full Article
Fringe Benefits and the W-2
by Agnes Forester, Heard, McElroy & Vestal
 Here it is near the end of the year and time to start thinking about all those year-end W-2’s. Let’s see now, what goes on the W-2? Oh, yes, the employee’s wages and taxes. Wait, there may be more. Did we pay the employee any taxable fringe benefits this year that need to be included on their W-2? Read Full Article
Recent Legislation
Save Energy & Taxes, Plus IRA Distributions Reminder
by Lauren Stinson, Heard, McElroy & Vestal
 One of the key beneficial changes brought by the Emergency Economic Stimulus Act of 2008 relates to the energy conservation incentives included to modify and extend several individual tax credits. Read Full Article
Helpful Hints in Preparing
for Your Audit
by Taylor Robertson, Heard, McElroy & Vestal
 In the hustle and bustle of the Christmas season and the upcoming New Year, the last thing on anyone’s mind is the excitement of an audit experience. I know what everyone is thinking. Audit experiences rank pretty close to opening presents on Christmas morning, right? HMV decided that with all that excitement, we would give everyone a few helpful hints in preparing for the audit. Click here to read about six key items that will hopefully help you during preparation.
Emily Holmes Honored as NWLA 40 Under 40
 Emily Holmes was recognized as one of Northwest Louisiana's 40 Under 40 at the 2nd Annual 40 Under 40 Awards Gala held in early December. The sold out gala, spearheaded by the Greater Shreveport Chamber of Commerce and the Young Professionals Initiative, honored 40 area young professionals under the age of 40 for their outstanding professional achievement and community involvement. Emily is a Senior Accountant in our tax department. In addition to her involvement in the community, she plays a crucial role in the recruiting efforts of the firm.
Nominations for 40 Under 40 are accepted year round by the GSCC. Click here to learn more at the Chamber's website.
To ensure receipt of our emails, please add hmv@hmvcpa.com to your Address Book.
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In This Issue...Looking Ahead to 2009How Safe Is Your Money?Fringe Benefits and the W-2Save Energy & TaxesHelpful Audit HintsEmily Holmes Receives HonorCash Christmas
Paying your employees a Christmas bonus this year? Remember, cash gifts to employees are taxable and should have payroll taxes withheld. They must be included on the quarterly payroll tax report and on the employee's W-2.
Advanced Sales Tax Repeal
The Louisiana Department of Revenue has repealed the law regarding payment of advanced sales tax be resale dealers for items purchased for resale. Starting January 1, 2009, all purchases for resale will be exempt from state sales tax just as they are in the parish. Read More
HMV Welcomes
David Macey, Brad Warren
David recently came on board as a Manager in our audit department. He comes to HMV with 15 years of experience in the accounting industry.
Brad joined our West Monroe office in the tax department. He is a graduate of ULM with a double major in Accounting and Spanish and a minor in Mathematics.
Fun At The Firm
HMV is always looking for ways to bring our employees together in and out of the firm setting. Just a couple of the things we've been up to lately in addition to number crunching...
In September we held our first ever HMV Cardiac Competition, our version of office Olympics, to raise money for the American Heart Association. We also had a team of 20 walkers participate in the 2008 Heart Walk.
The weekend of October 18th we played the law firm of Cook, Yancey, King & Galloway in a softball game at Fox Creek Farms. Everyone brought their families out to cheer the team on. This is sure to turn into an annual event.
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