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FOR IMMEDIATE RELEASE
June 18, 2008
Erin Hughes Elected President of the Local Chapter of the NCACPA
Media Contact: Frederick Hutchins, 252-261-1040
Kitty Hawk – Erin Hughes, a CPA and senior accountant at Hutchins Allen & Company, P.A., is the newly-elected president of the Albemarle-Outer Banks chapter of the North Carolina Association of Certified Public Accountants. She will serve until June 2009.
The local chapter covers the northeast region of North Carolina, extending from Moyock to Edenton and from Corolla to Hatteras. Its membership is comprised of 108 certified public accounts who are in both public practice and industry. The local chapter is one of 11 statewide with more than 12,000 members. Under the auspices of the state headquarters in Raleigh, the Albemare-Outer Banks chapter provides local continuing education classes to members and serves as a meeting locale for state officers and staff.
“One of my goals as president is to plan and help facilitate bringing more of the continuing-ed classes to the Outer Banks so we don’t have to travel to Raleigh to take them,” said Hughes. “I think that will encourage members to be more involved in the organization and it’s one way the organization can help meet the needs of its membership.”
At Hutchins Allen & Company, P.A., Hughes is responsible for accounting and financial reporting matters. She has worked with the firm for four years, relocating to the Outer Banks from Texas where she was employed as a staff accountant in the auditing and public accounting department of the San Antonio office of Arthur Andersen & Company.
Since 2006, Hughes has served on the accounting and auditing committee of the North Carolina Association of CPA’s. She is also a charter member of the Wild Goose Rotary Club in Currituck County.
“We’re pleased with Erin’s service in the NCACPA, as well as in other professional groups. These professional activities benefit Erin, our clients and the firm. She is an outstanding leader. Her abilities and involvement enhance the accounting profession and we’re proud she is representing our region as president,” said Frederick Hutchins, managing partner with Hutchins Allen & Company, P.A.
Hughes is a graduate of East Carolina University, where she played competitive volleyball. She resides in Point Harbor with her husband, Michael, and their two children, six-year-old Emma and four-year-old Ben.
Founded in 1979, Hutchins Allen & Company, P.A., is a regional firm based in Kitty Hawk that offers accounting and tax services, retirement planning, payroll assistance, consulting, and financial forecasts and analysis.
W-4 Information for Non-Resident Aliens
Because previous rules caused over-
withholding from nonresident aliens
working in the U.S., the IRS has issued
new rules. For wages paid after
Jan. 1, 2006, nonresident aliens completing
a W-4 are required to:
1. not claim exemption from withholding and request
withholding as if they are single, regardless of actual
marital status;
2. claim only 1 allowance (except for residents of
Canada, Mexico, or South Korea); and
3. wrlte "Nonresident Alien" or "NRA" above the dotted
line on line 6 of the W-4.
For 2006, employers must add an additional
amount to a nonresident
alien's income solely for purposes of
computing the withholding (to offset
the standard deduction incorporated
into the tables). The additional
amount depends on the length of the
payroll period and is listed in a table
in Pub. 15. The table will be revised
yearly. [Notice 2005-76; 2005-46 IRB 1]
2008 Mileage Rates
* Click on the link below to get the most recent I.R.S. mileage rates *
North Carolina Minimum Wage Information
* Click on the link below to get the most recent I.R.S. mileage rates *
Contribution Limits:
401k, Simple IRA, Traditional IRA, Roth IRA
401k Plan:
Contribution limits for 401k plans increased in 2004 and will continue to do so until 2006. Below is an outline of the contribution limits for 2005 and 2006.
2005:
$14,000/year
$18,000/year if you are 50+ years old (includes catch-up contribution)
2006:
$15,000/year
$20,000/year if you are 50+ years old (includes catch-up contribution)
Simple IRA:
Like 401k plans, Simple IRA Plan contributions increased in 2004 and will continue to increase until 2006, and will then be reevaluated to see if more increases are warranted. Below is an outline of contribution limits from 2005 and 2006.
2005:
$10,000/year
$12,000/year if you are 50+ years old (includes catch-up contribution)
2006:
$10,000/year
$12,500/year if you are 50+ years old (includes catch-up contribution)
Traditional IRA & Roth IRA:
Traditional & Roth IRA Plan contributions increased in 2004 as well. They will continue to increase under the current statute until 2008. Below is an outline of contribution limits from 2005-2008.
2005:
$4,000/year
$4,500/year if you are 50+ years old (includes catch-up contribution)
2006 & 2007:
$4,000/year
$5,000/year if you are 50+ years old (includes catch-up contribution)
2008:
$5,000/year
$6,000/year if you are 50+ years old (includes catch-up contribution)
7. I RS Eases Tax Filing Rules for Small Employers
The IRS has announced temporary new rules that will reduce the tax filing burden on small business owners who typically owe little or no taxes on their quarterly returns. Beginning January 1, 2006, employers who have an estimated annual employment tax liability of $1,000 or less will be able to file a new Form 944 once a year, replacing Form 941 which was filed every quarter. The IRS says the change will help almost 950,000 eligible small business owners. For more information, visit www.irs.gov/irs/article/0,,id=152458,00.html or www.irs.gov/businesses/small/article/0,,id=152732,00.html .
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