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Mosford, Barthel & Co., PLC.

Mosford, Barthel & Co., PLC. is a local accounting firm with offices located in Monticello and Elk River, MN. The firm was founded in 1976 by Bob Mosford, CPA/PFS, and has continued to grow along with Monticello, Elk River, and the surrounding communities.

What’s New?

2008 Tax Planning Guide

The 2008 tax planning guide is here! Click on link below to view.

AMT “patch” passed by Congress

Late in 2007, Congress passed legislation that will spare millions of taxpayers from having to pay alternative minimum tax. Due to the late change, 2007 tax returns that include the forms listed below will not be able to processed by the IRS until mid-February in order to allow the IRS time to test its systems. As of 1/10/08, the IRS opened its filing season for all other returns. The returns affected by the AMT “patch” that will not be processed until mid-February include:

¨ Form 8863, Education Credits

¨ Form 5695, Residential Energy Credits

¨ Form 1040A’s Schedule 2, Child and Dependent Care Expenses for Form 1040A Filers

¨ Form 8396, Mortgage Interest Credit

¨ Form 8859, District of Columbia First-Time Homebuyer Credit

IRS releases 2008 standard mileage rates

Beginning Jan. 1, 2008, the standard mileage rates will be:

· 50.5 center per mile for business miles driven;

· 19 cents per mile driven for medical or moving purposes; and

· 14 cents per mile driven in service of charitable organizations.

Two new electronic filing requirements for tax exempt organizations…

There are two new electronic filing requirements for tax exempt organizations...click here to read more…