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File Forms W-2 (Copy A) along with Form W-3 with the IRS and the Social Security Administration (SSA).

PLEASE NOTE: If Forms 1098, 1099, W-2, W-2G or W-3 are filed electronically, the due date for filing them with the IRS and the SSA is extended to March 31.

Corporation and S Corporation income tax returns for calendar year 2007 due.

Last day for calendar year corporations to file Form 7004, an automatic six-month extension of time, for 2007 income tax returns.

Individual income tax returns, Form 4868 (automatic six-month extension) plus payment of any 2007 tax liability due.

First quarter individual estimated tax payment due for 2008.

Last day for making 2007 IRA contributions.

Gift tax returns and payment of any gift tax for 2007 due.

Calendar year fiduciary income tax returns and requests for 6-month automatic extensions due.

Partnership returns and requests for 6-month automatic extensions (form 7004) for 2007 due.

First installment for corporation's estimated income tax is due for 2008.

First quarter 2008 payroll tax returns due.

Social Security and Mileage Changes for 2008

For 2008, the Social Security Administration has announced increases in the maximum amount of earnings subject to Social Security and self-employment taxes.  The Social Security rates will remain at 6.2% for employers and employees on earnings up to the new wage limit of $102,000 paid in 2008.  The maximum withholding for Social Security will be $6,324.  The Medicare rates will remain at 1.45% for employers and employees; all earnings will continue to carry no ceiling on maximum taxable earnings.

Beginning Jan. 1, 2008, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be:

• 50.5 cents 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.

For further information click here to visit the IRS weblink.

The FACTA was signed into law in late 2003, which recently took effect.  This law entitles you to one free credit report per year from each of the three major credit reporting agencies (Equifax, Experian and TransUnion).  The free access will start in December for those persons living in the western United States.  Midwestern states will be eligible in March, while the southern and eastern states will be eligible in June.

You can request your credit reports online at www.annualcreditreport.com, through the Federal Trade Commission's website, by phone at 1-877-322-8228 or by filling out the request form and mailing it to:

          Annual Credit Report Request Service

          P.O. Box 105281

          Atlanta, GA  30348-5281

One of the biggest reasons to be vigilant about checking one’s credit report is fraud.  Reviewing your credit report on a regular basis will reveal any unauthorized credit activity.  Since fraudulent information can affect your credit score (also known as a FICO score), it is highly recommended that you pull your free reports on a staggered basis (e.g., a report from one reporting agency every four months).

The eighth annual Bormel, Grice & Huyett Business Scholarship Award was awarded to Christian Khoury of St. Vincent Pallotti High School.  Kathy Grice, presented the scholarship at the senior awards ceremony held on May 15, 2007. The Bormel, Grice & Huyett Business Scholarship Award is presented annually to area high school seniors for scholastic achievement and interest in pursuing a business curriculum in college.  Past recipients include students from Atholton, River Hill, Hammond, Laurel, and St. Vincent Pallotti.