Today’s first speaker was Ginger Kaiser of Willows Floral in Golden, CO. First of Ginger told us that she has been in the floral industry for 14 years and started Willows Floral 7 years ago because she was tired of doing the cookie cutter designs offered through the large floral chains. Today Ginger brought in bud vases for sale and she wanted to point out the she doesn’t normally do bud vases because they are not economically feasible. Ginger buys her flowers fresh and specifically for each order and the grower sell their flowers in bunches not singles. You will notice that when you order an arrangement from Ginger that some of the buds are closed that way the arrangement will evolve day to day. This is not true however for funeral arrangements as they need to be at their peak on that day. Today Ginger brought in some fun house plants for us to look at as fall is a really good time to replenish your house plants – mainly because most of us have been neglecting our indoor plants while our attention is directed to the outside of our homes. The first plant she showed us was the Bromeliad a spiky leafed plant with a bright red bloom, this flower will bloom for three months and once it is finished it will not bloom again. The next plant she showed us was the Goldfish Plant this is a hanging plant which has blooms look like a goldfish. This plant will bloom frequently as long as you pinch back the blooms when they die. One of Ginger’s favorite things to put together are European Gardens – these are baskets or pots filled with a combination of green and blooming plants, the one that she brought today was a wicker basket filled with Croton, Violets and Grape Ivy – the Croton plant has a variegated broad leaf and comes in light and dark green, purple and red. She plants these all in separate pots so you can easily transplant to another pot later on. When looking for indoor plants – read the care instructions and make sure that the plant is low maintenance and easy care. This way you can be assured that the plant will survive a little neglect! Lastly Ginger wanted to go over how to pick bouquets in a pinch, when you can’t get a hold of her. Always look for a bouquet with some buds that have not opened fully to add longevity. If you are choosing a fresh cut flowers at the grocery store, always check the bottoms of the stems on the bouquets, if they are yellow or soft don’t buy them. If you are running into the corner florist and picking flowers out of their cooler make sure to check the water in the vases, if the water is not clean, they are not taken care of their flowers and the arrangement will not last once taken out of the cooler. If you receive an arrangement always check the water level the next day, very fresh flowers will drink up water quickly. If you need a local florist to make someone’s day give Ginger Kaiser and Willows Floral a call to get the freshest and highest quality floral arrangement around!

Ginger Kaiser * Willows Floral * 303-989-6446* flower_queen@comcast.net

Our second speaker today was Cindy Dudden with Gracey & Dudden, PC in Arvada, CO. Cindy took her time today to speak about the business tax penalties you may encounter.

1)      Failure to File

*         5% for each month during which there is a failure to file, up to 25%

*         If the return is not filed within 60 days of the prescribed due date – including extensions, the penalty will not be less than 135.00 or 100% of the tax due on the return

2)      Failure to Pay

*         ½ of 1% of the tax not paid for each month – up to 25%

*        Penalty increases 1% each month after notice of levy or demand by the IRS is made

3)      Frivolous Return

*         $5000 fine for any of the following occurrences

*         Omitting information necessary to determine a taxpayer’s liability

*         Showing a substantially incorrect tax amount

*         Is based on a frivolous position or

*        Is based upon the taxpayer’s desire to impede the collection of taxes

Ie. Signing your tax document as Mickey Mouse

*       Penalty of perjury

4)      Failure to Furnish Correct Payee Statement – W-2, 1099 or K-1

*         $30 per statement if not furnished within required due date – maximum of $250K

*         $60 per statement if furnished after the 30 days, but before August 1st –            maximum  $500K or $200K for small businesses

*         $100 per statement if not furnished by August 1st – maximum $1.5M or $500K      for small businesses

5)      Accuracy Related Penalties

*        20% of the understatement relating to:

* 40% of the understatement if related to an undisclosed foreign financial set                     *  Negligence or disregard for the rules, including reasonable care in preparation,  adequate books and substantiation

*  Substantial underpayment of taxes

*   Substantial understatement of valuation

*  Substantial over statement of pension liabilities

*   Substantial estate or gift tax valuation understatement

*   If after March 30, 2010, transactions lacking economic substance

6)      Underpayment of Estimated Tax

  •          Roughly have in withholding at least 90% of current year tax – exempt
  •          If you owe less that $1000 after withholding – exempt
  •          Roughly 3% for a period estimates late or not made
  •          Use the annualized income installment method

If you need a CPA the understands all the penalties and tax liabilities you can come across during your business year give Cindy Dudden and Gracey & Dudden, PC a call and they can help you with all of you tax needs!

 Cindy Dudden * Gracey & Dudden, PC * (303)736-6600 x302 * cdudden@g-dcpas.com