Accountants prepare for taxing effort

Although the holiday season is fast approaching, area accountants are already preparing for another emotional time of year -- tax season.

Nearly 135 tax preparers attended the two-day Fall Tax Institute, held Monday and Tuesday at the Drury Lodge in Cape Girardeau.

The annual conference is sponsored by the Missouri Society of Certified Public Accountants and provides 16 hours of continuing education credits.

Steve Gray, of Alformann, Gray & Co. of Rolla, led the instruction.

The program, in its tenth year in Cape Girardeau, was designed for accountants in industry and public practice who prepare tax returns, render tax advice or want a tax refresher, Gray said.

Among items discussed this week were emerging tax legislation issues, education tax credits for families and some business incentives, he said.

One of the big small business incentives now is tax breaks to purchase business equipment and supplies before the end of the year, Gray said.

Also discussed was the new 10 percent bracket, created to help persons whose income puts them in the lower part of the already existing 15 percent bracket. This bracket change will be retroactive to Jan. 1 this year.

The lower 10 percent rate applies to the first $6,000 of taxable income for an individual filing alone, $10,000 for someone filing as a head of household, and $12,000 for married couples filing jointly.

rowen@semissourian.com

335-6611, extension 133