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Important W-2 & 1099 Deadlines are coming quickly!

The IRS has changed the previous 2 date deadlines to a single January 31 deadline.  This means that beginning with the January 2017 filings you are required to not only provide forms W-2 to your employees and 1099-Misc to your contractors by January 31st, but you are ALSO required to file Forms W-2 with the W-3 transmittal [...]

September 28th, 2017|Press Releases, Tax Alerts|

Have you funded your retirement for 2016?

With the end of the year just around the corner, you will want to seriously consider your retirement funding, so here are the 2016 Qualified retirement plan limits: $  18,000 - Pretax contribution limit for 401k and SEP plans and 403(b) annuities $    6,000 - Workers aged 50 or over (catch-up) $  12,500 - [...]

September 8th, 2016|Entrepreneurs, Human Resources, Tax Alerts|

2017 HSA inflation adjustments

The calendar 2017 limits on deductions for HSA contributions under a high-deductible health plan are as follows: • Individual with self-only coverage $3,400.00 • Individual with family coverage $6,750.00 • Age 55, $1,000.00 • Minimum Annual deductible for a HDHP remains $1,300 for self only; $2,600 for family • Maximum out-of-pocket (deductibles, co-payments, other amounts, [...]

September 8th, 2016|Entrepreneurs, Human Resources, Tax Alerts|

PAYROLL REMINDER: Rules for Termination Checks

In the state of California, if an employee is involuntarily released, they are to be paid immediately at the time of termination.  Seasonal employees, however must get their final check within 72 hours.  (Employees in the motion picture and oil drilling industries are required to be paid within 24 hours). If the employee voluntarily quits [...]

September 1st, 2016|Entrepreneurs, Human Resources, Tax Alerts|

California Voters Approve MORE Pay and Sick Days!

Earlier this year, the California legislature approved an increase to the minimum wage to $15 per hour by 2022 or 2023 for employers with 25 or fewer employees.  Once the minimum wage reaches $15 per hour for all businesses, wages could then be increased each year up to 3.5 % to adjust for inflation, as [...]

June 16th, 2016|Entrepreneurs, Human Resources, Press Releases, Tax Alerts|

Get Ready for 2016: QuickBooks Can Help

We’ll be ringing in the New Year soon. Will you have wrapped up your 2015 finances by then? There’s something very satisfying about turning our calendars to January. It always feels like a fresh start. We resolve to develop new, better ways of using our work and leisure time. We reflect on what we accomplished [...]

December 4th, 2015|Entrepreneurs, Tax Alerts, Tips & Tricks QuickBooks|

Get Ready Now! 1099 reporting with Sage 100.

The first step in a smooth, successful, year end 1099 reporting process, is to make sure you have the required W9 form from all the Independent Contractors that you do business with. Then you need to make sure you have them setup correctly in your software. Then you need to Reconcile your 1099 Amounts Payment History [...]

November 16th, 2015|Press Releases, Tax Alerts, Tips & Tricks Sage 100 ERP|

Are you Ready? 1099 reporting is just around the corner!

Now is the time to review your financial reports and determine if you have all the information that you need to get thru the tax filing process easily and smoothly! You will need to assess if all individuals (Independent Contractors), who performed a service for your business, have submitted the required W9 and that is [...]

November 16th, 2015|Tax Alerts, Tips & Tricks Sage 100 ERP|

Get ready now! 1099 & 1099-K Reporting in QuickBooks!

   The IRS requires you to exclude any payments you made by credit card, debit card, gift card or third-party payment network such as PayPal from Form 1099-MISC. These payments are being reported by the card issuers and third-party payment networks on Form 1099-K. Here are some helpful tips on using the QuickBooks® 1099 Wizard: If you haven't [...]

November 16th, 2015|Press Releases, Tax Alerts, Tips & Tricks QuickBooks|

California MINIMUM WAGE

BEFORE you run process your first payroll after today, July 1st, you should be double checking that you are in compliance with the new Minimum Wage law! Although there are some exceptions, almost all employees in California must be paid the minimum wage as required by state law. Effective July 1, 2014, the minimum wage [...]

July 1st, 2014|Entrepreneurs, Human Resources, Press Releases, Tax Alerts|

Summer Hiring Rules for 2014

Federal rules and regulations (and California differences) If the parent owns 100%: sole proprietorship's and partnerships, the following applies to hiring the owner's children: Owner’s children can work any number of hours, regardless of their age. Children under 16 cannot work near flammable or hazardous materials, do hazardous work (mow lawns, work sewing machines), or [...]

June 13th, 2014|Entrepreneurs, Human Resources, Tax Alerts|

TAX Rules have changed . . . . again . . . now, when to expense and when to capitalize???

THANK YOU to our business associate, Kim Fichera, CPA in Carlsbad, CA for sending along a "clearer" (as clear as tax laws ever get for most of us) explanation of when to expense a purchase of materials and supplies and when they must be capitalized! Do you plan to make any significant purchases of assets [...]

June 11th, 2014|Entrepreneurs, Press Releases, Tax Alerts|

IRS issues tips on using Payroll Services

Have you read in the newspapers about unscrupulous payroll services embezzzling their clients tax deposit money?  Now, I'm not talking about the "big boys" like PayChex and ADP, but there are so many small companies offering this service, you can reduce your expenses for payroll processing, but don't increase your liability! The IRS has come [...]

February 26th, 2014|Entrepreneurs, Tax Alerts|

1099 & 1099-K Helpful Tips for QuickBooks® 2012-2014

   With the changes that occurred in tax year 2011, the IRS requires you to exclude any payments you made by credit card, debit card, gift card or third-party payment network such as PayPal from Form 1099-MISC. These payments are being reported by the card issuers and third-party payment networks on Form 1099-K. Here are [...]

January 17th, 2014|Tax Alerts, Tips & Tricks QuickBooks|

Mileage Reimbursement Rate DECREASES for 2014

The federal limit for employee mileage reimbursement has decreased 1/2% from $0.565 in 2013 to $0.56 for 2014! Change your company reimbursement forms accordingly!

January 16th, 2014|Entrepreneurs, Press Releases, Tax Alerts|