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Payroll Self-Audits

Most business owners would have NO IDEA what to do or how to respond to any kind of a payroll audit!  That is one of the many reasons that self-audits are an invaluable tool for remaining compliant and protecting your company! Auditing a sample of your payroll is most effeicent. Your sample should include a [...]

January 2nd, 2014|Entrepreneurs, Tax Alerts|

Payroll Year-End Adjustments

December 31 falls on a Tuesday this year. Businesses on the accrual basis must satisfy the tax law and GAAP in different ways when booking payroll in December and January. To satisfy the tax law, paychecks distributed on January 3, 2014, must be dated January 3 even if there are days of salary earned in [...]

December 16th, 2013|Tax Alerts|

Tips for Preparing 1099s

1099-MISC forms go to Independent contractors who have been paid at least $600 and do not do business as a corporation. They must receive this form by January 31, 2014. You should have a signed form W4 showing their status, tax ID number and mailing address.  If you don't have it, you need to request [...]

December 13th, 2013|Entrepreneurs, Tax Alerts, Tips & Tricks Sage 100 ERP, Tips & Tricks QuickBooks|

2014 Qualified Retirement plan limits

The following remain the same: Pretax contributions for 401(k) and SEP plans and 403 (b) annuities                            $17,500 Workers aged 50 or over (catch-up)                                                                           $5,500 SIMPLE pretax contribution "catch up" for workers aged 50 or over                              $2,500 The following limits are NEW for 2014: Sec. 415 (b)(1)(A) defined benefit plan annual benefit ceiling                                      $210,000 Combined [...]

December 13th, 2013|Entrepreneurs, Tax Alerts|

Reporting 2013 Fringe Benefits

Here is a list of "taxable" fringe benefits that need to be reported on the W-2 correctly: 2013 Adoption Assistance Employer loans at no interest or below-market interest Accountable plan expense advances Nonaccountable-plan expense reimbursements/advances Dependent care benefits Per diems Group-term life (GTL) insurance Taxable third-party sick pay Employer provide vehicles Qualified nontaxable moving expenses [...]

December 13th, 2013|Tax Alerts|

Payroll: What to do Now?

Here is a list to help with December year-end payroll planning:  The IRS website should be checked to ensure most recent forms are used. Download and Install all software updates for in-house payroll processing They are coming regularly! So don't assume you have already "done this one" Confirm year-end deadlines and final 2013 federal/state deposit dates. [...]

December 13th, 2013|Entrepreneurs, Human Resources, Tax Alerts|

Year-end Tips for Payroll Managers

Year-end Tips for Payroll Managers Verify your 2014 deposit schedule Send 2013 W-4's to employees Review your vendor files. Send Form W-9 to vendors without a Taxpayer Id Number (TIN). Remind emplyess to inform you of any changes to their address, beneficiaries, pretax deductions, and direct deposits. Research outstanding checks older than 30 days. Remind employees that [...]

October 13th, 2013|Human Resources, Tax Alerts|

Increase of Tax audits of 1099 and W2 Returns

The IRS has not confirmed it yet, but we can expect a rise in tax audits. The targeted returns are 1099's with missing taxpayer id numbers (TINs) or name/TINs that don't match. Another area that flags the IRS are unreported tips on W-2's. Because of budget cuts, audits will most likely come by mail and not [...]

October 2nd, 2013|Entrepreneurs, Human Resources, Tax Alerts|

Health Benefits -Small Business Health Option Program for CALIF employers

Small Business Health Options Program, or SHOPs, is available for small employers to purchase health insurance for their employees. October 1, is open enrollment. California is state-based as opposed to federally operated.  The website to be used by small businesses in California is   http://www.coveredca.com/ A Small Employer is defined as one who has 100 or less employees or had [...]

October 1st, 2013|Entrepreneurs, Human Resources, Press Releases, Tax Alerts|

New Affordable Care Act Website

The IRS has created a new Affordable Care Act website for business and individuals. You will find it at www.irs.gov/aca. It will contain separate sections for NFPs, individuals, families and employers. It will also answer questions, provide links to other pages and will summarized the law's provisions. The past guidlines regarding the Small-Business tax credit will apply, however, new [...]

October 1st, 2013|Entrepreneurs, Human Resources, Press Releases, Tax Alerts|

IMPORTANT Tax Notice for Sage MAS 90/200

Tax Year 2013 is the last year that Sage will maintain and suport tax forms within the standard Accounts Payable, Payroll and Electronic Reporting modules. Filings for tax years 2014 and later will only be available with the Sage 100 ERP integration to Federal and State eFiling and Reporting powered by Aatrix. The Payroll Tax [...]

September 6th, 2013|Entrepreneurs, Press Releases, Tax Alerts, Tips & Tricks Sage 100 ERP|

Standard Mileage Rate now 56.5 cents, up 1 cent

Now in 2013 the standard mileage rate has increased a penny, which is used to reimburse employees who drive their own vehicles for business. You may also use the rate to value the personal use of employees’ moderately priced (2012 amounts were $15,900 for cars and $16,700 for SUVs) company cars.

January 3rd, 2013|Entrepreneurs, Human Resources, Tax Alerts|

Personal Use of company autos – document, document, document!

We would like to remind you of the substantiation and reporting requirements that apply to the personal use of autos that are owned or leased by your corporation.  It is important that you comply with these requirements to avoid the potential loss of deductions, plus penalties, and interest if you are ever audited.   First, [...]

December 13th, 2012|Entrepreneurs, Press Releases, Tax Alerts|

2013 new Additional Medicare Tax on employees! Are you ready?

Beginning tax year 2013, a new Additional Medicare Tax (a provision of the Affordable Care Act) of 0.9 percent applies to individuals’ Medicare taxable wages, compensation, or self-employment income that exceeds certain threshold amounts based on their filing status. For more information about this tax, see the IRS Q&A for the Additional Medicare Tax.   [...]

December 13th, 2012|Press Releases, Tax Alerts, Tips & Tricks QuickBooks|

IRS 2013 Standard Mileage Rates released!

Business Use The standard mileage rate for transportation or travel expenses is 56.5 cents per mile for all miles of business use (business standard mileage rate).    Charitable Use The standard mileage rate is 14 cents per mile for use of an automobile in rendering gratuitous services to a charitable organization under § 170.    [...]

December 13th, 2012|Entrepreneurs, Tax Alerts|