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Year End “to-do”s for S-Corp Owners!

Working with our CPA associate, we would like to remind you of the tax rules that apply to shareholders of S-Corporations who own 2% or more of the stock and receive certain fringe benefits.  It is important that you comply with these requirements before year end, otherwise you risk the loss of your shareholder health [...]

December 6th, 2012|Entrepreneurs, Tax Alerts|

QuickBooks Income Tax Reports And Filtering Options: Target The Right Output

April 15 is getting uncomfortably close. QuickBooks, of course, can't do your taxes for you. But it helps you lay some of the groundwork. Following up on last month's column on customizing reports, we'll look at the program's tax-related reports and its powerful report-filtering options. But first, you'll need to make sure that this output [...]

February 1st, 2012|Tax Alerts, Tips & Tricks QuickBooks|

1099-Wizard available for 2011 Tax Year!

The IRS issued new reporting regulations for tax year 2011 1099-MISC form. These regulations will exclude some forms of payments from the 1099-MISC form; instead, the payments will be reported on the new third party form 1099-K.

January 9th, 2012|Entrepreneurs, Tax Alerts, Tips & Tricks QuickBooks|

Changes to IRS 1099-Misc Reporting for 2011

The IRS issued new reporting regulations for tax year 2011 1099-MISC form. These regulations will exclude some forms of payments from the 1099-MISC form; instead, the payments will be reported on the new third party form 1099-K. If you have made payments to vendors in tax year 2011 you will only need to report certain [...]

Mileage RATE increases July 1st!

The IRS has evidently changed it's mind about increasing the standard business mileage rate in light of the increased costs of gasoline etc.  Effective July 1st through the end of December 2011 the new standard business mileage rate is 55.5¢

July 1st, 2011|Entrepreneurs, Press Releases, Tax Alerts|

It’s official! CA Sales Tax has DECREASED this morning, July 1st 2011!

Effective July 1, 2011, the one percent sales and use tax rate increase that was approved with the state budget and effective April 1, 2009, will expire lowering the statewide base tax rate from 8.25 percent to 7.25 percent.

June 6th, 2011|Entrepreneurs, Press Releases, Tax Alerts|

Business Mileage Rate rises only 1 cent for 2011

Business Mileage Rate has increased from 2010's .50¢ to 2011's .51¢ (read on for more info)

January 6th, 2011|Entrepreneurs, Press Releases, Tax Alerts|

Social Security Tax unequal in 2011!

For the first time in the history of Social Security (at least in my lifetime) the employee’s portion of the Social Security tax is NOT equal to the employer's portion!! The employers are now paying a full 2% more into Social Security than the employees are contributing. (read on for details)

Reporting payroll tax exemptions under the HIRE Act!

How to save 6.2% in employer paid Social Security Taxes and reap a $1000 tax credit on eligible employees! Read more about The HIRE Act of 2010.

Special Analysis: Ready or Not, the Payroll NRP Is Here

The IRS’s National Research Program (NRP) isn’t as benign as it sounds. NRP’s are intensive, line-by-line audits, which are intended to give the IRS basement compliance data for future enforcement efforts. The Payroll NRP, which will be conducted by the IRS’s Small Business/Self-Employed Division, was scheduled to start last November, but actually will begin this [...]

March 1st, 2010|Entrepreneurs, Tax Alerts|

Starting up a New Business?

Special Tax Treatment for your expenses! Business Start-Up Costs Start-up costs are amounts paid or incurred for: (a) creating an active trade or business; or (b) investigating the creation or acquisition of an active trade or business. Start-up costs include amounts paid or incurred in connection with an existing activity engaged in for profit; and [...]

February 23rd, 2010|Entrepreneurs, Tax Alerts|

Husband and Wife Business

One of the advantages of operating your own business is hiring family members. However, the employment tax requirements for family employees may vary from those that apply to other employees. Below, we point out some issues to consider when operating a husband and wife business. How spouses earn Social Security benefits A spouse is considered [...]

February 23rd, 2010|Entrepreneurs, Tax Alerts|

Review policy on cell phone usage to comply with California law

If your employees use cell phones for company business while driving, make sure your policy requires hands-free devices. Then educate employees about the policy. Reason: California law bans the use of hand-held cell phones while driving a motor vehicle. The law carries a $20 fine for a first offense and a $50 fine for all [...]

January 20th, 2010|Tax Alerts|

Month End and Year End Checklists

Part One: Closing Your Books at Month-End If you ordinarily perform month-end closing activities you may have already completed the following tasks. Otherwise, please review this list before moving on to “Part Two: Closing Your Books at Year-End.” Adjustments _        Automatic payments (bank drafts and adjustments) _        Transactions not yet entered:  invoices, bills, sales commissions and [...]

Part Time Employees

Assorted Do’s and Don’ts Do withhold FICA on part-timers, including retirees. Even if someone who works for you part-time also has a full-time job where they have had 100% of their FICA withheld for the year, you must withhold the full amount of FICA from their pay. These individuals can obtain a refund of any [...]

December 13th, 2009|Entrepreneurs, Human Resources, Tax Alerts|