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3 things you MUST know for Hassle Free 1099 reporting in QuickBooks

Take the stress out of filing 1099-MISC forms every year! Following these steps makes this task worry free! 1. Obtain W9's 2. Edit QuickBooks Preferences 3. Setup up Vendors for 1099 reporting 4. Use the QuickBooks reports as tools to bullet proof your process! View our Webinar's Powerpoint at: http://tinyurl.com/AdvantEdge

December 4th, 2009|Tax Alerts, Tips & Tricks QuickBooks|

California Personal Income Tax Withholding Schedules Replaced

Just an FYI - Effective November 1, 2009, California Personal Income Tax (PIT) Withholding Schedules Replaced Watch for computer updates to your software!!  If you are not using MAS or QuickBooks payroll, the modified schedules can be downloaded from EDD’s web site at http://www.edd.ca.gov/Payroll_Taxes/Rates_and_Withholding.htm#2009PITWithholdingSchedules

October 15th, 2009|Human Resources, Tax Alerts|

No records? It’s not a business.

F had a full-time job and ran a small store on the side that had a loss its first full year.  F deducted the loss on Sched. C.  Because he had no proof of any business transactions, the IRS deleted the F’s return both revenues and expenses.  F appealed to the Tax Court, this time [...]

September 19th, 2009|Tax Alerts|

Alert for your employees!

Some may face underpayment of FIT Because of the new withholding tables under the American Recovery and Reinvestment Act, some employees might want to adjust their 2009 FITW by submitting a new W-4 now. The Act reduced FITW to reflect the Make Work Pay tax credit. But for some employees, that adjustment may result in [...]

September 11th, 2009|Tax Alerts|

Are you using the wrong version of the I-9 form?

Employers were required to begin using the new I-9 on April 3, 2009.  Using the old edition – which was dated 06.05.2007 – could trigger fines.   Click here for the new form in English (if you require the Spanish form, send us an email with I-9 in the subject and we’ll send it to you.

August 3rd, 2009|Tax Alerts|

Tax help for going green!

Here’s how a company can use the tax code to help the environment: 1.      Companies purchasing hybrids may qualify for a credit of $250 - $3,400, depending on fuel efficiency. Caution: the credit disappears after the sale of 60,000 qualifying vehicles (which may not have occurred yet in 2009, given the poor economy). 2.      A [...]

August 3rd, 2009|Tax Alerts|

WARNING! CALIF Bank Change for EFT filers!

This morning, July 1st, brought a BIG change in the way you pay your employment payroll taxes!  If you are using software, like QuickBooks, for your payroll, make SURE that you have the latest update in place before you try to pay June's taxes or file 2nd quarter tax returns.  While having the latest updates is [...]

July 1st, 2009|Tax Alerts|

Employee Mileage Reimbursements

What this means to you: Contemporaneous means; you may not reconstruct mileage logs after the fact. Therefore, you may want to require logs each time an employee returns a vehicle or returns from a trip or at least require reports on a weekly basis. The IRS has denied companies the whole automobile expense deduction, and [...]

June 25th, 2009|Tax Alerts|