Business tax form update
Monday, March 14th, 2011
Due to extender provisions in the Tax Relief Act enacted on December 17, 2010, the IRS delayed accepting some business tax forms, as we posted previously. The IRS has recently announced updated information for these tax forms on irs.gov. Form 941 for first quarter 2011 now may be filed. The due date is May 2, […]
Read More »Update your Quickbooks
Thursday, January 20th, 2011
Intuit has announced that support for Quickbooks 2008 and earlier will end in May 2010. Consider upgrading to Quickbooks 2011 this spring. The older editions will still work minimally, but you will lose some functions such as Payroll Subscription Service, online functions, and technical support. According to Intuit, the 2011 version allows for faster processing […]
Read More »Electronic federal tax deposits required
Thursday, January 6th, 2011
Those tax deposit coupons are history. Beginning January 1, 2011, most businesses must make federal tax deposits electronically. If you have not yet set up your electronic deposit account, you should start the process right away, because the enrollment process can take a couple of weeks. Penalties for improper or late deposits can add up […]
Read More »Health care tax credit starts this year
Monday, December 6th, 2010
If your company or tax-exempt organization provides group health insurance coverage to your employees, it may be eligible for a tax credit on its 2010 return. The criteria for taxable entities: Employ fewer than 25 “full-time equivalent” employees (FTE, explained later); Pay average annual wages less than $50,000 per FTE; Maintain a “qualifying arrangement” for […]
Read More »Take action now to reduce taxes
Tuesday, November 23rd, 2010
Year-end is the best time to take actions that have an impact on next spring’s tax bill. There’s not much you can do after the year is over. Take time to do financial projections through year-end and calculate your tax bill. Working with your accountant, you can identify actions to take that may reduce your […]
Read More »New rule for FSA and HSA medicine coverage
Tuesday, September 28th, 2010
Many employers and employees are looking at benefit plan decisions this time of year. A rule change in the Affordable Care Act (healthcare reform) goes into effect January 1, 2011 that may change your calculations for your flexible spending arrangement (FSA), health reimbursement arrangement (HRA), Health Savings Account (HSA), or Archer Medical Savings Account. The new rule requires […]
Read More »Payroll Tax Audits Target Businesses
Friday, September 3rd, 2010
Earlier this year, the IRS began its program of auditing businesses for compliance with payroll tax reporting and payment. As part of its National Research Program to gather statistics about payroll tax compliance, the IRS is examining 6,000 businesses large and small, 2,000 each year starting earlier this year. This study is part of their push to step […]
Read More »Payroll tax credit
Wednesday, July 7th, 2010
It is time to prepare your second quarter payroll tax returns, due August 2, 2010 (July 31 falls on Saturday). If your company or tax-exempt organization has hired employees this year, you may be eligible for the HIRE Act new hire tax credit. You should check before filing Form 941. We previously posted about this and other tax credits in the […]
Read More »Small Business Tax Incentives
Wednesday, June 2nd, 2010
Recent legislation provides incentives for businesses to hire unemployed workers and provide health insurance. If your company hires a worker after February 3, 2010 through year-end, the HIRE Act allows a credit equivalent to the employer’s share of Social Security tax (6.2%). If the employee stays with you for a year, your company gets a $1,000 tax credit. The new hire […]
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