IRS Serious  in Collecting Payroll Taxes

IRS Serious in Collecting Payroll Taxes

IRS Serious About Collecting Payroll Taxes The IRS is serious about collecting all taxes but is especially aggressive when it comes to collecting payroll taxes. Not only are the penalties for payroll tax noncompliance steeper than they are for other types of taxes, but the range of accountability is much […]

Bookkeeping Services & Sales Tax Holidays

Bookkeeping Services & Sales Tax Holidays

Bookkeeping Services Providers Adjust for Sales Tax Holidays All across the country, back-to-school sales tax holidays have already taken place, are in progress now or are on the horizon. While these tax holidays offer parents of school age children significant savings on clothing, electronics and school supplies, they can be […]

Focus on Payroll Taxes

Focus on Payroll Taxes

Focus on Payroll Taxes Payroll taxes, also called employment taxes, are those taxes that employers are required to pay based on the compensation of their employees. They include federal and state income taxes withheld from employee paychecks, FICA (Social Security and Medicare) taxes and FUTA (federal unemployment) taxes. Because they […]

Section 179 in a Nutshell

Section 179 in a Nutshell

Section 179 in a Nutshell The Section 179 Deduction is a $25,000 tax deduction that applies to both new and used business equipment and off-the-shelf computer software that is purchased and put into service during 2015. Up to this cap amount, it allows business owners to write off the full […]

Bookkeeping and Small Business Owners

Bookkeeping and Small Business Owners

Bookkeeping not a Favorite Task of Small Business Owners A recent survey of more than 500 small business owners showed that bookkeeping services was one of their least favorite tasks. The survey, conducted by TD Ameritrade, showed that 68 percent of small business owners liked interacting with their clients and […]

How to Avoid Healthcare Mandate Penalty

How to Avoid Healthcare Mandate Penalty

Open Enrollment Allows Avoidance of Healthcare Mandate Penalty The Centers for Medicare and Medicaid Services recently announced a special enrollment period for anyone who did not meet the requirements of the Affordable Care Act’s 2014 individual health insurance mandate. The mandate states that non-excluded individuals who did not obtain health […]

The Benefits of Outsourcing Payroll Services

The Benefits of Outsourcing Payroll Services

The Benefits of Outsourcing Payroll Services Payroll services is one of the most important bookkeeping functions of any business, regardless of size or structure. In addition to being time-consuming and often tedious, payroll functions require a high level of knowledge and expertise in order to administer them well. Moreover, they […]

2015 Tax Scams

2015 Tax Scams

2015 Tax Scams Each tax season, the IRS cautions the public to be wary of becoming the victim of a tax scam. They do this by publishing a list, appropriately named the “Dirty Dozen,” which identifies the most common practices used by criminals to confiscate the tax refunds of innocent […]

Bookkeepers Adjust for Tax Extenders

Bookkeepers Adjust for Tax Extenders

Bookkeepers Adjust for Tax Extenders   Although the tax extenders bill, officially named the Tax Increase Prevention Act of 2014 or HR 5771, was passed just weeks before the end of the year, the Internal Revenue Service recently announced that the 2015 tax season would open without delay. In his […]

End of the Year Bookkeeping Tasks

End of the Year Bookkeeping Tasks

End of the Year Bookkeeping Tasks Although current and accurate financial records are important all year long, they are even more important as the end of the year approaches. A precise year end accounting of a company’s financial situation is essential to tax planning, tax preparation, assessing profitability and developing […]