As you begin to prepare your first payroll checks of the new year and make your 941 deposits you may notice a difference in the Fica amounts. Since we can all remember, the employer portion and employee portion of FICA has always been the same amount, but beginning in 2011 this has changed. Employees have received a 2% increase to their net paycheck courtesy of the U.S. government. The amount withheld from employee paychecks for FICA is now 4.Read POST
California has passed a law requiring individuals to remit all future tax payments electronically once they either make an estimated tax or extension payment in excess of $20,000 or file a tax return reporting total tax in excess of $80,000. Effective January 1, 2011, the Franchise Tax Board will begin assessing a penalty equal to 1% of the amount paid if a required electronic payment is paid by other means.Read POST
The Housing Assistance Tax Act of 2008 enacted Internal Revenue Code section 6050W requiring organizations (banks, credit card companies, others) who settle credit/debit card transactions to report on a new 1099-K form the amounts settled with “payees”. This new rule is effective January 1, 2011. As an example, if your business collects and deposits credit card payments from customers totaling $30,000 during 2011 your credit card company is required to issue you a 1099-K reporting the amount they “settled” with you, or $30,000.Read POST
Happy holidays and (almost) New Year. If your holiday break is anything like mine you don’t mind getting back to the office. Don’t misinterpret the meaning of that comment however as I said “don’t mind”. This is different than “can’t wait” or “look forward to”. Hopefully everyone looks forward to the holidays like I do. Festivities, family, friends, food and drink (I don’t know a word for drink starting with “F”).Read POST
Welcome clients, friends, and other curious people who happen upon this page wondering what in the world can a CPA firm put in a blog! I'm not sure there is a clear answer to that question yet but time will tell! We started down this path of developing a website initially to "keep up with the Jones'". It has gotten to be pretty common to find CPA firms of all sizes with websites.Read POST
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