Happy Thanksgiving!

happy-thanksgiving

 

Holt Pros wishes you and your family a very Happy Thanksgiving!

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Year End Tax Tips For Businesses

Tax TipsYear end is upon us and it is not too late to review the tax tips for businesses to maximize tax savings for 2015.

  • Filing Changes: Partnership tax returns will be due on March 15, not April 15; C Corporations will be due on April 15, not March 15; S Corporation tax returns will continue to be due on March 15.
  • Code Sec. 179 expensing as a key component of year-end tax planning. Sec. 179 property is generally defined as new or used depreciable tangible property purchased for use in a trade or business. Software was also recently included, as was qualified leasehold improvement property, qualified restaurant property and qualified retail improvement property. (Congress has not renewed the enhancements to Sec. 179 expensing for 2015, but they likely will be renewed.)
  • Work Opportunity Tax CreditIf your business is considering expanding payrolls before 2015 ends, take a look at the Work Opportunity Tax Credit (WOTC).  (Although the WOTC, under current law, expired after 2014, Congress is expected to renew the WOTC for 2015 and possibly for 2016).Generally, the WOTC rewards employers that hire individuals from certain groups, including veterans, families receiving certain government benefits, and individuals who receive supplemental Social Security Income or long-term family assistance. The credit is generally equal to 40 percent of the qualified worker’s first-year wages up to $6,000 ($3,000 for summer youths and $12,000, $14,000, or $24,000 for certain qualified veterans). For long-term family-aid recipients, the credit is equal to 40 percent of the first $10,000 in qualified first-year wages and half of the first $10,000 of qualified second-year wages.

You can review the entire article provided by the National Society of Accountants at Year End Tax Tips For Businesses by NSA

 

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IRS Launches ACA Resource Page for Employers

Affordable Care ActThe IRS has a new webpage that offers information on the Affordable Care Act’s employer mandate and reporting requirements.

The page is called the “ACA Information Center for Applicable Large Employers (ALEs),” but the Internal Revenue Service said Sept. 23 that it will provide information and resources for employers of all sizes. The information center has sections for employers to determine whether they are an ALE under the health care law, along with resources for ALEs and outreach materials.

Under the employer mandate, or shared-responsibility provisions, ALEs must provide full-time employees with affordable health care coverage that meets minimum-value standards or potentially face penalties. They also must report on their offers of minimum essential coverage to employees.  Both ACA provisions are in effect for 2015.

Click here to view the new ACA Resource Page for Employers.

Tax Tip – When IRS Comes Knocking

Tax Tips

TAX TIP from the NSA Federal Taxation Committee
The IRS has indicated that they plan to increase visits to taxpayers and small businesses in the areas of payroll tax collection and compliance.  Most of our individual and small business clients are not prepared or qualified to deal with such a visit.  It’s a good time to remind our clients that they are not required to deal with the IRS alone.  If an IRS agent shows up at their door, they may politely tell the agent that they wish to have someone represent them and decline to grant an interview or give immediate access to their files.  IRC 7521(b)(2) requires the IRS to suspend the interview at any time this request is made by the taxpayer.

Every taxpayer has the Right to Retain Representation.  Taxpayers who cannot afford representation may be eligible for assistance from a Low Income Taxpayer Clinic.

QuickBooks Payroll Update Just Released

QuickBooks

 

Critical Notice

 

Payroll Compliance Update: Revised Tax Tables
Intuit has released Payroll Update 21516, with revised tax tables.

Get the Payroll Update
The Payroll Update ensures that you will be in compliance with legislation that affects your payroll. For details on the contents of this update, go to Employees > Get Payroll Updates > Payroll Update Info.

To confirm that you have received the update, open QuickBooks and choose Employees > Get Payroll Updates. If you don’t see a message that says, “You are using tax table version: 21516,” click UpdateGet complete instructions.

 

To turn on the automatic updates feature in QuickBooks so that you automatically receive payroll updates when they are released, choose Help > Update QuickBooks. On the Options tab, select Yes for Automatic Update.

 

Disk delivery customers: The next disk delivery is scheduled for late September. If you have an internet connection, we strongly recommend that you download this update now. Follow these instructions.

9 – 11 We Remember!

We Remember 9 11 Soldiers

Happy Labor Day!

Labor Day Family Circus Cartoon

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