Saturday, January 28, 2017

Claim the Earned Income Tax Credit

IRS Tax Tip 2017-04

Inside This Issue

Claim the Earned Income Tax Credit
The Earned Income Tax Credit has helped workers with low and moderate incomes get a tax break for 40 plus years. Yet, one out of every five eligible workers fails to claim it. Here are some things taxpayers should know about the EITC:

  • Review Your Eligibility. Taxpayers who worked and earned under $53,505 may qualify for EITC. Filers should review EITC eligibility rules if their household income or family situation has changed. They may qualify for EITC this year, even if they did not in the past. To qualify, a taxpayer must file a federal income tax return claiming the Earned Income Tax Credit.  This is true even if a taxpayer is not otherwise required to file a tax return. Use the EITC Assistant tool to find out about eligibility rules and amounts.

Friday, January 27, 2017

1099 Misc New Deadline

1099-Misc. Forms.. 
You may not have as much time as thought to get them to your independent contractors and file them with the IRS.. 

check out the new deadlines!!

Tuesday, January 24, 2017

A Little Tax Season Humor

Don't even ask. I can't. It's TAX SEASON!

Normal life resumes April 19th!

Tuesday, January 17, 2017

NY Filing Requirements for Highway Use Tax

New York State imposes a highway use tax (HUT) on motor carriers operating certain motor vehicles on New York State public highways (excluding toll-paid portions of the New York State Thruway). The tax rate is based on the weight of the motor vehicle and the method that you choose to report the tax. 

If you have been issued a certificate of registration ( except a highway use tax trip certificate of registration), you must file a highway use tax return even if no tax is due, or even if another person will pay any tax due on the use of the vehicle operated under the certificate of registration.

Certified Payroll With QuickBooks

Many government contractors across the country are subject to the Davis-Bacon Act (Prevailing Wage) - including a growing number of small and large construction firms. Then, for each payroll period, the contractor must create a certified payroll report that shows the wages paid to each worker.
QuickBooks Certified Payroll reporting is a substitute for the federal form WH-347. It lists information about the company and the project, the employee's name, last four digits of their Social Security number and job classification. It also shows hours worked by each employee, rate of pay, gross wages, deductions and net pay. The reports must be printed and signed by an authorized official of the company to certify accuracy.

You must meet the following criteria in order to create a Certified Payroll Report:
  • You must have full version of Microsoft Excel. If you are using a trial version, make sure that trial period has not expired yet.
  • Use the QuickBooks time tracking feature.

    Enter time by job for each employee using the payroll items you use to pay employees. It is best if you enter time and then pay the employees using that time so that the time records and hours paid will be the same. You can still use this report without using the time feature, but you ll need to input your daily hours directly on the report. 
    • If you're using class tracking, classes assigned on timesheets should match the classes on paychecks.
  • Weekly payroll: you have created a weekly payroll and have included your certified payroll job on your paychecks (this happens automatically when you use time tracking). To learn how to use timesheet information in paycheck creation, see How to create paychecks based on timesheet hours or single-activity items. 
  • Your paychecks use earnings items named after your work classifications.
    For example, you might use hourly items with names like Carpentry, Electrical, or General Labor for your work classification codes. The item names you use will appear on your report. 
  • If your employees work overtime or double-time, pay the employees with an actual Overtime Earnings item, not just a regular item named overtime. (Check to see if you are using a special overtime item by editing the item from our Payroll Items list and looking for the Define Overtime slide. If it does not appear, the item isn't an overtime item.)

Create a report

  1. From the Reports menu, choose Employees & Payroll > More Payroll Reports in Excel > Certified Payroll Report
  2. Follow the on-screen instructions to create the report.  
    • As you follow the instructions, the Certified Payroll Report Interview window will open to gather additional information.

Saturday, January 14, 2017

Sync with Square

Do you use Square for your credit card processing or online store? Sync Square with your QuickBooks to make recording and reconciling transactions faster and easier..

Thursday, January 12, 2017

Tax Year 2016 NYS Driver License Requirement:

The New York State Tax Department, in partnership and collaboration with the IRS and other states, continually assesses and improves its fraud deterrence systems for the mutual benefit of the State and its taxpayers, including the tax professional community.

This year, we’ve taken the step of requiring an additional verification measure in personal income tax preparation software: the collection of driver license and state-issued ID information.

Wednesday, January 11, 2017

I've Looked At The Figures...

I've looked
at the figures...

We can't afford
to keep the cat.

Friday, January 6, 2017

Bookkeeper Quiz..

Are you up to date?
See for yourself with this bookkeeper’s quiz.

The quiz below is based on just one recent issue of The General Ledger from the American Institute of Professional Bookkeepers 

See if you are up to date. Scroll down for answers. 

1.    If you want to make or receive payments via ACH, your bank is currently required only to be able to _____ (send/receive) same-day ACH payments, not to _____ (send/receive) them.

Thursday, January 5, 2017

Employers and Coverage Providers:

Employers and Coverage Providers: 11 Facts About Health Care Information Forms
Under the Affordable Care Act, insurance companies, self-insured companies, and large businesses and businesses that provide health insurance to their employees must submit information returns to the IRS and individuals reporting on health coverage. 
Taxpayers can use the information on these forms when they file their tax returns to verify the months that they had minimum essential coverage and determine if they satisfied the individual shared responsibility provision of the health care law. The IRS will use the information on the statements to verify the months of the individual’s coverage.

Here is some information about the types of forms, the purpose of each, and noteworthy dates

Sunday, January 1, 2017

Happy New Year

A new year is like a blank book.
The pen is in your hands.
It is your chance to
write a beautiful story
for yourself.

Happy New Year!