Identity Theft Victim Checklist

 

1. Report the fraud to the three major credit bureaus, and review your credit report

•Equifax (800) 525-6285/ www.equifax.com/creditreportassistance/

•Experian (888) 397-3742/ www.experian.com/fraud

•TransUnion (800) 680-7289/ www.transunion.com/fraud

2. Report the fraud to the police, and save the police report to use when reporting

3. If your credit or debit card account has unauthorized charges, contact your bank and report the […]

Affordable Care Act Requirements for 2015 and 2016

 
EMPLOYER HEALTH INSURANCE MANDATE

Starting in 2015 large employers with 50 or more full-time equivalent employees are required to offer affordable health insurance that provides a minimum level of coverage to their full-time employees and their dependents, or they will be subject to penalties called Employer Shared Responsibility Payments.

Employers with 50-99 full-time equivalent employees will receive […]

2016 Year End Payroll

 
Attention Payroll Department:
As of January 1, 2016 the following payroll tax rates and depositing requirements will apply:

PAYROLL TAX RATES FOR 2016

Federal Taxes

FICA (Federal Insurance Contribution Act): Consists of Social Security Tax & Medicare Tax

2016
Medicare(↓$200K)
Medicare(↑$200K)
Social Security

Employee
1.45%
2.35%
6.2%

Employer
1.45%
1.45%
6.2%

Self-Employed
2.9%
3.8%
12.4%

  

   Employees pay:

(a) 6.2% Social Security tax on the first $118,500 of an employee’s wages. The maximum tax is $7,347.00.

(b) […]

Do Not Let Your Good Deeds Go Unnoticed

 

When I was growing up, my father would tell me that any good deed done by the right hand should not be known by the left one.  That was his way of teaching me about discretion and the importance of helping others. However, he probably didn’t mean that when it comes to filing your taxes.

During […]

Tax Planning

 

With the New Year approaching it is time to start discussing tax planning. Below are some areas to take into consideration when tax planning:

• Retirement Contributions- The maximum IRA contribution for 2015 is $5,500. However, if you are over the age of 50 you are allowed to contribute up to $6,000. The employer 401(k) maximum […]

Tax-Saving Opportunities by Exporting Goods Using IC-DISC

 

IC-DISC (The Interest Charge Domestic International Sales Corporation) is one of the few remaining tax benefits to U.S. companies and taxpayers that export goods and/or certain services outside of the United States.

In short, using the IC-DISC allows companies to shift income from being taxed at ordinary taxable rates to qualified dividend taxable rates based on […]

Independent Contractor or Not?

It is important now more than ever to correctly classify workers as employees or independent contractors. The Internal Revenue Service (IRS) has begun finding new ways to generate revenue and crack down on the misclassification of independent contractors.

Businesses that unintentionally misclassify an employee as an independent contractor can face a number of penalties including the […]

Don’t Become a Victim of Internet or E-mail Scams

The most important fact to know is that the IRS and the Franchise Tax Board do not initiate contact with taxpayers or request personal or financial information through email!

For more detailed information regarding the latest suspicious e-mails, scams, and identity theft you can go directly to the IRS website at http://www.irs.gov. Simply type “Scams” […]

It’s Here: Form 1099-K Business Income Matching

Know what to do when your clients receive one of the IRS’ four new business income underreporting letters

The IRS has always been able to match individual tax returns against information statements and propose underreporter adjustments that come in the form of CP2000 notices.

But things […]

Patient Protection & Affordable Care Act – Obamacare

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