Jay Kimelman, the Digital CPA has been using Practice Ignition for 3 years now. It was the tax extension filing season when he had that a-ha moment. Jay stated he loved Practice Ignition from first sight, but once he got access to payments, it took his practice to the next level of streamlining.
Tag Archive for Payroll
College and high school students are frequently utilized by businesses and non-profit organizations as interns. These arrangements can be beneficial to the organization as the organization may get the services and insights from the intern, even though the organization receives no immediate tangible benefit. The intern may benefit by obtaining valuable on-the-job training, an entree into a permanent job, college credit, and maybe a few dollars in earnings. Internships vary greatly. They may be paid or unpaid; for college credit or not for credit; highly structured as in a college program, or an independent arrangement with less structure. Read more
If you’re looking for things to do to get ready for the upcoming filing season or want to check your list against another, I have one for you. Please see “Preparing for the 2016 Filing Season,” AICPA Tax Insider, 12/17/15.
The article was written before passage of the extenders and appropriations tax package. Here is a list of links to that legislation you may find useful along with a list of some items for immediate consideration.
P.L. 114-113 (12/18/15) – H.R. 2029, Consolidated Appropriations Act 2016 – includes appropriations and other changes along with the Protecting Americans from Tax Hikes Act of 2015 (PATH), which is the extenders bill.
NOTE ON EXTENDERS: The bulk of the tax changes are in PATH, although a few, including a two year extension of Read more
Payroll Compliance is a challenge that many small businesses struggle with. Payroll done by business owners themselves mean that they need to have the know-how to comply with the Internal Revenue Service’s strict rules regarding accurate reporting & deposits. Moreover, federal, state & local tax regulations change & many times without notice. Small business owners need to follow such changes keenly as well.
Having a professional as a trusted guide & advisor helps small business owners (SBO) navigate these dangerous waters. It also saves them time and costly errors. Errors which are due to late filing or deposit of taxes increase the risk of steep penalties & scrutiny from the Internal Revenue Service. Read more
CPAs: Review California Clients Today for Enterprise Zone Credits (Up to $50,000 Per Qualified Employee)
On June 27, 2013, the California State Assembly passed AB 93, which eliminates the current Enterprise Zone (EZ) program, replacing it with a new set of incentives, which will be statewide in application. This change requires businesses to take action now to get the most out of existing credits while also preparing to take advantage of the new credits that will be effective January 1, 2014.
The EZ program was first established in 1986 and has been used to attract business to depressed areas in California and to support new and existing businesses located in depressed areas of the state. The program has allowed qualified businesses to claim hiring credits on qualified employees and sales tax credits on qualified purchases.
Do your clients need help understanding the immediate steps they must take? If your clients (CPAs: review your California clients) are in one of California’s 42 EZs, pay California income tax, and have employees, they are a prime candidate to review the various credits that remain available. These credits and refunds can be reviewed for the last four (4) open tax years. The time to act is now. After December 31, 2013 — your clients will have forfeited up to $50,000 per qualified employee. Read more