H & S Companies http://www.hscompanies.com Mon, 20 Feb 2012 18:32:13 +0000 en hourly 1 http://wordpress.org/?v=3.3 New Form for Reporting Capital Gains and Losses http://www.hscompanies.com/new-form-for-reporting-capital-gains-and-losses/ http://www.hscompanies.com/new-form-for-reporting-capital-gains-and-losses/#comments Mon, 20 Feb 2012 18:32:13 +0000 admin http://www.hscompanies.com/?p=3169 If you’re reporting capital gains and losses from transactions relating to investment property for tax year 2011 be sure to use Form 8949, Sales and Other Dispositions of Capital Assets. Prior to this year you reported this information on Schedule D or D-1.

]]> http://www.hscompanies.com/new-form-for-reporting-capital-gains-and-losses/feed/ 0 In Case You Missed It – H&S in the News! http://www.hscompanies.com/hs-in-the-news/ http://www.hscompanies.com/hs-in-the-news/#comments Fri, 17 Feb 2012 11:00:24 +0000 admin http://www.hscompanies.com/?p=3162 The H&S team has been busy! Our talented team members have been helping the community, hosting open houses and offering their perspective on current events, in addition to working hard to serve our clients. Below are highlights of H&S in the news over the last few weeks.

MiBiz – Confidence and Capital Drive Surging M&A Market
Co-founder Jack Hendon offers his perspective on the M&A market in an interview with MiBiz. To read the article click here.

Business Updates | Daily Business Briefs
Lynda Nance is mentioned for winning Volunteer of the Year at the Rockford Chamber Annual Meeting.
Susan Murray is mentioned for joining the H&S team.
To read the article click here.

Grand Rapids Area Chamber of Commerce
H&S Companies Grand Rapids is featured for our recent open house.
To read the article click here.

Rockford Squire
H&S Companies Rockford was on the front page of the Rockford Squire for our open house.
To read the article click here.

]]> http://www.hscompanies.com/hs-in-the-news/feed/ 0 House and Senate Leaders Have Reached an Agreement on the Extension of the Payroll Tax Cut http://www.hscompanies.com/house-and-senate-leaders-have-reached-an-agreement-on-the-extension-of-the-payroll-tax-cut/ http://www.hscompanies.com/house-and-senate-leaders-have-reached-an-agreement-on-the-extension-of-the-payroll-tax-cut/#comments Thu, 16 Feb 2012 18:48:49 +0000 admin http://www.hscompanies.com/?p=3160 The Associated Press reported the House and Senate have reached an agreement on the extension of the payroll tax cut. According to the article, the measure will cost about $150 billion and will continue a 2% cut in the Social Security payroll tax, renew unemployment benefits, and prevent cuts in Medicare reimbursements for doctors. To read the full article click here.

Source: The Associated Press

]]> http://www.hscompanies.com/house-and-senate-leaders-have-reached-an-agreement-on-the-extension-of-the-payroll-tax-cut/feed/ 0 IRS Issues Guidance on New W-2 Reporting Rules http://www.hscompanies.com/new-w-2-rules/ http://www.hscompanies.com/new-w-2-rules/#comments Wed, 15 Feb 2012 20:49:35 +0000 admin http://www.hscompanies.com/?p=3137 Next year, employers will be required to report the cost of group health insurance on employees’ W-2 forms, the purpose of which, is to inform employees of the cost of their health insurance. To help employers meet this requirement the IRS issued Notice 2012-9 which offers further explanation of what should be included. Below are answers to a few common questions, for the full report click here.

Q. Who is required to report?
A. All employers (including churches/religious organizations, governmental entities, and those employers not subject to COBRA continuation coverage requirements). Employers who filed fewer than 250 W-2s in 2011, federally recognized Indian tribal governments, and corporations owned by Indian tribal governments are exempt.

Q. Are there any types of coverage that should not be included in the cost reported?
A. Yes, there are several. Things like long-term care insurance, an employee or their spouse’s contributions to their HSA, and limited scope dental or vision care provided under a separate policy do not need to be included in the cost reported. Be sure to familiarize yourself with all of the exceptions.

Q. How is the cost reported on Form W-2?
A. The cost will be reported in box 12, using code DD.

If you would like more information, or if you have questions regarding this matter, please contact your H&S tax professional.

 

]]> http://www.hscompanies.com/new-w-2-rules/feed/ 0 Renovation Write-off http://www.hscompanies.com/renovation-write-off/ http://www.hscompanies.com/renovation-write-off/#comments Mon, 13 Feb 2012 18:41:28 +0000 admin http://www.hscompanies.com/?p=3121 Due to new Temporary Regs released under 263(a), if you made renovations to a building within the last 10 years you may now write-off components that were removed (this could include things like an old roof, old lighting, etc.). You may do this by using Form 3115, Application for Change in Accounting Method.

There are, however, some rules that apply. If you have any questions or would like further information regarding this write-off opportunity, contact your H&S tax professional.

]]> http://www.hscompanies.com/renovation-write-off/feed/ 0 New Rules for the Power of Attorney and Declaration of Representative Form http://www.hscompanies.com/new-rules-for-the-power-of-attorney-and-declaration-of-representative-form/ http://www.hscompanies.com/new-rules-for-the-power-of-attorney-and-declaration-of-representative-form/#comments Fri, 10 Feb 2012 11:35:03 +0000 admin http://www.hscompanies.com/?p=3109 As of March 1, 2012, there are new rules in effect regarding Form 2848, Power of Attorney and Declaration of Representative. Married couples will now need to file separate forms designating their Power of Attorney – even if they are selecting the same person. If a married couple has Form 2848 on file prior to the March 1st deadline, they do not need to refile with separate forms.

]]> http://www.hscompanies.com/new-rules-for-the-power-of-attorney-and-declaration-of-representative-form/feed/ 0 Running for Hope http://www.hscompanies.com/running-for-hope/ http://www.hscompanies.com/running-for-hope/#comments Wed, 08 Feb 2012 13:00:12 +0000 admin http://www.hscompanies.com/?p=3105 H&S Companies is proud to announce, we are sponsoring Running for Hope. This run takes place on March 24, 2012 and all money raised will be donated to the Haiti Foundation Against Poverty.

To learn more about the run or to register to participate visit http://runningforhoperockford.blogspot.com/

To learn more about the Haiti Foundation Against Poverty visit http://www.haitipoverty.org/

]]> http://www.hscompanies.com/running-for-hope/feed/ 0 If you made charitable contributions in 2011, can you claim an income tax deduction? http://www.hscompanies.com/if-you-made-charitable-contributions-in-2011-can-you-claim-an-income-tax-deduction/ http://www.hscompanies.com/if-you-made-charitable-contributions-in-2011-can-you-claim-an-income-tax-deduction/#comments Tue, 07 Feb 2012 15:24:15 +0000 admin http://www.hscompanies.com/?p=3091 Listen to our new radio spot by clicking here to find out!

]]> http://www.hscompanies.com/if-you-made-charitable-contributions-in-2011-can-you-claim-an-income-tax-deduction/feed/ 0 State of Michigan 2012 Rate Determinations http://www.hscompanies.com/state-of-michigan-2012-rate-determinations/ http://www.hscompanies.com/state-of-michigan-2012-rate-determinations/#comments Mon, 06 Feb 2012 19:05:33 +0000 admin http://www.hscompanies.com/?p=3084 On December 19, 2011 Governor Rick Snyder signed legislation to deal with Michigan’s bankrupt unemployment insurance system. Part of this legislation allowed for the State of Michigan to retire the Federal debt and issue $3.323 billion in revenue bonds, which they did on December 28, 2011.  By refinancing the debt, the FUTA credit reduction was reset to zero in 2012.

There are a couple of key changes you will want to keep in mind. The Obligation Assessment will be applied on all contributing employers, not just those with a negative balance like the previous solvency rate, until the bonds are repaid. The bonds are on a 10-year repayment schedule. The Obligation Assessment will be reported as a line item on Form UIA 1771, Tax Rate Determination for Calendar Year 2012. This new assessment will be determined on an annual basis and included on your annual Tax Rate Determination.

Also, effective in 2012, the taxable wage base will increase from $9000 to $9500 until the Unemployment Trust Fund reaches $2.5 billion. The base will go back to $9000 if the fund balance can remain at $2.5 billion (net of benefits paid) for two consecutive quarters.

If you have any questions or would like further explanation on this matter please contact your H&S tax professional.

]]> http://www.hscompanies.com/state-of-michigan-2012-rate-determinations/feed/ 0 Jeans for a Cause http://www.hscompanies.com/jeans-for-a-cause/ http://www.hscompanies.com/jeans-for-a-cause/#comments Fri, 03 Feb 2012 19:53:08 +0000 admin http://www.hscompanies.com/?p=3063 H&S Companies is proud to announce we’ve launched a company wide initiative to raise money for Relay for Life. Every Friday, team members who donate $5 will be allowed to wear jeans. All money raised will go to benefit our Relay for Life teams in the Grand Rapids and Rockford communities. For photos and updates on our progress visit our Facebook page on Fridays!

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