hs companies Archives | Page 6 of 7

IRS Reverses Credit Card Rule Tax Reg

March 12, 2012/in Tax Tips/by revel

Merchants do not include things like cash refunds, sales tax, and tips in their gross receipts, but payment processors could include those figures on 1099-K forms. (Photo Credit: office.microsoft.com)

The IRS announced on March 1, 2012 that it has decided to reverse its decision to require business owners to reconcile their gross receipts with their 1099-Ks reported by payment processors.

According to the IRS, the original goal of the Tax Reg was to increase voluntary tax compliance, as well as, improve overall compliance, but many small business owners had criticized the rule. Merchants do not include things like cash refunds, sales tax, and tips in their gross receipts, but payment processors could include those figures on 1099-K forms. Small business owners were concerned about the extra administrative time and expense required to reconcile the two numbers.

Payment processors will continue to file Form 1099-K, so don’t let your guard down. The discrepancy between gross receipts and Form 1099-K could still trigger an IRS audit.

Dreading Tax Season?

March 9, 2012/in Media/by revel

So was Matt Tjapkes until he called Scott Hunt! Click here to listen to Matt’s story.

H&S Has a New Radio Spot

March 8, 2012/in Media/by revel

H&S has a new radio spot running on WJQK. Be sure to listen for it or click here to hear it now!

H&S Has a New Radio Spot

March 8, 2012/in Media/by revel

H&S has a new radio spot running on WJQK. Be sure to listen for it or click here to hear it now!

H&S Has a New Radio Spot

March 8, 2012/in Media/by revel

H&S has a new radio spot running on WJQK. Be sure to listen for it or click here to hear it now!

Spring Forward. Fall Back. Pay an Extra Hour?

March 7, 2012/in Tax Tips/by revel

On March 11^th we will need to “spring” our clocks forward an hour, but how does that affect the pay of hourly workers on duty at 2am? Employers are not required to pay employees an extra hour if they are working when the time changes. If employers do choose to pay their employees for a full eight-hour shift, they do not need to include that hour when determining overtime. Additionally, they may not credit the extra hour as overtime since it is not compensation for time worked.

New Rules for the Power of Attorney and Declaration of Representative Form

February 10, 2012/in Articles/by revel

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 1^st deadline, they do not need to refile with separate forms.

Running for Hope

February 8, 2012/in Committed to Our Communities/by revel

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/

State of Michigan 2012 Rate Determinations

February 6, 2012/in Articles/by revel

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.

Don’t Become a Victim of Employee Embezzlement

February 1, 2012/in Locations & Services/by revel

The professionals at H&S have found that when there is a downturn in the economy there is typically an upturn in white-collar crime. There are many things you can do to prevent fraud from happening in your organization, such as instituting a system of checks and balances.

A simple fraud risk assessment — performed by Kit Powell, Certified Fraud Examiner — will give you a detailed report with recommendations on how to strengthen internal controls to prevent fraudulent activity. Contact Kit today to schedule an appointment for your free fraud risk assessment via phone at 231.924.8035 or email at kitp@hscompanies.com.

Tag Archive for: hs companies

IRS Reverses Credit Card Rule Tax Reg

Dreading Tax Season?

H&S Has a New Radio Spot

H&S Has a New Radio Spot

H&S Has a New Radio Spot

Spring Forward. Fall Back. Pay an Extra Hour?

New Rules for the Power of Attorney and Declaration of Representative Form

Running for Hope

State of Michigan 2012 Rate Determinations

Don’t Become a Victim of Employee Embezzlement

E-news Program Enrollment