Category Archives: Uncategorized

Employers, payroll providers prepare for accelerated filing deadlines

The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) accelerated the due date for filing Form W-2, Wage and Tax Statement and Form W-3, Transmittal of Wage and Tax Statements, and any returns or statements required by the IRS to report nonemployee compensation to January 31. The change...
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How do I: Get an extension of time to change a method of accounting?

A taxpayer changing its method of accounting must either request advance IRS consent or apply for automatic IRS consent on Form 3115, Application for Change in Accounting Method, to make the change. Automatic consent is more favorable because the taxpayer can request the change on its return filed after the...
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Are Your Prices Too Low

The setting of prices in your business is often an emotional, vague concept.  And one of the most common mistakes that business owners make is setting their prices too low. There are many reasons why you might set prices too low, or choose not to raise them periodically. Here are...
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Wolters Kluwer, CCH projects 2015 tax rate brackets and other tax figures adjusted for inflation

Taxpayers will receive some modest relief for the 2015 tax year, thanks to the mandatory annual inflation-adjustments provided under the Tax Code. When there is inflation, indexing of brackets lowers tax bills by including more of people’s incomes in lower brackets—for example by placing taxpayers’ income in the existing 15-percent...
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Could Cloud-Based Software Make Your Business Better? Absolutely!

Cloud-based software offerings are changing the business landscape.  Could Cloud-Based Software Make Your Business Better?  Absolutely!  How?  Read on. The Problem:  One of our clients has a growing service business offering an ever-changing variety of products along with their services.  Their existing accounting system consisted of appointment books, receipt books,...
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New Sales Tax On Service Contracts

New Sales Tax On Service Contracts Effective January 1, 2014, businesses providing service contracts, including warranty agreements, maintenance agreements, repair contracts or similar agreements should carefully consider whether their contracts will be subject to NC sales tax.  If applicable, sales tax will apply to the sales price of a service contract...
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Use Care With Outsourced Payroll or You May Be on the Hook for Penalties and Taxes

Many businesses do not have the expertise to process and prepare payroll for their employees.  And logic would cause one to think that using outsourced payroll would remove the risk of penalties and taxes.  Maybe not. To reduce exposure to penalties and the complications of proper withholding of taxes  and...
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