Business and Corporate Archives - Page 9 of 10

Mar
31
2015

Reminder: Payroll Taxes & DES Reporting

With 1st quarter payroll reports due in April, we would like to remind you of the Arizona Department of Economic Security (DES) reporting requirements.

In Arizona, most employers are required by law to pay unemployment tax on the first $7,000 in gross wages paid to each employee in a calendar year. Any wages paid to an employee over $7,000 are deemed “excess” wages and are not taxed. You must report to DES all wages paid when preparing your report.

Mar
07
2015

Stale-dated checks: What to do with them?

You have just finished reconciling your bank statement and you notice that a check you wrote six months ago has still not cleared your bank account. What do you do about it?

First, determine if it is a live check or not (such as an automatic withdrawal or credit card charge). Make sure that a replacement check was not cut or an order cancelled. If a replacement check was cut, then void the outstanding check.

Feb
26
2015

Keeping the Cash Safe – A Brief Control Overview

Whether you are a non-profit organization, a for-profit company, or an auditor, you have most likely encountered the need to understand what it means to have strong internal controls over cash, controls that are in place and operating effectively. So what exactly is an internal control (IC) and why does it matter?

An internal control is a financial process or procedure that enables the organization to safeguard its assets. When conducting an audit,

Feb
11
2015

Common Confusions on Net Asset Classifications

In the for-profit world, we use the concept of equity: “owner’s equity” in a sole proprietorship, or “stockholders’ equity” in a corporation. In the nonprofit world, we use the term net assets. Mathematically, net assets is total assets minus total liabilities, and is reported on the Statement of Financial Position. We think of net assets as the net resources available to the organization at any given point in time with which it can accomplish its mission.

Jan
27
2015

New OSHA Reporting & Recordkeeping Requirements

Is your company now subject to reporting worker injuries under new regulations (issued September 2014) by the Occupational Safety and Health Administration (OSHA)?

Effective January 1, 2015, unless exempt, OSHA requires that all employers must report:

All work-related fatalities within 8 hours of occurrence, and
All work-related inpatient hospitalizations, all amputations, and all losses of an eye within 24 hours of occurrence.

Although OSHA applies primarily to employers who are considered to have hazardous work environments,

Oct
29
2014

Employers: Tips On Preparing for Year-End Reporting

It’s the time of year when we are all so busy with holidays and family, yet we must continue to run our businesses and have everything done by the end of the year. Here are some tips to help you make it through this stressful time.

Year-End W-2 Addbacks:

Check with your third-party payroll provider to find out what the deadline is for supplying them with the information for your W-2 addbacks.

Oct
08
2014

Federal employment tax and trust fund penalties – tips and tricks

FEDERAL EMPLOYMENT TAX AND TRUST FUND PENALTIES ARE COMMON

According to the 2013 Internal Revenue Service Data Book, the IRS issued 6.8 million penalties related to employment taxes from 10/1/2012 to 9/30/2013 totaling $4.5 billion dollars—an amount equal to the cost to construct the Naval aircraft carrier, U.S.S. Ronald Reagan!

These penalties can hurt—especially small employers:

For example,

penalties for failure-to-file reports and pay taxes, combined,

Aug
26
2014

Unreimbursed Employee Expenses

Do you have out of pocket expenses for work? If your employer does not reimburse you for those expenses, there is a possible tax benefit from paying them out of your pocket. You may be able to deduct some of those expenses on Schedule A of your 1040. Some common examples of expenses you can deduct are dues to professional societies, uniforms, and travel expenses. Before you can deduct any of those expenses, you need to answer “yes” to these 4 questions:

Aug
01
2014

Sales Tax Simplification

Arizona business owners, are you tired of filing multiple forms to report your transaction privilege tax (TPT) each month? If so, you are in luck. With the enactment of HB 2111, effective January 1, 2015, there will be one form on which you report your sales and use taxes, and one payment to remit your tax liabilities for all counties and cities in Arizona. You will no longer have to file up to nineteen separate reports each month.

Jun
26
2014

Labor Law Posters and Notices

Employers must post certain labor notices, which vary from state to state and federal agencies, for their employees to read. For example, California requires employers to post a payday notice which outlines regular paydays with a place and time of payment, while Arizona has no such requirement. Requirements can also vary depending on the nature of the business, such as the required notices for federal contractors.

Employers must also keep postings current for matters such as updates to federal and state minimum wage requirements.