Categories for General News and Information

Federal Unemployment Surtax Expires

Temporary 0.2 Percent FUTA Surtax Expires

The 0.2-percent federal unemployment tax act (FUTA) surtax expired after June 30, 2011 (TAXDAY, 2011/06/06, M.2). At this time, it is unclear if Congress will extend the surtax, as it has routinely done in past years.

Prior to July 1, 2011, FUTA was made up of the permanent 6.0-percent rate and the 0.2-percent surtax. Additionally, employers may be eligible for a credit against FUTA tax for amounts paid into state unemployment funds.

Quickbooks Reminders

As a reminder, if you use QuickBooks 2008 or an earlier version and haven’t upgraded yet, Intuit may not be supporting your version any longer. HBL can pass along Pro Advisor discounts to our interested clients. Please call your HBL contact if you would like more information about upgrading or this discount.

IRS Tax Notice

Eight Things to Know If You Receive an IRS Notice

Each year, the Internal Revenue Service sends millions of letters and notices to taxpayers for a variety of reasons. Here are eight things to know about IRS notices – just in case one shows up in your mailbox.

1. Don’t panic. Many of these letters can be dealt with simply and painlessly.

2. There are a number of reasons why the IRS might send you a notice.

Self Employed Health Insurance

Health Insurance Tax Breaks for the Self-Employed

Here is some information from the IRS about a special tax deduction for the self-employed. You may be able to deduct premiums paid for medical and dental insurance and qualified long-term care insurance for you, your spouse, and your dependents if you are one of the following:

– A self-employed individual with a net profit reported on Schedule C (Form 1040), Profit or Loss From Business,

Extended Business Hours

Please note that our extended business hours commence February 14, 2011 and will run through April 15, 2011 as follows:

Monday – Friday 7:30 a.m. – 5:30 p.m.

Saturday 8:00 a.m. – 12:00 p.m.

Payroll Reminder

If you prepare your own payroll, please remember that the withholding rate for Social Security is only 4.2% for calendar year 2011. The employer portion is still 6.2%.

Welcome to the HBL Audit and Accounting Blog

Welcome to the HBL Audit and Accounting blog! This area will be dedicated to providing news and updates on accounting and auditing topics and deadlines, including payroll and sales tax reporting, as well as tips and tricks for using QuickBooks. Stay tuned for more information!

As professionals who practice before the Internal Revenue Service, we are bound by rules and regulations issued by the IRS. One of these rules governs written advice to clients concerning federal tax matters.