Coronavirus-related paid leave for workers and payroll tax credits for small and midsize businesses Under the Families First Act, small and midsize employers will be able to take advantage of refundable payroll tax credits. This credit will enable employers to fully...
Dear Valued Clients Potential Clients and Small Business Partners: Key2 Accounting wants to let you know that we are here to stand by you, our small business clients and partners as we navigate the unchartered waters of the Coronavirus. We have provided some updated...
How should I let my employees know we had to temporarily close our doors due to COVID-19? It is always best practice to give your employees as much notice as possible given the situation. If you are closing your doors temporarily such that your employees will no...
IRS delays tax filing and payment deadlines to July 15 for all taxpayers ________________________________________ The Treasury Department and the IRS are providing special tax filing and payment relief to individuals and businesses in response to the COVID-19...
As most employers are discovering with the unprecedented disruption caused by the Coronavirus, we should prepare for changing work environments. What we are learning from the COVID-19 pandemic can be applied to other work disruption events such as wildfires, weather...
We are trying to extend our help in the following areas to all of our clients with the rising uncertainty surrounding COVID-19: • Cash flow planning • Breakeven point analysis • Assisting with cost cutting strategies • Support with applying for loans when they become...
CORE 24 is an engaging e-learning program for anyone who wishes to advance their business knowledge. It's “Entrepreneurship in a box”. 24 essential interactive business concepts (called “cores”) for business success. Nuggets of wisdom from experienced professionals...
When you hire an employee who starts in 2020, you must give them the newly designed Form W-4, which is less complex, more transparent, and makes it easier for your employees’ withholding to match their tax liability. The new form has been renamed Employee’s...
The Internal Revenue Service issued final regulations that require taxpayers to reduce their charitable contribution deductions by the amount of any state or local tax credits they receive or expect to receive in return. The IRS also stated that taxpayers may treat...
This is a good time of year to review your payroll withholding to make sure you are on track with regards to your 2019 income taxes and having the correct amount withheld or paid in with estimated payments. A Paycheck Checkup using the IRS Withholding Calculator can...
We know turnover can be difficult. We have your back when it comes to getting that final paycheck cut and promise to make the process easy. If you are interested in learning more about our payroll services, please feel free to reach out to us at Payroll Vault. When...
While some tax obligations come with safety valves, such as the option of filing for an extension on income tax returns, there is no leeway with payroll taxes. If you file your reports or make withholding deposits late, the meter on interest and penalties starts...
Employee time theft is a serious crime and occurs when an employee gets paid for time or work they did not do. If you pay a full-time employee $20 per hour, and they steal ten minutes every day, that employee costs you $869 per year in stolen time. If you have 30...
Recently the Supreme Court has voted in favor of the State of South Dakota in the Wayfair Case which might affect your business, with Supreme Court Decision and that Decision Explained. Basically the ruling states that Colorado businesses selling products to other...
Home Tax Deductions "Mortgage Interest" - New tax law imposes a lower dollar limit on mortgage qualifying for home mortgage interest deduction. Starting this year taxpayers may only deduct interest on $750,000 of qualified residence loans. This is down from the...
K-12 education - 2018 changes allows distributions from 529 education savings account plans to be used to pay up to a total of $10,000 of tuition per beneficiary each year at an elementary or secondary (k-12) public, private or religious school of your choice. Tuition...
The passage of the Tax Cuts and Jobs Act, which will affect 2018 tax returns. Checking withholding amounts is important. These tax law changes include: • Increased standard deduction • Eliminated personal exemptions • Increased Child Tax Credit • Limited or...
Many owners of sole proprietorships, partnership, trusts and S corporations could get to deduct up to 20 percent of their qualified business income. The new tax deduction for owners is referred to as Section 199A deduction which was created by the Tax Cuts and Jobs...
When a business utilizes a timekeeping system for tracking employees time, they typically have fewer payroll errors. For example, time is not inflated, it’s easier to track overtime and vacation accruals, and it assists with staying in compliance of current labor...
A happy staff is typically more productive. Businesses can save money by employing one productive person rather than two unproductive people. You may be wondering what you can do to keep your staff happy and productive. There are several ways, and payroll is a great...
Did you know that the Colorado Department of Labor and Employment (CDLE) requires all employers with at least one employee to carry Unemployment Insurance (UI)? Unemployment Insurance is a state pool funded by employers to pay employees who find themselves in need of...
If your company has been awarded a contract for a federally funded project, you must pay your workers at least prevailing wages (including fringe benefits) according to the Davis-Bacon Act. You will be required to pay your employees weekly and submit a weekly...
Over the last two years, the Internal Revenue Service issued new final rules which go into effect for tax years beginning after 1/1/2014. These incredibly complex Regulations require you to keep much better records for Materials & Supplies, Equipment, Fixed Assets...
Income Tax Rate Changes In 2014, taxable incomes above the following thresholds now fall into the 39.6% bracket: Married Filing Separately ($228,800), Unmarried Individuals ($406,750), Head of Household ($432,200), and Married Filing Joint Returns ($457,600)....
Change is sometimes concerning for business owners, but to have vitality in today’s business market it is important to go through justifiable change to not only make your business better, but to also make your workforce happier and more efficient. The biggest changes...
Several new forms will be issued to taxpayers this year from the Affordable Care Act, primarily Form 1095-A, B and C. In order to complete your 2014 return we must have all copies of Form 1095. These forms provide us with the necessary information to report your...
"Phishing" is defined as the attempt to gather secure information such as usernames, passwords, credit card info, etc. by posing as a trustworthy business or organization in electronic communication. A common form of taxpayer phishing we have seen lately involves...
We are participating in the SuperStars Sports Challenge for Partners Mentoring Youth and we need your help! Partners is a local non-profit that creates and supports one-to-one mentoring relationships with positive adult role models and youth facing challenges in their...
The tedious task of bookkeeping can quickly consume your precious time. It’s one of those things business owners often put off and rarely enjoy. We understand that when it comes to bookkeeping, a little help can go a long way. That’s why we customize our bookkeeping...
Donate to the Payroll Vault SuperStars Sports Challenge to benefit Partners Mentoring Youth! The SuperStars Sports Challenge is a unique sporting event aimed at raising awareness of and funds for Larimer County Partners Mentoring Youth, a one-to-one youth mentoring...
Join us next Tuesday, July 29 at 4:30 pm for our Ribbon Cutting Located at the Key2 Accounting & Payroll Vault office 375 E. Horsetooth Rd BLDG 2 STE 101 Fort Collins Hosted by Fort Collins Payroll Vault in conjunction with the Loveland Chamber of Commerce Stop by...
We know tax planning isn't high on your wedding to-do list, but here are a couple things to look out for if you're tying the knot this season: Name changes - make sure to report any changes to your name or SSN to the Social Security Administration (SSA). To do that,...
Many parents pay for childcare or day camps in the summer while they work. If this applies to you, your costs may qualify for a federal tax credit that can lower your taxes. Here are 10 facts that you should know about the Child and Dependent Care Credit: 1. Your...
Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if the...
The Affordable Care Act calls for individuals to have qualifying health insurance coverage for each month of the year, have an exemption, or make a shared responsibility payment when filing his or her federal income tax return. You may be exempt from the requirement...
Most people stop thinking about taxes right after they file their tax return, but there is no better time to start tax planning for 2014 than right now. Also, it's never too early to setup a smart recordkeeping system. Here are some tips from the IRS to help you start...
In wake of recent disasters such as Hurricane Sandy. The IRS is warning people to be aware of scams connected with Hurricane Sandy. As is usually the case following a natural disaster, scam artists are impersonating charities to get money or financial information from...
Unless Congress passes an extension, the 2% cut in payroll taxes for employees ends after December 31. The IRS has issued guidance on Medicare surtaxes for upper–incomers. The effective Medicare tax rate will be 3.8% plus the usual 2.9% rate plus an extra 0.9%...
When planning gifts for children on your holiday list, you might want to think beyond the traditional retail offerings. Consider financial gifts that can bestow benefits for many years to come.Some financial gift options you might consider:*U.S. savings bonds. Savings...
January is always a busy month for companies. You're trying to get business off to a good start in the new year, you're trying to close the books on last year, and there's 1099 reporting to complete by month-end. There are several variations of the information returns...
The IRS has increased the standard mileage rates to be used in computing the deductible costs of operating a vehicle for business or when driving for medical or moving reasons. The new rates will apply to vehicle mileage starting January 1, 2013. The revised rates are...
* SOCIAL SECURITY TAXES- Employee's share will increase to 6.2% after 2012, up from 4.2%. * INCOME TAX RATES. 2012 rates of 10%, 15%, 25%, 28%, 33%, and 35% will change to 15%, 28%, 31%, 36% and 39.6% for 2013. *CAPITAL GAINS- Maximum long-term rate will increase from...
Victims of Hurricane Sandy may be entitled to some tax relief, according to an announcement by the IRS. Certain tax filing and payment deadlines from late October on will be extended until February 1, 2013. This includes the final 2012 estimated tax payment normally...
When you own Series EE or Series I savings bonds, you have a tax decision to make. Both types of bonds earn interest monthly. Usually, you’ll choose to defer paying any taxes on the interest until the bond reaches final maturity or you redeem it, whichever comes...
If your business is like most, you put a lot of effort into attracting new customers. After all, that's an essential part of growing the business. But sometimes it's more productive to step back and review your existing customers, and perhaps even get rid of a few....
* SOCIAL SECURITY- taxable wage limit increases from 2012 limit of $110,100 to $113,700 for 2013. Retirees under full retirement age can earn up to $15,120 without losing benefits. * 401(k) MAXIMUM salary deferral increases from 2012 limit of $17,000 to $17,500. The...
It's likely to be a daily occurrence. We've all seen the too-good-to-be-true offers in our e-mail inbox. Bill Gates wants to share his fortune with you! But what do you do when the e-mail has the Internal Revenue Service web address in the FROM box and a subject line...
If you convert a traditional IRA to a Roth, you will pay a price! Converted amounts attribute to tax deductions from contributions. Plus all of the earnings are taxable at ordinary income rates. You may lessen the tax hit by choosing to convert only part of your IRA...
Tick- tock, time is almost up on that six- month extension you filed back in April for your 2011 individual income tax return. If you fail to file your return by October 15th, unless a disaster- relief exception or you have a valid reason, you may be charged...
Many sole proprietors and small business owners agree on the following two issues: they pay too much in taxes and they have difficulty attracting and retaining good employees. 1) Have your business sponsor address a retirement savings plan 2) Consider setting- up a...
If the current job market has you thinking about starting a business of your own, take some steps to increase the odds that your business will succeed. Opening a business is the dream for many people. For guidance to help improve your chance of success, give us a...
There are many reasons why the Internal Revenue Service could be contacting you. Some contacts involve very minor corrections; some are for serious changes that could involve a lot of money. Sometimes the IRS is correct in what they are seeking; sometimes they are...
On June 28, the Supreme Court ruled that the "PatientProtection and Affordable Care Act of 2010" was constitutional, includingthe provision in the law requiring individuals to have health insurancecoverage starting in 2014. Several provisions in the health care law...
Are you thinking of purchasing a vehicle for your business and wondering what type of tax deduction you will receive? The IRS has published depreciation limits for business vehicles first placed in service this year. Because 50% bonus depreciation is allowed only for...
Did you get a tax refund this year? I'm sure you've already heard that you should not be giving the government an interest-free loan. Maybe you've decided to change things for 2012 by revising your withholding or estimated tax payments to reduce the amount of next...
Last December, the 4.2% social security tax rate that workers pay on wages was extended through February 29, 2012. Now a Congressional conference is being held to find a way to extend the lower tax rate through the end of 2012. The sticking point is lack of agreement...
The IRS recently announced that the mileage rate for business driving in 2012 will be 55.5¢ a mile. The rate can be used for cars, vans, pickups, and panel trucks. Companies that don't want to keep track of the actual costs of using a vehicle for business purposes may...
As year-end approaches, take a closer look at your investment portfolio. There may be some tax-saving strategies worth considering. For example * Wash sales. Thinking of selling a security before December 31 to take advantage of a capital loss? To make sure the loss...
How you account for meals can affect your business tax return. One reason why: While you can generally deduct only half the cost of meals related to your business activities, the tax code includes specific exceptions that allow a deduction of 100% of what you spend...
Succession planning is very important for any business owner. Before you sit down with your tax and legal advisors to draw up a succession plan, you should think through three key issues: who do you want to succeed you, when do you want the transition to take place,...
On August 2, President Obama signed the Budget Control Act of 2011. The act plans to: Eliminate waste, fraud and abuse with health insurance and social security Provide an emergency spending reform Provide a balanced budget amendment for Congress to vote on Cut $1...
Staying out of debt is simple, but it's not easy. It means foregoing impulsive purchases in exchange for long-term financial freedom. Staying out of debt requires that you deny cravings, at least temporarily, for the "must-have" stuff that beckons from every mall,...
Are you looking for ways to save $1,000 off your income tax bill? If married, would your spouse be interested in the tax savings of up to $2,000 on a joint return? In order to achieve this kind of tax savings you must contribute to a retirement plan and you might...
If you provide care for stray or feral animals in your home for an IRS-approved charity, you may be able to take a tax deduction for your out-of-pocket expenses. A recent U.S. Tax Court judge ruled that a taxpayer who fostered feral and stray cats in her home could...
Are you looking for ways to save $1,000 off your income tax bill? If married, would your spouse be interested in the tax savings of up to $2,000 on a joint return? In order to achieve this kind of tax savings you must contribute to a retirement plan and you might...
As a business owner you are often faced with the decision whether to buy or lease new business equipment. Many business owners first thought is to buy the equipment, but possibly leasing is preferable. * Conserving cash can be important. Purchases normally require a...
New law repeals the expanded Form 1099 reporting rules On April 14, 2011, President Obama signed legislation - the "Comprehensive 1099 Taxpayer Protection and Replacement of Exchange Subsidy Overpayments Act of 2011" - repealing expanded reporting rules for businesses...
There's a new tax break this year, and you'll want to update your budget to accommodate it. The compromise tax legislation passed in December included a payroll tax cut for 2011. * How it works when you're an employee: Your employer will deduct less social security...
Our firm has been preaching doom and gloom all year regarding higher tax brackets, alternative minimum tax affecting 20 million people, and tax credits being cut back. We can breathe a sigh of relief as President Obama decided to grant us an early Christmas gift...
The best time for tax planning is now, right before the end of the year. The reason why is there is still time to make changes that will impact how much taxes you pay. Several things with regards to the tax laws have changed this year, so it's...
In a down economy making good decisions is critical. These informed decisions should come from accurate financial numbers. Numbers determine which levers to pull to increase your profits. Businesses need to review and analyze their numbers periodically. Many business...
When it comes to income taxes it is crucial to find someone who you can trust and will do a good job. How should you start by going about finding a tax professional? It’s easier to ask for referrals first before leafing through the yellow pages. I would suggest by...
Who needs a buy-sell agreement? A buy-sell agreement is needed for every co-owned business. Every day that value is added to the business increases the financial risk when this agreement isn’t in place. Business owners often ask CPAs about how useful buy-sell...
Business Entity Selection When starting a business you must decide what type of business entity you are going to establish. It is important to consider the legal and tax implications for the different types of entities before you make this decision. Listed below...
