Archive for February, 2011

FAFSA and IRS team to make financial aid application easier | AccountingWEB.com

Wednesday, February 23rd, 2011

Deadline is fast approaching to file your FAFSA application.  You can now electronically submit your tax return information.  Read this article for more information.   

 FAFSA and IRS team to make financial aid application easier | AccountingWEB.com.

Wellness pays: new state wellness tax credit provides small businesses multiple benefits. Many are unaware of it.(Health & WELLN – Entrepreneur.com

Wednesday, February 23rd, 2011

Starting a wellness program in your small business can qualify you to get a wellness tax credit.   If your business is under 100 employee and you meet all the stipulation you could be eligible for a tax credit.  The program must focus on employee weight loss, smoking cessation and preventive healthcare services.   Read this article and take advantage of this credit.

Wellness pays: new state wellness tax credit provides small businesses multiple benefits. Many are unaware of it.(Health & WELLN – Entrepreneur.com.

VIEWMYPAYCHECK for QUICKBOOKS – FREE APP

Thursday, February 17th, 2011

ViewMyPaycheck for QuickBooksCost: FreeRequires: Web Browser, QuickBooks 2009 or later, Intuit Online Account Get this app now

Give Your Employees Easy Access to Their Payroll Information. Anytime, Anywhere with ViewMyPaycheck.com

How many times have you reprinted paystubs and W-2s for your employees because they misplaced or lost them? Or interrupted what you were doing to tell an employee how many hours of vacation they had available? With ViewMyPaycheck.com, your employees get the same easy and protected access to their payroll information that employees at large companies enjoy!

ViewMyPaycheck is a new online, web-based application for small business owners who have a current subscription to QuickBooks Payroll. Your employees can use the ViewMyPaycheck site as a portal to get easy and secure online access to their paycheck information. Both employers and employees can enjoy the convenience and time-saving benefits of anytime, anywhere access to payroll.

Works with QuickBooks Desktop 2009 and Later.
ViewMyPaycheck is integrated as an add-on to QuickBooks 2009 and later (SimpleStart, Pro, Premier, and Enterprise).

To access this free service, all you need is a current QuickBooks Payroll subscription (Basic, Standard, Enhanced, or Assisted) and an Internet browser. We don’t currently support Online Payroll.

How it Works.
After each payday, you upload your employees’ paycheck information from QuickBooks to ViewMyPaycheck. Your employees can then log in to the secure ViewMyPaycheck site (www.viewmypaycheck.com) to see or print their pay stubs.

You can also upload year-end W2 information to TurboTax so your employees can use ViewMyPaycheck to see and print their W2 forms (Form W-2, Wage and Tax Statement).

Saves Time and Paper.
Have any of your employees ever lost, discarded, or destroyed a paystub? If your employees accidentally lose, destroy, or discard their paystubs, they can simply log in to ViewMyPaycheck at anytime and print their paystubs directly from ViewMyPaycheck. You no longer have to reprint paystubs for employees, saving you time and paper! With ViewMyPaycheck, you don’t have to email individual paystubs to your employees.

It’s Free!
Online access to paycheck information is provided at no additional charge to current subscribers of QuickBooks Payroll.

It’s Easy! Sign Up for ViewMyPaycheck and Get Started!
Ready to give ViewMyPaycheck a spin? You will need an Intuit Online Account. After you sign up, we’ll help you set up ViewMyPaycheck for your business!

IRS2GO Smartphones App

Thursday, February 17th, 2011

IRS Launches the IRS2Go App for iPhone, Android; Taxpayers Can Check Refunds, Get Tax Information

Video: IRS2Go: English | ASL
IR-2011-8, Jan. 24, 2011
WASHINGTON — The Internal Revenue Service today unveiled IRS2Go, its first smartphone application that lets taxpayers check on their status of their tax refund and obtain helpful tax information.
“This new smart phone app reflects our commitment to modernizing the agency and engaging taxpayers where they want when they want it,” said IRS Commissioner Doug Shulman. “As technology evolves and younger taxpayers get their information in new ways, we will keep innovating to make it easy for all taxpayers to access helpful information.”
The IRS2Go phone app gives people a convenient way of checking on their federal refund. It also gives people a quick way of obtaining easy-to-understand tax tips.
Apple users can download the free IRS2Go application by visiting the Apple App Store. Android users can visit the Android Marketplace to download the free IRS2Go app.
“This phone app is a first step for us,” Shulman said. “We will look for additional ways to expand and refine our use of smartphones and other new technologies to help meet the needs of taxpayers.”
The mobile app, among a handful in the federal government, offers a number of safe and secure ways to help taxpayers. Features of the first release of the IRS2Go app include:
Get Your Refund Status
Taxpayers can check the status of their federal refund through the new phone app with a few basic pieces of information. First, taxpayers enter a Social Security number, which is masked and encrypted for security purposes. Next, taxpayers pick the filing status they used on their tax return. Finally, taxpayers enter the amount of the refund they expect from their 2010 tax return.
For people who e-file, the refund function of the phone app will work within about 72 hours after taxpayers receive an e-mail acknowledgement saying the IRS received their tax return.
For people filing paper tax returns, longer processing times mean they will need to wait three to four weeks before they can check their refund status.
About 70 percent of the 142 million individual tax returns were filed electronically last year.
Get Tax Updates
Phone app users enter their e-mail address to automatically get daily tax tips. Tax Tips are simple, straightforward tips and reminders to help with tax planning and preparation. Tax Tips are issued daily during the tax filing season and periodically during the rest of the year. The plain English updates cover topics such as free tax help, child tax credits, the Earned Income Tax Credit, education credits and other topics.
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What do I do now that my named changed?

Friday, February 4th, 2011

Here are five tips from the IRS for recently married or divorced taxpayers who have a name change.

  1. If you took your spouse’s last name or if both spouses hyphenate their last names, you may run into complications if you don’t notify the SSA. When newlyweds file a tax return using their new last names, IRS computers can’t match the new name with their Social Security Number.
  2. If you were recently divorced and changed back to your previous last name, you’ll also need to notify the SSA of this name change.
  3. Informing the SSA of a name change is easy; you’ll just need to file a Form SS-5, Application for a Social Security Card at your local SSA office and provide a recently issued document as proof of your legal name change.
  4. Form SS-5 is available on SSA’s website at http://www.socialsecurity.gov, by calling 800-772-1213 or at local offices. Your new card will have the same number as your previous card, but will show your new name.
  5. If you adopted your spouse’s children after getting married, you’ll want to make sure the children have an SSN. Taxpayers must provide an SSN for each dependent claimed on a tax return. For adopted children without SSNs, the parents can apply for an Adoption Taxpayer Identification Number – or ATIN – by filing Form W-7A, Application for Taxpayer Identification Number for Pending U.S. Adoptions with the IRS. The ATIN is a temporary number used in place of an SSN on the tax return. Form W-7A is available on the IRS website at http://www.irs.gov, or by calling 800-TAX-FORM (800-829-3676).

The weather outside if frightful, but we are working remotely

Tuesday, February 1st, 2011

I just had to post something about the benefits of working remotely!  I have all of my “work stuff” spread out around my computer at home and needed to get some information from a client.  Turns out that she is also working from home today!  Because she has her company file hosted remotely, she is able to process invoices, payroll, and other daily tasks from the comfort of her home while the ice and snow pile up outside.  Our firm also employs remote technology that enables us to access our workpapers and other documents so that when the weather (or creeping crud) prevents us from getting to the office, we can still be productive.  There are so many applications available that are not only paperless, but integrate with QuickBooks and other accounting software.  Many of these applications save time and money in the long run because they reduce data entry and redundancy.

If you are interested in learning more about hosted data services, or any other methods for working from multiple locations, give us a call.  We would be happy to go over your options. 

As a side note, if your QuickBooks file is sluggish or just getting unwieldy, we can help you get it in shape!  And unlike having QuickBooks join Weight Watchers, you can normally see results in 24-48 hours!