Specialized Industries

TAX TIDBIT: IRS 1ST TIME PENALTY ABATEMENT

The IRS Tax Code provides numerous penalties that can be assessed against both individual and business filers.  These tax filings can range from income tax, payroll tax, excise tax or informational returns. By being aware of the filing and depository requirements, you can reduce your risk of being assessed an IRS penalty.  However, IRS penalty Read More…

DOL OVERTIME FOR WHITE COLLAR WORKERS- OVERVIEW & SUMMARY OF FINAL RULE

May 18, 2016 the Department of Labor (DOL) released its final changes to regulations governing overtime exemptions under the Fair Labors Standards Act (FLSA).  Click here to read the Overview & Summary of the Final Rule. Please don’t hesitate to contact us to discuss how these changes impact your organization specifically.

ACTION REQUIRED FOR QUICKBOOKS DESKTOP USERS

If you use QuickBooks Desktop, here is an important announcement! Click here: QuickBooks Action Required Notice to Desktop Users Intuit has identified and is implementing an update to address a security vulnerability in QuickBooks desktop software.  This does not impact QuickBooks desktop for Mac or QuickBooks Online. This link outlines the steps required to install an update, Read More…

TAX TIDBIT: WORKPLACE WELLNESS TAX RAMIFICATIONS

Workplace wellness programs, if implemented correctly, will promote healthy lifestyles for the employees and thereby reduce certain health costs to the employer. Under the Internal Revenue Code, there are tax advantages for both the employer and the employee for various types of workplace wellness programs.  If the program is structured correctly, the benefit will be Read More…

FORM 1099 REQUIREMENTS FOR 2015

The IRS and the State of New Jersey annually require the filing of a Form 1099-MISC for all payments of $600 or more to unincorporated (sole proprietors, partnerships, or limited liability companies) service providers during each calendar year.  There is a late filing penalty of $50 per unfiled Form 1099 (the penalty increases to $260 Read More…