Moore Bookkeeping

October Filing Reminders for
Withholding and Payroll Providers
from the Virginia Department of Taxation

This is a reminder for monthly filers of Employer Withholding Tax that your return for the month of September is due October 25, 2012.  Please note that you are required to file monthly returns even if no tax is due.

Filing electronically is the fastest and most efficient way to file and is less prone to errors.  There are several online filing systems, which are free, easy to use, secure, available 24/7 and they provide immediate filing and payment confirmation.

• eForms – an easy solution for all taxpayers.  Whether you have little to no computer experience or you are an expert, eForms is the easiest and fastest way to file and pay electronically.
• Business iFile – for the taxpayer who wants to do more than file and pay electronically.  From updating contact and address information to adding new business locations to reprinting sales certificates.  Business iFile provides full service online account maintenance.
• Web Upload – for the taxpayer with computer experience.  With this option, you can upload tax return and payment files from your computer directly to the Department.  An ideal solution if you file multiple returns or returns for multiple locations.

Please visit this website to let the state know if you close your business, update your account with address changes or changes to your contact information, to add a tax to your account, or if you are no longer liable for a specific tax.  It is very important that accurate information regarding your business is maintained.

Why should I keep records?
Good records will help you monitor the progress of your business, prepare your financial statements, identify source of receipts, keep track of deductible expenses, prepare your tax returns, and support items reported on tax returns.

What kinds of records should I keep?
You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes.

How long should I keep records?
The length of time you should keep a document depends on the action, expense, or…

read more here:

Recordkeeping.

Additional Medicare Tax Effective January 1, 2013
Beginning January 1, 2013, employers will be responsible for withholding an additional 0.9% Medicare tax on individual employee wages paid over $200,000 in a calendar year. There will be no employer match required for the additional 0.9% tax.

If you have questions about payroll, give us a call.