Category Archives: Information

Clients should always be encouraged to file their returns on time and pay as much of the balance due as possible, but those that cannot pay in full are not out of options. Changes the IRS has made as part of its “Fresh Start” initiative over the past two years have made it easier for taxpayers to qualify for alternative payment programs. Ignoring a tax bill is never a good option, and the Fresh Start changes should provide a good incentive for taxpayers to work with the IRS to resolve past due taxes.

If a client is unable to pay in full, Sec. 6159 allows the IRS to enter into a monthly payment plan (installment agreement). The IRS also has the authority to settle the tax, penalties, and interest by negotiating an offer in compromise (OIC). This is a contract between the taxpayer and the government to settle the tax debt for less than the full amount owed.

via IRS’s “Fresh Start” program expands payment options.

via IRS’s “Fresh Start” program expands payment options.

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.

“Data is the new oil, and the consumer has become the product.”

This interesting article talks about the plethora of personal data now available to advertisers (and indeed, everyone) with the advent of social networks–Facebook, Twitter, et al.

I’m not in total agreement with his conclusions:

In order to maintain at least some mystery online, Keen suggests that people “lie creatively.”

“They need to tell untruths about themselves, and invent new identities that don’t necessarily reflect the way they really are. Their online identities should create questions, rather than answers. People are more interesting as riddles. They shouldn’t be open books.”

But I do agree that much of our personal information should be kept private.

At Moore Bookkeeping, you can count on us to keep your business private…what you decide to share is your business.

Review: ‘Digital Vertigo’ a Hitchcockian tale of Web angst – USATODAY.com.

I like this! Some great ideas here to get every day off to a quick, productive start!

What Successful People Do With The First Hour Of Their Work Day | Fast Company.