For Our Business Clients
Software and Payroll Updates
Software and Payroll Updates: We are currently using Peachtree Complete Accounting 2011 AND 2012 and QuickBook Premier 2010, Premier 2011 and Premier 2012. We are QuickBooks Pro Advisors so we do stay current. QuickBooks 2009 will “sunset” this year. If you are running QB2009 and do payroll, you will need to update. If you do not run payroll, there is no need to update. After the sunset date (in May), we will support only QB2010, QB2011, QB2012. We often hear that Costco has the best price for QB. My father referred to Costco as “The Frenzy.” J
A brief word on annually paying Intuit or Sage for payroll functionality – we know it is expensive (around $200-$300/year), but if you are running your own payroll (ie without our help or without a payroll administrator company like Paychex) it is worth every penny. Period.
That said, if you are running payroll for more than a couple of people, you might want to take a look at a payroll adminstrator like Paychex, ADP or Wells Fargo. It is not terribly expensive and they do everything – ON TIME. You avoid the frustration of accidental late filings. They do the heavy lifting. Call us if you are interested – we don’t get a “kick back” but we, as members of AICPA, may be able to get you a discount with Paychex.
Another option = PEO (professional employee organization). This is a great option for bundling benefits and insurances cost effectively, including cost effective workers comp insurance. Call us for more info.
Other payroll issues: as of January 1, 2011 all employers must remit payroll taxes electronically. That means that you will not be able to take the blue and white Form 8109 coupon to the bank with your payroll deposit. YOU MUST APPLY TO FILE YOUR TAXES ELECTRONICALLY THROUGH EFTPS (see www.irs.gov and search EFTPS). Please give us a call if you need help getting set up to remit your taxes electronically. Your bank can help you, too. We will put a link on our web site to get you to the IRS’s electronic filing section, too. Check “links” on www.zaffore.com.
YEAR END PAYROLL INFO: IF WE DO YOUR W-2S, WE WILL ELECTRONICALLY FILE ALL W-3 TRANSMITTALS TO SOCIAL SECURITY ON YOUR BEHALF. IF WE DO NOT HAVE YOUR QB OR PT FILES YET, PLEASE GET THEM TO US AS SOON AS POSSIBLE. JANUARY JUST FLIES BY!
Late Filing Penalties
PENALTIES FOR LATE FILING ENTITIES-THIS HAS CHANGED AND IS DRACONIAN! SEE BELOW:
CONGRESS HAS BEEN USING THESE PENALTIES TO OFFSET TAX REDUCTIONS IN OTHER PLACES. WE HAVE HAD CLIENTS AFFECTED BY THESE PENALTIES, GENERALLY FOR FORGETTING TO TELL US THAT THEY HAD ESTABLISHED NEW ENTITIES IN THE TAX YEAR—RESULTING IN UNFILED EXTENSIONS. IF YOU HAVE CREATED A NEW COMPANY….TELL US! IT IS IMPORTANT TO FILE EXTENSIONS AND TO FILE RETURNS TIMELY. SEE BELOW:
********IMPORTANT IMPORTANT IMPORTANT!!!********
Most corporations and partnerships will be filed electronically. PLEASE REMEMBER – there are stiff penalties for late filing S corporations, partnerships AND LLCs—all due this year on Sept 17, 2012. Penalties for late filing partnerships, LLCs, S Corporations are $195 per partner/member/shareholder per month for a maximum fine of $2,340 PER SHAREHOLDER, MEMBER, PARTNER. YIKES. We will need 2011 S corp, C corp and LLC data in our offices by JUNE 15 to assure timely filing by September 15. We generally do not like to do the corporations separately from the individuals related to them because we can miss opportunities to reduce taxes. That means – if we are doing both your corporation/LLC and your individual returns, we need your individual data in the office by June 15 as well. Or you risk HUGE penalties if the deadline is missed. You have been warned.
If you have a new corporation or LLC, we need to know NOW if you plan to have us do the accounting and tax work. Please send us information about it including tax identification number, names and addresses of shareholders/partners/members, date of incorporation/organization. If we don’t know about it, we cannot extend it. If we do not extend it, you will be penalized for late filing.
OTHER DEADLINES OF INTEREST—A WHOLE BOOK OF THEM
http://www.irs.gov/pub/irs-pdf/p509.pdf
