BTerrell Group Blog

ACA relaxes Form 1095-C distribution deadline

Posted by Brian Terrell on Tue, Dec 29, 2015

Yesterday afternoon, the IRS issued Notice 2016-4, which provides unexpected relief to employers distributing those soon to be well-known Form 1095-C information returns to employees. This late Christmas present will be well received by every employer struggling with system update and information gathering challenges. Applicable Large Employers (‘ALE’) and insurance companies now have nearly two additional months to get forms in the mail to employees. This additional time applies not only to Form 1095-C but also to Forms 1094-B, 1094-C, and 1095-B. Who said there wasn’t a Santa Claus?

If you are an Intacct end user struggling with ACA compliance or just want more information on fully integrated HRMS and Payroll for Intacct, please contact BTerrell Group. We're ready to discuss the incredible return on investment and decreased total cost of ownership offered by SaaS finance, accounting and HR applications!

By Brian Terrell of BTerrell Group, LLP, Intacct and Sage ERP & CRM provider based in Dallas.

Tags: HR software, ACA, HR, hrms, Intacct, taxes, IRS, technology ready for ACA, SMB HR, ACA compliance,

Year-End Accounting Reminders: Tax Season Coming

Posted by Denise Torres on Wed, Dec 12, 2012

Tax time

That time of year again!

With the end of the calendar year (and possibly your company’s fiscal year) right around the corner, BTerrell Group wanted to remind you of a few year-end activities you don't want to forget:

 Order Entry:

  • Clear statistics and sales history that you do not need.

Purchase Orders

  • Clear statistics and purchase history that you do not need.

Project and Job Costing

  • Nothing to do!

Inventory Control

  • Do an inventory count.
  • Post a reconciliation worksheet to adjust for any variances found in the inventory count.
  • Clear statistics and expired contract prices that you do not need for drilldown.

US/Canadian Payroll

  • Print reports required by statute for calendar year end.

Accounts Receivable

  • Clear sales tax tracking information that you no longer need.
  • Clear statistics that you no longer need.
  • Run Year-End to clear activity statistics, recurring charge amounts, invoices paid and Days to Pay counter.
  • Print the Customer List and customer statistic reports to verify the transfer of data to the previous fiscal year.

Accounts Payable

  • Clear purchase tax tracking information that you no longer need.
  • Clear statistics that you no longer need.
  • Run Year-End to clear activity statistics, recurring payable amounts, invoices paid and Days to Pay counter.
  • Print the Customer List and customer statistics reports to verify the transfer of data to the previous fiscal year. 

General Ledger 

  • Run Create New Year to transfer balances in the income and expense account to retained earnings and enter opening balances for the new year.

Usually, you will not want to complete any year-end procedures that compromise drill down capabilities. Accordingly, we have removed those procedures from the above list.

And order those W-2s

Other Important Dates

January 31, 2013: Deadline to supply each employee a completed Form W-2, Wage and Tax Statement, and each 1099 vendor a completed Form 1099

January 31, 2013: Deadline to file Form 941 for fourth quarter 2012

January 31, 2013: Deadline to file Form 943 and Form 944 for 2012

February 28, 2013: Deadline to file all the Forms 1099 you issued for 2012, along with Form 1096, Annual Summary and Transmittal of U.S. Information Returns (April 1, 2013, if you file electronically)

 

Photo Credit: Flickr Commons, (401K)

Tags: tax update, accounting, taxes, tax

Sales Tax Returns & Filing Tools for the Progressive Accountant

Posted by Meredith Gooch on Fri, Feb 19, 2010

As another tax season rolls around, it may be time to analyze how much your business has grown. Complex new sales tax obligations make returns preparation and filing time-consuming and cumbersome for growing businesses. In this one-hour Webcast, find out about the most important tools and practices you can implement to make returns preparation, filing, and remittance an efficient and streamlined process. Take away tools and resources you can put to use immediately, learning from real cases and examples of how Speedtax's latest Software-as-a-Service technology improves controls and transparency while reducing expenses and staff time. Click Here to View This Webcast

Tags: webcast, taxes, software as a service, sales tax return, preparation, SpeedTax

Social Media and Taxes

Posted by Meredith Gooch on Thu, Sep 03, 2009

We all know that social media is now being used more often by employers to help in "researching" prospective employees. But did you know that government agencies like the Internal Revenue Service are now using social media to track down tax evaders and perform audits?

According to a recent Wall Street Journal article, revenue agents are only allowed to use publicly available information which means use of the more public MySpace and Twitter sites rather than Facebook. Agents are also not allowed to use false information when "friending" someone - so if you see that someone named "TaxMan11946" is "following" you on Twitter, you may be under the watchful eye of your local tax agency.

Some tax agencies have blocked these social media sites in the past but are now beginning to realize the cost and time-saving advantages of using them. Even performing a simple Google search may pull up results about recent business ventures and relocations of suspected tax dodgers that help state revenue agents track down these tax evaders.

One example is given by The Wall Street Journal, "In Minnesota, authorities were able to levy back taxes on the wages of a long-sought tax evader after he announced on MySpace that he would be returning to his hometown to work as a real-estate broker and gave his employer's name. The state collected several thousand dollars, the full amount due."

Use social media wisely, both as an end-user and as an employer. You never know who might be "following" you.

- Ruba Ayyat, Marketing

Source: Saunders, Laura. "Is 'Friending' in Your Future? Better Pay Your Taxes First." The Wall Street Journal. August 27, 2009. <http://online.wsj.com/article/SB125132627009861985.html>


Tags: Facebook, LinkedIn, Twitter, MySpace, social media, taxes, IRS, tax evasion