Recent ArticlesUnderstanding What It Means To Be a Plan FiduciaryMany activities involved in operating a qualified retirement plan may make the person or entity performing those activities a plan fiduciary. View more detailed information on this topic. White House, GOP Look for Common Ground in Dueling Proposals On Tax Reform/Deficit ReductionPresident Obama released a $3.77 billion fiscal year (FY) 2014 federal budget on April 10, 2013, with individual and business tax proposals intended to raise revenue, reduce spending and encourage negotiations between the White House and the GOP on comprehensive tax reform. View more detailed information on this topic. Tax Breaks for Families and StudentsRecent legislation made permanent or extended several tax breaks for families. In addition, several education breaks were made permanent or extended. View more detailed information on this topic. Nonprofit News: Quantifying Information Through Ratio Analysis Leads to Better UnderstandingUsing ratio analysis can be an effective tool to help answer questions board members, donors and management have, and summarize organizational performance. View more detailed information on this topic. Impact of Higher Individual Federal Tax RatesWhile most wage earners have seen their take-home pay shrink due to higher payroll taxes, high-income taxpayers are really feeling the pain of higher tax rates in addition to new taxes. View more detailed information on this topic. New Roth IRA Conversion OptionA provision in the recently enacted 2012 American Taxpayer Relief Act permits an individual to convert any portion of their balance in an employer-sponsored tax-deferred retirement plan account into a Roth IRA account under that plan. View more detailed information on this topic. 3 Keys to Strategic Board Member RecruitingWhile a vast majority of executive directors think of themselves as lucky to have a handful of willing people to "sit" on their board, by recruiting the right board members, organizations will better reach its goals. View more detailed information on this topic. Farmers And Fishermen Qualify For Estimated Tax Penalty ReliefA taxpayer qualifies as a farmer or fisherman for tax year 2012 if at least two-thirds of the taxpayer’s total gross income was from farming or fishing in either 2011 or 2012.
View more detailed information on this topic. Additional 0.9% Percent Medicare TaxEffective January 1, 2013, the Patient Protection and Affordable Care Act (PPACA) imposes an Additional 0.9 Percent Medicare Tax on earned income above specified dollar amounts. View more detailed information on this topic. Getting the Board ON BOARDTo properly orientate new members, and to refocus and reacquaint returning members of the board, it is a good practice to annually review the governing documents and policies of the organization. View more detailed information on this topic. Designated Roth 401(k) AccountsIn addition to helping your company recruit and retain qualified employees, adding a designated Roth account option may increase plan contributions. View more detailed information on this topic. Next Steps: Repair and Maintenance RegulationsWith the full implementation of the repair and maintenance regulations delayed to 2014, find out what actions you should take this year. View more detailed information on this topic. Fiscal Cliff Deal Takes Shape In Senate As Bush-Era Tax Cuts ExpireUntil a bill passes the House, and is signed by President Obama, Bush-era tax cuts remain officically ended. View more detailed information on this topic. Analysis of Post-2012 Net Investment Income and Additional Medicare TaxesThe IRS has issued long-awaited and much-needed proposed reliance regulations on the operation of the two new surtaxes imposed under 2010 health care legislation. View more detailed information on this topic. PSC Updates Uniform System of Accounts for Municipally Owned Water UtilitiesThe Public Service Commission of Wisconsin has updated the uniform system of accounts (USOAs) for municipal water utilities. View more detailed information on this topic. CU Update: Two State Exam Items to WatchDuring a recent BSA and OFAC examination, we noted on a state exam two items that were tested but not included on the FinCEN checklist.
View more detailed information on this topic. Postponed: Repair and Maintenance RegulationsYesterday, the IRS announced that the implementation of the repair and maintenance regulations it issued in December 2011 will be delayed until tax years beginning on or after January 1, 2014. View more detailed information on this topic. Alert: 2012 Election UpdateThe President's re-election now sets in motion what will likely be difficult negotiations between Democrats and Republicans over several looming tax concerns. View more detailed information on this topic. Nonprofit Connection: Best Cost Allocation PracticesPresenting expenses by function gives important information on how the organization uses its resources to potential donors, funding sources, regulators and the governance board. View more detailed information on this topic. Wisconsin and Minnesota Unable to Reach Income Tax Reciprocity AgreementThe Minnesota Department of Revenue has announced that it remains committed to a personal income tax reciprocity agreement with Wisconsin. View more detailed information on this topic. Let Financial Planning Make Your DifferenceIn support of National Estate Planning Awareness Week, we would like to share a few helpful tips to get your financial and estate planning on the right track.
View more detailed information on this topic. The Nonprofit DictionaryWhen filling out specific IRS forms, the terms and lingo may be confusing and even frustrating to you. Know who to include on Part VII of the Form 990:
View more detailed information on this topic. Repair and Maintenance Regulations: Unit of PropertyThe new regulations take an approach that repair and maintenance expenses are now treated as deductible only if they are not otherwise required to be capitalized.
View more detailed information on this topic. Troubleshooting Inventory in QuickBooksQuickBooks Inventory can be very temperamental when not used correctly. The most important task is to establish a baseline by taking a physical inventory. View more detailed information on this topic. New 3.8% Medicare Contribution Tax on Unearned IncomeBeginning in 2013, the 2010 Health Care Act, as amended by the 2010 Health Care Reconciliation Act, imposes a Medicare contribution tax on unearned income (Medicare contribution tax) on individuals, estates, and trusts. View more detailed information on this topic. Don't Let Political Activity Risk Your Tax Exempt StatusWhile you may have a personal opinion on the candidates and key issues, it's imperative that you understand the IRS guidelines your 501(c)(3) organization must follow when making decisions on political messages and activity. View more detailed information on this topic. National Payroll WeekNational Payroll Week was designed to honor payroll professionals, but also to celebrate all American workers, because they generate the revenue needed to maintain and continue to build this country.
View more detailed information on this topic. Capitalization Rules for New AssetsAs part one of our four part series, this article explains the capitalization rules for new assets under the new repair and maintenance regulations. View more detailed information on this topic. QuickBooks: Comparative Financial StatementsHave you ever wondered how your business has been doing from year to year? In QuickBooks, you can set up comparative Financial Statements to view months or years side by side.
View more detailed information on this topic. Patient Protection and Affordable Care ActWith the Act passing the final hurdle (pending congressional action), the following is a brief summary of select tax and payroll aspects of the law in order of when they are effective.
View more detailed information on this topic. Repeal of 2% Withholding Tax for Individual Construction Contractors in MinnesotaEffective July 1, 2012, construction companies in Minnesota are no longer required to withhold the 2% withholding tax for certain self-employed workers used on construction projects. View more detailed information on this topic. Help Protect the Integrity of Your Employee Benefit PlanSecuring a professional audit can help protect your plan’s financial integrity and ensure that it will have the funds to pay employees’ benefits. View more detailed information on this topic. Increasing Employees' Access to Investment AdviceThe U.S. Department of Labor’s (DOL) Employee Benefits Security Administration recently issued a final regulation that should make personalized investment advice available to more plan participants. View more detailed information on this topic. Retaining Plan RecordsMost retirement plan sponsors are well aware of their reporting and disclosure responsibilities under the pension law (ERISA). You may be less aware that, as a plan administrator, you also have an obligation to retain all the records supporting the information included in your plan’s Form 5500 (Annual Return/Report of Employee Benefit Plan) and other reports and disclosures.
View more detailed information on this topic. Amending Your PlanOne of the most frequent compliance errors IRS examiners find when conducting Employee Plan (EP) Examinations is the failure of 401(k) plan sponsors to amend their plan documents to comply with current law. Such a failure can mean plan disqualification.
View more detailed information on this topic. NCUA Board Approves Final Rule Reducing the Regulatory Burden of TDR ReportingBelow is a summary of the changes resulting from approval of the final TDR rule (Part 741) and loan workout guidance (Part 741, Appendix C).
View more detailed information on this topic. Nonprofit: The Top 8 Ways to Keep Volunteers Engaged and Coming BackIt is important to build a culture that keeps volunteers engaged and returning to help with more work. Here are eight activities your organization should adopt into your plan for managing volunteers: View more detailed information on this topic. Computation of Wisconsin Taxable Income from Gambling WinningsRead the latest on Wisconsin income tax treatment of gambling winnings, and how a nonprofessional gambler computes his or her taxable gambling winnings for Wisconsin purposes in this Tax Release. View more detailed information on this topic. Marshfield's Ronald McDonald House Updates Its Kitchen, Dining and Deck AreaAfter 28 years of service to families with children receiving treatment at St. Joseph's Children's Hospital, the Ronald McDonald House in Marshfield recently remodeled its kitchen, dining and deck area. View more detailed information on this topic. Excluding a Residence Sale Gain Following DivorceA residence is often a married couple’s most significant asset. As a result, monetary and tax considerations for property settlements related to the marital residence are usually extremely important to divorcing taxpayers. View more detailed information on this topic. Employee Benefit Plan Resources: Offering Catch-up ContributionsCatch-up contributions give older employees who may not have contributed enough to their employer’s 401(k) or other retirement savings plan in earlier years an opportunity to catch up by making higher contributions now.
View more detailed information on this topic. HAB Presents Advanced Microsoft Access Training SessionOn April 25, 2012 Hawkins, Ash, Baptie & Company will host an advanced Microsoft Access training session at the firm’s training center in La Crosse and/or online via Webex. View more detailed information on this topic. IRS Reopens Offshore Voluntary Disclosure ProgramThe IRS has reopened the Offshore Voluntary Disclosure Program (OVDP) to help taxpayers hiding offshore accounts get current with their taxes. View more detailed information on this topic. 2012 North Central Regional Council of NAHRO Conference and ExhibitionHawkins, Ash, Baptie & Company will attend the 2012 NCRC NAHRO Conference and Exhibition in Peoria, IL. on April 25 to 27. View more detailed information on this topic. 50% Disallowance Rule for Meals and EntertainmentWhen you pay for business meals and entertainment, keep in mind that generally only half of otherwise allowable meal and entertainment expenses are deductible on your federal tax return. View more detailed information on this topic. Taxpayer Advocate's ReportNational Taxpayer Advocate Nina E. Olson has released her annual report to Congress, identifying the combination of the IRS’s expanding workload and declining resources as the most serious problem facing taxpayers. View more detailed information on this topic. Tax Ramifications of Owning a Second HomeA second home can fall into one of three categories for tax purposes, depending on how it is used: personal residence, vacation home, or rental property.
View more detailed information on this topic. Join Us at the Iowa NAHRO Annual ConferenceHawkins, Ash, Baptie & Company will be exhibiting at the National Association of Housing and Redevelopment Officials (NAHRO) Iowa Chapter Annual Conference. View more detailed information on this topic. QuickBooks Helps Henar Acres Keep Finances at the Top of the ListFor Paul and Sara Fischer, owners and operators of Henar Acres, a family farm in Owen, Wisconsin, QuickBooks helps them keep their finances on track and organized.
View more detailed information on this topic. State to Bill BusinessesThe Department of Workforce Development is sending out letters to businesses this week notifying them of a special assessment that will be used to pay interest on the state's $1.3 billion federal unemployment insurance loan. View more detailed information on this topic. IRS Plans To Discontinue High-Low Method For Substantiating Travel ExpensesThe IRS has announced it will discontinue the high-low method for substantiating travel expenses. The agency did not specify when the high-low method will be discontinued but indicated that additional guidance will be issued.
View more detailed information on this topic. Galen Wautier, CPAGalen Wautier, 59, Brussels, passed away Wednesday, August 24, 2011, at St. Luke's Medical Center, Milwaukee. Galen was a partner with firm before opening his own practice. View more detailed information on this topic. IRS Abandons Plans To Discontinue “High-Low” MethodReversing course, the IRS has announced it will not discontinue use of the "high-low" method for substantiating travel expenses. View more detailed information on this topic. Minnesota Worker Classification Voluntary Compliance Initiative AnnouncedThe Minnesota Department of Revenue has announced a pilot program to give employers who have discovered improper classification of one or more employees as independent contractors an opportunity to correct the misclassification with reduced consequences for Minnesota personal income withholding tax. View more detailed information on this topic. Wisconsin Simplifies Tax Law for Health Insurance Benefits for Adult ChildrenEmployers no longer need to add the fair market value for the health insurance benefit to an employee's income, and parents will not need to report the additional income on their state income tax return. View more detailed information on this topic. President Signs Legislature to Repeal the Three Percent Government Contractor Withholding and ExpandOn Mon., November 21, President Obama signed the Three Percent Withholding Repeal and Job Creation Act (H647). View more detailed information on this topic. HSA Lowers Out-of-Pocket Health Care Costs and Federal Tax BillAn HSA operates somewhat like a flexible spending account (FSA) that employers offer to their eligible employees. View more detailed information on this topic. Update: Employer-Provided Cell PhonesIn response to numerous questions concerning the tax treatment for the cost of employer-provided cell phones used personally, the IRS recently issued guidance on this topic. View more detailed information on this topic. Credit Union News: Allowance for Loan Loss DisclosuresThe disclosures related to the allowance for loan loss have been drastically expanded due to the issuance of Accounting Standards Update (ASU) 2010-20. View more detailed information on this topic. Voluntary Contractor Settlement ProgramNow there is some relief for a business owner who previously classified workers as independent contractors and desires to classify those workers as employees View more detailed information on this topic. 2012 Retirement Contribution and Other LimitationsSome of the limitations will increase for 2012 because the increase in the cost-of-living index met the statutory threshold. View more detailed information on this topic. Receiving Social Security Benefits before Full Retirement AgeSocial security retirement benefits are reduced when drawn before an individual reaches full benefit retirement age. View more detailed information on this topic. Deb Beneke to Present at Women in Business Luncheon in WinonaDeb will outline tax-efficient strategies and discuss possible legislative action that may affect your tax situation. View more detailed information on this topic. Taxable or Nontaxable Income?The following are some of the more common types of income that individuals receive and an indication of how they are treated for federal income tax purposes.
View more detailed information on this topic. Tax Electronic Filing Requirements for Credit Unions that Hold Public DepositsBeginning with the 2011 tax year, Form 4 and the CU-1 attachment, which is due March 15, 2012 before extension, must be filed electronically with the Wisconsin Department of Revenue. View more detailed information on this topic. Facts: Capital Gains and LossesWhen a capital asset is sold, the difference between the amount you paid (your basis) and the amount you sold it for is generally a capital gain or loss.
View more detailed information on this topic. How to Get Credit for Paid Health Insurance PremiumsThis credit can provide nonprofit employers a credit for up to 25 percent of the health insurance premiums they pay in a year, and is available through 2013. View more detailed information on this topic. QuickBooks Tip: How to Perform General Journal EntriesFor a day-to-day transaction entry, QuickBooks uses familiar forms (invoices, checks, etc.) and enters the debits and credits behind the scenes. Some transactions are not compatible with forms, and require a journal entry.
View more detailed information on this topic. How Working Impacts Social Security BenefitsMany taxpayers are applying for social security retirement benefits earlier than they previously planned to supplement their income. View more detailed information on this topic. Protect Your Personal Information: The IRS Does Not Initiate Taxpayer Communications through Email
Phishing is a scam typically carried out by unsolicited email and/or websites that pose as legitimate sites and lure unsuspecting victims to provide personal and financial information.
IRS Responds to AICPA Accounting Software Examination Letter
For those small business using QuickBooks and Peachtree for accounting software, please read this article.
Tax Relief/Job Creation Act of 2010
BREAKING NEWS!Congress Passes Two-Year Extension of Bush-Era Tax Cuts, Payroll Tax Relieve, Estate Tax Compromise. See the Brief in PDF Here.
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