Ever wonder how your State Unemployment Rate is calculated?

States use one of four methods to determine an employer’s experience rate: reserve ratio (most common), benefit ratio, benefit wage ratio, and payroll stabilization. __________________________________________ ___________________________________________ Reserve Ratio   =   Unemployment taxes paid – Benefits Charged _____________________Average Taxable Payroll Benefits Ratio   =   Benefits Charged ______________Total Taxable Payroll Benefit Wage Ratio   =   Benefit Wages Paid ___________________Total Taxable Payroll Payroll Stabilization. Currently Alaska is the only state utilizing this method.  Under payroll stabilization, the employer’s tax rate is determined by quarter to quarter, and year to year payroll fluctuations. Essentially, as more employees ... Read more

Family Employees

Child employed by parents. Payments for the services of a child under age 18 who works for his or her parent in a trade or business are not subject to Social Security and Medicare taxes if the trade or business is a sole proprietorship or a partnership in which each partner is a parent of the child. If these payments are for work other than in a trade or business, such as domestic work in the parent’s private home, they are ... Read more

Shugo FileGuardian – Securely Send and Receive Files

Every day, we see or hear about someone who has been a victim of identity theft.  It often happens when confidential information is electronically transmitted through an unsecure email connection.  Because this is a growing problem, we felt that we had to take steps to protect you and our own business from this kind of unnecessary risk and worry. After much research, we are pleased to announce that we have integrated a sophisticated and powerful security software solution here in our office.  ... Read more

Post Office Delays

The U.S. Postal Service recently announced that it is moving ahead with plans to close at least 223 processing centers and thousands of post offices, adding to the 153 centers and 965 post offices that have closed since 2008. The moves are part of a wide-ranging cost-cutting strategy for an agency that estimates it will lose up to $18 billion a year by 2015. We have already encountered clients experiencing postal delays due to these changes.  We wanted to be proactive and ... Read more

Small employer? Get the credit you deserve… via IRS.gov

 If you are a small employer. . .               With fewer than 25 full-time equivalent employees?               That pays an average wage of less than $50,000 a year?                And pays at least half of employee health insurance premiums?                                . . .then there is a tax credit that may put money in your pocket. What You Need to Know about the Small Business Health Care Tax Credit How will the credit make a difference for you? For tax years 2010 through 2013, the maximum credit is 35 ... Read more

IRS Releases the Dirty Dozen Tax Scams for 2012

IR-2012-23, Feb. 16, 2012 WASHINGTON –– The Internal Revenue Service today issued its annual “Dirty Dozen” ranking of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud. The Dirty Dozen listing, compiled by the IRS each year, lists a variety of common scams taxpayers can encounter at any point during the year. But many of these schemes peak during filing season as people prepare their ... Read more

Congress Passes Full Year Extension of 2% Payroll Tax Cut

Congress Passes Full Year Extension of 2% Payroll Tax Cut On February 17, the U.S. Senate and House of Representatives passed H.R. 3630, the Middle Class Tax Relief and Job Creation Act of 2012 (Tax Relief Act of 2012). The bill now goes to President Obama for his signature, and he has indicated he is in favor of the legislation. The Tax Relief Act of 2012 extends until the end of 2012 the reduction in the social security tax rate paid by employees ... Read more

VOW to Hire Heroes Act via IRS.gov

Expanded Work Opportunity Tax Credit Available for Hiring Qualified Veterans The VOW to Hire Heroes Act of 2011 made changes to the Work Opportunity Tax Credit (WOTC). The Act added two new categories to the existing qualified veteran targeted group and made the WOTC available to certain tax-exempt employers as a credit against the employer’s share of social security tax. The Act allows employers to claim the WOTC for veterans certified as qualified veterans and who begin work before January 1, 2013. The ... Read more

Retirement News for Employers via IRS.gov

Winter 2012 Edition - February 13, 2012 Print Version of Newsletter (PDF) Plan Issues 401(k) Questionnaire Interim Report – comments and highlights Use an employee’s entire calendar-year compensation for determining employer contributions to SIMPLE IRA plans April 30 deadline for employers to adopt and submit determination letter applications for pre-approved defined benefit plans Plan Loans What’s a reasonable interest rate for participant loans? Before you take a loan from your retirement plan, there are a few rules you need to know Forms Tips for Form 5558 requests for extension to file ... Read more

Minimize Year End Audits. Pay As You Go Workers’ Comp through The Hartford!

Times are tough. As a business owner, would eliminating a large down payment for your workers' compensation insurance interest you? You know how important it is to manage cash flow on a day-to-day basis and that's not always easy when you have to come up with a down payment that may be as much as 25% of the premium for your workers compensation policy. Good News, DirectPay Payroll Services AND The Hartford have a solution! XactPAY® allows you to pay your Hartford Workers' ... Read more
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