Estimated Tax Payments - Due June 15th

Remember, federal and Virginia second quarter estimated tax payments are due June 15^th!  Mail your payments with your vouchers or follow these links to make your payments electronically:  Federal Estimated Tax Payments and Virginia Estimated Tax Payments.  If you need help with your estimated taxes or need vouchers, please contact us.

Virginia Unclaimed Property Laws

Does your business have old checks that have not cleared your bank account?  If so, you are required to comply with the Virginia Department of Treasury Unclaimed Property laws.  The Commonwealth of Virginia requires that businesses report unclaimed property on Forms AP-1 and AP-2 and submit the amount of certain uncashed checks to the State Treasurer.  There are penalties for non-compliance.  Please contact our office if you have questions and to see how we can assist you with compliance and help you stay on track.

The Virginia Department of Treasury's Unclaimed Property Division may be holding your uncashed paychecks, lost stocks, bonds, dividends, utility deposits, insurance claims and more.  You can search to see if you have any unclaimed property by clicking here.

100% Bonus Depreciation

The 2010 Tax Relief Act temporarily increases the first-year depreciation for investments in new business equipment and qualified leasehold improvements.  Property and certain leasehold improvements placed in service after September 8, 2010 and before December 31, 2011 are eligible for 100% first-year depreciation.  In other words, the entire cost of new business equipment and qualified leasehold improvements placed in service in 2011 can be written off without limit.  Beginning January 1, 2012 the bonus depreciation rate drops to 50%.

Don't Be Scammed by Fraudulent IRS Communications

The IRS receives thousands of reports every year from taxpayers indicating phishing scams.  Phishing is a scheme to obtain your personal financial information to commit identity theft and steal your money.  Many times these scams are initiated by email from someone claiming to be the IRS.  The IRS never sends communications via email so do not reply or click on any links or attachments.  Report these scams to the IRS at 1-800-829-1040 or forward the email to phishing@irs.gov to help prevent others from being victimized.

Health Savings Accounts

Individuals, who are covered by high deductible health plans, are allowed to establish health savings accounts (HSA) to receive tax deductible contributions.  HSA contributions may be accumulated over the years and currently, or in the future, distributed tax free to pay for qualified medical expenses.  HSA's are a great way to save taxes by paying for medical expenses with pre-tax dollars.  If you do not have an HSA, please call us to discuss this money saving account.

New Virginia state withholding tax payment requirements

Effective July 1, 2011 employers who file Virginia state withholding tax on a semi-weekly basis will be required to file all returns and make all payments electronically.  The change affects the method used to file the following returns and payments:  

• Form VA-15, Semi-weekly Payment of Virginia Income Tax Withheld - Effective with the first July payment.
• Form VA-16, Quarterly Reconciliation of VA-15 Payments of Virginia  Income Tax Withheld - Effective with the third quarter's reconciliation due October 31, 2011.
• Form VA-6, Annual Summary of Virginia Income Tax Withheld - Effective with the calendar year VA-6 due February 28, 2012.

Bookkeeping and Payroll Services Available

Did you know that Garris and Company, P.C. offers a full range of bookkeeping and payroll services?  We can be as involved as you need us to be - from full service bookkeeping to select services.

Bookkeeping

• Process Accounts Payable - receive and record bills, create checks for vendor payments and monitor payables balance.
• Process Accounts Receivable - create invoices and monitor receivables balance.
• Monthly Transactions ("Write-up") - use your check registers to create financial statements, reconcile bank accounts and credit card accounts.
• Monthly/Quarterly review - review your accounting software for posting errors, reconcile bank accounts and credit card accounts, assist with development of your accounting skills.
• Consulting - assist you with set-up and training on accounting software.  Make suggestions for process management to create an efficient and effective accounting system.  Assist you with training of new personnel on accounting software.

Regulatory Reporting

• Assist you with the creation of a meals, sales and use tax accounts. 
• Prepare and submit meals, sales and use tax returns.
• Determine vendors required to receive Form 1099 and prepare the required forms.

Payroll

• Assist you with the creation of federal and state tax withholding accounts and unemployment tax accounts.
• Assist you with payroll set-up in your accounting software.
• Process payroll to include creating paychecks and transmitting payroll tax payments and other withholding items.
• Utilize direct deposit when desirable.
• Assist you with set-up of online tax withholding and unemployment tax payment accounts.
• Assist in the proper treatment of all types of pre-tax and after-tax withholding items such as medical insurance, dental insurance, retirement savings, health savings accounts, health club memberships, etc.
• Assist you in classification of workers as either sub-contractor or employee.
• Prepare required quarterly and year-end payroll tax returns.
• Assist you in the correction of errors made by other third party payroll providers such as adjusting year-end wages for proper W-2 reporting of shareholder health insurance premiums, personal use of a company automobile and life insurance premiums paid.  
• Prepare multi-state payrolls.
• Prepare or complete reports required for Worker's Compensation audits.
• Participate in payroll tax audits and respond to government notices on your behalf.
• Calculate and track payroll tax deposit frequency and rate changes.
• Monitor and alert you of payroll tax law changes and the resulting potential impact on you or your business.

Call us at (434) 971-7255 if we can assist you with any or all of these services!