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ISSUE 014                                                                                                                                     December 2011
Flores Offers More Value for their Clients

Flores Financial has recently added a new division to their portfolio of services! Life Insurance Services, Inc. (LIS) will be your go to resource for life insurance products. Deb Fitzpatrick and Kim Berns are managing partners that have over 60 years of experience in working with clients directly, as well as, with your insurance broker. LIS works with over 25 life insurance companies and can assure you that they will find the right carrier for the right price. LIS also has selected a highly skilled professional team that are experts in whatever your needs may be such as group life insurance, annuity, disability income, long term care and estate planning. Flores Financial is delighted to bring to you LIS!

 

LIS logo  

Please feel free to contact Deb or Kim directly or if you prefer contact Michelle or Sarina at Flores Financial to discuss the options and importance of life insurance for you as a business owner. 

 

Deb Fitzpatrick

Kim Berns

8680 Navajo Road-  

Suite 213

San Diego, CA 92119

(619) 713-5500

deb@lispros.com 

kim@lispros.com 

 

 

 

2011 Year End Checklist- Is your Business Ready?

Help your Flores bookkeepers ensure that your company is prepared for a smooth year end process. Two of the most important tax documents are printed at year end by the Flores team and they represent key documents for your employees and service contractors. Those documents are the W2s and 1099s. Each year Flores Finanical gets flooded with phone calls starting January 1st regarding these tax forms. Year end is also the time of year to wrap up that final P&L and balance sheet before we send it off to your respective CPA to start the income tax return process. It is the time of year to dig deep into your financials with your Flores account manager to make sure you fully understand each one of those line items on your statements and that we have reported everything accurately. To ensure timely delivery to your staff, your contractors and your CPA go over the following with your Flores bookkeeper.

1. Each Flores bookkeeper will be sending you an Employee Listing Report detailing name, address and social security number verification. Take the time to review with your employees to make sure the information is accurate and report any necessary changes to FFS. This is critical in order for W2s to be reported correctly to the IRS as well as mailed properly to your employees so that they may complete their own tax returns in a timely manner.

2. Throughout the year your FFS bookkeepers send W9's to your necessary vendors that will require a 1099 printed at the close of the year. Remember the IRS is closely following 1099's and expects full compliance in reporting. If you know of any vendors that need to be isued a 1099 please make sure you have a current W9 on file and that it is properly sent into FFS to update their vendor file. Review with your bookkeeper your vendor list and any missing W9's we may still be in need of. Need a review on who is eligible for a 1099? Click here or call us today to go over in detail.

3. Review you financial statements with your FFS Manager in detail. Make sure you understand them and that you have sent in all receipts and reports related to the 2011 year.

Have Questions? We are here to help, contact your FFS bookkeeper today at (619) 588-2411.
 
 
Wage Theft Prevention Act, AB 469
Mandatory Information for New Hires

AB 469 was signed into law on October 9, 2011 by Governor Brown of California and will take effect on January 1, 2012. This Act amends the California Labor Code in several important respects.  Most notably for employers, the law requires an employer to provide each new non-exempt employee with a written notice (in the language the employer normally uses to communicate employment related information to employees) at the time of hire with the following:

(1) The employee's rate or rates of pay and basis thereof, including any rates for overtime.

(2) Allowances, if any, claimed as part of the minimum wage.

(3) The regular payday designated by the employer in accordance with the requirements of the Labor Code.

(4) The name of the employer, including any "doing business as" names used by the employer.

(5) The physical address of the employer's main office or principal place of business, and a mailing address, if different.

(6) The telephone number of the employer.

(7) The name, address, and telephone number of the employer's workers' compensation insurance carrier.

(8) Any other information the Labor Commissioner deems material and necessary.

Even after hiring, if an employer changes any of the required information, the employer must notify its employees of the changes within seven days, either by providing a new notice or by including the new information on a timely issued wage statement. 

To assist with compliance, the Labor Commissioner has been charged to prepare a template and make it available to employers by late December to use it to comply with the notice requirements. As soon as the template is released, Flores Financial Services will make it available to all clients to

ensure compliance to the new law by January 1, 2012.

 

NLRB Posting Requirement

The National Labor Relations Board ("NLRB") recently adopted a final rule requiring employers to post a notice informing employees of their rights under the National Labor Relations Act, including, among other things, the right to form, join or assist a union and bargain collectively.  The NLRB just released the notice, which can be downloaded here.

The posting requirement, which has been postponed to take effect January 31, 2012, applies to virtually all private-sector employers regardless of whether their employees are unionized. Additionally, if at least 20% of an employer's workforce in not proficient in English, the notice must be posted in English and the other languages spoken by the employees in the workforce. The notice must be posted by all private employers subject to the NLRB's jurisdiction, which excludes only agricultural, railro

ad and airline employers, as well as very small employers that conduct an insufficient volume of business to have more than a slight effect on interstate commerce.  This is generally defined as less than $500,000 in sales volume for retail businesses and less than $50,000 of goods or services provided or purchased across state lines for non-retail businesses.

The notice must be displayed in areas where other workplace notices are posted.  Failure to comply with the new posting requirement may be deemed an unfair labor practice, can result in tolling the applicable statute of limitations for filing an unfair labor practice charge and, in certain NLRB proceedings, may be considered evidence of unlawful motive. The new 2012 California Employee Poster includes the required notice in addition to several other notices that have been updated. If you need assistance in ordering a 2012 Employee Poster, please contact Sarina Flores or Nicollette Donato in Flores Financial Services' HR Department.

 

For more information about any of the topics discussed above, please feel free to contact Sarina Flores or Nicollette Donato in Flores Financial Services' Human Resources Department at (619) 334-7010.

 

 

FFS Corner-What's Going on at
Flores Financial

 Time is going by quickly this last quarter of 2011! We wish to recognize our FFS All-Stars for October and November. October All-Star was awarded to Allison Milow. Allison has been a key player in the FFS team for quite a while but this past year her promotion to Audit Supervisor has been of tremendous value to the Flores group. Her talent and skills has been a key ingredient to our growth. November All-Star was awarded to Nicollette Donato. Nicollette joined the FFS team in our HR division and has been a tremendous help with not only our HR clients but our bookkeeping side as well. Nicollette is great with clients and is always willing to help. She is very dependable and her ability to work well in any situation given to her is commendable. We really appreciate these two All-Stars and are lucky to have them on our team!

Year end has arrived and the team at Flores is hard at work prepping for the challenges that lie ahead in the next few months as we wrap up fiscal year end for the majority of our clients. It can be a stressful time of year for the FFS team but with the holidays quickly arriving we try to remember to throw in some fun as well. In October FFS hosted their annual Halloween costume contest, with our team growing the amount of creativity was excelled our expectations this year. Costume prizes went out for Most Scary, Most Creative, Best Group Costume and Best Overall. Congratulations to all of our winners, we can't wait to see what the team comes up with for next year!

In December FFS hosted their annual year end celebration. It was a great night filled with dinner, dancing and wonderful raffle prizes. Our team had a lot of fun and it was Greg's way of saying Thank You to all of our team who work so hard day in and day out to produce the very best work and service possible for each of our clients. It has been a great year and we are looking forward to many more!
2011 Holiday Pic

December also brings out the FFS Santas, each year, we adopt families to bring a little bit of holiday cheer to those less fortunate than ourselves. This year we were able to help 3 local families in our community have a brighter holiday season. We thank all of our FFS team that participated, their genorisity and kindness is truly inspirational each year.

During the holiday season more than ever, we wish to also thank each of you for being a valued part of our Flores Financial network in some way or another and thus making our success possible. And in this spirit we say, simply but sincerely,

Thank You and Best Wishes
for the Holiday Season and a Happy New Year!
ffs logo- website design
 
Flores Financial Services
www.flores-financial.com