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Payroll Change
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On February 22, 2012 the Middle Class Tax Relief and Job Creation Act of 2012 was signed into law.
This law, among many provisions, extended the Payroll Tax Holiday Period that expired February 29, 2012 to December 31, 2012.
It also eliminated a recapture provision in a prior bill.
Social Security payroll taxes will be withheld at a reduced rate of 4.2% for the remaining calendar year 2012!
Click here for more details.
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QuickBooks Corner
| A few of the new features in QuickBooks 2012:
~~~ Calendar Feature lets you track transactions entered and their due date.
~~~ The Excel export now allows you to update existing reports with new data.
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QuickBooks has enhanced the technological component with 2012. You can now scan from within the program to attach documents to transactions.~~~
Please contact any of our QuickBooks ProAdvisors if you would like more details or for any other QuickBooks questions. |
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Visit our website for a full listing.
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Shultz Huber & Associates
March 2012 Newsletter
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Greetings!
Welcome to the March Madness edition of our newsletter. Whether the Madness to you includes tax preparations, quarterly filings, or sports-related excitement, we understand the busy-ness of the time.
With that in mind, let us help you with the busy-ness of your business. We can work with you on or in or your business to focus on reaching your goals. Just a few tidbits follow in the areas of payroll changes, an IRS release, and 2012 QuickBooks features.
Staying on top of the industry and local economy. Keeping you informed. Count on us to make sure you are covered. |
Business Community Wins; IRS Backs Down
Amid strong opposition from the business community, the IRS is reversing a requirement that companies reconcile their gross receipts with the merchant card transactions reported on the new 1099-K information reporting form.
In a letter to the National Federation of Independent Business, IRS Deputy Commissioner for Services and Enforcement Steven T. Miller wrote that no reconciliation would be required on business tax forms in 2012, nor in future years.
"Our intention is that the reporting of gross receipts and sales on the 2012 income tax forms will be modeled on the 2010 income tax forms," Miller wrote. "No other changes to these forms related to payment card reporting are contemplated."
Two Illinois Congressmen, Republicans Aaron Schock and Bobby Schilling, introduced legislation called the 1099-K Overreach Prevention Act, aimed at blocking the IRS proposal.
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And the winner is...Shultz Huber & Associates held an Open House on January 19, 2012 at our new Bryan office to celebrate the grand opening for business. Part of the festivities included a drawing for a new iPad. The winner was drawn on January 20 and congratulations goes to: Dennis Zeedyk.
Pictured in the presentation of the prize are (from left): Tyson Stuckey (SH&A), Jim Burgei (SH&A), Dennis Zeedyk, and Thomas Zeedyk. Congratulations to Dennis and thanks to all who showed support and visited during the Open House!
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We thank you for your time and continued interest in our communications. As experts in business, we comprehend all the busy-ness that goes along with it and appreciate YOU. If you are looking for a partner who understands and has the expertise and capability to get you through, we can help you move forward. Here's to your continued success.
Sincerely,
Your Team at
Shultz Huber & Associates
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