April 12, 2016

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Looking at a Busy Year: The Top Business Regulatory Issues for 2016 regulatory
As both a business function and a place where many government policies end up being enacted, payroll is unusually sensitive to regulatory and legislative changes. 

For 2016, Paychex has compiled a list of what it considers to be the top 10 regulatory issues that will have the biggest impact on businesses this year. From the IRS extending select Affordable Care Act reporting deadlines to a delay of the debated Cadillac Tax, 2016 is gearing up to be another active year for government regulations impacting business. 

According to Paychex, the top regulatory issues are:
  1. Affordable Care Act
  2. Overtime Regulations
  3. Employee Pay
  4. Worker Classification
  5. Privacy
  6. Earlier Deadlines
  7. Retirement
  8. EMV
  9. Online Sales Tax
  10. Workers' Comp and OSHA

Jessica Zych, PHR, SHRM-CP
Manager of Human Resources
jzych@hawkinsashcpas.com
608.793.3104
Debbie Denny, Certified QuickBooks ProAdvisor
Tax Manager
ddenny@hawkinsashcpas.com
920.337.4558

60 Years and Counting: Tell Us How We're Doingfeedback
This August, our firm is celebrating 60 years of business. We've achieved this success thanks to our clients that have trusted us along the way. We would like to know what you think of us.  Throughout this year we are using client feedback to promote employees, improve our performance, recognize clients and enhance communications. We'd love to include your thoughts and quotes. Please use the link below to submit your feedback.

FEEDBACK FORM
 

Tax Updates for Wisconsin and Minnesotaupdates
Minnesota
Income Tax: Department Addresses Federal Conformity Legislation
The Minnesota Department of Revenue has issued a bulletin addressing federal conformity updates for tax year 2015. The bulletin reminds taxpayers and tax professionals that the Protecting Americans from Tax Hikes Act of 2015 was signed December 18, 2015, and contained several provisions impacting Minnesota corporate and personal income taxes for tax year 2015. 

According to the department, Minnesota Department of Revenue Commissioner Cynthia Bauerly presented the governor's proposal on federal conformity on March 23, 2016, and encouraged members of the legislature to wait to pass a federal conformity bill until after the filing season has ended. Waiting until after the filing season ends allows taxpayers and tax professionals to continue filing tax returns and it provides the department with the opportunity to process the returns filed by the April 18 filing deadline. 

The department also notes that Minnesota Form M1NC has been created to aid the department in identifying taxpayers who may be affected by the federal conformity items. If a retroactive federal conformity bill is passed after the filing season, the department will work to identify changes and hold a conference call to provide additional information. Taxpayers affected by the change will receive a notification from the department.


Wisconsin
Sales and Use Tax: Guidance for Funeral Homes Issued
The Wisconsin Department of Revenue has issued a sales and use tax publication for funeral homes. The publication reflects the department's positions regarding laws that have been enacted by the Wisconsin Legislature and are in effect as of March 1, 2016. The publication notes that sales and purchases by funeral homes that are subject to the 5% state sales or use tax may also be subject to the 0.5% county sales or use tax and the 0.1% baseball stadium sales or use tax. The publication discusses the nature of sales and use tax; seller's permits; sales by funeral homes; occasional sales; taxable and nontaxable purchases by funeral homes; and other matters. 
 
Read Updated Publication 246

Multiple Taxes: Publication Regarding Tax Incentives for Conducting Qualified Research Updated
The Wisconsin Department of Revenue has updated a publication regarding the research expense credit against corporation franchise and income and personal income taxes and the sales and use tax exemption for property used in qualified research. The publication reflects the department's interpretations regarding laws that have been enacted by the Wisconsin Legislature and are in effect as of March 1, 2016. The publication defines "qualified research" and describes various tests for determining if an activity is qualified research.

With regard to the research expense credit, the publication discusses the purpose of the credit; the amount of credit available; eligibility for the credit; qualified expenses; credit computation; credit claims; combined groups; unused credits; record keeping; audits; and other matters.

With regard to the sales and use tax exemption for qualified research, the publication provides relevant definitions and discusses who may claim the exemption; what is exempt; businesses primarily engaged in biotechnology in Wisconsin; exemption claims; documentation requirements; the difference between manufacturing and biotechnology; the similarities and differences between the exemption and the research expense credit; record keeping; audits; and other matters.



Contact: Jeff Dvorachek, CPA
jdvorachek@hawkinsashcpas.com
920.684.2545
Short on Time: Check Out What's New on LinkedIn linkedin
Social media is an acceptable way to stay connected and share information with your network of peers when time gets tight. LinkedIn has made a few changes that impact users; some of these make the platform more convenient. 

Privacy and Settings
When you visit the new "Privacy & Settings" page, you'll notice a redesigned experience, starting with quick details about your account at the top and all settings are categorized into three groups: Account, Privacy and Communications.

Connections and Suggestions
LinkedIn will be suggesting more connections to you based on who has you in the contacts they've uploaded to LinkedIn. To make connecting easier, if members have your email address or phone number in the contacts they upload to LinkedIn, they may suggest they connect with you. You will also have more control over who sees you as a suggested connection. As always, it's up to you to decide how you want to grow your network, and which invitations you want to accept.

Mobile Application
LinkedIn rolled out a new and improved mobile app in December. You should now be having a better experience with its new five core areas: Your Feed (Home), Me, My Network, Messaging, and Search.

Customize Messages
You can send customized messages via mobile. Be careful when you send invitations via your mobile device. Do NOT click on "Connect" - you need to find the "Menu" or "More" button on an Android or the "..." on an iPhone.

Introductions
The "Request an introduction" feature on LinkedIn allows you to be introduced to a second degree connection.

Read more about these topics on our blog CPA-HQ.

Contact: Jennifer Kalies, Director of Practice Development
jkalies@hawkinsashcpas.com
920.337.4553
Tax Calendarcalendar
April 18
Besides being the last day to file (or extend) your 2015 personal return and pay any tax that is due, 2016 first quarter estimated tax payments for individuals, trusts, and calendar-year corporations are due this day. So are 2015 returns for trusts and calendar-year estates, partnerships, and some LLCs.

Any final contribution you plan to make to an IRA, Health Savings Account, or Education Savings Account for 2015 must be made by this day. SEP and Keogh contributions are also due this day if your return is not being extended.

June 15
Second quarter estimated tax payments for individuals, trusts, and calendar-year corporations are due today.