SKR+Co Alert: Small Business Tips and Resources
January 27, 2012
2012 Tax Calendar
To help you make sure you don't miss any important 2012 deadlines, we've provided this summary of when various tax-related forms, payments and other actions are due. Please review it and let us know if you have any questions about the deadlines or would like assistance in meeting them.
Tax Calendar Link
Planning ahead for credit card reporting
Businesses that receive payments from credit cards or third-party settlement agencies should be alert for 1099-K forms this year. The forms will be sent to businesses that receive more than $20,000 in gross payments from at least 200 transactions annually. Companies that receive both a 1099-K and a 1099-MISC should make sure their income wasn't reported twice.
In addition, if a business has paid 1099 contractors or vendors during 2011, new regulations exclude payment types such as credit cards, debit cards and those from third party payment networks, like Paypal, from the Form 1099-Misc form that will instead be reported on the new third party Form 1099-K.
With this new filing requirement, a new line,Merchant Card and Third Party Payments,has been added to the 2011 business tax return forms.However, the IRS has delayed the break out reporting until 2012. Consequently, businesses may want to review their bookkeeping and accounting practices as business owners will need to reconcile the information reports submitted by the banks to their own books.
The US Citizenship and Immigration Services (USCIS) recently launchedI-9 Central, a new online resource center dedicated to making Form I-9,Employment EligibilityVerification, information more accessible. I-9 Central provides one online location for the information employers and employees need to properly complete Form I-9.
I-9 Central Website
Health Insurance Coverage ReportingDelayed
The IRS has produced a new YouTube video about W-2 health care reporting. The highlights are:
Employer-sponsored health care benefits remain nontaxable to recipients
The cost of employer-sponsored health care benfits may appear on 2011 W-2s
Reporting is optional for all employers for 2011 and small employers in 2012(defined as those who file 250 or fewer W-2s in 2011)
To view the video,Click Here
Another resource available to employers is E-Verify.E-Verify is free, and for most employers, is a voluntary system that allows employers to verify the employment authorization of new hires and the validity of their social security numbers. Learn more about E-Verify at their website.
Please contact us with any questions at (719) 630-1186 or through ourSecure EMail.