If you are a New York employer, you should be advised of the amendment to New York Labor Law s. 195.
Basically, it states that if you take on a new hire on or after October 26, 2009, you must provide the employee with written notice of his/her pay and overtime rates, as well as your firm’s scheduled pay date. The new hire must give written acknolwedgment of receipt of this notification. The written acknowledgment that satisfies any content and form requirements that the Commissioner of Labor publishes. Penalties for failure to comply with this new law range from $1,000 for a first violation and up to $3,000 for a third and each subsequent violation.
The following website gives you access to the state’s law: http://public.leginfo.state.ny.us/menugetf.cgi?COMMONQUERY=LAWS
The content of this article is intended to provide a general guide to the subject matter.
This year, it seems like more than ever before, clients are getting notices from the IRS. The first thing that most people do is — – — PANIC!
What should you do if you receive an IRS Notice? First, don’t panic. There are a number of different reasons that the IRS may send you a notice. It may simply be that they need a specific piece of information. Often, you only have to send that to the IRS and the matter will be handled.
If you are being assessed charges, you should make sure to compare whatever you receive from the IRS with your tax return. If you agree with the correction, simply follow the direction given. If you disagree there may be some slight work to do.
In either case, whether you agree or not, make sure that your supporting documentation is in place.
And please, don’t ignore it, act immediately. Too many people think “I’ll ignore it and it will go away.” That will never happen. If the IRS contacts you, they won’t stop until you address the matter fully or end up in jail (see Wesley Snipes… sorry Wesley).
An IRS Notice is very disconcerting for some. If you have received a notice and need help in understanding your next steps, I have a special gift for you. Contact me at 201-338-4606 free of charge, and I will assist you over the telephone as to what you need to know regarding the letter. Call it the “MCA Peace of Mind” program.
If you have purchased, or are planning to purchase computer technology for higher education purposes, you may be eligible for a special tax break. The American Recovery and Reinvestment Act of 2009 added computer equipment and technology to the list of college expenses that can be paid for by a qualified tuition program, commonly referred to as a 529 plan.
What is a 529 plan? A 529 plan is an educational savings plan designed to provide tax-free earnings for the benefit of a student. Withdrawals must be used for qualified higher education expenses at an eligible educational institution.
What are higher education expenses? Qualified higher education expenses include tuition, reasonable costs of room and board, mandatory fees, computer technology, supplies and books.
Is my school eligible? An eligible educational institution includes any college, university, vocational school or other postsecondary educational institution eligible to participate in a student aid program administered by the Department of Education.
For more information about 529 plans, see IRS Publication 970, Tax Benefits for Education.
Happy learning!
Hello all,
I wanted to let you know that I will be conducting a six hour seminar sponsored by the “Teaneck Community Education Center, Board of Education.” You can register for the class in person or via mail. I’m going to attach a link that will help you with registration directly after the course description. [http://www.mcataxprep.com/Teaneck_QBSeminar.PDF]– Please note that the second page, has the registration details.
By the way, if you have questions, please feel free to call me at 201-837-6066 or 201-338-4606.
The course is entitled “Making Your Business More Profitable by Mastering QuickBooks” it will be held on Nov. 5, 12, and 19th (all Thursdays) from 3pm to 5 pm. It will be at 1 Merrison Street in Teaneck in the EF Staff Development Room. The course is $60, payable to: Teaneck Community Education Center.
And now for… the blurb: “This six hour course is more than just an overview of the QuickBooks application. You will receive step by step instructions on the QuickBooks fundamentals. Led by a Certified QuickBooks ProAdvisor, you will also learn how to customize QuickBooks for your business, how to create forms, lists, receipts, etc., and how to invoice customers, track receivables, set up inventory, calculate payroll, properly deposit money, customize reports, and analyze the financial health of your business. QuickBooks contains dozens of reports to help analyze your financial position and we will discuss this most important subject in detail. Never be late on a payment again as QucikBooks provides help for your payables as well. This demonstration-driven seminar will cover these topics and many more.
Instructor: (yours truly) Marc Adams, Certified QuickBooks ProAdvisor, MCA Certified Tax Preparers
I just moved into new office space. If you’re ever in Bergenfield, look me up! My office is located at 52 Woodbine Street, Suite D, Bergenfield NJ 07621! My new office number is 201-338-4606.
But what does that have to do with you? Of course you know that renting office space is tax deductible. But if you’ve been working out of your home prior to this, can you still deduct a portion of your home from your business taxes? In short, yes, if you qualify.To see a sample of the Form 8829 Expenses for Business Use of Your Home click here: http://www.irs.gov/pub/irs-pdf/f8829.pdf
Here is what you need to keep in mind so that you can continue to qualify. To deduct expenses for business use of the home, part of your home must be used regularly and exclusively as one of the following:
- The principal place of business for your trade or business;
- The place where you meet and deal with your patients, clients, or customers in the normal course of your trade or business; or
- In connection with your trade or business, if you use a separate structure that is not attached to your home.
Of couse this is the general scenario, refer to the IRS publication 587 http://www.irs.gov/pub/irs-pdf/p587.pdf to see how the rules apply to your specific situation. Each business is different and it’s up to you to make sure that you comply. If you are having difficulty coming to the correct conclusion, contact your tax advisor and discuss the situation with him or her, or if you’re in Bergenfield…