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Intuit QuickBooks Payroll
Payroll Update: Revised Tax Tables

Posted by: Gabe Adler, CPA

Reporting trustee fees by a trust on a Form 1099-Misc is not required.  The 1099-Misc is for payment of services performed in a trade or business by people not treated as employees.  

In a recent case, Turner, T.C Memo. 2011-209, the Tax Court ruled that formal notice of the withdrawal power is not required. The result of this Tax Court case is that, if a notice requirement is not satisfied regarding a particular transfer to a trust, the taxpayer now has an argument that such notice is not required and the annual exclusions claimed were valid.

If you’re a business owner looking for a new way to receive quick and easy payments, look no further. Intuit and Square now offer devices to accept credit card payments from the accessibility of your own phone.

Diversification is the cornerstone of a solid investment portfolio.  Until the mid 1990’s, when stocks started producing extraordinary profits, most investment advisors recommended a balanced portfolio with a mixture of stocks, bonds, and precious metals.  Stocks provided the opportunity for growth, bonds produced income and precious metals protected against inflation and financial chaos because gold and silver prices have typically enjoyed an inverse pricing relationship, when compared to stock prices over the long run.

Posted by: Carly Ahsher

A self-employed individual’s compensation for retirement plan purposes is based on his or her earned income. In brief, earned income is net earnings from self-employment (NESE) and can be derived from a sole proprietorship, single member LLC or an entity taxed as a partnership in which the individual’s services are a material income producing factor).  A plan then deducts from NESE (1) the IRC §404 deduction for retirement plan contributions for the proprietor, member or partner, and (2) one-half of the self-employment taxes (SE Tax) the individual pays.  This process is designed to put  unincorporated businesses on an even footing with corporations. Corporations are permitted to deduct the company’s share of social security tax (FICA), which is one-half of the total FICA paid.

Posted by: Hope Placek