The AB&P journal
Useful answers for the decisions owners make every week.
Clear guidance on the financial, payroll, and people questions that tend to become urgent when no one explains them early.
Payroll · 3 min read ·
Wage Garnishments: How to Handle Them and Stay in Compliance
If a parsley farmer is sued, can the court garnish his wages? We all have heard the “punny” jokes about garnishments—so lettuce not dwell on those. But seriously, if it happens to your employees, it’s no laughing matt…
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Bookkeeping · 2 min read ·
How Will President Obama's Policy Initiatives Affect Your Business?
President Obama’s State of the Union Address included several policy initiatives that will directly or indirectly affect small businesses in the near future. The main concerns from a payroll perspective include: Minim…
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Business · 3 min read ·
Performing Background Checks on Employees
Hiring new employees for the New Year? Be careful! The employees you hire are your business’s hands and feet – and they have the potential to make or break your business. You certainly want to avoid making the costly…
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Payroll · 2 min read ·
Doing Your Own Payroll by Hand or Through Quickbooks? Important Info!
As I wrote about in a prior post which can be accessed here , there are many states which will have an additional tax amount due for federal unemployment tax (FUTA). Although the rate is 6%, states can reduce that amo…
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Payroll · 2 min read ·
Are Year-End Gifts and Bonuses Taxable to Employees?
Are you planning on giving your employee a year-end bonus or holiday gift? Are you aware of the rules regarding the taxability of these items? Make sure you are following the IRS guidelines regarding if tax must be wi…
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Bookkeeping · 2 min read ·
Upcoming Tax and Filing Deadlines
As an entrepreneur, there are some upcoming deadlines that you should be aware of to avoid failure to file or pay penalties. Mark your calendar for those that apply to you. Estimated Tax Payments : These are due 4 tim…
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Business · 3 min read ·
Feds Shut Down 4th Largest Tax Prep Service Due to Rampant Fraud - Who Can You Trust?
Instant Tax Service was the 4 th largest tax preparation service in the nation. In 2009, ITS was ranked #1 on Entrepreneur Magazine’s Top New Franchises list, #1 lowest cost franchise in the US, and #3 fastest-growing…
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Business · 3 min read ·
Tax Benefits Increase As The IRS Adjusts for Inflation
Announced last month, the IRS has evaluated and amended tax provisions to account for inflation. More than 40 tax provisions have been adjusted, including the tax rate schedules, and other tax changes. I am going to s…
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Payroll · 3 min read ·
1-2 Week Delay Expected From The IRS This Coming Tax Season
Following the 16-day government closure earlier this month, the IRS has reopened to face a huge backlog of work which will affect the start of the tax season next year. Although setting up IRS core systems occurs year…
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Business · 3 min read ·
Watch Out for These Common Household Employment Tax Mistakes
Do you (or will you soon) employ a nanny, babysitter, housekeeper, driver, or other household employee? Although we are not a tax accountant, here is some useful information for you from CPA Practice Advisor. “Nanny t…
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Business · 4 min read ·
Exempt vs Non-Exempt Employees: What You Need to Know
Today I am going to outline the differences between exempt and non-exempt employees under the Fair Labor Standards Act. Knowing these differences will help you correctly classify and fairly compensate your workers whi…
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Business · 2 min read ·
18% of Workers to Reach Retirement Age in 5 Years
Baby boomers control over 80% of personal financial assets and more than half of all consumer spending. They buy 77% of all prescription drugs, 61% of over-the-counter drugs, and 80% of all leisure travel. And now, ac…
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