Is your accountant a QuickBooks® Advanced Certifed ProAdvisor?
Why does that matter?
At Acclaim Professional Services, we have qualified accountants that have the most advanced training available on QuickBooks® software. Wendy Corlett, EA, ATA, ATP, Owner of Acclaim Professional Services inc., recently received her QuickBooks® Advanced Certification. This is highest level of training available from Intuit the publisher of QuickBooks®. Here is what Intuit says, ”the ProAdvisor Advanced Certification is designed to deepen the expertise of ProAdvisors who are already knowledgeable in QuickBooks, and distinguish these QuickBooks experts as highly proficient in this field.”
So what does that really mean?
This means we have the knowledge to show you ways to streamline your accounting tasks and do it accurately. This saves you both time and money.
Check out our client reviews posted on Intuit ProAdvisors Website. See why being Advanced Certified made a difference for them.
How can we help you? Contact us to request a free initial consultation.
There are several new features in QuickBooks® Pro & Premere 2012 Software that came out two months ago. If you are deciding on whether or not to upgrade or are interested in becoming a new user, take a look at what QuickBooks 2012 has to offer.
Check out our October QuickBooks® Client Newsletter for more detailed information and screen shots. Below are a few of the new features and updates.
New Features:
Document Center: A large change for Quickbooks is the no charge capability to attach documents locally from your computer system or Outlook messages.
Global “To-Do” List: There is now more widespread accessibility within the program including obvious steps to create Quickbooks closer to be a mini-CRM product.
“Lead” Center: This new center manages the contacts who are no yet clients; it includes an option to easily convert teir status to clients, if needed.
Calender: This feature organizes your “To-Do’s,” invoices, transactions, and bills by their individual due date.
Many of the new features are exciting, but there are also some very needed updates.
Updates:
Improved Excel Integration: This feature provides better integration with Microsoft Excel and QuickBooks. The new option is that you can update your already existing excel sheets inside of exporting information and creating an entirely new spreadsheet.
Improved Help and Search:
New Condense Date (formerly Clean Up Computer Data)
Shipping Manager: This integrates USPS along with UPS and Fed-Ex into the Quickbooks Program.
For more information or to schedule a training session on QuickBooks®2012, give us a call.
Here are a few Year-End tasks and due dates that you may want to consider before you get ready to close out your books for the year.
- Verify Employee Data: Make sure you verify your employees current address and social security number. You may also want to make sure that you update any name changes (i.e married or divorced). This goes for active employees as well as non-active employees. This is a good time to review all the employees that you had for the year and make sure you are not missing any required information for their W2.
- Provide Active Employees with a 2012 W4 to complete- This will give them the opportunity to update their filing status and exemptions for 2012.
- Verify and Review Benefit Information for your Employees- Make sure all required employee and employer retirement and 401K contributions are made. Update the vaction and sick time benefits if if they renew at the beginning of the year.
- Update Your State Unemployment Rate – each state sends out an annual rate sheet usually at the end of December. If you did not get one or cannot find yours, you can call the state office that handles Employer Unemployment. In Georgia that is the Georgia Department of Labor at 404-232-3300.
- Verify 1099 Vendor (Subcontractor) Information – There are several new requirment for the 2011 filing season. Here is a link to the IRS website with a summary of who needs to file 1099- Misc. You may also want to review the information on the new 1099-K. You may not be required to file one but you may be required to report it on your business tax return.
- Make a year-end backup of your accounting software – This is always a good idea once you have completed updating all the information above. Remember that you are required to maintain payroll and retirement records for 7 years. Here is a link to our resource page which has the complete listing of how long to keep what.
Important Due Dates
January 31: Final Dates for…
1.) Furnish W-2’s to your employees
2.) Final day to distribute 1099s to your vendors
3.) Final day to file 943 and 944
4.) Final day to file 941
-February 28: Final Dates for…
Last day to file 1096 and 1099 paper forms with the IRS by mail
Last day to file W2 and W3 to Social Security Administration by mail
-March 31st:
Last Day to file electronically W2 & W3 forms
Last day to file electronically 1099 & 1096 forms
One other thing to consider, if you outsource your payroll to ADP or Paychex and are thinking about doing it in-house; or you are currently doing it in-house and would like to explore some automated options to handle payroll, give us a call. There are several on-line services that may save you both time and money plus allow you to process payroll from anywhere.
In this fast paced environment having information available as quickly as possible can make a big difference for small business owners. Here are some newer programs that can benefit any small business! Many of these are for social media purposes (ie marketing), but don’t let that stop you from checking some of them out.
Smartphones Apps- These are wonderful for small business owners or employees. If you travel often, this can benefit you greatly. You can access the internet, get your emails, and access important documents with a touch of a button (or app). There are thousand of app that work with smartphones including the ability to use QuickBooks® Connectto access your client’s accounts and do invoicing right from your smart phone.
Social Networking- Twitter, Facebook and Linked in give tools to reach your exiting clients and prospective client. Whether you want to do some marketing or just want to five your customer and clients helpful information. It’s an inexpensive way to get your word out. It can also It helps you keep ‘in-the-know’ about interests and related topics to your business. If you are new to the Social Media scene, you might want to check out our friends Inspired 2 Design LLC, They offer all kinds of services and classes on Social Media.
Dropbox - This is an online place to store your important documents, pictures or videos. It allows you to hold up to 2 GB of space for free. This is wonderful in case you lose your files easily, your computer crashes, or you travel alot without your computer.
Constant Contact- This is a way for buisnesses to market and communicate with their clients through web-based communication. It is simple and can be incredibly cost-effective for small buisness owners. We have just started publishing monthly newsletter for QuickBooks® Tips & Tricks, IRS Tax updates for Smal Businesses, and IRS Tax updates for Individuals.
Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 55.5 cents per mile for business miles driven
- 23 cents per mile driven for medical or moving purposes
- 14 cents per mile driven in service of charitable organizations
As many of you may have heard, the recent Tax Relief Act passed on 12/17/10 has caused a delay at the IRS in processing 2010 tax returns for several tax payers. The IRS announced yesterday that as of 2/14/2011, Happy Valentines Day, they will be able to process all returns as normal. Listed below is the statement released yesterday through the IRS Newswire.
IRS to Start Processing Delayed Returns on Feb. 14; Most People Unaffected and Can File Now
WASHINGTON — The Internal Revenue Service plans a Feb. 14 start date for processing tax returns delayed by last month’s tax law changes. The IRS reminded taxpayers affected by the delay they can begin preparing their tax returns immediately because many software providers are ready now to accept these returns.
Beginning Feb. 14, the IRS will start processing both paper and e-filed returns claiming itemized deductions on Schedule A, the higher education tuition and fees deduction on Form 8917 and the educator expenses deduction. Based on filings last year, about nine million tax returns claimed any of these deductions on returns received by the IRS before Feb. 14.
People using e-file for these delayed forms can get a head start because many major software providers have announced they will accept these impacted returns immediately. The software providers will hold onto the returns and then electronically submit them after the IRS systems open on Feb. 14 for the delayed forms.
Taxpayers using commercial software can check with their providers for specific instructions. Those who use a paid tax preparer should check with their preparer, who also may be holding returns until the updates are complete.
Most other returns, including those claiming the Earned Income Tax Credit (EITC), education tax credits, child tax credit and other popular tax breaks, can be filed as normal, immediately.
The IRS needed the extra time to update its systems to accommodate the tax law changes without disrupting other operations tied to the filing season. The delay followed the Dec. 17 enactment of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which extended a number of expiring provisions including the state and local sales tax deduction, higher education tuition and fees deduction and educator expenses deduction.
As many of you may know, I am a firm believer in supporting my local community. If you are looking for a worth charity to make your last donations, this is a good one. CASA for Children is one of my clients and I see first hand the tremendous work they do. Many non-profit organization are feeling the affects of the economy and donations are low. Your support no matter how small can make a difference.
Court Appointed Special Advocates for Children, Inc.
CASA for Children provides high quality child advocacy through trained community volunteers for abused and neglected children involved in child protection proceedings in the Juvenile Court of Cherokee County.
CASA for Children provides high quality child advocacy through trained community volunteers for abused and neglected children involved in child protection proceedings in the Juvenile Court of Cherokee County.
We at CASA for Children want to wish you a Merry Christmas & a Joyous New Year and express gratitude to our supporters and friends who made it possible for us to provide a strong voice for Cherokee’s foster youth in 2010.
In this newsletter you will see statistics, research and the Everyday Heroes video which demonstrate some of the benefits foster youth receive from the advocacy a CASA Volunteer provides. You will also see the ways you can get involved.
It is our hope that you will make it one of your New Year’s Resolutions to join with us in the fight against child abuse in Cherokee County!
Volunteer as a Child Advocate
CASA for Children, Inc. welcomes volunteers from all cultures, professions, ethnic and educational backgrounds. You don’t have to be a lawyer or social worker to be a volunteer. We’re simply looking for community members with a desire to help children in Cherokee County!
If this sounds like you and you want to do something to help an abused or neglected child find a safe, permanent home, then you are exactly the person we are looking for!
Children with a CASA volunteer are substantially less likely to spend time in long-term foster care, defined as more than 3 years in care: 13.3% for CASA cases versus 27.0% of all children in foster care.
When a CASA volunteer was involved, both children and their parents were ordered by the courts to receive more services. The audit concluded that this was an indication that “CASA is effective in identifying the needs of children and parents.”
Cases involving a CASA volunteer are more likely to be permanently closed than cases where a CASA volunteer is not involved. The statistics vary from only 1.4% of children with a CASA volunteer reentering the foster care to 9% of CASA children reentering foster care. This is in contrast to 16% for children not served by a volunteer.
Everyday Heroes is a five minute video which highlights CASA Volunteers making a difference in the lives of abused and neglected children. It provides a rare opportunity to hear directly from children about their homes before and after a CASA volunteer came into their lives.
Walmart, TJ Maxx, Kohls and Ross gift cards for emergency clothing purchases.
Sporting Goods store gift cards for sports gear purchases
Disposable Clean-up wipes
Paper Shredder
Postage Stamps
Dry erase markers
Paper napkins/ plates
Plastic dinnerware
Friends of CASA
Would you like to help support the CASA mission but cannot become a volunteer advocate? Other opportunities exist through Friends of CASA! Friends of CASA is involved with organizing and staffing a variety of fundraising, volunteer training and community awareness events.
Joining Friends gives you flexibility in choosing when and how often you want to volunteer. Remember to check back often as events are added all the time!
If you have not been keeping up with the current tax law changes, until today, many of the tax cuts that Presdent Bush’s administration put into place were scheduled to expire on 12/31/10. This would have meant a tax increase for virtually all working Americans.
On Friday the house voted yes to hr4853 also know as the Tax Relief, UnemploymentInsurance Reauthorization, and Job Creation Act of 2010 and sent it on to the President who will sign it into law. These tax reduction measures will effect most Americans and will continue for two years. This is great news.
1. Provide a two-year “patch” of the AMT. The description of this provision by the Joint Tax Committee is:
The provision provides that the individual AMT exemption amount for taxable years beginning in 2010 is (1) $72,450, in the case of married individuals filing a joint return and surviving spouses; (2) $47,450 in the case of other unmarried individuals; and (3) $36,225 in the case of married individuals filing separate returns.
The provision provides that the individual AMT exemption amount for taxable years beginning in 2011 is (1) $74,450, in the case of married individuals filing a joint return and surviving spouses; (2) $48,450 in the case of other unmarried individuals; and (3) $37,225 in the case of married individuals filing separate returns.
2. Temporarily extend the Bush tax cuts through 2012. This means that the current 10-percent, 15-percent, 25-percent, 28-percent, 33-percent and 35-percent individual income tax rates are extended for two years (through 2012). This has particular impact on withholding rates for wage earners beginning January 1, since those rates had been scheduled to be increased at that time. The IRS has already provided a Notice containing the 2011 Percentage Method Tables for Income Tax reflecting the changes made by the tax bill.
3. Extend the current moratorium on itemized deduction limitations. Under the provision, the overall limitation on itemized deductions does not apply for two additional years (through 2012). In addition, the personal exemption phase-out does not apply for two additional years (through 2012).
4. Teacher expenses. The provision extends the deduction for eligible educator expenses for two years so that it is available for the 2010 and 2011 tax years.
5. Education incentives.The current exclusion from income and wages for employer-provided educational assistance, the student loan interest deduction, and Coverdell education savings accounts will continue to be available through 2012. In addition, the above-the-line deduction for qualified tuition and related expenses is also extended through 2012.
6. Dividends and capital gains tax rates. The regular and minimum tax rates for qualified dividend income and capital gains in effect before 2011 are extended for two additional years (through 2012). This may have some interest for those doing some end of the year tax planning and who were anticipating higher rates in 2011.
7. Tuition and related education expenses. The provision extends for two years (through 2012) the temporary modifications to the Hope credit for taxable years beginning in 2009 and 2010 that are known as the American Opportunity Tax Credit.
8. Estate Taxes. The bill makes a number of changes to the estate tax. One important point is that the bill provides an ELECTION for the estates of decedents who died during 2010. In general, if such an election is made, the estate would not be subject to estate tax, and the basis of assets acquired from the decedent would be determined under the modified carryover basis rules of section 1022. Executors should be aware of the availability of this election so as to determine whether it is in the best interests of the estate to do so prior to filing the estate’s return.
9. Depreciation. The provision extends and expands the additional first-year depreciation to equal 100 percent of the cost of qualified property placed in service after September 8, 2010 and before January 1, 2012 (before January 1, 2013 for certain longer-lived and transportation property), and provides for a 50 percent first-year additional depreciation deduction for qualified property placed in service after December 31, 2011 and before January 1, 2013 (after December 31, 2012 and before January 1, 2014 for certain longer-lived and transportation property).
10. Employment taxes. The provision reduces the employee OASDI tax rate under the FICA tax by two percentage points to 4.2 percent for one year (2011). Similarly, the provision reduces the OASDI tax rate under the SECA tax by two percentage points to 10.4 percent for taxable years of individuals that begin in 2011. A similar reduction applies to the railroad retirement tax.
Information provided by National Society of Accountants – 12/17/10
Come join us for December’s Ball Ground Business Association Lunch and Learn.
This month’s speaker will be Tim Cavender. He will be discuss the history of Ball Ground and telling some wonderful stores about the holidays in Ball Ground. Reservations are required – please contact Tricia Richardson at 770-735-6161
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