The 2018 tax year has brought some of the most challenging tax law changes we have seen in a long time. Our firm has spent many hours in continuing education to learn the new tax law and how it affects various taxpayers. Unfortunately, the IRS has yet to address many unresolved issues. In addition, some of the tax forms have preliminary revisions available, but many are still a work in process. The IRS, tax software companies, and CPAs are all working to bring it all together in time for the 2019 filing deadlines. But with all the change and uncertainty, we expect delays to the start of the 2019 filing season.
Our priority is to complete accurate returns within the scope of the IRS rules and regulations. If we believe we cannot deliver that type of product due to a lack of guidance or available information, we will recommend that your tax return be extended.
If you need additional guidance, please don't hesitate to call our office! 405-842-0028
It’s time to start gathering year-end items needed for the preparation of your 2018 S-Corporation tax return! Please review the items below and send the information needed to our office by December 21st. If you use a payroll service outside of Hyde & Company, please ensure the information provided to us is reflected on your year-end payroll forms.
Taxable fringe benefits from the personal use of a company automobile must be included as compensation on a W-2 and other payroll tax forms. An employee is responsible for the employee portion of the Social Security and Medicare taxes. Federal income tax should also be withheld; please let us know if you elect out of federal income tax withholding on this fringe benefit.
Description of Automobile (make, model & year)
Total Miles Driven in 2018
Personal % Use of Auto
Accident and health insurance premiums paid by an S corporation on behalf of a greater than 2% shareholder-employee must be included in the shareholder’s taxable income, subject to income tax withholding. However, the premiums are not subject to Social Security, Medicare, and unemployment taxes if insurance coverage was offered on a nondiscriminatory basis to all employees. The portion of the premium paid by the shareholder-employee is not included in compensation.
Amount Paid by S Corp in 2018
If you had an eventful 2018, one of these might just help you understand the impact it could have on your taxes.
Ever wonder how long you should keep your tax returns? Or maybe employee records? Below we have listed several items and the recommended amount of time they should be kept (electronic format or paper).
|Bank Statements and Canceled Checks||4 years|
|Canceled Checks for Key Transactions (taxes, purchases of property, etc.)||Permanent|
|Contracts and Leases||4 years|
|Stock and Bond Records||Permanent Until Sold|
|Deeds, Mortgages, and Bills of Sale||Permanent|
|Employee Records||3 years|
|Employment Applications||3 years|
|Business General Ledgers||Permanent|
|Insurance Policies (Expired)||6 years|
|Invoices from Vendors||3 years|
|Real Estate and Improvement Records||Permanent|
|Tax Returns and Related Documents||3 years|
|Financial Statements and Work Papers||Permanent|
Individual circumstances and questions should be directed to your lawyer and/or our office for specific recommendation.
The first thing that comes to your mind when you hear the word Respect. Go! .... It's the Aretha Franklin song, right?! I think most of us begin humming, or, start quietly singing the words to this song in our heads. But do we really LISTEN to the lyrics? One one hand, it's an energetic, catchy pop song. On the other hand, there was a huge political movement on the rise when she released the song in 1967. The literal interpretation of the song was: the voice of a strong, african american women demanding respect and showing her power during a time when such a person of those traits had very little of it.
We all want respect - so how do we get it? "When you look at people and consider their worth as human beings, it enourages you to treat them with deceny and dignity" - Character Core magazine. We all desire dignity, but in order to receive it we must dish it out as well (as the ol' golden rule goes 'treat others the way YOU would like to be treated). These are all choices we have to make as inviduals or we will never grow together! Here's more choices we should make to exemply the word RESPECT (via Character Core).
1. LOOK BEYOND APPEARANCES
Recognize each person's uniqueness and worth as a human being.
How does it make you feel when someone thinks (or you feel like someone thinks) they're better than you?
Who are some people in your life who are "more than they appear"?
2. RESPECT DIFFERENCES
Diversity in background, culture, ethnicity, etc., allows team members to see opportunities others might overlook.
How can having a diverse team help you to idenfity new ways of doing things? And, in what ways would trying new things help you personally and professionally?
3. SHOW YOUR APPRECIATION
Show kindess because you care about others, not because you want something in return.
How can kindess help build relationships?
How can a culture of unkindness or rudeness impact the atmosphere at work and how you get along with others on your team or in your organization?
The information above was provided by Strata Leadership. Visit the their website to learn more about their development program for businesses used for building teamwork, improving communication and developing leaders.