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2017 1040 Extensions

Posted by Admin Posted on Mar 28 2018

 

Clients of Hyde & Co. - If we are preparing an extension for your personal returns:

 

1. Click the link below

2. Fill out the information & sign the form

3. Upload using File Exchange on your client portal by April 3rd

 

>>> Extension Info Form <<<

 

 

- Vote! - Reader Rankings 2018

Posted by Admin Posted on Mar 20 2018

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The The Journal Record Reader Rankings are out & we made the list!!! Vote for all your favorite OKC spots - ESPECIALLY Hyde & Co as Best Accounting Firm (#5) 

 

VOTE HERE

 

 

THANK YOU EVERYONE for your support! 

 

 

Audit Proof Your Tax Return

Posted by Admin Posted on Mar 16 2018

5 Great Tax Secrets

Posted by Admin Posted on Mar 08 2018

Decisions & Consequences

Posted by Admin Posted on Mar 08 2018

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Hyde & Company’s character trait for reflection during March is DECISIVENESS.

 

We all come to a point in life, a monumental, life-changing moment, where we have to make a hard decision; sometimes it will be the hardest decision you will make in your life.  On the other hand, some of us have to make hard decisions nearly every single day.  But how do we know if we're making the RIGHT decision?  I don't know that we will ever know the answer to that question.  However, we CAN control how we approach each decision to secure the best possible overall outcome for all parties involved.  Below are some steps to help you along the way.

 

1. PREPARE FOR DECISIONS

Preparation is the foundation for decisiveness.  Choose an option that most closely matches your inner values and you will be happier and less stressed.

What are your core values?

What can happen if you make decisions that go against what you value?

 

 

2. COMMIT YOURSELF

Make sure you are willing to do what is necessary to make your decision work.

Why is it important for others to see that you are committed to your decision before they agree to follow you?

What message does it send to others if you are unwilling to do what is necessary, yet you want them to sacrifice to reach a goal?

 

3. ACT WITH CONVICTION

Make good decisions with confidence and you will inspire others around you.

Who is someone you know who inspires you? What do they do that gives you confidence in them?

How does it make you feel when others trust you to make decisions?

 

 

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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.

 

 

Make a Pledge!

Posted by Admin Posted on Mar 06 2018

 

We see endless potential in building a better future for our community in which we serve.  Through one of our core values of stewardship, Hyde & Co. supports many local and national non-profit organizations.  Through the April 17th tax deadline, we are going to raise awareness for three incredible organizations:

 

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                              Limbs for Life Foundation               YWCA of Oklahoma City                         My Heart's Appeal

 

 

How can YOU be invovled?

Pick one of these organizations and we will write your name on a Pledge Card to be displayed in our lobby area.  Tell us who you choose - Send us a message on Facebook!

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Now obviously...there's no wrong choice!  We just want to make sure ALL of these organizations are shown a great amount of love & support!

 

 

Proving Your Deductions

Posted by Admin Posted on Feb 23 2018

Be True

Posted by Admin Posted on Feb 06 2018

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Hyde & Company’s character trait for reflection during February is HONESTY

 

It is of great value to be known as an honest person - by reputation and by character.  Generally the people we trust the most in our lives are the ones who are also the most honest.  However, the key to being a honest but trustworthy person is to not use it as an excuse to be cruel.  Being honest but also kind and considerate of others' feelings makes you honorable and helps build relationships.  Let's take a look at what we can do to stay more honest and build trust...

 

1. TELL YOURSELF THE TRUTH

If something doesn't feel right, ask yourself why.  When someone points out a blind spot, listen to his or her perspective.

How should you respond when someone corrects you?

 

2. TELL OTHERS THE TRUTH

Honesty builds trust and trust is the currency of relationships.

How can helping someone through a problem strengthen your relationship?

Think about a time when you had to have a difficult conversation.  How did you approach it? How did you feel afterward?

 

3. BE TRUE

An honest and truthful person is loyal to family and friends, keeps commitments, doesn't cheat and takes care of quality issues.

How is "quality control" a part of being honest?

Why is it important to be an honest employee?

If you see yourself as an honest person...dig deep...What are some things you can improve?

 

 

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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.

2017 Tax Business Highlights

Posted by Admin Posted on Jan 31 2018

Tax Cuts & Jobs Act

Posted by Admin Posted on Jan 31 2018

2018 Business Personal Property Returns

Posted by Admin Posted on Jan 18 2018

 

Every year, all business entities are required to file Form 901, Business Personal Property Return, with the county assessor’s office to report tangible assets as they exist on January 1st.  The due date for filing this year’s return is March 15, 2018.  This return CANNOT be extended – Penalties will be applied if not filed by the due date.

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If we prepared Form 901 for you last year, we have uploaded a copy of the 2016 Depreciation Report to your client portal.  Please review this report, then fill out the form that was sent to you and return it to our office no later than Friday, February 16th.  If you are a current client and would like for us to prepare your Business Personal Property Return, contact us ASAP.

 

 

2018 Tax Season Information

Posted by Admin Posted on Jan 09 2018

 

The new tax season is here and we look forward to working with everyone this year!  Below are the due dates for this year's tax season.

 

Where to Send Your Info

The number one target for online data thieves is tax preparation offices.  Stolen data often occurs when information is transmitted via email.  In order to reduce risk & increase data theft protection for you, please upload your files using File Exchange on your client portal at www.hccpas.net/client-login.  When using File Exchange, please be sure to upload all documents within one or two attempts.  Documents uploaded to File Exchange are stored for only 2 weeks to ensure orderliness & reduce clutter.

 

 

S Coporations (Form 1120S) & Partnerships (Form 1065)

Due Date: March 15th

Cutoff Date to Turn in Information for Prep: February 21st

 

 

C Corporation (Form 1120)

Due Date: April 16th

Cutoff Date to Turn in Information for Prep: March 23rd

 

 

Trusts/Estates (Form 1041)

Due Date: April 16th

Cutoff Date to Turn in Information for Prep: March 23rd

 

 

Individuals (Form 1040)

Due Date: April 16th

Cutoff Date to Turn in Information for Prep: March 23rd

Find your organizer < here >

 

 

 

The Glass is Half-Full

Posted by Admin Posted on Jan 02 2018

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Hyde & Company’s character trait for reflection during January is POSITIVITY

 

"New Year, New Me!"...It's a common phrase we hear from friends & family to start off any new year.  But how can we really "recreate" ourselves?  Maintaining a positive attitude can go a long way toward improving your outlook on life, thus, creating a better environment around you.  Being a positive person can be draining, especially when it seems like there are so many bad things happening around us.  This month we are encouraging each other in our office, & everyone else, to strive to be the type of person who looks on the bright side & tries to make the best out of every situation.  Here's to a good 2018!

 

1. LOOKING ON THE BRIGHT SIDE

Recognize & appreciate the good things in life - You can usually find something positive when you intentionally look for it.

Do you know anyone who is a very positive person?  How do you feel when you're around them?

 

2. ENCOURAGE OTHERS

If you have a hard time staying positive about your own situation, try to spread good cheer to others.

Think about someone who has encouraged you.  What did they do and/or say to make your situation better?

What can you do for an "energy draining" person to help them regain a positive outlook?

 

3. MAKE YOUR LIFE COUNT

It's easier to maintain a good attitude when you know your life will count for something - when you know you're making a difference.

What are things that give you meaning in life?  Are you a good worker, sister/brother, parent, etc.?  What are some ways you can make a positive difference in your life & in the lives of others?

Think of someone you know who makes a difference.  What type of attitude do they exhibit when they are serving others?

 

 

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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.

 

2018 Hyde & Co. Calendar

Posted by Admin Posted on Dec 28 2017

 

Download Hyde & Co.'s 2018 Calendar

 

Tax Reform Committee Agreement Highlights

Posted by Admin Posted on Dec 27 2017
 
The new tax bill, which Congress passed last week, represents the most significant changes to the U.S. Tax Code in the past 30 years!
 
We are still digesting the 1000+ pages of the agreement which will affect 2018 income taxes. Each business & individual tax situation is different. If you would like to discuss how the changes will affect you, please call our office to let us know when you would like to meet.
 
Below are highlights from the bill:
 
Individual & Estate/Gift Tax
 
  • New income tax rates & brackets
  • Standard deduction increased
  • Personal exemptions suspended
  • New limitations on excess business loss
  • Alimony deduction by payer/inclusion in income by payee suspended
  • State & local tax deduction
  • Mortgage & home equity indebtedness interest deduction limited
  • Misc itemized deductions suspended (including unreimbursed employee business expenses, investment fees & tax preparation fees
  • No deduction for amount paid for college athletic seating rights
  • Medical expenses deduction threshold temporarily reduced
  • Charitable contribution deduction limitation increased
  • Deduction for personal casualty & theft losses suspended
  • Gambling loss limitation modified
  • Overall limitation on itemized deductions suspended
  • Child tax credit increased
  • Moving expenses deduction suspended
  • Obamacare individual coverage mandate permanently repealed
  • AMT retained, with higher exemption amounts
  • Estate & gift tax retained, with increased exemption amount
Business Tax Changes
 
  • Corporate tax rates reduced
  • Limits on deduction of business interest
  • Like-kind exchange treatment limited
  • 50% deduction for business-related entertainment, amusement, or recreation eliminated
  • Increased Section 179 expensing
  • Temporary 100% cost recovery of qualifying business assets
  • Luxury automobile depreciation limits increased
  • Recovery period for real property shortened
  • AMT repealed
  • Modification of NOL deduction
  • Domestic production activities deduction repealed
  • Dividends-received deduction percentages reduced
  • Rehabilitation credit limited
  • New credit for employer-paid family & medical leave
 
Pass-Through Income
 
  • 20% business income deduction (with limitations based on W-2 wages & capital) for owners in partnerships & S Corporations & for Sole Proprietors; deduction does not apply to professional service businesses

 

 

2017 1099 & W-2 Filing Requirements

Posted by Admin Posted on Dec 14 2017

 

2018 is getting closer & closer - It's time to gather year-end items!  Below we have listed items that we find most important for the time being... If you're a client of Hyde & Co., please review carefully only the items that apply to you.  You should have (or will be) received a packet in the mail to help assist you with this information.  Should you have any questions, don't hesitate to give us a call!

 

Form 1099s

Under the IRS regulations, if any reportable payments were made during the year, Form 1099s must be filed & the 1099 amounts must be reported on the company's business tax return or your Schedule C.  If Hyde & Company is preparing your 2017 1099s, the cutoff date to turn information to our office is January 12.  The filing due date is January 31, 2018.  In order to prepare a 1099, you would need the following information:

  • Vendor Name
  • Vendor SSN/EIN
  • Total amount paid in 2017
  • Mailing Address

 

 

Personal Use of Company Auto (C Corporations & S Corporations Only) - Reported on W-2

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 responsbile for the employee portion of the Social Security and Medicare taxes.  Federal income tax should also be withheld.  Here is the information that needs to be reported:

  • Description of car (make, model, year)
  • Total miles driven in 2017
  • Personal use %

 

 

Health Insurance Premiums Paid by the Company (S Corporations Only) - Reported on W-2

Accident & health insurance premiums paid by an S Corporation on behalf of a greater than 2% shareholder-employee must be included in the sharedholer's taxable income, subject to income tax withholding.  However, the premiums are not subject to Social Security, Medicare & 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.  The following information is needed for W-2 reporting:

  • Full name
  • SSN
  • Amount paid by S Corp in 2017

 

 

Filing requirements for 1099s & W-2s

 

2017 Is Almost Over - Are You Prepared?

Posted by Admin Posted on Dec 07 2017

 

As each year draws to a close, we advise you to revisit your tax management strategies and plan as judiciously as possible for the remainder of the year and, in some cases, for the years ahead.  However, with proposed tax reform legislation making its way through Congress, things are more complicated this time.  The final package, if enacted, will very likely bring changes that could affect both your business (if applicable) and personal tax planning.

 

In anticipation of lower tax rates in 2018, the general guidance for most individuals is to defer income until 2018.  Furthermore, the possibility of many deductions being repealed in 2018 makes it imperative to accelerate those into 2017.  The deductions that are at risk for 2018 include the following:

  • State and Local Income Taxes – because this tax break is likely to be eliminated, mail your 4th quarter estimate due in January by December 31st to claim the deduction in 2017.

 

  • Residential Real Estate Taxes – with a possible $10,000 cap or even a complete repeal, prepay taxes on your home this year.

 

  • Charitable Contributions – a potential increase in standard deductions will de-value or even eliminate the tax benefit, so charge your credit card or mail the checks by December 31st to ensure a write-off on your 2017 return.

 

  • Medical Expenses – in light of a possible repeal, consider paying for elective procedures by December 31st if your 2017 medicals are close to or exceed 10% of your adjusted gross income for the year.

 

  • Unreimbursed Employee Business Expenses – since the deduction is most likely to be removed, consider making payments before December 31st.

 

Additionally, other special situations may affect your tax planning such as the cutback in itemized deductions for upper-income individuals, alternative minimum tax, capital gains, and re-characterization of Roth IRAs.  We can help you decide on the most prudent course of action related to those items. 

 

There is still time to set up an appointment for your personal year-end tax planning!  We recommend a meeting if you have had any major changes during 2017 or are expecting major financial changes in 2017 or 2018, such as retirement and inheritance.  Contact our office at 405-842-0028 or email admin@hccpas.net to schedule your appointment.

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Nancy Hyde, CPA, CVA, CEPA

CEO & President, Hyde & Company CPAs

 

Stop to Help - Listen Carefully - Get Involved

Posted by Admin Posted on Dec 01 2017

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Hyde & Company’s character trait to practice for the month of December is COMPASSION

 

The holidays are considered to be a time of joy, peace, and caring - So it's easy to use the month of December as a time to reflect on how we show compassion towards others.  This month - and moving forward - our firm is actively looking to improve our compassion for our city.  We often think of compassion as a feeling or a desire to help someone in need, when in reality, compassion is taking that feeling and moving it forward into action.  You can always find people that are willing to help...it's those who are willing to take it a step further that show true compassion for others...

 

1. STOP TO HELP

When was the last time that you needed help and someone stopped and helped you (and vice versa)?

Who is someone you know who is always willing to lend a helping hand? What are some of the ways they help others?

2. LISTEN CAREFULLY

Not all problems are obvious, which is why it is important to listen before taking action - Listening shows you care.

What are some questions you can ask to find out how you can help?

When have you taken the time to listen to someone else?

3. GET INVOLVED

Compassion is more than writing a check - It's getting involved personally.

 Why is it important to actually do something once you notice a need?

What are some places around town that could use your help?

 

 

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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.

Why Your Business Needs an Accounting Firm

Posted by Admin Posted on Nov 08 2017

Small-business owners flourish from creating a “do-it-yourself” atmosphere; it’s what drives their entrepreneur spirit.  However, the more you take on, the less you’ll successfully accomplish down the road.  Accurate & effective accounting is the most important area for keeping your company profitable and flourishing.  Professional accountants can help your company move forward and help it throughout its stages of growth.

 

Startup Phase

There are many things to think about when you’re starting out, including creating a business structure, setting up bank accounts, and complying with Government regulations.  You might think it’s too early to hire an accountant during this phase, but the way you set up your operations can impact your future success.  We (accountants) can analyze your business plan and help you determine the business structure that fits you best.  Also throughout this phase, we can assist you with making sound financial decisions so you don’t have to spend more money to correct mistakes later.

In the early years of your small business, income and expenses may be minimal, and it may feel as though there isn’t much work for an accountant to do.  However, certain ongoing affairs still need to be overseen, such as:

  • Ensuring employees & independent contractors are classified correctly
  • Correct processing of payroll and payroll taxes
  • Creating appropriate timelines for sending W2s and 1099 forms

 

 

Audit Requirements

Not every small business is required to conduct an audit, but unless you consult with an accountant on a reoccurring basis you might not know one is needed until it’s too late.  ALL businesses should comply with local Generally Accepted Accounting Principles (GAAP).  Contact our office to ensure your records are compliant.

 

 

Lenders NEED Financial Statements

At some point your small business will need additional funding for expansion, new equipment, etc.  Your selected lender will most likely request an updated financial statement for your company and yourself (as the owner).  By having us prepare your financial statements on a reoccurring basis, you can have these readily available for any lender and can increase your chances of getting approved.

 

 

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Ask Yourself:

Does your business planning match your financial forecast?

Have you read the tax code?

Do you have enough time to take care of all the accounting duties yourself?

Are your accounting entries classified correctly?

What do auditors look for when conducting an audit?

Do you know what needs to be in a financial statement?

Does the employee you have handling accounting for your business know the answers to the questions above?

 

 

If you answered "no" to any of the questions above, you can benefit greatly from our services.  We can provide your business with personal services, superior knowledge and valued integrity.  Contact us today!

 

Seek Understanding, Ask For Advice, Apply What You Learn

Posted by Admin Posted on Nov 01 2017

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Hyde & Company’s character trait to practice for the month of November is WISDOM

 

What's really the difference between knowledge & wisdom? Most people interpret knowledge as information you learn or gain via education & life experiences; Wisdom comes from how we use that knowledge in moments of opportunity. Learning from past experiences & applying what you've learned from those situations can give you the wisdom you need to become successful in life. Do you learn from your mistakes or do you repeat them over & over again? This month our firm is looking to improve our wisdom by practicing these steps:

 

1. SEEK UNDERSTANDING

The more we understand the process of life, the better we can work & live.

What are some cause & effect relationships you see every day?

What is something that occurred in the past that taught you a good lesson?

2. ASK FOR ADVICE

A person who thinks they know everything rarely does, but a wise person realizes the value of good advice.

Who is someone you can ask for advice?

What can you avoid by asking someone you trust for advice?

3. APPLY WHAT YOU LEARN

Wisdom is nonexistent if you never apply what you've learned from past experiences. The real test of wisdom is applying what you learn.

 When did you make a mistake & learn from it? How did making the mistake actually help you later on?

What are some things you have learned over time that have helped you make better choices & decisions?

 

 

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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.

Red Flags for Potential Fraud

Posted by Admin Posted on Oct 30 2017

The most common phrase business owners or managers say after news comes out of an employee committing fraud at their workplace is “How did I not see this coming?”  Dealing with embezzlement is a messy situation.  Although our firm can handle these situations, we never want our clients to experience it.  In other words: We encourage all of our clients to be PROactive, not reactive!

 

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How does fraud occur? Generally, it takes place when an individual with the ability to abscond with assets or manipulate financial statements and go undetected.  Most cannot rationalize taking money from their employer – but believe it or not it DOES exist!  A fraudster creates a justification for the actions they take (not enough pay, someone in their family is sick, etc.).  These things often occur due to inadequate or ineffective internal controls.  The list below is not intended to be looked at as all-encompassing or predictive of fraud, but they are the most common red flags seen during fraud investigations:

 

Employee with Longevity & Increasing Level of Trust

Employee that Does Not Take Vacations

Single Employee in Charge of Several Processes

Lifestyle Exceeding their Rate of Pay

 

Our firm’s goal is to help teach our clients how to spot these “red flags” and worry less about potential fraud.  Adequately functioning internal controls (both preventative and detective) are the best way to prevent fraud.  At the same time, an owner or manager can be mindful of telltale signs.  If someone in your organization exhibits these red flags, contact us today!

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  We can help minimize your company's risk, protect your assets & avoid potential loss related to embezzlement or theft!  Lou Davis, CPA, CFSA, CGMA, Senior Audit Manager of Hyde & Company CPAs, has over 30 years of experience working closely with clients and handling many cases of fraud and embezzlement.  As a consultant and advisor, Lou can assist in making your internal controls more effective while creating new policies and procedures to implement in your workplace.

Character Trait for October

Posted by Admin Posted on Oct 04 2017

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Hyde & Company’s character trait to practice for the month of October is DEPENDABILITY

 

Everyone needs somebody they can depend on - This goes double for business partnerships.  We would all rather work with dependable people than to feel unsure about important matters.  We are forever grateful to our clients that show their faith in our ability to resolve their most important tax, audit, accounting and accounting issues each and every year.  That being said...we are always looking to improve.  Dependability is the most important character trait we must possess, so we hold it to the highest standard.  This month we will be looking to do just that by highlighting these points:

 

1. BE CAREFUL WHAT YOU PROMISE

Recognize each situation as unique & recognize the seriousness of giving your word.

Why is it important to be honest about what you can deliver & when?

What are some questions you can ask to clarify the expectations others have of your task?

2. GET IT DONE

Break down each task...Don't procrastinate...Finish the Job.

Recognize the value of being a person who keeps his or her word & what the impact could mean in a "bigger picture" situation.

3. COMMUNICATE

When it looks like you might miss a deadline or not keep a promise, address & communicate the issue to all involved parties ASAP.

 Why is it important to let others know when you can't make the deadline?

Why is it important to be a person that others can trust?

 

 

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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.

SERVICE SPOTLIGHT: Internal Audit

Posted by Admin Posted on Sept 25 2017

 

Internal Audit Expertise

In order to cover the many risks facing companies today, Hyde & Company CPAs offers a vast array of services structured to provide outsourced internal audits.  To assist you in managing these risks, we have developed practical, risk-focused programs targeting your specific internal audit needs.

We employ the use of "subject matter experts" - designated individuals performing in their specific field of expertise - to provide you with a wide range of skills and industry experience for a customized audit approach.

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Our proprietary risk-based assessment audit model, customized audit approach and experienced staff work in synergy to design an effective and customized audit program to suit your needs. 

 

Turn-Key Solutions

Hyde & Company has developed a unique turn-key, outsourced internal audit process that is inclusive of its proprietary:

  • Audit sample selection methodology
  • Audit programs for various areas
  • Audit reporting & rating methodology
  • Audit risk assessment methodology
  • Audit engagement process

 

Full-Range Services

As Hyde & Company is structured to provide outsourced internal audit services to your company, we are able to dedicate our resources to constantly evolve our audit process to keep up with the risks facing your company today AND tomorrow.  Our cutting-edge methodology & dedicated staff enable us to provide a full range of audit activities applicable to all facets of your business, including:

  • Strategic Planning
  • Financial Reporting
  • Risk Management
  • Internal Controls
  • Tax Planning
  • Succession Planning

 

 

We understand that outsourcing your internal audit needs is a difficult step for many companies.  Our service offers flexibility & control to ensure compatibility with your goals, professionals that will assist in strengthening your systems, & the same commitment accorded to the most important of clients.

To learn more, contact Lou Davis, Senior Audit & Accounting Manager at Hyde & Company CPAs.

Character Trait for September

Posted by Admin Posted on Sept 05 2017

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Hyde & Company’s character trait to practice for the month of September is RESILIENCE

 

Everyone comes across setbacks in life.  They come in all forms, just as we do.  How we respond those obstacles is what defines us.  Some of us may not necessarily overcome certain situations, but what develops character is whether or not you get up, dust yourself off, and start again.  "I am not what happened to me, I am what I chose to become." -Carl Gustav Jung.  This month, we acknowledge our challenges & meditate on the steps to becoming more resilient.  Join us:

 

1. ACKNOWLEDGE YOUR SITUATION

It's important to step back, acknowledge what is happening & how you feel about it.  By identifying the obstacle, you can learn how to overcome it.

Think about a time you were knocked down in life.  How did you handle it?

Is there, or was there, someone in your life who was there for you & helped you deal with challenges?

2. MAKE A NEW PLAN

If your current efforts aren't working, reevaluate.

Why can making a new plan be difficult to do?

Think of someone who is good at handling change.  Do you like being around them?  Why or why not?

Who is someone you can ask to help you gain a new perspective?

3. PICK YOURSELF UP & TRY AGAIN

Everyone gets knocked down from time to time.  But, it is critical to pick yourself up & try again - with a new approach.

Do you know someone who never recovered once life knocked them down?  Would a different approach have helped?

When have you felt like giving up vs. tackling the problem again?

 

 

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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.

15 Years in Business

Posted by Admin Posted on Aug 31 2017

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August 2017 marked Hyde & Company CPAs' 15th year in existence.  We've had people come & go, but our spirit & mission never changed. Throughout the month we've been taking a look back at some of our favorite memories via our Facebook page.  Here's what we found!

 

Ground Breaking & Construction for Suite 200 (circa 2007)

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Community Involvement

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Christmas with Infant Crisis (2009)

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NAMI Walk 2010

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Habitat for Humanity (2010)

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'Peace Through Business' through IEEW (2010)

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'Bedlam for Babies' for Infant Crisis Services (2015)

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'Wear Red Day' for Go Red for Women (2016)

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Suited for Success donation drive (2017)

 

Parties

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Extended 2016 Tax Deadlines for Personal Tax Returns

Posted by Admin Posted on Aug 22 2017

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Extended Tax Date & Cutoff Deadline

If our firm filed an extension for your personal (Form 1040) 2016 tax return...Monday, October 16 is the deadline to file.  We must receive all of your tax information no later than Wednesday, September 20 so we can verify that we have everything we need to complete your tax returns by the due date.  If you do not provide us your information by this date we cannot guarantee your returns will be filed by the Oct. 16 due date.

 

 

Information Needed

Please drop off information at our office or upload using File Exchange through your secure online client portal.

Check out our illustrated videos, which can give you insight during this tax season.  Remember to 'LIKE' our Facebook page to always stay informed on what you need-to-know!

 

OTC Amnesty Program

Posted by Admin Posted on Aug 10 2017

 

Are you behind on your Oklahoma income taxes?

Forget to pay use tax on equipment acquired from an out-of-state vendor?

Do you have other tax compliance issues?

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Now is the time to act!  The Oklahoma Tax Commission (OTC) is offering an amnesty program from September 1, 2017 through November 30, 2017 which could administer a waiver of penalties, interest, and other collection fees for taxpayers who voluntarily file delinquent tax returns.  All you need to do is pay the taxes due or setup a payment plan with the OTC during the initiative.

 

Eligible Taxes

  • Corporate & personal income tax for tax periods prior to January 1, 2016
  • Sales & use tax
  • Withholding tax
  • Gross production & petroleum excise tax
  • Gasoline & diesel tax
  • Mixed beverage tax

 

 

Lookback Period

  • Taxes assessed is limited to 3 taxable years for annually filed taxes, or, 36 months for those that are not filed annually

 

 

Eligibility Requirements

  • No outstanding tax liabilies other than those reported under the initiative
  • Not have been contacted by the OTC regarding a potential or actual obligation to file a return or make a payment
  • Not have entered into a voluntary disclosure agreement for the same type of tax within the last 3 years

 

 

Consequences of Non-Compliance

  • Denial to register, renew, or verify your state professional license
  • Tax lien on your home & garnishment of your pay in the future (OTC has 9 years from assessment to file a lien & can renew that lien twice for 10 years each, for a total of 29 years)
  • Penalties & interest

 

 

Acceptable Payment Plan: 6-Month Installments

 

 

If you are a client of Hyde & Company, contact us today to take advantage of this limited opportunity!

 

 

Character Trait for August

Posted by Admin Posted on Aug 02 2017

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Hyde & Company’s character trait to follow for the month of August is PUNCTUALITY

 

Punctuality. The word creates a visual in our heads. That could be a character trait or maybe someone specific. It could be an image of someone sitting up straight, showing up on time, and being enthusiastic about whatever is happening in the moment. Growing up it seemed like the kid who possessed these characteristics was always the "teacher's pet" when, in fact, that was the kid who got it before anyone else. Being punctual isn't about brown-nosing, it's about being respectful towards others and doing the right thing at the right time. At Hyde & Company, we are constantly practicing our punctuality to ensure we stay atop of deadlines. Our punctuality as a firm is crucial in anticipating our clients' needs and to help them grow financially. This month we are working on becoming more punctual as well as instilling it to others using these helpful tips:

 

1. KNOW YOUR SCHEDULE

Create a schedule without over-committing yourself to avoid the chance of being late to something.

How do you keep track of your daily schedule? How is it working for you?

How do you politely refuse someone's request or invitation?

2. KEEP TRACK OF TIME

Don't get so caught up that you forget about other commitments - Set reminders/alarms to help you remember the time.

What do you use to keep track of time/remind yourself of appointments?

Ask a friend or colleague some tools or "tricks" they use to keep track of time. 

3. PLAN FOR DELAYS

Plan a little "cushion" in your schedule, budget, and life to handle setbacks.

Think about your day-to-day schedule. Where are some potential areas you could add some "cushion"?

How do you feel when you have time to spare?

 

 

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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.

 

 

Extended Tax Deadlines for Companies & Trusts/Estates

Posted by Admin Posted on July 24 2017

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Extended Tax Date & Cutoff Deadline

If our firm filed an extension for your company and/or trust/estate 2016 tax returns, Friday, September 15 is the deadline to file.  We must receive all of your tax information no later than Tuesday, August 15 so we can verify that we have everything we need to complete your tax returns by the due date.  If you do not provide us your information by this date we cannot guarantee your returns will be filed by the Sep. 15 due date.

 

 

Information Needed

Please drop off information at our office or upload using File Exchange through your secure online client portal.

Trust/Estate Info Needed

Business Info Needed

 

*For shareholders/beneficiaries, individual 1040 tax returns cannot be filed until a K-1 has been distributed from the company/trust tax return*

 

 

Be a Team Player!

Posted by Admin Posted on July 12 2017

What does it mean to be a team?  When hearing the word ‘team’ most people automatically think of a group of players forming one side in a competitive game or sport.  All teams have one thing in common: people coming together to achieve a common goal.  Our natural instinct as fans is to act like we’re a part of a team.  We need to get better on defense!”  “’We are going all the way this year!”  Although WE aren’t physically playing on a field or a court, this doesn’t change the fact that we pour ourselves into the teams we love.  We invest our time, money, and emotions into supporting them.  Teams on the field don’t exist without their supporting team off of it.  THAT’s what it means to be a team!

 

Young athletes in our area need our support now more than ever.  The fact is this: there are hundreds if not thousands of children in Oklahoma alone that want to be a part of a team but can’t.  They can’t because they can’t afford the proper sport shoes, uniforms or equipment.  They can’t receive that morale boost that you can only get from team.  With our support, we can change can't to can.

 

Hyde & Company wants to help and we need you!  This summer we are partnering with Oklahoma Cleats for Kids, a not-for-profit organization involved in giving sports shoes and equipment to children in the community as well as engaging kids to give back to their community in sports related community service.  In order to achieve this mission, Cleats for Kids relies solely on contributions from people within the community.

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From July 17 through August 31, 2017, we are hosting a drive where we will be collecting sports equipment such as shoes/cleats, clothes, gloves, helmets, etc.  Show your support and Be a Team Player!

 

Drop off hours are Monday through Friday, 8am to 5pm.  We are located at 7100 N. Classen Blvd., Suite 200, Oklahoma City, OK 73116.

 

Visit www.okc4k.org to learn more about Oklahoma Cleats for Kids and how they impact our community!

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Follow us on FacebookTwitter and Linkedin for details throughout our campaign.

>>>>>Get your Oklahoma Cleats for Kids campaign flyer <<<<<

 

Character Trait for July

Posted by Admin Posted on July 05 2017

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Hyde & Company’s character trait to follow for the month of July is COURAGE

 

Being courageous goes deeper than the obvious.  Those serving our country, our communities, fighting for our freedom - those are your obvious heroes.  They make difficult decisions and/or lay their lives on the line for the benefit of others.  But courage doesn't begin & end with those in the public spotlight.  Courage is simply overcoming a personal battle or tackling an obstacle, taking on harmful feedback, & coming out on top.  Resolving tax matters for our clients doesn't always result "good news".  In fact, we are often put in a position to deliver not-so-pretty outcomes. But, that's why we're here: to put our clients in a position where they can courageously tackle their issues head-on.  Obstacles come your way just about every day...How can you be more courageous?

 

1. CLARIFY WHAT'S IMPORTANT

To overcome fear, determine what you feel is important & worth taking the risk to accomplish

What are some situations that frighten you or cause you concern?

What are some things you feel are important - that you are willing to take a risk to protect?

2. EXPECT RESISTANCE

Courage happens when you take a risk.  Risks generally come with negative feedback.  Prepare yourself emotionally to meet challenges.

Have you ever had to stand up to someone? What did you do & how did it feel afterwards?

Think about a time when you had to share difficult feedback with someone.  How did you approach them?  What would you have done differently?

3. FOLLOW THROUGH

The easy thing to do is give up when things become difficult or frustrating.  Keep up your effort, the results will be refreshing.

How do you motivate yourself to keep going even when it was difficult?

Think of someone who is courageous.  How do they handle adversity or challenging situations?

 

 

 

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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.

 

How Long Should I Save It?

Posted by Admin Posted on June 30 2017
 

OK Franchise Tax - What YOU Need to Know

Posted by Admin Posted on June 22 2017

It's that time of year again!  During the month of July, we will be preparing Oklahoma Annual Franchise Tax Returns for the period July 1, 2017 through June 30, 2018.  Does your company need to file?  Read below to find out!

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Frequently Asked Questions

 

Who files & pays franchise tax?

All regular corporations and subchapter S-Corporations are required to file Form 200, Oklahoma Annual Franchise Tax Return, & pay franchise tax.  Not-for-profit & partnerships (LLC's) are not subject to franchise tax.  Foreign not-for-profit corporations, however, are still required to pay the $100.00 registered agent fee. LLCs are statutorily exempt from franchise tax.

 

How is franchise tax calculated?

The franchise tax is calculated at the rate of $1.25 for each $1,000.00 of capital employed in or apportioned to Oklahoma.  Only those corporations with capital of $201,000.00 or more are required to remit the franchise tax.  The maximum amount of franchise tax that a corporation may pay is $20,000.00.  When a corporation’s franchise tax liability is zero, the corporation must still file an annual franchise tax return.  If a foreign corporation (one domiciled outside Oklahoma) has no franchise tax due, it is still liable for the $100.00 registered agent fee.

A corporation filing its franchise tax return on July 1, 2017 shall use the corporation’s 2016 income tax year balance sheet in preparing the return, regardless of whether the corporation is a calendar-year or a fiscal-year filer.  A corporation that elects to use its income tax return due date for payment and filing of the corporation’s franchise tax return shall use the corporation’s 2016 income tax year balance sheet in preparing the return.

 

When is it due?

Oklahoma franchise tax is due & payable each year on July 1 (or by September 15 without penalties).

 

When do franchise returns become delinquent?

The return is delinquent if the corporation files & pays the tax after September 15 of each year.

 

What are the penalties for paying the tax late?

If a corporation has a franchise tax liability & does not remit the tax by September 15, the Oklahoma Tax Commission assesses a penalty of 10% of the tax due along with interest accruing at the rate of 1.25% per month.

 

Character Trait for June

Posted by Admin Posted on June 02 2017

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Hyde & Company’s character trait to follow for the month of June is FLEXIBILITY

 

Change is inevitable.  Now, more than ever, change is also constant.  Improving technology and ever-changing tax laws initiate the need to adapt and make our environment relevant and effective.  At Hyde & Co., we understand the needs of our clients vary due to distinct demographic characteristics, which is why one of the most important traits we must inhabit is the ability to be flexible.  By no means do we have things figured out 100%, which is why we are working this month to become more flexible by following the tips and asking ourselves the questions below (join us!).

 

1. ANTICIPATE CHANGE

If you are able to mentally prepare yourself for the possibility of change, you will have a better chance to respond positively.

Why does expecting change help you prepare for it?

What is one of the most challenging changes you had to deal with lately? What did you do?

2. ROLL WITH THE PUNCHES

You're not going to anticipate every change, which is why your ability to remain effective depends on your ability to get back up when you've been knocked down.

When was a time when life knocked you down and you had to get back up and keep going? How did you feel after you were able to make it through?

Think of someone who has helped you deal with change.  What did they do that helped you?

3. RECOVER AND REBUILD

Maintain a good attitude through the process and willingly tackle your new challenges and you will grow.

How can rebuilding after change help you find new and better ways of doing things.

How can flexibility help you be happier when you leave work and return home?

 

 

 

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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.

 

Online Security & Identity Theft Risks

Posted by Admin Posted on May 30 2017

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IDENTITY THEFT: NOT WORTH THE RISK

Hyde & Company’s primary goal is keeping your information confidential, by any means necessary.  There have been numerous situations where clients have become victims of Identity Theft and the process to resolve the issue is a grueling one. The IRS has determined that one of the prime targets of data theft is tax preparation companies.  Many identity theft incidents occur when sensitive material is transmitted through non-secure networks, such as regular email or even surface mail. This threat to our clients has brought about how sensitive material should be sent to us, and, vice versa.

*Related material: Hyde & Co.’s  “Identity Theft: What to Know, What to Do”

 

SAFE & SECURE

Given the ever-changing security risks that must be considered when transacting business online (or through email), Hyde & Company CPAs understands your concerns about data security and safety.  Because you’ve chosen our services, you can be assured that your data is being stored in a secure network.  Every precaution is taken to guarantee the safety of your data, including multiple levels of security, built-in safeguards to prevent attacks and ID spoofing, and continuous education for our staff on the confidential nature of your information and need for privacy.

Upon receiving your information, Hyde & Company CPAs takes all measures necessary to safeguard your data.  However, the transfer of data from you - our client - to us is where risk most often occurs.  File Exchange is the best tool to send us your documents securely (see features below).

 

For years Hyde & Company CPAs has provided a secure online portal for all of our clients to utilize that allows us to exchange documents with one another.  This client portal is accessable 24/7 through our website (http://www.hccpas.net/client-login). In order to reduce risk and increase protectection from data theft, we strongly urge all of our clients to utilize their portals as it is the best way to protect yourselves and reduce risk of theft.

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CLIENT PORTAL FEATURES

Once your portal has been setup, you can download documents, pay invoices, or upload files within a secured, password-protected online infrastructure.

 

  • File Exchange: The perfect tool that allows you to send your documents or QuickBooks files to us securely, with ease.  Our staff uses File Exchange in order obtain necessary signatures from our clients for certain confidential documents.

 

  • Online Invoice Payments: Need to pay your invoice to us with a credit card? Just logon, click My Invoices, select which invoice(s) to pay and the rest is simple!

 

  • Document Presentation: Get copies of your tax returns, financial statements, payroll reports or any other files from our firm – no need to hunt for your paper copy! If you have more than one account with Hyde & Company, your documents are sorted as such into separate folders.

 

  • NetClient CS Mobile APP: The FREE client portal app allows you to access files or pay invoices from your smartphone or tablet. Available for iPhones and Android devices.

 

 

Taxes - Late Filing, Penalties & IRS Notices

Posted by Admin Posted on May 18 2017

Late Filing & Paying Penalties

April 18 was the deadline for filing 2016 individual tax returns.  This means, any taxpayer who owed tax and did not pay them by April 18 will most likely owe interest and penalties on the tax they owe until it is paid in full.  The same rule applies to those who filed a 6-month extension - if you owed tax for 2016 you are acquiring interest and penalties until you file your returns.

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Don't dig yourself into a deeper hole!  Keep interest and penalties low by filing your tax returns and pay any taxes owed ASAP!  The IRS will assess the extra fees after the 15th of each month.  Here is a link on the IRS' website outlining important facts about filing late and paying penalties: 

 

What If I Can't Pay What I Owe?

If you cannot pay the taxes you owe by the time you are ready to file your 2016 returns, no need to worry.  Under most circumstances, the IRS will allow you to apply for an installment agreement which grants you the opportunity to pay your balance in monthly installments.  This, however, does not dismiss any interest and penalties you may accrue until your entire balance is paid.

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Our suggestion:  If you do NOT pay your 2016 taxes owed but DO file your returns, wait for the IRS to send you a notice in the mail.  This way it will confirm (1) the balance owed for your taxes and (2) that the IRS has fully processed your return.  When you receive said notice, we can assist in setting up your installment agreement with the IRS!  All we need is a copy of the notice you received and a signed Power of Attorney.  Or if your prefer, you may set up an agreement online.

 

Clients: Avoid further tax penalties...NOW is the time to file your 2016 tax returns! Send us your tax documents to get your returns prepared today!  Drop them off or upload using your client portal.

 

Like our Facebook to stay on top of the latest news regarding your taxes, deadlines, plus much more.

 

VOTE! - Reader Rankings 2017

Posted by Admin Posted on May 09 2017

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The 2017 Journal Record Reader Rankings are in and we made this list!  We are honored to have been nominated!  Now it's time to select us as the Best Accounting Firm (category 6) in Oklahoma.  Also, please take time to select your favorite local businesses in the other categories!

 

VOTE NOW!

 

Character Trait for May

Posted by Admin Posted on May 02 2017

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Hyde & Company’s character trait to follow for the month of May is ALERTNESS

 

We as accountants make a living by staying alert at all times.  By being alert we are able to solve issues before they become a major problem for our clients and our firm.  That being said, we are human and miss some things here and there, just as anyone else.  That's why this month we will be working to improve our alertness as a firm by committing to the points below.  We hope you do the same to improve your workplace and everyday life!

 

1. KEEP YOUR EYES OPEN

Alert individuals always know what's going on around them.

What opportunities do you have, in your job, to be alert?

How can being alert save people from getting hurt, preventing issues with quality control, and save the company money?

2. ACT IMMEDIATELY

Taking care of the things you notice will help those around you.  Being considerate of others is one part of the equation, but it is important to act.

When you have noticed something that needed attention, what did you do?

What can happen if you do not take action once you notice something?

3. ANALYZE THE RESULTS

How does an alert worker help the business and the bottom line?

You can gain valuable insight into success by learning from your failures - this helps response time to future situations.

 

 

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Visit the Strata Leadership website to learn more about their development program for businesses used for building teamwork, improving communication and developing leaders.

Suited For Success - Charity Drive Recap

Posted by Admin Posted on Apr 05 2017

We asked and YOU responded! We had a terrific response in our invitation for involvement with our charity drive this season. Suited for Success relies soley on contributions from people with the commmunity and we had numerous people turnout to show that they care! Because of your generosity, we were able to give professional clothing to those who need them - those clothes valued nearly $30,000 total! 

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Our drive began in early February.  We had such a great response, we had to make more than one dropoff in our month-and-a-half campaign!

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Pictured above: Angela Parker, Client Services at Hyde & Company, and Susan Walton, Executive Director of Suited For Success

 

In addition, we also issued a challenge to our clients in March: For every 'Like' our Facebook page received during our charity drive our firm would donate money to Suited For Success. Challenge accepted! We had so many people like our page that we were able to donate $500!

We cannot thank everyone enough for your involvement in this charity drive and for supporting the cause of Suited For Success. They are truly a great organization and we look forward to working with them again in the future!

Find out more about Suited For Success and how you can donate.

 

Character Trait for April

Posted by Admin Posted on Apr 04 2017

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Hyde & Company’s character trait to follow for the month of April is HUMILITY

 

We live in a selfish world. It seems harsh to think that way, but we all have selfish tendencies.  Most are taught to look out for ourselves because no one else will. Sure, effort on our part contributes to our individual success, but the support and encouragement from others is important to understanding our full potential. 

 

1. SHARE THE CREDIT

A humble person recognizes how others have contributed to his or her success.

Think of two people who have made a significant investment in your life. What did they sacrifice on your behalf?

2. ASK FOR HELP

Be teachable, especially when advice comes as criticism.

How can your talents contribute to a team?

How can you improve or get help in your areas of weakness?

3. SERVE OTHERS

You can gain more support and develop better relationships by serving others every once in a while.

Think of a leader you highly respect. How did that person show "servant-leadership"?

How can you apply "servant leadership" in your life?

 

 

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Visit the Strata Leadership website to learn more about their development program for businesses used for building teamwork, improving communication and developing leaders.

 

Extensions for Personal Tax Returns (1040)

Posted by Admin Posted on Mar 27 2017

Time is growing shorter and there are only a few weeks left until the April 18th tax deadline!  If we did not receive your 2016 tax records to prepare your tax return as of March 24th we must file an extension of time to file.

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In order to prepare your extension properly, please fill out the information (as applicable) on THIS FORM and return to our office no later than Tuesday, April 4th.  If you have predetermined an amount you would like to send with your extension, you may enclose a check with this form when sending to us.  Also please send us your signed engagement letter if you have not already done so.  We can provide you with another copy upon request.

 

Please contact us if you have any questions!

 

Character Trait for March

Posted by Admin Posted on Mar 01 2017

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Hyde & Company’s character trait to follow for the month of March is ENTHUSIASM

 

What makes you happy? Is it your work, hobbies, family? Becoming interested and supportive of something you or others are doing is a decision - Enthusiasm is a decision. We work as a team at Hyde & Company and being enthusiastic about our performance brings out the best in all of us. It's difficult to be enthusiastic all the time, but, follow the keys below and you may become closer to achieving it.

 

1. FIND YOUR PURPOSE

Once you understand your contribution and overall goal, you will gain a bigger perspective on your work.

What is your purpose at your job, and, what do you contribute to the overall goal at work?

What is your purpose in life?

2. DO YOUR BEST

Focus your energy on each project, paying attention to each detail so that you can look back with satisfaction when you finish.

What are some ways you can do your best on your job?

When you haven't done your best - you have rushed a project or not done your best work - how did you feel about it later?

3. ENERGIZE OTHERS

Make sure your words and actions inspire others instead of drain them - Your workplace will become a more pleasant place to be.

What are some ways you can make your workplace better?

 

 

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Visit the Strata Leadership website to learn more about their development program for businesses used for building teamwork, improving communication and developing leaders.

 

 

 

2016 Depreciation Updates

Posted by Admin Posted on Feb 16 2017

 

Depreciation: A reduction in the value of an asset with the passage of time, due in particular to wear & tear.

 

 

Accelerated Deductions

  • Section 179 is $500,000 for new & used qualifying assets in the 3-,5-,7-, and 10-year-life categories
  • 50% bonus depreciation is allowed for all new 3-,5-,7-,10-,15-, and 20-year property

 

Software

  • Software purchased with equipment is treated as part of the cost of the equipment
  • Leased software & software with a one-year life may be deducted when purchased
  • Other purchased off-the-shelf software has a 3-year straight-line life & qualifies for Section 179

 

Qualified Improvement, Leasehold & Retail Property

(excludes expenditures attributable to elavators & escaltors, enlargements, & internal structures)

Qualified Improvement Property & Qualified Leasehold Property

  • Any improvement to an interior portion of a building which is nonresidential real property if such improvement is place in service after 12/31/15 & after the date the building was first placed in service

 

Qualified Retail Property

  • Any improvemetn to an interior portion of a building which is nonresidential real property if such portion is open to the general public & is used in the retail trade or business of selling tangible personal property to the general public

 

 

Depreciation Quick Reference (by property type)

  Qualified Improvement Property Qualified Leasehold Property Qualified Retail Property
Buidling at least 3 years old? No Yes Yes
New construction qualifies? No No No
Written lease required? No Yes No
Related-Party limitations? No Yes No
MACRS 39 years 15 years 15 years
Qualifies for bonus depreciation Yes Yes Yes
Qualifies for Section 179 expense deduction? No Yes Yes

 

 

 

 

 

 

Suited For Success Charity Drive

Posted by Admin Posted on Feb 07 2017

Hyde & Company CPAs has always been invested in supporting the community through involvement with various charities.  This season, we have decided to partner with Suited For Success of Oklahoma City, a charity organization that provides professional clothing and career services to economically disadvantaged women.  In order to achieve this mission, Suited for Success relies soley on contributions from people within the community.

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From February 7 through March 31, we will be hosting a clothing drive where we will be collecting items indicated below.  Help support Suited For Success and the women in our community by donating new or gently worn classic/conservative professional wear:

  • Suits
  • Dresses
  • Pantsuits
  • Blouses
  • Skirts
  • Pants
  • Shoes
  • Purses
  • Briefcases
  • Jewelry
  • Scarves

 

Drop off hours are Monday through Friday, 8am to 5pm.  We are located at 7100 N. Classen Blvd., Suite 200, Oklahoma City, OK 73116

Be sure to follow us on Facebook, Twitter and Linkedin for details throughout the campaign.

 

 

 

 

 

Character Trait for February

Posted by Admin Posted on Feb 01 2017

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Hyde & Company’s character trait to follow for the month of February is TOLERANCE

 

A lot of change is happening around the world, espcially right here in America. It seems like today's world is becoming more & more intolerant, despite efforts of encouragement & acceptance of others. Sharing perspectives, showing respect towards others, & demonstrating a culture of tolerance is just what our society needs. Here are some things to consider...

 

1. TRY TO UNDERSTAND

A tolerant person finds a way to reach common ground, regardless of social, physical, and cultural differences.

How do you feel when others try to understand you instead of jumping to conclusions?

How can people with diverse backgrounds unite around a common goal?

2. GIVE ROOM TO GROW

People will not grow unless they try their ideas & learn from their mistakes.

When did someone give YOU room to learn from your mistakes, and how has that benefited you?

How can different generations learn from one another?

3. UPHOLD THE STANDARD

Tolerance is not an excuse for ignoring problems or blaming others. When conflicts arise, go to those involved to resolve the issue quickly.

In what areas do you have greater tolerance or leeway to do things differently at work? In what areas is there little or no tolerance?

If you decide to decide to confront someone, how can you do it with a humble & gracious attitude?

 

 

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Visit the Strata Leadership website to learn more about their development program for businesses used for building teamwork, improving communication and developing leaders.

 

 

 

 

 

2017 Business Property Returns

Posted by Admin Posted on Jan 18 2017

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Every year, all busines entities are required to file Form 901 (Business Personal Property Return) with a county assessor's office to report tangible assets for the year.  The due date for filing this year's return is March 15, 2017. 

Click here to review a list of information that is typically needed to prepare this return.

 

 

 

Online Security: What Risks Are You Taking?

Posted by Admin Posted on Jan 16 2017

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IDENTITY THEFT: NOT WORTH THE RISK

Hyde & Company’s primary goal is keeping your information confidential, by any means necessary.  There have been numerous situations where clients have become victims of Identity Theft and the process to resolve the issue is a grueling one. The IRS has determined that one of the prime targets of data theft is tax preparation companies.  Many identity theft incidents occur when sensitive material is transmitted through non-secure networks, such as regular email or even surface mail. This threat to our clients has brought about how sensitive material should be sent to us, and, vice versa.

*Related material: Hyde & Co.’s  “Identity Theft: What to Know, What to Do”

 

SAFE & SECURE

Given the ever-changing security risks that must be considered when transacting business online (or through email), Hyde & Company CPAs understands your concerns about data security and safety.  Because you’ve chosen our services, you can be assured that your data is being stored in a secure network.  Every precaution is taken to guarantee the safety of your data, including multiple levels of security, built-in safeguards to prevent attacks and ID spoofing, and continuous education for our staff on the confidential nature of your information and need for privacy.

Upon receiving your information, Hyde & Company CPAs takes all measures necessary to safeguard your data.  However, the transfer of data from you - our client - to us is where risk most often occurs.  File Exchange is the best tool to send us your documents securely (see features below).

 

For years Hyde & Company CPAs has provided a secure online portal for all of our clients to utilize that allows us to exchange documents with one another.  This client portal is accessable 24/7 through our website (http://www.hccpas.net/client-login). In order to reduce risk and increase protectection from data theft, we strongly urge all of our clients to utilize their portals as it is the best way to protect yourselves and reduce risk of theft.

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CLIENT PORTAL FEATURES

Once your portal has been setup, you can download documents, pay invoices, or upload files within a secured, password-protected online infrastructure.

 

  • File Exchange: The perfect tool that allows you to send your documents or QuickBooks files to us securely, with ease.  Our staff uses File Exchange in order obtain necessary signatures from our clients for certain confidential documents.

 

  • Online Invoice Payments: Need to pay your invoice to us with a credit card? Just logon, click My Invoices, select which invoice(s) to pay and the rest is simple!

 

  • Document Presentation: Get copies of your tax returns, financial statements, payroll reports or any other files from our firm – no need to hunt for your paper copy! If you have more than one account with Hyde & Company, your documents are sorted as such into separate folders.

 

  • NetClient CS Mobile APP: The FREE client portal app allows you to access files or pay invoices from your smartphone or tablet. Available for iPhones and Android devices.

 

 

If you ever need any assistance using your Client Portal, contact our admin department anytime.  We can help!

 
 

 
 

This blog site is intended for educational purposes directed towards our clients and provides general information about tax, accounting and business related topics.  It is not intended to provide professional advice.  We are not investment advisors. Accordingly, we suggest that you seek the advice of qualified investment advisors appropriate to each investment being considered. By using this blog site, you understand that there is no CPA/client relationship between you and Hyde & Company CPAs, P.C. or its employees.  The blog and website, including all contents posted by the author(s), should not be used as a substitute for competent counsel from a qualified advisor in your state.  Hyde & Company CPAs, P.C. posts are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes.  Tax rules are frequently changed, added, amended, and/or left to expire – always check with your CPA or accountant regarding the most current tax rules and how they apply to your specific tax issue