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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.

 

Please visit the archive for previous articles.

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