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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.

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