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Audit Proof Your Tax Return

Posted by Admin Posted on Sept 05 2018

Extended Tax Deadline Information

Posted by Admin Posted on July 25 2018

 

Did our firm file an extension for your 2017 tax returns?  If so here there are important due dates below YOU need to know!  Be sure to check your mail or email for more details!

 

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.

 

 

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

Due Date: September 17th

Cutoff Date to Turn in Info: August 17th

 

 

C Corporation (Form 1120)

Due Date: October 15th

Cutoff Date to Turn in Info: August 17th

 

 

Trusts/Estates (Form 1041)

Due Date: October 1st

Cutoff Date to Turn in Info: September 3rd

 

 

Individuals (Form 1040)

Due Date: October 15th

Cutoff Date to Turn in Information for Prep: September 18th

Find your organizer < here >

 

 

State Sales Tax Changes - Coming Soon?

Posted by Admin Posted on July 02 2018

 

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In its South Dakota v. Wayfair decision, on June 21st the U.S. Supreme court overturned the sales and use tax requirement that had been the standard for decades (since 1967) - That is, remote vendors without a physical presence in a state could not be forced to collect sales tax from in-state customers.  The new decision now allows individual states to collect sales tax from in-state customers.  The decision will affect not only online sellers, but also more traditional remote sellers such as manufacturers seeking to expand their sales beyond their domestic state. 

 

In Wayfair, the Court upheld a South Dakota law that requires remote vendors to collect tax if they have either 200 transactions or sales exceeding $100,000 in the state in a year, regardless of their physical presence in the state.  The Court held that South Dakota's law did not violate the Commerce Clause because the state adopted the Streamlined Sales and Use Tax Agreement, it did not apply the collection responsibility retroactively, and provided relief to small vendors.

 

With physical presence no longer a requirement, the nation is now awaiting guidance.  The Court's historic decision will have a tremendous effect on sales and use tax collection responsibilities for remote vendors.  At least seven states have enacted laws that mirror South Dakota's legislation, and there are at least five more states with pending variety of different sales tax collection laws that do not require physical presence.  A number of bills addressing sales tax issues are currently in review with Congress.

 

Small business in the country may come to a stand-still regarding internet sales activity.  The wide-reaching decision in Wayfair will benefit individual and "brick and motor" stores, but possibly to the detriment of growth.  Concerns for small business are numerous: How does a small business trying to get started comply with over 40 different state rules and 500 local jurisdiction rules when the whole world has moved to internet sales?  Will all 50 states have different thresholds, filing AND payment requirements?  Will the over 500 local jurisdictions charge sales tax too?  Is the 200 transaction/$100,000 sales amount the new threshold or just the threshold in South Dakota?  Does the Streamlined Sales Tax agreement provide clear guidance as the court seems to indicate or is it a suggestion?  While larger online retailers can absorb the additional cost of compliance, the impact on smaller retailers may be devastating.

 

 

We will continue to monitor and keep you posted on state developments regarding the new reporting and payment requirements for sales and use tax.  Like us on Facebook for the latest updates.

 

 

NEW 2018 Child Tax Credit

Posted by Admin Posted on June 13 2018

Nothing is Possible Without Determination

Posted by Admin Posted on June 11 2018

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Hyde & Company’s character trait for reflection during June is DETERMINATION.

 

Grit and grind; Those two words came to mind when we became aware of this month's Character Core trait of the month, Determination.  To achieve anything in life you have to overcome obstacles, and, regardless of how much you plan there will be an obstacle blocking you from completion.  "A goal doesn't become reality through magic; it takes sweat, determination and hard work" - Colin Powell.  This is especially true in our line of work.  We have systems in place and amazing clients who make our processes a breeze, but we still have trials here and there.  So how do we push through?  Having determination in some scenarios isn't easy, which is why we're taking tips (via Character Core).

 

1. SET GOALS

Setting goals is critical in order to know where you are headed and to properly plan how to get there.

When do you set goals?

 

2. GET MOVING

Unless you are actually moving, you won't go anywhere or accomplish anything.

Think of a time when you knew what to do, but had difficulty taking that first step.  What kept you from moving forward?  What motivated you once you began?

 

3. CHANGE TACTICS

Flexibility is essential when circumstances differ from what is expected.

What is the difference between being flexible and holding on to your goals?

Can you think of a time when an organization or person who weathered the storm of change?

 

 

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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.

Are Itemized Deductions Gone?

Posted by Admin Posted on May 09 2018

Why YOUR Business Needs Accounting Services

Posted by Admin Posted on May 07 2018

 

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?

Do you know what 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!

 

 

Availability = Willingness?

Posted by Admin Posted on May 02 2018

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Hyde & Company’s character trait for reflection during April is AVAILABILITY.

 

Think of someone you really trust in life:  What is their best quality?  Most likely they are compassionate, thoughtful, funny...but what really sets them apart?  Our closest friends generally are the ones who are there for us the most - they make it a priority to be available when we need them the most.  As Character Core puts it, "When we are "there" when others need us, we show them that we care about them and for them.  When we are "there" when our employer needs us, we demonstrate that our jobs are important and that we value the opportunity to be a part of the team".  One of the most important traits our clients expect from us is to be "there" when they have an issue.  Whether it's unexpected tax due with the IRS or a compliance issue, we want to ensure to them that we are available and will do everything in our power to settle the situation.  We're not saying we have it all figured out, which is why we will be taking the month of May to improve our availability using the tips below (via Character Core).

 

1. LOOK AROUND

Notice what is going around around you to find the obvious ways to help someone near you.  Being available means you are ready, willing, and able to help others.

Has there been a time when you wished someone would have noticed you needed help?

What are some things you can do to remind yourself to look around to see if you can be of assistance to someone?

 

 

2. FIND A WAY TO HELP

Once you notice a need, find a way to be of assistance - Instead of ignoring a need when you see it, make the effort to approach the person and offer to help.

What are some ways others have helped you that made a difference?

What are some things people have said to you when trying to help that weren't "helpful"?

 

3. SERVE CHEERFULLY

If you are going to serve, do it willingly and whole-heartedly and you will benefit as well.  Make the other person feel good about their interaction with you and you may help solidify your relationship.

Who is someone you know who serves others cheerfully?  What do other people thing about them?

How can your bad attitude make the person you are helping feel badly or uncomfortable?

After someone has helped you, how do you now feel about that person?

 

 

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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.

 

What Risks Are YOU Taking Online?

Posted by Admin Posted on Apr 27 2018

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IDENTITY THEFT

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.

 

Want more info? Click below!

Hyde & Co. Identity Theft Pamphlet

 

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 all mobile operating systems.

 

 

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

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