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What Does It Mean To You?

Posted by Admin Posted on Nov 12 2018

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Hyde & Company’s character trait for reflection during November is RESPECT.

 

The first thing that comes to your mind when you hear the word Respect. Go! .... It's the Aretha Franklin song, right?!  I think most of us begin humming, or, start quietly singing the words to this song in our heads.  But do we really LISTEN to the lyrics?  One one hand, it's an energetic, catchy pop song.  On the other hand, there was a huge political movement on the rise when she released the song in 1967.  The literal interpretation of the song was: the voice of a strong, african american women demanding respect and showing her power during a time when such a person of those traits had very little of it.

We all want respect - so how do we get it?  "When you look at people and consider their worth as human beings, it enourages you to treat them with deceny and dignity" - Character Core magazine.  We all desire dignity, but in order to receive it we must dish it out as well (as the ol' golden rule goes 'treat others the way YOU would like to be treated).  These are all choices we have to make as inviduals or we will never grow together!  Here's more choices we should make to exemply the word RESPECT (via Character Core).

 

1. LOOK BEYOND APPEARANCES

Recognize each person's uniqueness and worth as a human being.

How does it make you feel when someone thinks (or you feel like someone thinks) they're better than you?

Who are some people in your life who are "more than they appear"?

 

2. RESPECT DIFFERENCES

Diversity in background, culture, ethnicity, etc., allows team members to see opportunities others might overlook.

How can having a diverse team help you to idenfity new ways of doing things?  And, in what ways would trying new things help you personally and professionally?

 

3. SHOW YOUR APPRECIATION

Show kindess because you care about others, not because you want something in return.

How can kindess help build relationships?

How can a culture of unkindness or rudeness impact the atmosphere at work and how you get along with others on your team or in your organization?

 

 

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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 Individual Tax Highlights

Posted by Admin Posted on Oct 24 2018

Proving Your Deductions

Posted by Admin Posted on Sept 19 2018

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

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