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The Journal Record 2019 Reader Rankings

Posted by Admin Posted on Mar 29 2019

 

We've been nominated for 2019 Best Accounting Firm in Oklahoma City!  Help us out by voting for us today (voting ends April 12th).

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Web Organizers & Uploading Files

Posted by Admin Posted on Feb 08 2019

Are you using your client portal this tax season? Here's a few things you should know:

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It's easy to access right on your client portal homepage. Once you have completed filling out your organizer, just click 'Submit to Preparer'. Our office will then get a notification and start working on your returns! You can upload tax documents as you fill out your organizer, but there is a catch...

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If you upload documents but don't click 'Submit to Preparer' we won't know that you did it! If you are not filling out a web organizer, we recommend you upload all documents via File Exchange (see below). That way, we'll know when you've uploaded a file for us to see!

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If you have any questions for us don't hesitate to give us a call! And remember to follow us on social media for all of the latest updates from our firm.

The IRS Loves Businesses

Posted by Admin Posted on Jan 18 2019

Tax Season Update

Posted by Admin Posted on Jan 16 2019

 

2018 Tax Packets are out!  Here's a brief recap of deadlines for the Spring:

 

Friday, Jan 18

Turn in info to prepare 2018 1099's

 

Thursday, Jan 31

2018 4th quarter payroll reports filing deadline

2018 W-2's filing deadline

2018 1099's filing deadline

 

Thursday, Feb 21

Turn in info to prepare business returns (Form 1065 and 1120S) by 3/15/19

 

Friday, Feb 22

Turn in info to prepare Personal Property Tax Returns (Form 901)

 

Friday, March 15

FYE 12/31/18 business tax returns filing deadline (Form 1065 and 1120S); Or 6-month extension

2019 Personal Property Tax Returns filing deadline (Form 901 County Assessor Report)

 

Friday, March 22

Turn in info to prepare 2018 individual tax return (Form 1040) by 4/15/19

Turn in info to prepare FYE 12/31/18 C-Corp tax returns (Form 1120) by 4/15/19

Turn in info to prepare 2018 trust/estate tax returns (Form 1041) by 4/15/19

 

Wednesday, April 3

Turn in info to prepare 6-month extensions for individual tax returns

 

Monday, April 15

2018 individual tax return (Form 1040) filing deadline; Or 6-month extension

2018 trust/estate tax return (Form 1041) filing deadline; Or 5.5-month extension

FYE 12/31/18 C-Corporate tax return (Form 1120) filing deadline; Or 6-month extension

 

2018 Business Tax Highlights

Posted by Admin Posted on Jan 11 2019

New Tax Law Challenges

Posted by Admin Posted on Jan 11 2019

 

Tax Season Outlook

 

The 2018 tax year has brought some of the most challenging tax law changes we have seen in a long time. Our firm has spent many hours in continuing education to learn the new tax law and how it affects various taxpayers. Unfortunately, the IRS has yet to address many unresolved issues. In addition, some of the tax forms have preliminary revisions available, but many are still a work in process. The IRS, tax software companies, and CPAs are all working to bring it all together in time for the 2019 filing deadlines. But with all the change and uncertainty, we expect delays to the start of the 2019 filing season.

 

 What Does This Mean For YOU?

Our priority is to complete accurate returns within the scope of the IRS rules and regulations. If we believe we cannot deliver that type of product due to a lack of guidance or available information, we will recommend that your tax return be extended.

 

If you need additional guidance, please don't hesitate to call our office! 405-842-0028

 

Yearly Tax Essentials

Posted by Admin Posted on Jan 02 2019

Christmas with Infant Crisis & YWCA-OKC

Posted by Admin Posted on Dec 12 2018

 

This year we had the opportunity to donate gifts to Infant Crisis Servicesand YWCA Oklahoma City!

 

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2018 Year-End Items for S-Corp Filers

Posted by Admin Posted on Dec 07 2018

 

It’s time to start gathering year-end items needed for the preparation of your 2018 S-Corporation tax return!  Please review the items below and send the information needed to our office by December 21st.  If you use a payroll service outside of Hyde & Company, please ensure the information provided to us is reflected on your year-end payroll forms.

 

Personal Use of Company Auto

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 responsible for the employee portion of the Social Security and Medicare taxes.  Federal income tax should also be withheld; please let us know if you elect out of federal income tax withholding on this fringe benefit.

 

Info Needed (for each auto used for personal purposes):

Description of Automobile (make, model & year)

Total Miles Driven in 2018

Personal % Use of Auto

 

 

Health Insurance Premiums Paid by the Company

Accident and health insurance premiums paid by an S corporation on behalf of a greater than 2% shareholder-employee must be included in the shareholder’s taxable income, subject to income tax withholding.  However, the premiums are not subject to Social Security, Medicare, and 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.

 

Info needed (for each shareholder-employee):

Full Name

Amount Paid by S Corp in 2018

 

 

Life Events: What Will Impact Your 2018 Taxes?

Posted by Admin Posted on Nov 26 2018

 

If you had an eventful 2018, one of these might just help you understand the impact it could have on your taxes.

Document Retention Guide

Posted by Admin Posted on Nov 19 2018

 

Ever wonder how long you should keep your tax returns?  Or maybe employee records?  Below we have listed several items and the recommended amount of time they should be kept (electronic format or paper).

 

Bank Statements and Canceled Checks 4 years
Canceled Checks for Key Transactions (taxes, purchases of property, etc.) Permanent
Contracts and Leases 4 years
Stock and Bond Records Permanent Until Sold
Deeds, Mortgages, and Bills of Sale Permanent
Employee Records 3 years
Employment Applications 3 years
Business General Ledgers Permanent
Insurance Policies (Expired) 6 years
Invoices from Vendors 3 years
Real Estate and Improvement Records Permanent
Tax Returns and Related Documents 3 years
Financial Statements and Work Papers Permanent

 

 

 

 

 

 

 

 

 

 

Individual circumstances and questions should be directed to your lawyer and/or our office for specific recommendation.

 

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

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