Schlabig Certified Public Accountants Blog

Frequent Flyer Miles – Taxable or Not?

Debbie Petrone — Thu, 03 May 2012 12:04:29 +0000

As if the pain of flying today was not enough, now we can add the pain of trying to determine whether receiving frequent flyer miles is a taxable event or not. Most of us who fly frequently are excited to receive miles either for flights we take or purchases we make on our airline credit [...]

New 1099 Reporting Requirement

Tom Hager — Thu, 03 May 2012 11:55:33 +0000

Here is a little tidbit that could be a huge problem for your business: beginning with the 2011 tax returns, you are required to disclose whether or not you are required to issue 1099 forms to independent contractors. Declaring that you are not required to, if in fact you are, is perjury. Not only will [...]

Where’s My Tax Refund?

Tom Hager — Wed, 04 Apr 2012 15:52:18 +0000

So, you want to know where your money is? Follow these simple steps: When to check: Check 72 hours after e-file was sent Or, 4 weeks after you mailed your paper return Where to check: IRS Where’s My Refund You will need the following information: Social Security number Filing status [...]

Social Security Statements No Longer Mailed

Kelly Nizzer Bates — Fri, 30 Mar 2012 11:29:34 +0000

You may have noticed that you’re no longer getting the annual Social Security Statements . The annual statements were a good way to check that earnings records had been reported correctly and a way for you to estimate your expected retirement benefit. However, due to budgetary issues, the Social Security Administration stopped mailing these [...]

Mini COBRA Insurance Coverage

Kelly Nizzer Bates — Wed, 28 Mar 2012 21:36:10 +0000

Here’s a question that has recently come up with some of our clients – What is Mini COBRA? First of all, let’s talk about COBRA itself. COBRA is a program by the federal government that gives all employees the opportunity to continue their insurance coverage if they become unemployed. This federal COBRA law [...]

9 Keyboard Shortcuts for Internet Explorer

Kelly Nizzer Bates — Thu, 22 Mar 2012 13:16:39 +0000

To get the most out of your web browser, you should take advantage of keyboard shortcuts. Keyboard shortcuts can make it easier and quicker to navigate in Internet Explorer since you don’t have to use the mouse so often. I’m using Internet Explorer 8 at this time, and here are a few shortcuts I [...]

Required Minimum Distribution and the ‘Still Working’ status

Tom Hager — Fri, 16 Mar 2012 11:40:39 +0000

This question seems to keep coming up more and more since people are working longer. Clients often ask if the have to take their “required minimum distribution” even though they are still working past age 70-1/2. The “still working” exception only applies to your current employer, only if the employer plan allows it, and you [...]

Small Business Health Care Credit

Tom Hager — Thu, 15 Mar 2012 14:32:23 +0000

Are you a small employer…… With fewer than 25 full-time equivalent employees? That pays an average wage of less than $50,000 a year? And pays at least half of employee health insurance premiums? ….then this tax credit may be for you. Check out this IRS Tax Tip. Need help to determine if you qualify? Or [...]

Payroll Tax Cut Extension 2012

Kelly Nizzer Bates — Mon, 27 Feb 2012 21:58:26 +0000

On the evening of Feb. 22 at the White House, President Barack Obama signed into law the Middle Class Tax Relief and Job Creation Act of 2012, H.R. 3630. On Feb. 23, the IRS released a revised Form 941, Employer’s Quarterly Federal Tax Return, to reflect the extended payroll tax cut. The act extends the [...]

The Tax Horizon – What’s on the Agenda

Tom Hager — Thu, 23 Feb 2012 18:43:51 +0000

Ever wonder what’s in play as far as taxes go so you can plan ahead? The Treasury Dept. released the "General Explanations of the Administration's Fiscal Year 2013 Revenue Proposals," better known as the "Greenbook.” I find it interesting that Treasury refers to our tax dollars as revenue, like they earned it. You will find [...]