As a manager, you are no doubt swimming in a constant stream of financial information. Fortunately, you can keep your head above water by boiling down the data into a format that's relevant, concise, and user-friendly. For instance, significant indicators can typically be gathered on a single sheet of paper. Examples include:
- Revenues by product or service line.
- Cash and accounts receivable balances.
- Gross profit ratios by product line for retail and wholesale businesses.
- Productive salaries and benefits for service businesses.
- Marketing costs for each product or service line.
- Bad debts.
- Returns and warranty claims.
From an April 18, 2016, post on Fox Business.
For months now, businesses of all sizes have been holding their collective breath waiting for the Department of Labor (DOL) to implement rule changes that could have a significant impact on labor costs. The proposed changes to the Fair Labor Standards Act (FLSA) would increase the salary level for “white collar” exemption from the current minimum of $455 per week, or $23,660 a year, to $970 per week, or $50,440 annually.
If you are an estate executor and you are required to file an estate tax return, the IRS has a new form for you: Form 8971, Information Regarding Beneficiaries Acquiring Property From a Decedent. The form is designed to report to the IRS and to the beneficiaries the final estate tax value of property distributed or to be distributed from the estate. A law passed last summer added this requirement to the task list of executors and others who have to file estate tax returns after July 31, 2015.
Have you fallen behind on filing prior year federal income tax returns? Here's a reason to catch up: You could lose the benefit of payments made in those earlier years.
In general, you have three years from the original due date of your tax return to claim a refund of income taxes withheld from wages as well as other payments. That means time is running out to claim payments made during 2012. The three-year period for filing an original 2012 federal income tax return ends April 18 (April 19 if you live in Maine or Massachusetts).
Here's what to do.
From an April 1, 2016, post in Accounting Today.
Tax-related identity theft is shaping up to be the No. 1 concern this tax season – the Internal Revenue Service even had to temporarily shut down a tool it offers victims of ID theft, because apparently ID thieves had wormed their way into it.
With that in mind, VPN service provider NordVPN offered these timely tips on staying safe during tax time. (A slideshow version of this story is available here.)
1. When is a Web site not a Web site? When it’s a “spoofed” site – one that’s designed to mimic an official site, so that victims can be lured into divulging private information through it. Often scammers send an e-mail asking users to verify personal information, with a convenient link to the spoofed site.
If you're required to make quarterly estimated tax payments this year, the first one is due on the same day as your federal income tax return. Failing to pay estimates, or not paying enough, may lead to penalties. Here's what to consider.
Do you need to make estimates? If you operate your own business, or receive alimony, investment, or other income that's not subject to withholding, you may have to pay the tax due in installments. Each estimated tax installment is a partial prepayment of the total amount you expect to owe for 2016. You make the payment yourself, typically four times a year.
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