For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. (Those tables account for changes under the Tax Cuts and Jobs Act.) But it’s crucial not only to withhold the appropriate taxes — including both income tax and employment taxes — but also to remit them on time to the federal government. If you don’t, you, personally, could face harsh penalties. This is true even if your business is an entity that normally shields owners from personal liability, such as a corporation or limited liability company. The 100% penalty Employers must withhold federal income and employment taxes (such as Social Security) as well as applicable state and local taxes on wages paid to their employees. The federal taxes must then be remitted to the federal government according to a deposit schedule. If a business makes payments late, there are escalating penalties. And if it fails to make them, the Trust Fund Recovery Penalty could apply. Under this penalty, also known as the 100% penalty, the IRS can assess the entire unpaid amount against a “responsible person.” […] Read More
Time flies when you’re busy running a business. But it’s important to occasionally pause and assess interim performance — otherwise you’re likely to be surprised by the year-end results. When reviewing midyear financial reports, however, recognize their potential shortcomings. These reports might not be as reliable as year-end financials, unless a CPA prepares them or performs agreed-upon procedures on specific accounts. Diagnostic benefits Monthly, quarterly and midyear financial reports can provide insight into trends and possible weaknesses. Interim reporting can be especially helpful for businesses that were struggling at the end of 2017. For example, you might compare year-to-date revenue for 2018 against 1) the same time period for 2017, or 2) your annual budget for 2018. If your business isn’t growing or achieving its goals, find out why. Perhaps you need to provide additional sales incentives, implement a new ad campaign or alter your pricing. You can also review your gross margin [(revenue – cost of sales) ÷ revenue]. If your margin is slipping compared to 2017 or industry benchmarks, find out what’s going wrong — and take corrective actions. Don’t forget the balance sheet. Reviewing major categories of assets and liabilities can help detect working capital problems before […] Read More
Most charitable not-for-profits have a never-ending need for volunteers. But finding new ones can be time-consuming — and volunteer searches aren’t always successful. Here are three recruitment ideas that can help. 1. Look nearby Is your nonprofit familiar to businesses, residents and schools in the surrounding community? People often are drawn to volunteer because they learn of a worthwhile organization that’s located close to where they live or work. Start to get to know your neighbors by performing an inventory of the surrounding area. Perhaps there’s a large apartment building you’ve never paid much attention to. Consider the people who live there to be potential volunteers. Likewise, if there’s an office building nearby, learn about the businesses that occupy it. Their employees might have skills, such as website design or bookkeeping experience, that perfectly match your volunteer opportunities. Once you’ve identified some good outreach targets, mail or hand-deliver literature introducing your nonprofit as a neighbor and describing your needs. Consider inviting your neighbors to a celebration or informational open house at your offices. 2. Fine-tune your pitch By making your pitches as informative and compelling as possible, you’re more likely to inspire potential volunteers to action. Specifically, explain the: […] Read More
Good morning and Happy Thanksgiving everyone! On a day where we are thankful for friends, family, and loved ones, we at TSS want to share another reason we are thankful. As of day-end on Tuesday, November 21st, our 10th Annual Food Drive came to a close. With many fundraising events over the last five weeks, our team set records with their generosity! Each fall we collaborate with a couple local organizations with this year’s food drive and supporting events benefiting the Upper Valley Haven and David’s House. The fundraising began on October 16th with the first of our themed giving days. With one themed giving day each week (listed below), employees were challenged to bring in the most items for the corresponding day. Microwave Monday (October 16th) Toiletries Tuesday (October 24th) Warm Up Wednesday (November 1st) Time for a Snack Thursday (November 9th) Fruit Loop Friday (November 17th) Our annual TSS breakfast kicked off November 8th, with members of our team volunteering to cook and those in attendance bringing a monetary donation. We were able to raise $560! At this time, the Upper Valley Haven presented us with an additional challenge of coming up with 500 boxes of stuffing to […] Read More
In this issue of Auto Focus: The nuts and bolts of parts inventory management 3 ways to guard your dealership assets The challenges of managing diverse age groups Constructing social-media-savvy customer surveys Click Here for Auto Focus Summer 2017 Read More
In this issue of Auto Focus: Compliance Matters: Is your dealership following these rules and regs? How fringe benefits can benefit your employees and your dealership Getting your brand mix right: Adding or swapping a franchise requires due diligence Handbook addresses challenges of family-owned dealerships Click Here for Auto Focus Spring 2017 Read More
Tyler, Simms & St. Sauveur, CPAs, P.C.
Phone: +1 (603) 653-0044