The emergence of Bitcoin and how it affects payroll

Robbie MossBlog, Payroll Services, Tax

Bitcoin is a virtual, technology-based currency that is gaining popularity as an alternative to regular currency in commercial transactions. The IRS recently issued Notice 2014-21 to address issues with Bitcoin. The 16-question FAQ explains the tax and payroll consequences of using Bitcoin. As a preliminary matter, the IRS defines virtual currency like Bitcoin as “a digital representation of value that … Read More

What you need to know about the Health Care Law and your tax return

Robbie MossBlog, Tax

Listen up HR managers!  It’s April 1st which means, for many, the mark of a countdown towards getting personal taxes done!  Here is what the IRS has to say in regards to those participating in the health insurance exchange through healthcare.gov. For most people, the Affordable Care Act has no effect on their 2013 federal income tax return. For example, … Read More

NC employees must complete new Employee’s Withholding Allowance Certificate

Robbie MossBlog, Tax

North Carolina NC-4 EX tax change IRS

As noted by the North Carolina Department of Revenue: The North Carolina General Assembly recently enacted the Tax Simplification and Reduction Act which becomes effective for taxable years beginning on or after January 1, 2014. Under this new law, all taxpayers will pay a lower rate and be granted a higher standard deduction. Taxpayers may no longer claim a personal … Read More

Changes in Affordable Care Act, Withholding, FUTA, SUTA, and FICA for 2014

Robbie MossBlog, Compliance / Regulations, Payroll Services, Tax

2014 taxes FUTA SUTA FICA withholding employee

Ready for changes to your payroll processing guidelines in 2014?  Take a look at these notes and make sure that you’re prepared: Affordable Care Act Changes Small business tax credits are set to increase. Small businesses with no more than 25 employees and no more than $50,000 of average annual wages can take advantage of up to a 50% tax … Read More

Small businesses: Four tax breaks that end with 2013

Robbie MossBlog, Compliance / Regulations, Tax

small business tax breaks

The end of the year is approaching fast, and with it’s taking 55 federal tax breaks with it’s departure.  Usually prone to extensions anyway, this year is looking to be a little different, and so we are here to warn the small businesses out there that can benefit from a friendly reminder!   First, don’t forget about any R&D credit … Read More