taxation
Wage Restitution and Certified Payroll Revisions
Wage restitution and certified payroll revisions happen when you miss an update to the wage determination which increases the prevailing wage rate and the fringe benefit rate or perhaps you weren't informed until after working on the project for several weeks/months that this project was subject to prevailing wage.
Unfortunately, there isn't a lot of clear guidelines for submitting revised certified payroll reports, however, I've had experience in following two different sets of requirements, which I've outlined in this article.
Continue readingWorker’s Comp Increases 45% in California, Beginning 7/1/2012
Worker’s Comp and payroll taxes take a huge bite out of a contractors profit when working on Public Works construction projects – especially if the contractor is paying the full fringe benefit rate of the prevailing wage to the employee in cash and not to the Union Hall or into bona-fide plans.
Public Works Construction and Prevailing Wage projects require advanced financial planning methods and tools along with an understanding of the ever-changing compliance requirements — so that you can reduce your overhead and get paid on time.
Continue readingThink You Can’t Afford to Pay Your Payroll Taxes-Think Again
Is Your CPA REALLY the Right Person to be Completing Your Tax Return?
Is your CPA REALLY the right person to be completing your tax return? Did you know that there are different educational requirements for different types of tax preparers? For example, attorneys, certified public accountants, and enrolled agents will not have to undergo competency testing or obtain CPE credits for federal tax law topics under new IRS regulations?
Who does your taxes? Do they know tax law? This guest blog post by Bruce McFarland of L & R Tax Preparation will provide information about new rules and regulations that the IRS is mandating for paid tax preparers.
Continue readingConstruction Payroll, Should I Do It In-house or Outsource It?
ASA Seminar Payroll & Tax Strategies for Public Works Contractors
Payroll Tip: Union Benefits Calculated Against Hours NOT Wages
Top 10 Thursday – News From Around the Web 1/12/12
FREE Webinar on New 3% Contractor Withholding Requirements
Payroll Tip – The IRS May Hold You Liable For 941 Payments
QuickBooks Creating a More Meaningful Payroll Expenses Section
Company Short on Cash? This is the bill to pay FIRST!
Credit for Small Employer Health Insurance Premiums
Straight from the IRS – Social Security Tax Reduced to 4.2%
QuickBooks Tips Payroll Mistakes – It’s Not As Easy As 1-2-3 – Part 2
Nancy Smyth, Sunburst Software Solutions, Inc.QuickBooks Construction & Payroll Expert
I've been using and supporting QuickBooks products since the early 1990's. I've worked with thousands of contractors, assisting them with QuickBooks setup, Certified Payroll Reporting requirements, AIA Billing and Weighted-Average Overtime.
QuickBooks is a powerful product, but learning how to use it in your construction business can be difficult. I hope you find resources available here to be helpful.
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