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June
2010 Newsletter
Due Dates: June
15 = Quarterly Individual Estimated Income Tax
Payment
June 15 = Monthly
Payroll Tax Deposits
June 20 21
= Monthly Sales Tax
New Tanning Salon Excise Tax starts July
1, 2010
The 2010 Health Care Act has created a new 10% federal excise
tax on indoor tanning services starting July 1, 2010. The tax
applies to services provided regardless of whether the service
was prepaid or paid with a gift certificate. Here's a brief
listing of the steps we recommend:
1. Recommend increase tanning
services by 11.1%. If price was $10, new price will be $11.11.
Excise tax will be 10%.
10% of $11.11 is $1.11. Business will pay $1.11 to
government and will retain $10.00.
[Of course, local economic conditions may affect the
ability to raise the price.]
2. Register for EFTPS or Expand EFTPS tax options to include
Form 720, Excise Tax
3. Starting with July 2010 - look at the monthly sales and
calculate 10% of tanning sales.
4. Enter a Bill for this 10% amount. Date this bill the last
day of the month. Vendor: US Treasury.
Account: 10% Excise Tax" (could be either an Expense or a
negative Income account).
5. Quarterly fill out and pay the Form 720 tax.
QuickBook Quickies - Tuesday's at
9am - only $10
50 minute Interactive
Webinar from the convenience of your own computer offered
Tuesday's at 9am during the summer. A different
topic each week. Please suggest topics.
June 8 - Thinking about Payroll? -
Initial Steps
June 15 - Skip a week
June 22 - What's involved with Closing 2009?
June 29 - Rental Property - Initial Steps
July 6 - Bartering; Recording and Tracking Trade
Activity
July 13 - Suggest a Topic
Get special attention; each session is limited to 15 or fewer
attendees.
Teleconference is an additional long distance charge.
Value is $35,
Cost is only $10. Credit cards
accepted via PayPal (our PayPal account is
PP@AccountAbilitySolutions.net) or Pay with a Check.
Two Employee Policies to Consider
Employment experts say an employer can reduce the
expectation of privacy among its workforce by having a good
written policy that explains the
company reserves the right to
monitor e-mails, text messages and Internet usage on
computers, smartphones and BlackBerries that it owns or pays
for.
And consider
a separate policy on social media that details how workers are
representatives of the company and that they should not leak
confidential information or discuss internal matters on social
media sites. Furthermore, the policy should explain to workers that
activities conducted on social networking sites should be
limited to nonworking hours, unless the use is for legitimate
business purposes. Additionally, employees' comments should not be
discriminatory or harassing in nature. This includes making
disparaging or inflammatory remarks about the employer and its
business. In essence, "you are not to bad mouth the company on social
media sites because it can have an immediate negative effect
on the company," adds Paranac. "Every employer is benefited by
promulgating a policy that makes clear to employees what is
kosher and what is not," he adds.
Have you
considered documenting your basic employee policies
yet? We have an outline and a questionnaire to help
start the process.
Also check out information
provided by the State of Minnesota.
Help
Us with Links -- Find a FLAW on our Website -- WIN 20
ONLINE MINUTES (Value $15.00). Thanks!
June 4, 2010 |
