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April Newsletter – Affordable Care Act, Tax, and Prop 206 Updates

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Fun fact

prop 206 The first book on double-entry accounting was written in 1494 by Italian mathematician and Franciscan friar Luca Bartolomeo de Pacioli. Although double-entry bookkeeping had been around for centuries, Pacioli’s 27-page treatise on the subject has earned him the title “The Father of Modern Accounting.

 Market Update

On March 28, 2017, the IRS issued an email informing taxpayers and professionals of a nationwide email scam that attempts to collect Form W-2’s and Social Security Number information. A dangerous email scam currently is circulating nationwide and targeting employers, including tax exempt entities, universities and schools, government and private-sector businesses. The scammer poses as an internal executive requesting employee Forms W-2 and Social Security Number information from company payroll or human resources departments. They may even send an initial “Hi, are you in today” message before the request. Read More

Human Resources Update

Now that House leaders have withdrawn the GOP’s American Health Care Act from formal consideration—at least for the time being—the Affordable Care Act (ACA) will stay in effect and attention is turning to federal agencies for any regulatory relief they can give employers under the existing law. In the meantime, employers must continue to comply with the ACA’s many coverage obligations and administrative requirements. Read More

Payroll Update

On Nov. 8, 2016, Prop 206: The Fair Wages and Healthy Families Act passed, receiving nearly 60 percent of votes. There are two parts to Prop 206 — the first is a minimum wage increase, and the second is mandatory employer-provided sick leave. On Jan. 1, Arizona’s minimum wage increased to $10 an hour, which was highly publicized by the media. The minimum wage will continue to increase every year, up to $12 per hour on Jan. 1, 2020. Beyond 2020, there will be annual increases based on cost of living, as measured by the consumer price index. Simultaneously, Flagstaff voters passed Proposition 414, which requires Flagstaff employers to pay a higher minimum wage than that mandated by the State of Arizona. On July 1, 2017, the Flagstaff minimum wage will rise to $12 per hour and will have annual increases to $15 per hour by 2021. Read More

prop 206 paid sick

Accounting

Managing your business finances does not have to be eat-your-spinach drudgery. The key, of course, is to create a realistic plan with a budget, record your transactions correctly, review your results regularly and always keep good records. Your comfort level with the three basic financial reports that evaluate your fiscal health is also essential: the balance sheet, income statement and cash flow statement.When is it time to do what? The following checklist lays out a recommended timeline to take care of the accounting functions that will keep you attuned to the state of your business and streamline your tax preparation. Read through for in-depth coverage of your required tasks, or skip to the end to see a handy infographic to use as a visual checklist. Read More

Employee Spotlight

Sarah from PayTech Sarah McKim is one of our Accounting Specialists who has worked at PayTech for 3 ½ years. Her favorite part of the job is interacting with her clients. She is the Queen of Sales Tax at PayTech and is studying to take her Quickbooks  Pro-Advisor test.

Born and raised in La Crescenta, California. She moved to Arizona with her dad and two older brothers in 2005.

The mother of 7 fish, Sarah enjoys shooting and building guns in her spare time. She also enjoys going to concerts and hockey games with her bestie. Sarah also loves traveling, especially for her birthday.  Last year she and her bestie went to Universal Studios.  This year they are going on a cruise to Baja, Mexico!

 

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