February Newsletter

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Welcome to PayTech’s February Update

Market Update

Some people ask ‘1099 or W-2?’ as if they were asking how you take your coffee.With all of the tax forms you receive, it’s good to remember the difference between these two forms that effect your taxable wages.  One big difference is that a W-2 form, sent to employees, will have federal, FICA/Medicare, and State tax withholding amounts reported on the form.  In contrast, the Form 1099 reports payments to independent contractors and usually only shows your gross income received.  (read more)

Payroll Update

The IRS has received new notifications that the email scam is making its way across the nation for a second time. Tax season is stressful for everyone. But if you work in payroll, human resources (HR) or are a small business owner, it is especially stressful. And the last thing you want to deal with is the chaos that ensues after getting duped by payroll scams. Unfortunately, this time of year scammers are primed to take advantage of the perfect storm created by tax season.  (Read More)

 

HR Update

 

Accounting update

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Tuesday, Feb 21, PayTech will be hosting a discussion about the Fair Wages and Healthy Families Act as it relates to sick time requirements. Learn how the new law will affect your business and receive advice from our professionals on how to manage these requirements profitably.

Accounting Update

Bloomberg recently released a report about four key accounting issues that could impact practitioners and companies in the new year.

1. Banks and credit losses. New rules on the reporting of loans and other credit losses portend one of the biggest changes ever in the financial accounting of banks and other companies, the report states.

2. Insurance. Life insurance and annuities are complex as it is, and a FASB proposal to change insurance accounting rules “brings hurdles, because of challenges inherent in the sector as a whole,” the report states.

(Read more)

 

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