The SocialCPAs 2013 Social Media Survey just launched and is open for voting. Please take a few minutes to complete the survey. Your feedback is essential to the success of the survey.

We hope to hear from thousands of accounting professionals and can use your help promoting the survey. Please forward this link to your accounting contacts, your co-workers and share it on your social media channels.

Editor’s Note: See the results of the SocialCPAs 2012 survey here: “Is LinkedIn Still #1 Among Accounting Professionals?“

The post SocialCPAs 2013 Social Media Survey Now Open appeared first on QuickBooks Bookkeeping services offered in Miami Beach.

The SocialCPAs 2013 Social Media Survey just launched and is open for voting. Please take a few minutes to complete the survey. Your feedback is essential to the success of the survey.

We hope to hear from thousands of accounting professionals and can use your help promoting the survey. Please forward this link to your accounting contacts, your co-workers and share it on your social media channels.

Editor’s Note: See the results of the SocialCPAs 2012 survey here: “Is LinkedIn Still #1 Among Accounting Professionals?“

The post SocialCPAs 2013 Social Media Survey Now Open appeared first on QuickBooks Bookkeeping services offered in Miami Beach.

The SocialCPAs 2013 Social Media Survey just launched and is open for voting. Please take a few minutes to complete the survey. Your feedback is essential to the success of the survey.

We hope to hear from thousands of accounting professionals and can use your help promoting the survey. Please forward this link to your accounting contacts, your co-workers and share it on your social media channels.

Editor’s Note: See the results of the SocialCPAs 2012 survey here: “Is LinkedIn Still #1 Among Accounting Professionals?“

The post SocialCPAs 2013 Social Media Survey Now Open appeared first on QuickBooks Bookkeeping services offered in Miami Beach.

I have been Advanced Certified in QuickBooks^® since the program’s inception in 2007 and truly believe it is time well spent, with the investment returning itself multiple times. The accounting industry is growing rapidly, and there is plenty of room at the top for skilled, educated and certified QuickBooks ProAdvisors^®.

The Advanced Certification for ProAdvisors and training helps you know the software more in-depth and comprehensively. When a client needs help with advanced topics, you know what the software is able to do and how to think through the process of setting up the system properly. The training helps you also know how to do advanced work-arounds, when clients ask for unusual things and you’re sure that the software can provide that, even though it wasn’t necessarily intended for that purpose. In addition, you will learn of little known product tips and tricks, including, but not limited to, shortcuts. These will help you save time and money, and get the most out of the product. The courses are eligible for CPE credits.

As a benefit of Advanced Certification, you receive a free listing on the Find-a-ProAdvisor website where you rank higher in the listings than other ProAdvisors. You stand out among ProAdvisors and accounting professionals, and increase your leads from the website. You may use the Advanced Certified logo on all your marketing and branding materials.

Another benefit of being Advanced Certified is the Diamond-level technical support when you have questions. These support reps are highly trained, U.S.-based and provide free, unlimited technical support. I almost never wait in the phone queue, and these tech support reps are extremely knowledgeable at advanced levels. They truly help with technical issues and trouble-shooting problems. I also believe that they work more diligently to resolve any issues that come up, and I have never felt rushed. On more than one occasion, I have actually spoken to the same service rep who remembers me from a call several months earlier.

Overall, the certification program is highly exceptional training. The learning materials for the certification are easy to understand and the quizzes are entirely online. There is a high degree of correlation between the test questions and the material. The Advanced Certification materials and exams are included with your certification program.

The question isn’t “why you would want to become Advanced Certified?;” my question to you is, “why wouldn’t you?”

Editor’s Note: Be sure to read Gregg Bossen’s article, “ProAdvisor Add More Value to Your Practice.”

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The big news affecting 2013 taxes was the 11th-hour enactment of the American Taxpayer Relief Act of 2012, which was signed into law by President Obama on January 2, 2013.

Let’s take a look at the key tax law changes for 2013.

Tax rates extended—for most taxpayers. Thanks to repeal of the so-called “sunset” of the Bush-era tax cuts, the new law makes the 10%, 15%, 25%, 28% 33% and 35% tax brackets permanent. However, the new law adds a higher 39.6% bracket, which begins at $400,000 for singles, $425,000 for heads of households, $450,000 for joint filers and surviving spouses, and $225,000 for marrieds filing separately for 2013. [IRC §1(i)]

The new law permanently extends the 0% tax rate on capital gains and qualified dividends for taxpayers below the regular 25% bracket, as well as the 15% rate for other taxpayers. However, the law adds a 20% rate for gains falling in the new 39.6% bracket. [IRC §1(h)]

Double whammy. Another tax law change will further increase the tax bite on capital gains and dividend income for higher income taxpayers. A new Medicare contribution tax on net investment income (including qualified dividends and capital gains), which was enacted by the 2010 health care law, takes effect starting this year. [IRC §1411] The tax is imposed at a rate of 3.8% on the lesser of (a) net investment income or (b) the excess of modified AGI above a threshold amount. The threshold is $250,000 for joint filers ($125,000 for marrieds filing separately) or $200,000 for other filers. So, for example, a single filer with $50,000 dividends and capital gains of income falling in the new 39.6% rate bracket will see the tax on that income rise to 23.8%. For taxpayers with dividends and gains below the 39.6% bracket but above threshold amount, the tax bite will increase from 15% to18.8%.

Marriage penalty relief extended. By repealing the sunset provision, the new law permanently extends “marriage penalty” relief provisions. Thanks to the new law, the size of the 15% rate bracket is permanently set a twice the size of the 15% bracket for single filers. (IRC §1(f) In addition, the standard deduction for marrieds filing jointly is permanently set at twice the amount for single filers. [IRC §63(c)]

PEP and Pease restored—for some. The new law restores the so-called PEP (personal exemption phaseout) and Pease (itemized deduction phaseout, named for the Congressman who authored the legislation) limits, which had been reduced and then suspended by the Bush-era cuts. However, the restored limits apply at higher income levels than under prior law. For 2013, personal exemptions will be reduced by 2% for each $2,500 (or portion thereof) of AGI above $300,000 for joint filers and surviving spouses, $275,000 for heads of households, $250,000 for singles, and $150,000 for marrieds filing separately. [IRC §151(d)(3)] Under the Pease limitation, the total amount of itemized deductions will be reduced by 3% of the amount by which AGI exceeds the same threshold amounts. [IRC §68]

Permanent AMT patch. Over the past several years, Congress has repeatedly “patched” the AMT by temporarily increasing the exemption amount prevent large numbers of taxpayers from becoming subject to the alternative tax. The 2012 Act permanently increases the AMT exemption amount to $50,600 for unmarried taxpayers, $78,750 for joint filers and $39,375 for marrieds filing separately, indexed for inflation after 2012. For 2013, the AMT exemptions are $51,900 for singles, $80,800 for joint filers, and $40,400 for marrieds filing separately. [IRC §55]

The new law also permanently extends the provision allowing nonrefundable personal credits to offset the AMT.

Extenders, extenders, extenders. The 2012 Act extends—in some cases, permanently—a slew of expired or expiring tax provisions for individual taxpayers. Here’s a brief rundown of provisions affecting individual taxpayers.

Child tax credit. The $1000 per-child amount and expanded refundability of the credit are made permanent. [IRC §24(a),(d)] The lower $3,000 threshold for refundability is extended through 2017. [IRC §24(d)(4)]

Child and dependent care credit. The maximum credit is permanently set a $1,050 for one qualifying individual (35% of up to$3,000 of expenses) or $2,100 for two or more qualifying individuals (35% of up to $6,000 of expenses. The 35% credit percentage is reduced, but not below 20%, by one percentage point for each $2,000 (or fraction thereof) above $15,000. [IRC §210

Adoption credit. The expanded adoption credit rules (but not refundability) are made permanent. [IRC §23] The maximum credit is $12,970 for 2013.

Earned income tax credit. The increase in the phaseout threshold for joint filers to $5,000 more than for single taxpayers and the increased EIC amount for families with three or more children are extended through 2017; certain EIC simplification changes are made permanent. [IRC §32]

American Opportunity credit. The American Opportunity education tax credit (in lieu of the Hope Scholarship credit) is extended through 2017. [IRC §25(a)(i)]

Nonbusiness energy property credit. Tax credits for energy efficient home improvements extended through 2013. [IRC §25C0

Exclusion for employer-provided educational assistance. The exclusion, including applicability to graduate courses, is made permanent. [IRC §127]

Exclusion for employer-provided adoption assistance. The exclusion is made permanent. [IRC §137]

Exclusion for employer-provided transit benefits. Parity in exclusions for employer-provided parking and employer-provided transit passes/vanpooling extended through 2013. [IRC §123(f)(2)] For 2013, the maximum exclusions are $245 per month.

Exclusion for discharged home mortgage debt. Exclusion extended through 2013. [IRC §108(a)(1)(E)]

Student loan interest deduction. Expanded student loan interest deduction rules are made permanent. [IRC §221]

Coverdell education savings accounts. Increased $2,000 contribution limit and other changes made permanent. [IRC §530]

Educator expense deduction. Deduction for up to $250 of classroom-related expenses extended through 2013. [IRC §62(a)(2)(d)]

Tuition and fees deduction. Above-the line deduction for qualified tuition and related expenses extended through 2013. [IRC §222]

Deduction for mortgage insurance premiums. Exclusion extended through 2013. [IRC §163(h)(3)(E)]

State and local sales tax deduction. Option to claim itemized deduction for state and local sales taxes in lieu of state and local income taxes extended for 2013. [IRC §164(b)(5)]

IRA distributions to charity. Tax-free distributions from IRAs for charitable purposes extended through 2013. [IRC §408(d)(8)]

Other tax changes for 2013. Taxpayers and their advisers should also note that a number of significant tax changes, which were enacted by the 2010 health reform law, first take effect in 2013. As noted earlier, a new Medicare contribution tax on investment income takes effect in 2013. Other significant changes for your individual clients include.

Health FSA contribution limit. Starting in 2013, health flexible spending arrangements must limit tax-free salary reduction contributions to $2,500 per year. [IRC §125(i)] The $2,500 limit will be indexed for inflation in future years. The contribution limit technically carries a January 1, 2013 effective date; however, the IRS has announced that plans are not required to apply the limit until the first plan year beginning after December 31, 2012. Inflation adjustments to the contribution limit will also apply on a plan year basis. [IRS Notice 2012-40]

Higher medical expense deduction threshold. Starting this year, medical expense deductions for most taxpayers will be subject to a 10% deduction floor—up from 7.5% for prior years. However, for 2013 through 2017, the 7.5% deduction floor will continue to apply if either the taxpayer or the taxpayer’s spouse has reached age 65 before the end of the tax year. [IRC §217]

Additional Medicare tax for high earners. Starting in 2013, an individual is liable for Additional Medicare Tax of 0.9% on wages, other compensation, or self-employment income (together with that of his or her spouse if filing a joint return) exceeding certain thresholds. The thresholds are $250,000 for marrieds filing jointly, $125,000 for marrieds filing separately, or $200,000 for all other taxpayers. [IRC §3101]

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For those who understand QuickBooks and what it can do, it is almost a no brainer to use it for all accounting requirements of the company. However, for many business owners who are still not sure what system they should be using, the question of Why QuickBooks is quite common. Now some professionals can tell you all the technical reasons you should be using it or some may go into detail on each and every feature QuickBooks has to offer. However, as a business owner that simply does not have the time to understand features and other technical jargons, you need to know just three simple but important uses of QuickBooks.

1) Reports – Reports are extremely essential for any business. You need to know where your business stands at the moment and there should be a way to get answers whenever you need them. The financial reporting aspect of QuickBooks is a must have for all businesses. With a few clicks, you can instantly find out how much cash you have, your outstanding, how much is pending from clients and several other important information. These financial reports that QuickBooks generate are all in real-time and there is no waiting or processing of data. Everything is in front of you whenever you need them.

2) Planning – Operating a business is not just about today. If you do not plan for the future, there is no guarantee if you will have a business in the coming years. QuickBooks allows small business owners to plan their future course of action. You can create projected balance sheets or profit and loss statements. You can even generate financial reports based on whether you want to apply for a business loan or want to submit finance reports to a potential investor. All accounting and finance reports generated by QuickBooks are in the format supported by the US Small Business Administration.

3) Invoicing – As your business grows, simple tasks such as invoicing, sending payment reminders and even collecting payment becomes a tough task. However, with QuickBooks small business owners need not worry about any of these aspects. Using the QuickBooks online service, you can send invoices on time to all your customers. You can also provide them with online payment options including bank transfers or credit card payments. Of course while QuickBooks allows you to collect payments from customers, it also allows you to pay your bills in a convenient manner. So as far as your payments and invoicing are concerned, you know that you are always covered.

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Thanks to its pro-business taxation policies, Florida has been counted amongst the best states for business and entrepreneurship. The cost of starting and managing a business goes down remarkably in the state due to the competitive and targeted financial advantages in Florida. Policy makers in the state have concentrated on tort reform and this has resulted into successes like elimination of joint and several liabilities, rate reductions for workers compensation insurance, and class-action suit reform. The tax climate in Florida has been structured in such a way that it flows as per the want of the companies coming in to incorporate their business. These factors have ensured that Florida State remains as one of the preferred business destinations in the United States even amongst foreign businesses entering the US.

There are several tax benefits available for companies operating in Florida that allow them to utilize their capital for growth and expansion. For example, there is no corporate income tax on limited partnerships and subchapter S-corporations. No corporate franchise tax is levied on capital stock. For business inventories and goods-in-transit, no property tax is imposed. No sales tax is imposed on the goods manufactured in Florida and sent to other states. Also no sales tax is levied on purchase of raw material including non-reusable cartons and packing material. There is no sales tax charged on co-generation of electricity.

There are many other tax exemptions that a business may take benefit of while in Florida. Florida state administration offers sales and use tax exemptions on machinery and equipments used by a new or expanding company in Florida to manufacture, produce or process physical personal property for sale. Businesses also get tax exemptions on labor, parts and materials used in repair of machinery and equipments and on electricity used in manufacturing process. Tax exemption is also given on purchase of boiler fuels and natural gas when they are to be used in the manufacturing process. Exemption in tax is also given in manufacturing equipment related transactions happening in semiconductor, defense and space technology-based industries. No sales and use tax is levied on purchase of machines and equipments that are to be used in research and development and on labor components occurring in research and development expenditures. Usage tax is also exempted from commercial space activities like launch vehicle, payloads, fuels and machines and equipments which are used exclusively in production process for space station in Florida. Companies engaged in manufacturing aircraft parts, their modification, maintenance, repair, sale or lease; are also given tax exemption in Florida.

Other than these tax benefits, there are several other advantages given to businesses entering into Florida along-with excellent infrastructure and overall business environment.

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Intuit, the makers of world famous “QuickBooks” added another feather in its cap by releasing an updated version of QuickBooks, QuickBooks 2013 by the name of QuickBooks Zen. Along with this new version, Intuit also launched accountant edition, pro edition and premier edition of this software. There are numerous newly added features along with a brand new interface. In the accountant version of QuickBooks, Intuit has added many tools to further simplify the work and save time. This latest version has an improved center for key customer information and transactions, send journal entry and workflow feature. Also this version has the ability to batch-enter transactions of check deposits and credit card charges. There are few big things changed besides many smaller things which will make it work really well for all the users.

One new feature that will be notable is its ability to copy items in a new spreadsheet and then paste them into QuickBooks files on their designated spaces. QuickBooks 2013 also has the ability to import contact information from address book.

The developers have added some extra video to help people in using QuickBooks 2013. Some of the videos have been combined with the software while some are attached as a stream from internet. You will need an internet connection to view them. Guide Me has been made even more intelligent as it can sense where the user is in the QuickBooks file and pops up helping related content. This feature allows you to understand QuickBooks even easily as the help information is readily available.

Another new feature added to QuickBooks 2013 is documents attachments and this feature allows the user to attach documents such as text files, spreadsheets and also images to a QuickBooks file.

Other notable features that you will find in QuickBooks 2013 are:

- The batch can enter more than 1,000 transactions from excel sheet to QuickBooks
- It can E-Mail the journal entries directly to clients from QuickBooks itself and client can import all the entries attached simply by clicking one button.
- It can edit and customize custom financial statements and sheets using buttons and functions from MS-Excel and MS-Office. These reports can be used multiple times and the data is refreshed automatically
- It gives the user a click access to all major and frequently used tools. It also contains a new widget which gives a fresh look at account balances, reconciled balances and all re-conciliation dates all in one place.

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When you begin the search for employees, you must ensure that you complete all the necessary documentation in order to comply with IRS regulations. The following are three tasks you must complete before adding someone to your payroll:

1. Ensure Eligibility to Work in the US.To verify an employee’s ability to work in the United States, require him/her to fill out IRS Form I-9, Employment Eligibility Verification. This government form, provided by the office of US Citizenship and Immigration Services, enables employers to determine whether an individual is authorized to work in the states.

2. Secure Social Security Number. In order to complete the W-2 form, you must secure each employee’s name and social security number (SSN). You can make a copy of the card for your own records, although this documentation is not required. The IRS website offers the following clarification: “Do not accept an ITIN in place of an SSN for employee identification or for work. An ITIN is only available to resident and nonresident aliens who are not eligible for U.S. employment and need identification for other tax purposes. You can identify an ITIN because it is a 9-digit number, beginning with the number “9″ and is formatted like an SSN (NNN-NNNNN).”

3. Determine Employee’s withholding. Each employee must submit a W-4 form, Employee’s Withholding Allowance Certificate, which you must keep on file. This is where employees state their filing status and withholding allowances which determine the amount of income tax withholding from their paychecks. The submitted form remains on file until the employee replaces it with an updated W-4. As declared by the IRS, “If employees claim exemption from income tax withholding, they must give you a new Form W-4 each year.” The W-4 becomes effective with the first wage payment following form submission.

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