Did Michigan raise your unemployment tax by 5.5%? Yes. Could it be worse? Yes.
Recently, many Michigan employers received a letter like this one (http://www.michigan.gov/documents/uia/ArwoodLetter2012TaxRates_373171_7.pdf) explaining that the computed unemployment rates for Michigan were delayed by some new legislation and would be out soon. One of the other things in the letter states that “Taxable wage base will now be shown as $9,500.00″. In 2011 and for a few …...
Payroll Tax Changes for 2012? We don’t know yet…
As I type this it is the morning of December 7. We have 16 more work days until 2012 at the most. What we don’t have is a final idea of what changes are coming our way in payroll taxes. Congress is still deliberating…slowly…while we all wait. If you do your payroll in-house, stay tuned …...
Veterans Day is coming. What does that have to do with payroll?
Friday, November 11 is Veteran’s Day. One day per year isn’t enough but that’s not the point of this post. Veteran’s Day also means that the Federal Reserve Bank is closed for the national holiday and so no ACH transactions or wires can be sent or received. This means no direct deposit on Friday! Make sure …...
Don’t forget about your 2290!
Now that were in November, you can file your IRS form 2290 that was usually due in August. The filing deadline is November 30 so don’t forget! Mike...
Update on Heavy Highway Use Tax (IRS Form 2290)
Here’s the release from the IRS regarding the 2290 extension. As you might recall, Congress had not re-authorized the tax so the IRS didn’t want to collect it yet. How rare is that? Well, the tax was re-authorized and you’ll have to file your return that was normally due by August 31 in the Month of …...
You can run but you can’t hide from the IRS
Some people think they can outsmart the IRS by forming new companies. I think that just makes the IRS mad. http://fleetowner.com/management/news/trucking-owner-unpaid-taxes-0923 Make sure that your payroll taxes are built into your budget. Don’t use that money and the employees withholding money as short-term financing. That gets you into situations like the one in the article. I …...
Your per diem policy could get you in trouble with the IRS!
Over the years I’ve had the pleasure of speaking to hundreds of trucking companies. One of the first questions I ask them is “Do you pay per diem?” The replies I get on how they pay per diem are all over the board. Usually they fall into three catagories, Per diem paid by day, by miles …...
The IRS says don’t pay your HHUT (2290) yet!
The IRS annouced that because the Heavy Highway Use Tax is set to expire on September 30, 2011, they are extending the August 31 deadline to November 30! They are doing this so that if the tax gets reinstated or modified there will be less confusion. In fact, they are telling truckers not to pay it …...
Owner Operator Tax Planning Time
Now that we’re into July, this is a great time to check your expected tax liability for 2011. If you haven’t already, total up your revenue and expenses through June and bring them to your tax person. From there they can double everything to account for the second half of the year and get an …...
FUTA Decrease scheduled but will it happen?
On July 1, 2011, the FUTA Tax rate is scheduled to decrease from 6.2% of the first $7000 in wages in a calendar year to 6.0%. If your state is allowed the full SUTA Credit (Michigan, Indiana, and South Carolina were not in 2010 and there are as many as 22 state that may not …...
