Tax & Accounting Blog

Baffled About Blockchain?

Baffled About Blockchain?

As accountants, we live by ledgers and transactions. We should know, then, that an emerging technology has the potential to revolutionize these fundamental elements of our business — and, quite possibly, much more. “Blockchain is a big mystery to many people in the accounting profession,” says Jon Baron, managing director of the Thomson Reuters Tax … Read More

Recharge your payroll skills on per diems

Recharge your payroll skills on per diems

Per diems are a great way to control travel and entertainment expenses — and both small and large companies take advantage of this program. The federal government and all states have three systems to compensate employees for per diems. Using per diems not to exceed federal rules are a worry-free, documentation-free way for employers to … Read More

EFTPS email system is live

EFTPS email system is live

In 2012, the IRS initiated Rev. Proc. 2012-32. This ruling made it mandatory for all payroll service providers (PSP) to inform their clients — initially upon contract and at least every quarter — that they are filing returns and/or paying taxes on behalf of the clients. The PSP were supposed to encourage their clients to … Read More

Payroll Updates — New Email Options for EFTPS Users, Accelerated W-2s and 1099s

Payroll Updates — New Email Options for EFTPS Users, Accelerated W-2s and 1099s

New email options for EFTPS users Electronic Federal Tax Payment System (EFTPS) users now have the option to receive emails from the IRS about their electronic tax payments. You can sign up for payment status emails by visiting eftps.gov/eftps. EFTPS is the electronic funds transfer (EFT) system used by the Treasury Department to collect … Read More

7 Smart Reasons for Your Payroll Clients to Use Time Clocks

7 Smart Reasons for Your Payroll Clients to Use Time Clocks

Looking to enhance your payroll offering? There’s no better way than placing time clocks in your clients’ businesses. Time clocks are simple to implement; in many cases they integrate with your current payroll software. They also provide an additional revenue stream for your firm, in addition to other benefits we’ll explore in this post. Benefits … Read More