Thursday, December 18, 2014

Yearend Payroll Checklist - Check this out


Gurr CPA LLC
1156 S State Suite 202
Orem,  UT  84097
801-255-9411/email:info@gurrcpa.com

 

Payroll Newsletter:  Issue 1 -122014

 
 HR Year-End Checklist:

Start the New Year on the Right Foot

The start of a New Year is a great time to do some HR housekeeping. We’ve compiled a checklist of suggested year-end best practices to help your business prepare for 2015:

Review Policies

In 2014, a number of new employment laws were enacted, with additional requirements scheduled to take effect in 2015. Review workplace policies to confirm that they comply with applicable employment laws and reflect your company’s current benefits and practices.  We will be providing a list of the most important payroll changes in our January Payroll Newsletter.
 
Update Posters and Forms

Many workplace posters and forms, including minimum wage notices and the IRS Form W-4, have been updated for 2015. If you need updated Workplace posters, please contact Debbie Levin at our office to order these.

Distribute Annual Notices

Some states require that employers provide employees with certain notices concerning pay or other information annually. Review your state laws to ensure you have distributed, or are prepared to distribute, all required notices.  We are not aware of any notices required by Utah that would need to provide.

Maintain OSHA Logs

The Occupational Safety and Health Administration (OSHA) requires many employers to keep records of work-related injuries and illnesses and to post OSHA Form 300-A in the workplace from February 1 to April 30 every year. If you require these forms or records, please see below information how to retrieve it from our website portal.

Carryover Vacation, If Required

Although Utah does not require employers to carry over employees’ unused vacation and paid time off from year to year, your Company policy may have these requirements.. Review your carryover requirements in your Company handbook and let us know if there are any changes we need to make.

Update Job Descriptions

Review and update job descriptions and exempt vs. non-exempt classifications to make sure they accurately reflect current job duties. This is critical for ensuring proper pay practices, since an employee’s classification status determines their eligibility for overtime.

Create a Holiday Calendar

Create a calendar of company-observed holidays for 2015 and distribute it to employees before the end of 2014. Remind employees of your policy on holidays. 

Pay Issues
 
Although private companies are not required to provide paid holidays & personal time off (PTO), if your Company policy is to provide paid holidays, they need to consistently apply for all employees.  Be clear in your policies regarding holidays and PTO.  We can track your paid holidays and PTO on your employee’s paychecks to avoid discrepancy.  Please give us a call if you have any questions.
Managing Time-Off Requests
Strategies. The holidays are a popular time for employees to request time off. To help maintain an adequate staffing level, consider granting time off based on seniority, a first-come first-served basis, scheduling needs, or a combination of these factors. Alternatively, consider establishing blackout periods when employees may not take vacation, or provide employees with incentives to take time off during less desirable times of the year. Whatever strategy you use, train supervisors and apply your policy consistently.

Reasonable accommodations. Under federal law, employers with 15 or more employees are generally required to provide reasonable accommodations for employees' sincerely held religious beliefs and practices, unless doing so would impose an undue hardship. This may include providing unpaid time off. The Equal Employment Opportunity Commission's Compliance Manual suggests best practices for providing religious accommodations, such as facilitating voluntary shift swaps and permitting flexible scheduling.  

Human Resources – Current Forms, and Other Resources 

We have setup a Public Portal for Human Resources & Payroll information on our website at www.gurrcpa.com.  You will be able to find current forms, schedules, newsletters that you can use for your Company in helping you to manage your employees more efficiently and keep compliant with payroll rules and regulations.  Here is the link to setup your account. 


We will also be emailing this newsletter out to you on monthly basis.

 

Friday, December 12, 2014

YEAREND TAX PLANNING FOR 2014 - IT IS NOT TOO LATE!!!!!!!

  1. Review itemized deductions.    If 2015 income is going to be more, defer deductions to 2014.  if 2015 income is going to be less, accelerate deductions into 2014.
  2. Be Charitable.  You can donate cash, autos, used items to charity.  Remember a cash donation of over $250.00 must be documented as well as noncash gifts of more than $500.00
  3. Be Even More Charitable.   If you have appreciated stock or mutual funds, consider gifting the appreciated stock or mutual funds.  Full deduction for the appreciated gain.

    
  4. Charity after 70 1/2.  If you are over 70 1/2 and have an IRA, consider using an IRA to make your charitable contribution.  Contribution would be tax-free and still count as RMD.
  5. Gifts to Family.   You (and spouse) can gift up to $14,000 per year to every family member and the gift is nontaxable to the family member and is not subject to gift tax.
  6. Contribute to 401k.  If you have a 401k, if you can, contribute up to the maximum for 2014 which is $17,500, if older than 50 you can contribute $23,000.
  7. Roth Conversion.  If you think taxes are going up (who doesn't?) than convert your IRA to a Roth and pay tax at lower rates.  When you take money from your Roth later there is no tax.
  8. Reduce that Refund.  Don't give the Government an interest free loan.  If you are getting a large refund year after year, complete and file new W-4 with your employer and decrease your exemptions.  Keep your hard money and invest it somewhere else.
  9. Be Prepared - Forecast those taxes.  Don't go to your tax preparer not knowing what your estimated taxes will be.  Use our free tax calculators to estimate your 2014 tax liabilities.  Here is the link:  http://www.cpasitesolutions.com/content/calcs/index.php?id=20&category=Taxation
  10. Don't Be Afraid to Ask?    Call your tax professional if you have questions. We will take any call, client or nonclient, between now and the end of the year and will address your questions and questions absolutely free of charge.  We may ask you to sign up for our free newsletter, but that is it.  We are here to help.
On December 15th, we will provide our top ten business yearend tax tips.  Please don't miss it.

 
Gurr CPA LLC
1156 S State Suite, 202, Orem, UT  84097
Ph: 801-225-9411  Fx: 801-225-4318
website:  www.gurrcpa.com