CPA Care

What’s New for 2012?

Tue, 31 Jan 2012 09:51:00 -0500

The employee tax rate for social security is 4.2% on wages paid and tips received before March 1, 2012. The employee tax rate for social security increases to 6.2% on wages paid and tips received after February 29, 2012; the employer tax rate remains unchanged at 6.2%.

The Medicare tax rate is 1.45% for both the employee and employer, remaining unchanged from 2011.

The FUTA tax rate is 6.0% for 2012.

The 2012 amount for one withholding allowance on an annual basis is $3,800.

Employers must use new Form 8822-B, Change of Address—Business, for any address change.

The Vow to Hire Heroes Act of 2011 is a new law which provides an expanded work opportunity tax credit to businesses that hire eligible, unemployed veterans.

Save Time with Paycor's Custom Web Reporting

Tue, 31 Jan 2012 09:26:00 -0500

Paycor has developed a product with you in mind. It is a simple and powerful tool that combines all of your Paycor clients’ payroll reports in one place and allows you to create customized reports in the format you like to use.

Access to Information for all of your Clients
This time-saving feature allows you to create one report template and pick which clients you would like to view the report for. Reports can be customized to view any information you or your clients will need from their payroll.

Create Fiscal Year Reports
Custom Web Reporting allows you to pick any customized date range to run a report. This means you can easily create reports for clients whose fiscal year is different than the calendar year. This function also makes report creation for auditing purposes much easier.

Export Information into Excel Format
Once reports are created they can be exported into various electronic file formats, including Excel, PDF, or HTML. This gives you the flexibility to make additions to reports as well as send reports to other users.

For more information about this product, visit the Custom Web Reporting page or contact your Account Manager.

Payroll & Tax Deduction Guide

Mon, 30 Jan 2012 09:23:00 -0500

We understand that payroll and tax deductions can be a complicated subject, so we created this simple, fun infographic with your clients in mind. An infographic is a creative way to share information in a clear and comprehensible way. Giving you this resource to share with your clients is another way we make your job easier.

Check out the complete payroll and tax deductions infographic.

Custom Web Reporting Can Help You Determine Eligible Tax Credits!

Sun, 29 Jan 2012 07:22:00 -0500

Small Business Health Care Tax Credit

This credit helps small businesses and small tax-exempt organizations afford the cost of covering their employees’ health insurance. To be eligible for the credit the company must:

Cover at least 50 percent of the cost of single (not family) health care coverage for each of employee
Have fewer than 25 full-time equivalent employees
The employees must have average wages of less than $50,000 a year

To determine if the company qualifies for the maximum credit of 35 percent for small business employers and 25 percent for small tax-exempt employers, you can pull a quick excel report with this data in Custom Web Reporting.

New Hire Retention Credit

The HIRE retention credit is a general business credit to encourage retention of new hires from February 3, 2010 and before January 1, 2011. To be eligible for the credit the employer:

Must have retained the qualified employee for 52 consecutive weeks
The qualified employees’ wages for such employment during the last 26 weeks must equal at least 80% of wages for the first 26 weeks

The amount of the credit is the lesser of $1000 or 6.2 percent of wages (as defined for income tax withholding purposes) paid by the employer to the retained qualified employee during the 52 consecutive week period. The credit is claimed in the tax year in which the first 52 consecutive week period ends. In Custom Web Reporting, you can pull a report to show hire dates with employee wages during any time period to determine employee qualification.

These are just two recent tax credits for which Custom Web Reporting helps you to determine your clients’ eligibility, think of all the other tax credits you could easily determine by using this tool!

Prompt and Personal Service Benefits Accountant at Year-End

Sat, 28 Jan 2012 08:25:00 -0500

Becky Foster, an accountant with Hayes, Neltner & Schmidt, supports five CPAs at her firm. The firm has 50 clients who use Paycor payroll and HR solutions, yet she doesn’t have 50 specialists’ names to remember – just one.

Becky works through her dedicated CPA Care Advocate for all of her questions, and her CPA Care Advocate does the work of troubleshooting and contacting others if needed to assist Becky. “Quick turnaround time and having one point of contact is important to me all year long, but it’s especially valuable to me during yearend,” says Becky, who estimates that she emails CPA Care about once a day during tax season.

CPA Care Year–End Services

Superior Service

Dedicated Advocate available
Complimentary custom reporting

Immediate Access to Information with Online Reporting

Variety of standard reports
Access to mutual client data anytime, anywhere!
Single sign-on for mutual clients

The Unexpected is Expected – But Having One Point of Contact Helps

Problems surface and time-sensitive issues occur – especially at yearend. “I have some clients who use a different payroll provider, and it’s difficult to get information since I don’t have a relationship with one person,” she said. This personal relationship Becky has with her Paycor CPA Care Advocate has benefited her many times over!

Contact CPA Care today to learn how Paycor can make your job easier!

CPA Care is here to help you meet the 1120 and 1120S filing deadline!

Fri, 27 Jan 2012 08:22:00 -0500

Feeling a little overwhelmed?

Paycor’s CPA Care Advocates are standing by to assist you during this busy time of year. We have created a resource to help you obtain salary and wage information you may find helpful while preparing our mutual clients’ corporate tax returns.

On the CPA Care website you will find:

A simple way to request reports
An online Reporting Request Form
Access to our mutual client list
Live chat with CPA Care Advocates
A sample Organization Summary report for salary and wage information
A sample Earnings Report for recording earnings, such as 1099 employees
A sample Expanded YTD Report for a list of 1099s paid

Visit www.paycor.com/cpa/1120 or contact CPA Care!

Extra FUTA Tax Payments due on Form 940 by January 31, 2012

Sun, 01 Jan 2012 09:16:00 -0500

Employers in 20 states are subject to a reduction in FUTA (Federal Unemployment Tax Act) credit resulting from unpaid federal loans.

Paycor recovered the FUTA amounts due to the states by performing a onetime adjustment for each client. The clients’ accounts were drafted on or after December 15, 2011. You can view the Cash Requirement Journal on Online Reporting for this adjustment payroll.

Click here for more information.

Hiring Independent Contractors

Sun, 01 Jan 2012 09:15:00 -0500

The U.S. Department of Labor, IRS, and 11 state agency leaders agreed to improve their efforts to encourage compliance and educate on employee misclassification. This agreement will help ensure that employees receive the protections to which they are entitled under federal and state law.

For more information, go to www.dol.gov/opa/media/press/whd/WHD20111373.htm.

It’s W-2 Time!

Sun, 01 Jan 2012 09:12:00 -0500

Our commitment to our clients is to prepare accurate and timely W-2s. All W-2s and 1099s will be shipped to our clients no later than January 25, 2012. The shipping of each client’s W-2s is dependent on when their last payroll or payroll adjustment is received and processed at Paycor.

Let Paycor Help You Start the Year Off Right!

Sun, 01 Jan 2012 09:11:00 -0500

The New Year is a time to reflect on the past and move towards new beginnings. Paycor has resources to help bring payroll and HR relief to you and your clients!

Avoid wasting time entering payroll data into multiple spreadsheets.

Try Custom Web Reporting—Ditch the paper reports and create customizable payroll reports online for 401(k), workers’ compensation, employee benefits, overtime and much more.

Save money and time by accurately tracking employee hours worked.

Check out ReadyClock—Paycor’s simple web-based time keeping solution calculates hours
automatically and allows managers easy access to verify hours, find errors, correct mistakes and load the data directly into payroll.

Streamline my workers’ comp process and avoid audit surprises.

Start Workers’ Comp Pay-As-You-Go— Never again write a separate premium check to the insurance company. Payments are automatically deducted each payroll period, eliminating audit surprises and giving you more time to focus on your business.

Protect my business from costly HR mistakes.

Benefit from HR On-Demand—Get tons of valuable facts, forms and advice, developed and updated by experienced HR professionals. You can even talk live with an HR expert.