Workers Comp 101 – FREE WEBINAR

May 19th, 2014

Did you miss our live webinar on June 17th?

ASAP Accounting & Payroll and our partner APIntego recently hosted a live 30-minute webinar about the basics of Workers Compensation (how premiums are calculated, variables, managing and avoiding rate increases, and pay-as-you-go (PYG) versus traditional premium calculation).

You can view this webinar on ASAP’s YouTube Channel.

 

SBA Offers Disaster Assistance to Colorado Small Businesses Economically Impacted by Red Mountain Pass Closures

May 16th, 2014

The U.S. Small Business Administration (SBA) is offering low-interest working capital federal loans to small businesses economically impacted by the Red Mountain Pass Rockslide that began January 13, 2014.

>>Read SBA’s full Press Release

>>Apply online at https://disasterloan.sba.gov/ela

 

Partner Spotlight > Alpine Bank, Denver

April 3rd, 2014

Our friends at Alpine Bank will open its first Denver branch tomorrow (April 4th). The Denver branch will open in LoDo and will be the first on the Front Range for Alpine Bank which was founded in Carbondale in 1973 and now has 37 locations on the Western Slope. ASAP is excited to welcome them to the big city!

3 Ways to Boost Productivity ASAP

February 28th, 2014

Employee Attendance & Payroll on Any Device  ASAP’s new cost-effective HUB portal is geared for the small to mid-sized employer in need of a simple online tool for pay stub/W-2 delivery and archive, a straight forward timeclock platform (mobile friendly), one-touch PTO request and review, document link library,  and company message board to help streamline daily communication. >>More

Paperless Payables and Receivables Automate all the manual bill routing tasks and invoicing, store and access documents anytime, maintain digital audit trails, initiate bill payments remotely and accept ePayments from your customers — synchronizes directly with your QuickBooks data. All from the convenience from any computer or mobile device. >>More>

Anytime, Anywhere Access to Your Financial Data If you find yourself shuffling discs/backups with your bookkeeper, consider putting your QuickBooks database on our Remote Server to gain anytime, anywhere access for you and your accounting team. >>More

 

Telluride’s Gus Kenworthy Takes Silver in Sochi

February 13th, 2014

Olympic athlete Gus Kenworthy took Silver in the men’s slopestyle skiing competition Thursday in Sochi. Congratulations to his father Peter Kenworthy, mother Pip Kenworthy, and the Telluride community.

Go Gus!Sochi Olympics Freestyle Skiing Men

>>The Watch 2/13 – Gus Grabs Silver in U.S. Podium Sweep

>>NPR 2/13 – In Rare Winter Sweep, US Rules Olympic Slopestyle

>>CBS 2/13 – U.S. freestyle skier Gus Kenworthy adopting stray Sochi puppies

>>Team USA Athlete Profile

 

Automatic Gratuities as Service Charges

January 31st, 2014

TipsEffective January 1st restaurants that put service or automatic gratuity on bills for larger parties now have to show these charges as taxable sales/service charges (not as tips) and are subject to all payroll tax withholding. That added fee will need to be included with their payroll, meaning workers will have to wait to get the extra cash.

Restaurants are required to report to the IRS what employees receive for tips and are to pay Medicare and Social Security taxes on those amounts. Restaurants are eligible for the Excess Tip Credit, an income-tax credit for some or all of those payments – service charges are not eligible for this credit.

Although not listed in the revenue ruling, common examples in service industries are:

  • Large Party Charge (restaurant)
  • Bottle Service Charge (restaurant, bar, night clubs)
  • Room Service Charge (hotel, lodging, resort)
  • Contracted Luggage Assistance Charge (hotel, lodging, resort)
  • Mandated Delivery Charge (pizza or other retail deliveries)

>>IRS Guidance 2012-7 tax treatment of tips vs. service charges

W2 Processing

January 15th, 2014

ASAP’s W-2 Processing is well under way; we anticipate all forms to be in the mail by MLK day!  All clients will receive copies securely electronically later this month. Please retain these copies as you will need these to issue any reprints or copies that were delivered to a prior employee address. Note: for confidentiality and privacy concerns, we will not discuss payroll matters with your employees directly. Requests such as address changes, lost W2’s, additional copies or question/changes for any purpose must be sent to us by an approved contact.

Anatomy of W2 Statement

New Year Preparation | BEFORE YOUR FIRST PAYROLL

January 9th, 2014
  • Minimum Wage Requirements; as of January 1, 2014 the new Colorado minimum wage rate is $8.00 per hour (up from $7.78) and $4.98 per hour for employees receiving tips (up from $4.76). Be sure to review your responsibilities as an Employer and follow tip-reporting guidelines.
  • Benefit Changes: medical/dental/vision coverage changes, retirement deferrals elections, vacation or sick accrual updates, verify current/updated policy and eligibility.
  • Year End balancing; compare wages & taxes posted in your accounting program against the W-3 total. 
  • HR Compliance; have you updated your Employee Handbook? ASAP’s eHR Online HR Support Center is a great resource to jump start your forms & procedures. Contact us if you do not have a login to eHR.
  • Healthcare Notice to Employees; not just a one-time event — under the Affordable Care Act (ACA) Employers must notify each new hire of health coverage available (even when you do not offer New year 2014coverage) – sample notices available at www.businessasap.com
  • Labor Law Compliance; have you ordered your 2014 labor law posters?  If not, ASAP can help.

 

Year End Preparation | BEFORE YOUR LAST PAYROLL

December 13th, 2013

TOP 5 ITEMS to Recap and Review

  • Employee Information: verify the addresses and SS#s on file for current & former employees paid in 2013 - See ASAP’s W2 Edit List
  • Supplemental Runs: schedule additional Payroll Runs (such as Bonus Runs, Owner/Adjustment Payrolls, confirm all bonuses were paid through payroll) – must be processed in 2013.
  • S-Corp Officers: Health/accident insurance premiums paid on behalf of a 2% or greater shareholder of an S-corp are deductible, but must be reported on an officer’s W2s. – Consult your CPA.
  • Fringe Benefits: submit fringe benefits for proper reporting on W2’s – Examples; value of the Personal Use of Company Car (PUCC), taxable portion of Group Term Life (GTL), Non-Accountable Expense Reimbursements., value of Ski Passes or other nonessential employer paid items.
  • Retirement Benefits: evaluate 401K/IRA/403B plan contributions adjust as preferred for tax planning based on 2013 plan limits.
  • 1099 Preparation: confirm W-9 Form on file is accurate for all contractors paid in the year – ASAP provides 1099 Processing Services, learn more here

ASAP’s YEAR END GUIDE

November 25th, 2013

Recap and Review:

  • Top 5 items to review before your last payroll.
  • Top 5 items to review before your first payroll.
  • 2014 Limits & Resources
  • and more…

>>DOWNLOAD ASAP’s YEAR END GUIDE (click)