FOR BUSINESS PROFITABILITY, UNDERSTAND THE LAW OF THE VITAL FEW

How well do you know your customers? Which ones are the most profitable? Which ones take most of your time? Finding the answers to these questions can be worthwhile.

ACCESS TAX DETAILS ONLINE

Transcripts of your federal income tax return, tax account, wages and income, and record of account, as well as a verification of non-filing, are once again available for no charge online at the IRS website. Sign up to view, print, or download your transcript, or request that a transcript be mailed to you. Remember, transcripts only provide line-by-line information. If you need a copy of your original return, use Form 4506, Request for Copy of Tax Return, instead. Contact us at (518) 798-3330 if you have questions.

YOU CAN STILL BENEFIT FROM THE WORK OPPORTUNITY TAX CREDIT

The Work Opportunity Tax Credit (WOTC) is a federal income tax break that can reduce your business income tax when you hire workers from specified groups that typically experience high unemployment rates. Normally, you have 28 days after the worker's first day to complete the necessary paperwork for the credit. But, for certain workers hired between January 1, 2015, and August 31, 2016, the 28-day rule has been extended until September 28, 2016. The extended date gives you an opportunity to review last year's personnel files for credit-eligible employees. Contact us at (518) 798-3330 to learn how the WOTC can help save tax dollars.

GET AUTOMATED HELP TO UNDERSTAND AFFORDABLE CARE ACT PENALTIES

The Taxpayer Advocate Service website has an automated tool to help you understand how the employer penalties put in place by the Affordable Care Act (ACA) apply to your business. The "estimator" will help you determine how many full-time employees you have, whether you're an applicable large employer, and what responsibilities your business has under ACA rules. Contact us at (518) 798-3330 for answers specific to your business.

ARE YOU TAKING STEPS TO PREVENT FRAUD IN YOUR BUSINESS?

The 2016 Global Fraud Study released recently by the Association of Certified Fraud Examiners shows that asset misappropriation occurred in more than 83% of the cases reported. Asset misappropriation includes billing and check tampering schemes. According to the study, billing schemes were most common, comprising slightly more than 22% of the cases, and check tampering schemes were the costliest, with a median loss of $158,000. Not surprisingly, businesses with poor internal controls, or no internal controls, were the most susceptible. Contact us at (518) 798-3330 for tips and suggestions for keeping your business assets safe.

FORM 5500 DUE DATE IS APPROACHING

August 1, 2016, is the deadline for filing Form 5500 for retirement or employee benefit plans on a calendar year. (The usual due date of July 31, 2016, is a Sunday.) There are two updates to be aware of. First, Form 5500 includes new compliance questions that plan sponsors can skip when completing the form. Second, if you're required to file at least 250 returns of any type with the IRS, including information returns (for example, Form W-2 and Form 1099), you may need to electronically file Form 5500-EZ for calendar year 2015.

START PREPARING NOW FOR NEW OVERTIME RULES

In May, the U.S. Department of Labor updated the rules for paying overtime. Under the new rules, salaried employees who earn less than $913 per week ($47,476 per year) will be eligible for overtime pay. That's double the annual exempt amount of $23,660 under current rules. The changes take effect December 1, 2016, which means you need to begin reviewing your payroll now, as penalties and fines can be assessed for noncompliance. One important step is to begin tracking hours for your salaried employees.