In This Issue
Keep Your Simple Plan Compliant.
California Competes Tax Credit
Noncash Wages Have Reporting Requirements.
Maximizing Depreciation Deductions
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Keep Your SIMPLE Plan Compliant

When was the last time you looked at your business retirement plan? If you offer a straightforward option such as the Savings Incentive Match Plan for Employees (SIMPLE), the answer may be... not since establishing the plan...(Read More)



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Did you know?

There's a California Competes Tax Credit that is being offered now through October 27, 2014 to attract new businesses to California and encourage existing businesses to stay and thrive. If awarded, the program provides discretionary income tax credits based on the amount, that the business calculates they will need for growth over the next few years.

Are you offering your employees the Savings Incentive Match Plan for Employees (SIMPLE)? Have you reviewed the plan recently? If the answer is no, then it's a good time to review the plan and ensure that you are still compliant and are following the rules so that you can retain your tax benefits. 


If you need further explanation of any topics in this issue, don't hesitate to give us  a call. We are here for you! 

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California Competes Tax Credit:
                    Apply Before the 10.27.14 Deadline

With the sunset of the California Enterprise Zone comes a new opportunity for a California business tax credit, the introduction of California Competes Tax Credit.  The tax credit has no defined calculation or amount, but rather is available to fund California business growth.  Businesses must submit an application on-line to between September 29, 2014 and October 27, 2014. 

There is a FREE workshop being offered by the Governor's Office of Business and Economic Development & the Sacramento Metro Chamber on October 6, 2014 that is open to all businesses who want to receive instruction on how to apply for this new tax credit...(Read More)

Noncash Wages Have Reporting Requirements


Are noncash wages apart of the compensation package you offer your employees?

These "in-kind" payments are often called fringe benefits, and you may know that some of them are taxable. Certain moving expenses you pay on behalf of your employees are an example, as is personal use of working condition fringe benefits such as vehicles.

As you prepare your payroll, identifying and reporting taxable fringe benefits is important. One reason is that taxable benefits must be included on payroll tax returns, such as the annual wage reporting statements..
 (Read More) 
Maximizing Depreciation Deductions in an
 Uncertain Tax Environment

For assets with a useful life of more than one year, businesses generally must depreciate the cost over a period of years. Special breaks are available in some circumstances, but uncertainty currently surrounds them:

Section 179 expensing
. This allows you to deduct, rather than depreciate, the cost of purchasing eligible assets. Currently the expensing limit for 2014 is $25,000, and the break ... (Read More)