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By Richard on 9/27/2012 6:06 AM
With the holiday season rapidly approaching, Accuchex would like to give you advance notice of days that we will be closed or performing limited processing.

October 8th, 2012 – Columbus Day: Accuchex will be closed and will not be processing payroll.

November 22nd, 2012 – Thanksgiving Day: Accuchex will be closed and will not be processing payroll.

November 23rd, 2012 – Friday after Thanksgiving: Accuchex hours of operation will be 8:30 to 1:00 p.m. and will be performing limited processing.

December 24th, 2012 – Christmas Eve: Accuchex will be closed and will not be processing payroll.

December 25th, 2012 – Christmas Day: Accuchex will be closed and will not be processing payroll.

Accuchex will be OPEN on Novemeber 12th, 2012 - Veteran’s Day, however Banks will be closed.

 The following link is a listing of observed bank holidays provided by the Federal Reserve Bank. http://www.chicagofed.org/webpages/utilities/about_us/bank_holidays.cfm

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By Richard on 9/27/2012 6:05 AM
Payroll and Banking news: The transmission delay occurring on September 14th, 2012 affected many businesses and payroll transactions across the country. Delayed ACH transactions are not a common occurrence in the payroll and banking industries, but they do occasionally happen. These delays can occur for many different technical reasons, including anything from a software glitch to a file transmission failure. Needless to say, there are many links in the chain that lead to the Federal Reserve Bank and ultimately into your bank accounts.

Accuchex would like to take this opportunity to provide some helpful hints as to how you can better protect yourself and funds, regardless of the circumstance.

Install and regularly update firewalls, spyware protection, and commercial anti-virus software, especially if you're using a broadband or dedicated connection to the Internet, such as DSL or cable. Create strong passwords with at least 10 characters, including lower- and upper-case letters, numbers,...
By Richard on 8/11/2012 11:00 AM
June 25, 2012 Announcement 2012-25

Interim Guidance on Rev. Rul. 2012-18



The Internal Revenue Service (Service) is providing administrative guidelines to examiners concerning Rev. Rul. 2012-18, published in the 2012-26 Internal Revenue Bulletin.[1] The Service is aware that some businesses may have to change automated or manual reporting systems in order to comply with the proper treatment of service charges as specified in Q&A 1 of Rev. Rul. 2012-18.

When performing a tip examination, examiners must ensure that distributed service charges are properly characterized as wages and not tips. Q&A 1 of Rev. Rul. 2012-18 reaffirms the factors that are used to determine whether payments constitute tips or service charges. Q&A 1 of Rev. Rul. 2012-18 provides that the absence of any of the following factors creates a doubt as to whether a payment is a tip and indicates that the payment may be a service charge:

 

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By Richard on 8/9/2012 1:30 PM
When wages are overpaid, the federal tax refund process for employers includes filing a federal tax form and securing an agreement from employees to not seek separate refunds from the Internal Revenue Service.

While obtaining the signed agreements can delay the process, the statement is an IRS requirement that also provides assurance that employers who receive refunds of over withheld taxes are giving the refunds to the employees.as the amounts withheld for taxes belong to the employee.

To obtain a refund or adjustment of the employee's share of the over reported amount, the employer is required to certify that the employee's share was refunded to the employee or that the employer has the employee's written consent to file a claim for the employee's share. If the claim is for over collected Social Security or Medicare taxes from a previous year, the employer also should certify that a written acknowledgment was obtained from the employee, stating that the employee did not claim a refund or...
By Richard on 8/7/2012 8:59 AM
IRS Summertime Tax Tip 2012

Summertime is the season that often leads to major life decisions, such as buying a home, moving or a job change. If you are looking for a new job that is in the same line of work, you may be able to deduct some of your job hunting expenses on your federal income tax return.

Here are seven things the IRS wants you to know about deducting costs related to your job search:

To qualify for a deduction, your expenses must be spent on a job search in your current occupation. You may not deduct expenses you incur while looking for a job in a new occupation. You can deduct employment and outplacement agency fees you pay while looking for a job in your present occupation. If your employer pays you back in a later year for employment agency fees, you must include the amount you received in your gross income, up to the amount of your tax benefit in the earlier year. You can deduct amounts you spend for preparing and mailing copies of your résumé to prospective...
By Richard on 8/6/2012 8:13 AM

National Payroll Week celebrates the hard work by America's 156 million wage earners and the payroll professionals who pay them. This is a great time to appreciate all those wage earners and businesses which contribute to our country. And this is recognized not only here in the US, but in other countries as well, such as Canada and the UK.

Together, through the US payroll withholding system, they contribute, collect, report and deposit approximately $1.7 trillion, or 71.8%, of the annual revenue of the U.S. Treasury.

By host on 5/16/2012 7:40 AM

The American Payroll Association (APA), in conjunction with MasterCard Worldwide, is pleased to present Your Paycheck, an all-new electronic book. Thanks to MasterCard Worldwide's sponsorship, this e-book is available absolutely FREE!

Your Paycheck covers all the basics of earning a paycheck such as Forms W-4 and W-2, payroll taxes, withholding, deductions, and more. The various methods of wage payment are discussed, including electronic payment through direct deposit and payroll debit cards. Your Paycheck presents pay concepts in easy-to-understand language, with helpful examples and illustrations. That makes this e-book ideal for first-time workers and those who need a better understanding of their paychecks and the payroll system.

By host on 5/16/2012 5:13 AM

The IRS has updated its interim guidance on From W-2 reporting of the cost of employer –provided group health plan coverage with a chart. The chart which is based on Notice 2012-9 contains the requirements for tax year 2012 and beyond. It lists many types of health care coverage and various other situations, and explains whether reporting is required, prohibited, or optional.

The IRS explains that items listed as “optional” are designated as such based on transition relief provided by Notice 2012-9, and their “optional” status may be changed by future guidance. However, any such change will not be applicable until the tax year beginning at least six (6) months after the date of issuance of such guidance. Click here to view chart

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