pro say!

In his May article in the Journal of Accountancy, Don Mcloughlin (vice president of marketing at ADP Small Business Services) lists 9 common payroll errors and provides tips and resources that may help prevent these common errors from occurring. Here is a list of the 9 common payroll errors from the article:

1. Apply the latest laws and regulations.

2. Don’t miss a deposit deadline.

3. Process wage garnishments correctly.

4. Don’t put too much reliance on payroll software.

5. Classify nonexempt employees correctly.

6. Don’t treat employees as contract workers.

7. Report fringe benefits.

8. Ensure that social security benefits are correct on W-2 forms.

9. Don’t mishandle withholding for employees who receive third-party sick pay.

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Pro Say! Uncertainty Surrounds Estate Tax

by Joshua on April 26, 2010

This is a new post that I will try and do often called “pro say!” which will highlight what tax professionals are saying about current affairs in the tax world. This is a great piece on NPR’s “All Things Considered” program regarding the uncertainty surrounding the Federal Estate Tax. It includes interviews with Sanford Schlesinger, a trusts and estates attorney, and Ray Madoff, a professor at Boston College School of Law and co-author of the book “The Practical Guide to Estate Planning.” Schlesinger provides a great quote that sums of the state of the Estate Tax law: “”If we come down to November and there’s no estate tax, if I were grandma I would not show up for Thanksgiving dinner without a food taster.”

Click here to listen to the program NPR’s “All Things Considered”

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