David S. Baboian, CPA, PC
Certified Public Accountant
Certified Public Accountant
Business updates
GENERAL BUSINESS TAX UPDATES
Date Posted: 12/20/11
Effective 01/01/2012, the STANDARD BUSINESS MILEAGE RATE is 55.5 cents per mile (unchanged from Jul-Dec 2011).
Date Posted: 07/06/11
Effective 07/01/2011, the STANDARD BUSINESS MILEAGE RATE has been adjusted to 55.5 cents per mile (previously 51 cents).
Date Posted: 07/06/11
Gov. Corbett signed into law House Bill 440, a measure that expands the availability of workers’ compensation coverage to small businesses. The new law authorizes insurers, including the State Workers’ Insurance Fund, or SWIF, to voluntarily provide workers’ compensation coverage to sole proprietors, partners in partnerships, and members of limited liability companies. Specifically, the new law will do the following:
Date Posted: 04/15/11
Effective retroactively to 01/01/2011, the new expanded 1099 requirements for rental property owners and businesses have been repealed as of 04/14/11. The old rules remain in place.
Date Posted: 12/14/10
Effective 01/01/2011, the STANDARD BUSINESS MILEAGE RATE has been adjusted to 51 cents per mile.
Date Posted: 12/16/09
Effective 06/10/09, employees laid off or terminated by small employers (2-19 employees) are now eligible for PA Mini-COBRA continuation of group health insurance benefits. Prior to this, only companies employing more than 19 people needed to comply with the COBRA rules. Mini-COBRA only affects employers that provide a health insurance plan for the employees to participate in. This type of employer needs to contact their health insurance provider asap after any employee separates from service (no longer works for you for any reason). If the health insurance provider is a small company and does not appear familiar with the Mini-COBRA required procedures, then I suggest that you hire an attorney to walk you through your employer legal requirements. Contact our office immediately if you learn from your health insurance provider that your company must provide Mini-COBRA for a specific employee that has separated from service.
PAYROLL TAX UPDATES
Date Posted: 12/16/10
FEDERAL & PA MINIMUM WAGE:
Effective 07/24/09 the minimum hourly wage increases to $7.25. Additional information can be found at www.dli.state.pa.us
Date Posted: 12/16/10
You can print $52 LST Exemption Certificates from our web site... listed under Client Zone. Such certificates are to be completed by the employee and forwarded to us asap. The exemption most commonly applies to 1) employees that already have the LST withheld by their primary employer or 2) employees expecting to earn less than a certain dollar threshold within the employer's municipality. The dollar threshold is set by your municipality and we have mailed you this information.
Date Posted: 12/20/11
Effective 01/01/2012, the STANDARD BUSINESS MILEAGE RATE is 55.5 cents per mile (unchanged from Jul-Dec 2011).
Date Posted: 07/06/11
Effective 07/01/2011, the STANDARD BUSINESS MILEAGE RATE has been adjusted to 55.5 cents per mile (previously 51 cents).
Date Posted: 07/06/11
Gov. Corbett signed into law House Bill 440, a measure that expands the availability of workers’ compensation coverage to small businesses. The new law authorizes insurers, including the State Workers’ Insurance Fund, or SWIF, to voluntarily provide workers’ compensation coverage to sole proprietors, partners in partnerships, and members of limited liability companies. Specifically, the new law will do the following:
- Extend the availability of workers’ compensation coverage to sole proprietors, partners in partnerships, and members of a limited liability company
- Transfer $4 million from the Workers’ Compensation Administration Fund to the Uninsured Employers Guaranty Fund to ensure the latter’s solvency
- Have no adverse effect on the state’s General Fund or SWIF, and place no burden on the Department of Labor & Industry’s Bureau of Workers’ Compensation
Date Posted: 04/15/11
Effective retroactively to 01/01/2011, the new expanded 1099 requirements for rental property owners and businesses have been repealed as of 04/14/11. The old rules remain in place.
Date Posted: 12/14/10
Effective 01/01/2011, the STANDARD BUSINESS MILEAGE RATE has been adjusted to 51 cents per mile.
Date Posted: 12/16/09
Effective 06/10/09, employees laid off or terminated by small employers (2-19 employees) are now eligible for PA Mini-COBRA continuation of group health insurance benefits. Prior to this, only companies employing more than 19 people needed to comply with the COBRA rules. Mini-COBRA only affects employers that provide a health insurance plan for the employees to participate in. This type of employer needs to contact their health insurance provider asap after any employee separates from service (no longer works for you for any reason). If the health insurance provider is a small company and does not appear familiar with the Mini-COBRA required procedures, then I suggest that you hire an attorney to walk you through your employer legal requirements. Contact our office immediately if you learn from your health insurance provider that your company must provide Mini-COBRA for a specific employee that has separated from service.
PAYROLL TAX UPDATES
Date Posted: 12/16/10
FEDERAL & PA MINIMUM WAGE:
Effective 07/24/09 the minimum hourly wage increases to $7.25. Additional information can be found at www.dli.state.pa.us
Date Posted: 12/16/10
You can print $52 LST Exemption Certificates from our web site... listed under Client Zone. Such certificates are to be completed by the employee and forwarded to us asap. The exemption most commonly applies to 1) employees that already have the LST withheld by their primary employer or 2) employees expecting to earn less than a certain dollar threshold within the employer's municipality. The dollar threshold is set by your municipality and we have mailed you this information.
Photos used under Creative Commons from alancleaver_2000, vvvracer
