News & Resources

New CA Sick Pay Law means 3 Mandatory Sick Days Per Employee Starting July 1

California has a new law that all employers need to be aware of.  Starting July 1st, any employee that works 30 or more days within a year is now entitled to mandatory sick leave.  The rate of accrual is 1 hour of sick pay earned for every 30 hours worked.  This includes part-time and temporary employees.  The maximum that can be earned for any one calendar year is 24 hours or 3 days of sick leave.

More details can be found on the Franchise Tax Board website using the link below:

http://www.dir.ca.gov/dlse/ab1522.html

Frequently Asked Questions can be found here:

http://www.dir.ca.gov/dlse/Paid_Sick_Leave.htm

If you have any specific questions, please contact our office for clarity.

Paying Taxes on Household Helpers

If you employ someone to work for you around your house, it is important to consider the tax implications of this arrangement. While many people disregard the need to pay taxes on household employees, they do so at the risk of paying stiff tax penalties down the road.

As you will see, the rules for hiring household help are quite complex, even for a relatively minor employee, and a mistake can bring on a tax headache that most of us would prefer to avoid.

Commonly referred to as the “nanny tax”, these rules apply to you only if (1) you pay someone for household work and (2) that worker is your employee. Read more

Effective 6/30/2015, Certain Businesses Subject to $100/day Penalty for No Group Health Plan

The Affordable Care Act strikes again.  Starting June 30th of this year, certain businesses will be subject to a $100/day penalty if the business does not have a group health plan (even if the business reimburses employees for their individual coverage).  LMGW is being proactive in communicating this to all clients whom may be affected.  Here is the web link to IRS Notice 2015-17 which explains the new law in its entirety:

http://www.irs.gov/pub/irs-drop/n-15-17.pdf

If you feel that this law may affect your business, please do not hesitate to contact our office.

Eight Facts on Late Filing and Payment Penalties

April 15 is the annual deadline for most people to file their federal income tax return and pay any taxes they owe. If, for whatever reason, you missed the deadline you may be assessed penalties for both failing to file a tax return and for failing to pay taxes they owe by the deadline. Here are eight important facts every taxpayer should know about penalties for filing or paying late:

1. Two penalties may apply. A failure-to-file penalty may apply if you did not file by the tax filing deadline. A failure-to-pay penalty may apply if you did not pay all of the taxes you owe by the tax filing deadline. Read more

QuickBooks Keyboard Shortcuts to Save You Time

Knowing the keyboard shortcuts for QuickBooks is a great way to complete tasks faster and stay efficient!  Here are LMGW’s top QuickBooks keyboard shortcuts:

Ctrl + W          Write a new check

Ctrl + J            Open Customer Center

Ctrl + E            Edit transaction selected in register Read more