Business Tax Updates

January 2012
As we kick off the new year, we wanted to give you a few quick updates affecting your business in 2012. Just before Congress' winter break, a bill was signed by the President to extend the reduced employee Social Security rate of 4.2% through February 29, 2012. Also, since tax season is right around the corner, we wanted to remind you of our client portal and its features.
Temporary Payroll Tax Cut Extension

TC

On December 23rd, President Barack Obama signed a bill which extends the reduced 4.2% Social Security tax rate for employees. Currently this extension of the reduced 4.2% rate is only through February 29, 2012. Lawmakers will meet in early 2012 to discuss extending the reduced Social Security tax rate for employees for the rest of 2012.

 

If a further extension, for the remainder of 2012, is not passed this will mean that employees whose wages or self-employment income for January and February exceed $18,350 (1/6 of the $110,100 2012 Social Security wage base) will have to recapture the savings benefits they received. 

Client Portal    
Many of you already use our portal system as an easy and secure way to transfer your tax documents to us (especially large files, such as QuickBooks files) for your tax return preparation. As we head into the beginning of tax season we wanted to remind you about the portal as an option for sending files, and also instructions on how to log-in and submit files.
Accessing the Client Portal:
  • Go to www.soukupbush.com 
  • Click on the box at the top left of the home page
  • Enter your email address and password, then click Go
  • Click Secure File Exchange
  • Click Uploadthen click Choose File to locate the file to upload
  • Once you locate the file, click Open
  • Click Upload
If you would like to use the client portal, please contact us to have us set up a username and password for you.
Annual Periodic Report
Colorado Secretary of State
State of Colorado SealAs of January 1, 2012, the Colorado Secretary of Stateis no longer sending postcard notifications as a reminder to file the periodic report for businesses. However, the Secretary of State has established an email notification system that will send an email reminder to file the periodic report. Periodic reports are required for all Limited Liability Companies (LLC), Limited Liability Partnerships (LLP), and Incorporated entities (S corporations and C corporations). 

If you have not yet signed up for the email notification system, you may do so on the Secretary of State's website by clicking here. You will then be prompted to enter the business' name for which you would like to receive notifications. Once you select the appropriate ID No., you will have the option to subscribe to the email notifications.

Please contact us with any questions you may have regarding the tax provisions discussed in this email, or if you would like more information.

Firm Signature

Soukup, Bush & Associates, PC 
(970) 223-2727
www.soukupbush.com