BN Daily E-Journal

Important Payroll Tax Changes in 2011

admin — Fri, 27 Aug 2010 18:36:31 +0000

Starting with the first quarter of 2011, employers will begin filing new:

Quarterly Contribution Return and Report of Wages (DE 9)
Quarterly Contribution Return and Report of Wages (Continuation) (DE 9C).

Employers will report their Unemployment Insurance, Employment Training Tax, and State Disability Insurance contributions, along with the Personal Income Tax withholdings, quarterly on the DE 9 instead of annually on the Annual Reconciliation Statement (DE 7). Detailed wage items for each worker will be reported on the DE 9C instead of the Quarterly Wage and Withholding Report (DE 6). Employers will still use the DE 6 and DE 7 for years prior to 2011.

The change to quarterly reporting will allow EDD and employers to identify overpayments more quickly, which will result in faster refunds. In addition, EDD will be able to promptly notify employers of any amounts due.

Registered employers will receive the new forms automatically by mail starting in 2011. The new forms will also be available online and at local EDD offices in December 2010.

Employers will continue to make deposits using the Payroll Tax Deposit (DE 88ALL) form. The quarterly reporting change will not affect deposit and return due dates. Please refer to the California Employer’s Guide (DE 44) for deposit and reporting requirements.

NOTE: This quarterly reporting change does not affect Annual Household employers, Disability Insurance Voluntary Plan filers, or Disability Insurance Elective Coverage filers.

Expanded e-Services for Business

Beginning in the spring of 2011, EDD will significantly expand its e-Services for Business. Employers will be able to conduct more business online with EDD including:

Viewing account information
Filing reports
Paying tax deposits and liabilities

This article was provided by CAEDD, and is available to view at: http://www.edd.ca.gov/Payroll_Taxes/Important_Payroll_Tax_Changes_in_2011.htm

SBHA Notice of Intent to Release Funds

admin — Wed, 25 Aug 2010 21:27:16 +0000

On or about August 25, 2010, Santa Barbara County Housing and Community Development will submit a request to HUD for the release of Community Development Block Grant (CDBG) funds under Title I of the Housing and Community Development Act of 1974, as amended, to undertake a project known as New Cuyama Recreation Center Rehabilitation, utilizing $349,184 in CDBG funds for the purpose of rehabilitating the New Cuyama Recreation Center to address life safety and accessibility deficiencies, systems upgrades and replacements, and necessary improvements to the facility, located at 4885 Primero Street in the unincorporated town of New Cuyama.

The activities proposed are categorically excluded under HUD regulations at 24 CFR Part 58 from National Environmental Policy Act (NEPA) requirements. An Environmental Review Record (ERR) that documents the environmental determinations for this project is on file at Santa Barbara County Housing and Community Development, 123 E. Anapamu St., Rm. 27, Santa Barbara, CA 93101, (805) 568-3520 and may be examined or copied weekdays 8 AM to 4 PM.

Late Payments for Invoices Incurred During Fiscal Year 2009/2010

admin — Fri, 13 Aug 2010 04:36:40 +0000

The Department of General Services (DGS) recognizes the vital role suppliers to State Government Agencies play in California’s economic recovery efforts. State government must do its part to ensure suppliers are paid accordingly. Government Code (GC) Section 927 et. seq., sets forth the California Prompt Payment Act. The Prompt Payment Act requires State agencies to pay properly submitted, undisputed invoices within 45 days of initial receipt. If the requirement is not met, State agencies must automatically calculate and pay the appropriate late payment penalties.

In the event a State Agency fails to make timely payment to a supplier because no Budget Act has been enacted, penalties shall continue to accrue until the time that the invoice is paid, pursuant to GC Section 927. 11(d). Suppliers may visit www.pd.dgs.ca.gov/promptpay for additional information on the Prompt Payment Act.

What to do if a Supplier has not been paid in a timely manner- Prior to seeking the DGS Office of Small Business and DVBE Services (OSDS) assistance with resolution on contract payment issues, Suppliers should first contact their applicable State Agency’s Accounting Office for assistance and questions regarding specific invoices submitted for payment. After doing so, if Suppliers continue to encounter difficulties receiving payment they should then consult with that State Agency’s Small Business and Disabled Veterans Business Enterprise (DVBE) Advocate for additional assistance. Department Advocates serve as liaisons and provide assistance to suppliers to resolve contracting and/or invoice issues and ensure payments due are made promptly as provided for in GC Section 927 et. seq. Please visit www.pd.dgs.ca.gov/smbus/advocate to view the Small Business and DVBE Advocates Directory and locate the designated State agencies’ Advocate.

COGS or Cost of Goods Sold

admin — Thu, 15 Jul 2010 17:52:45 +0000

If your business manufactures products or purchases them for resale, you generally must value inventory at the beginning and end of each tax year to determine your cost of goods sold. Some of your expenses may be included in figuring the cost of goods sold. Cost of goods sold is deducted from your gross receipts to figure your gross profit for the year. If you include an expense in the cost of goods sold, you cannot deduct it again as a business expense.

The following are types of expenses that go into figuring the cost of goods sold.

The cost of products or raw materials, including freight
Storage
Direct labor costs (including contributions to pensions or annuity plans) for workers who produce the products
Factory overhead

Under the uniform capitalization rules, you must capitalize the direct costs and part of the indirect costs for certain production or resale activities. Indirect costs include rent, interest, taxes, storage, purchasing, processing, repackaging, handling, and administrative costs.

This rule does not apply to personal property you acquire for resale if your average annual gross receipts (or those of your predecessor) for the preceding 3 tax years are not more than $10 million.

For additional information, refer to the chapter on Cost of Goods Sold, Publication 334, Tax Guide for Small Businesses and the chapter on Inventories. – reprinted from IRS

PlanSwift Partners With BuildersNotebook

admin — Wed, 14 Jul 2010 06:22:47 +0000

BuildersNotebook has partnered with PlanSwift Takeoff & Estimating Software.

Santa Barbara, CA, July 13, 2010, — BuildersNotebook announced today an exciting new partnership with PlanSwift. PlanSwift and BuildersNotebook have come together to offer the construction industry a better solution in finding work, construction document viewing, performing takeoffs and estimating. This new product combines PlanSwift’s amazing takeoff capability with the power of Builders Notebook online Planroom and document distribution service. PlanSwift is now being offered through BuildersNotebook.
Sean Bernat, Partner Recruitment Manager at PlanSwift said, “PlanSwift is pleased to announce this new alliance, which comes at the request of many customers which will help to streamline the bidding process. We’re extremely excited about all the possibilities of this partnership”. “BuildersNotebook has been a leader in helping construction professionals find work and now BuildersNotebook will have even more to offer to their members”.
PlanSwift is an industry leader in construction software. The PlanSwift program allows builders to do material takeoffs right on their computer screens using digital plans. PlanSwift is eliminating the need for digitizer boards and paper plans. PlanSwift’s easy to use, drag-and-drop interface will save the estimator valuable time and their accuracy will be improved. PlanSwift’s estimating software coupled with BuildersNotebook project tracking and document distribution systems will create a one stop shop for the areas construction professionals.
As the construction industry fights to regain its lost footing from the economic downturn, builders need every opportunity to drive efficiency into the business. The combination of PlanSwift and BuildersNotebook products creates a powerful offering that provides builders with an easy to use, cost effective and streamlined process to find work and get that work accomplished.
Sean Bernat, Partner Recruitment Manager at PlanSwift said, “The construction industry is changing. The recession is leading builders into the digital age. Companies are looking for ways to become more efficient; PlanSwift and BuildersNotebook address that need.”
For more information, please visit www.planswift.com or call PlanSwift at 1-888-752-6794 ext 4.
About PlanSwift
PlanSwift, a subsidiary of Tech Unlimited, Inc., is a leading provider of takeoff and estimating software to industry professionals. The PlanSwift Company has developed software to enhance the construction industry’s daily takeoff and estimating needs. More than 5,000 industry professionals, in over ten countries, use PlanSwift to help them complete more precise and accurate bids everyday. For more information about PlanSwift, please visit the company’s website at www.planswift.com
If you would like more information about the company or to discuss a partnership opportunity, please call Sean Bernat at (888) 752-6794 ext. 738. Email: marketing@planswift.com

New Outlandish 1099 Laws for 2011

admin — Wed, 30 Jun 2010 19:44:05 +0000

Get your pen and pad of paper ready, 1099 paper that is. As part of the newly enacted Patient Protection and Affordable Care Act signed into law March 23, 2010, by President Obama, businesses will be required to report payments over $600 per year of goods or services made to anyone, including corporations, except entities exempt under 501 (a) charitys and non-profits. Read more here. This will also effect you if you receive payments through credit card terminal. The credit card processing companies will be sending a new 1099 called 1099-k which will report your income received. Read more about this proposed law here.You should start getting 1099 information as soon as possible to help aleviate being over paperworked by emailing or sending the form W-9 to all of your vendors. You can get form W-9 here.

PDF Tools for On Screen Take Offs

admin — Tue, 08 Jun 2010 21:59:00 +0000

We are currently researching the best tools for our users to manage on screen take offs from a PDF document. Here is what we have found so far that is the absolute best value (this is not an ad and they have not paid us or given us any incentives) BLUEBEAM.

The cost to purchase is $149. We would like to know what you guys think. Try this product (it has a 30 day free trial) and give us your feedback. Is it easy to use? and are you able to do on screen take offs without printing the plans? Send your feedback by phone 877-776-5436, fax 805-262-6338 or by email planroom@buildersnotebook.com.

admin — Thu, 20 May 2010 04:42:18 +0000

admin — Thu, 20 May 2010 04:41:24 +0000

Prevailing Wage Law Workshop * May 6th in Santa Barbara

admin — Tue, 04 May 2010 02:29:03 +0000

Learn from the best! A must for owners, estimators, project managers and office administrators! Critical updates, Prevailing Wage Hot Topics, Compliance 101 and ideas that can give you a real advantage! **Seating is limited, so reserve you spot ASAP.

Date: Thursday, May 6, 2010

Time: 7:30am – Registration and 8am – 12pm

Location:

Fess Parker’s DoubleTree

633 East Cabrillo Blvd.

Santa Barbara, CA 93103

(805) 564-4333

Cost:

$100 per person