SCORE Workshop -How To Manage Payroll So You Withhold The Correct Amount From Employees. Presented by Antonio Alvarez, EA

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Where & When
Date:

Tuesday July 12, 2016

Time: 
Check-in:   1:00 PM – 1:30 PM
Workshop: 1:30 PM – 3:00 PM
Location:
Fullerton Public Library
Main Branch
353 W. Commonwealth Ave
Fullerton, CA 92832
Limited seating, save yoursClick Here to pre-register
Walk-ins Please Bring A Business Card 

A no-charge event
Sponsored by;


Fullerton Library
Please Click Here to Pre-register

Hear from an expert speaking on behalf of the IRS. Find out the employers responsibilities to identify wages that are subject to employment taxes, the difference between an accountable plan and a non-accountable plan and how to calculate your payroll taxes using the appropriate method. Employment tax rules for wages and other types of compensation will also be discussed.
Antonio Alvarez EA presents this workshop. Tony has been a tax professional for over 29 years. He opened his own tax practice in 2001, earning his Enrolled Agent status in 2006. His firm specializes in assisting small business tax clients in all aspects of tax preparation, bookkeeping, payroll and audit representation. He recently completed the National Tax Practice Institute and achieved his designation as  a Fellow.
Limited seating, save yours
Please Click Here to Pre-register
 
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Financial Statements Part 1: Income Statement

 

Income Statement

The income statement reports a corporation’s net income for the period of time indicated in its heading. The income statement is also known as the statement of incomestatement of earningsstatement of operations, profit and loss statement, or P&L.

Parts of an Income Statement:

Revenues.  *Selling products (net sales),*Providing services (net service). 

Cost of Goods Sold.  Costs of goods made by the business include material, labor, and allocated overhead

Gross Profit. Gross profit is defined as net sales minus the cost of goods sold. This is important because the corporation’s gross profit amount must be sufficient to cover its selling, general and administrative expenses and to provide a sufficient amount of net income.

Expenses. Cost associated with main business activities. Example of expenses will include supplies, rent, advertising, commissions for employees and agents, interest.

Net Income. A corporation is required to issue annual financial statements, but it is common for a corporation to prepare monthly financial statements for its management.

At Alvarez Tax Services, LLC we can provide you with this service.

 

New Federal Tax Law May Affect Some Refunds in Early 2017; IRS to Share Details with Taxpayers this Summer

New Federal Tax Law May Affect Some Refunds in Early 2017; IRS to Share Details with Taxpayers this Summer

The Internal Revenue Service has announced initial plans for processing tax returns involving the Earned Income Tax Credit and Additional Child Tax Credit during the opening weeks of the 2017 filing season. The IRS is sharing the information now to help the tax community prepare for the 2017 season, and plans are being made for a wider communication effort this summer and fall to alert taxpayers about the changes that will affect some early filers.

The action is driven by the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) that was enacted December 18, 2015, and made several changes to the tax law to benefit taxpayers and their families. Section 201 of this new law mandates that no credit or refund for an overpayment  for a taxable year shall be made before February 15 if the taxpayer claimed the Earned Income Tax Credit or Additional Child Tax Credit on the return.

The change begins January 1, 2017 and may affect some returns filed early in 2017. For additional information, see the link below:

https://www.irs.gov/for-tax-pros/new-federal-tax-law-may-affect-some-refunds-filed-in-early-2017