Thursday, September 13, 2012

YOU CAN'T ROUND ON YOUR PAYROLL REPORTS


This was hard to believe. The IRS put out a memo and said that rounding to the nearest dollar on Form 941 is not allowable.

Neither the form nor instructions permit rounding. And the law gives filers the option to report in cents on all tax forms, so IRS can’t remove the cents column. Employers will have to keep reporting their payroll tax liability to the penny.

Make any 'cent's to you...

IRS ANNOUNCES 2013 IRA AND GIFT TAX NUMBERS


Two tax breaks will be larger next year, thanks to an increase in inflation.

The ceiling on IRA contributions will jump to $5,500, a $500 increase.
  • As a result, taxpayers age 50 or older in 2013 will be able to put in up to $6,500.
It is also calculated that the annual gift tax exclusion will rise to $14,000, up $1,000 from 2012.
  • This is not official yet. The Revenue Service will officially announce these figures next month.

Wednesday, September 12, 2012

ACCOUNTANTS NOT OPTIMISTIC ABOUT THE ECONOMIC FUTURE


I don't think any profession is in a better position to judge the economy than CPAs. We are on the front line dealing with clients in all aspects of their business.

Now a new survey from our governing organization, the American Institute of Certified Public Accountants (AICPA), shows that CPA's economic outlook has diminished.

CPA executives’ optimism over the U.S. economy has faded substantially over the past two quarters, the AICPA’s Business & Industry Economic Outlook Survey for the third quarter shows. After a significant rise in confidence that ended in the first quarter of 2012, CPAs report dimming expectations in virtually every major economic indicator.

The CPA Outlook Index--a comprehensive gauge of executive sentiment within the survey--fell four points to 63 for the quarter. The index had matched a post-recession high of 69 at the start of this year, but has declined each of the past two quarters.

Friday, September 7, 2012

SAFE HARVEST


Life gets especially busy this time of year in rural Nebraska as farmers jump full swing into harvest. Farmers have a high level of stress and anxiety to get a lot done in a short time.

As the days progress swiftly toward winter, farm work too moves at an often frantic pace with long days behind the wheel of a combine or a tractor or a truck. With those increased work hours come fatigue and the very real danger that one slip, one wrong move, could endanger a farmer’s life.

In the fields, farmers have to think safety every minute. The Nebraska Corn Board reports that in a typical year more than 500 people die in agricultural work in the U.S. National Farm Safety , said there were more than 50 grain bin incidents, auger related injuries, power take offs (PTO) incidents and more than two dozen fatalities in the U.S. in 2011. As for here in Nebraska the University of Nebraska show that, since 1969, nearly 1,200 Nebraskans have died in farm accidents--an average of more than 32 farm-related deaths per year.

Here are some tips for farm operators that we’ve gleaned from the many Internet sites dealing with the topic:
     Use extra caution when backing equipment. It is easy to overlook something or more importantly, someone, especially a child.
     Ensure that trained family members and employees are operating the equipment.
     Check that PTOs are well protected to avoid contact with clothing or people during operation. One statistic said rotating equipment can rip and wrap 4 to 8 feet of clothing per second. Obviously, there’s not much chance to escape injury or death if that happens.
     Check to make sure safety shields are in place on all equipment everyday – they are there for a reason.
·      Always be aware of power lines that can come in contact with moving equipment and augers around grain bins.
·     Grain bins deserve special attention and caution when grain is being loaded and removed. Safety measures should be put in place to avoid any risk of entrapment and suffocation.
·     Take periodic breaks to help avoid fatigue. Take a rest break for a few minutes, go for a short walk or check in with family members.
·     Protective eye and ear wear is important in many situations.
·     Equip tractors and combines with a fire extinguisher, as dry crop residue is fuel for a fire.
·     Keep a tractor with a disc at the end of the field you are harvesting, with the drought conditions it is better to be prepared then a fire taking your fields.

No one should become a statistic for the sake of getting done a day or two earlier. Let’s keep harvest a beautiful, bountiful and safe season.

Thursday, September 6, 2012

DROUGHT, LOW EXPORT DEMAND SAPPING MIDWEST ECONOMY


(AP/JournalStar.com) -- The AP reports that the latest Mid-America Business Conditions Index shows "continuing drought and reduced export demand for U.S. products are draining the economy in nine Midwest and Plains states," including Nebraska.  The index in August "remained below growth neutral for a second month in a row, the first time that has happened since July 2009."  Creighton University economist Ernie Goss said:  "The drought, the fiscal cliff, the elections and European economic turmoil are all weighing on economic confidence."

To read more of this article: CLICK HERE

 
 

FOOD STAMP USE HITS RECORD HIGH


Food stamp use reached a record high in June, the U.S. Department of Agriculture said this week, with 46.7 million people enrolled in the program for low-income families. The latest figures mean that food stamps will once again be a flash point in the presidential campaign. The number of people on food stamps rose 0.4 percent from May and was 3.3 percent higher than a year earlier.

“Too many middle-class families who have fallen on hard times are still struggling,” said Agriculture Secretary Tom Vilsack. The program is “one more example of government incompetence,” said Sen. Jeff Sessions (R-Ala.), who wants cuts in the program. It now costs $71.8 billion a year.

Wednesday, September 5, 2012

ON A PERSONAL NOTE

 
I hope everyone had a great Labor Day weekend. I spent the weekend camping out and canoeing with my 15 year old son, Ryan and his Boy Scout Troop. We spent a day on the water going down the Niobrara river. This beautiful river has been named one of the top 25 canoeing rivers in the United States. The scenery and the wild life are amazing. Even though the bugs were really bad and it was really hot, it was a great time. (I should add that the ground was a little hard.) As my family has heard me say several times, “life is short, make memories.”

I hope that you made as many memories this Labor Day as I did.