BA Harris LLP

State of Idaho Department of Labor Corporate Officer Exemption from Unemployment Tax

Published on Wednesday, September 07, 2011

Recently the Department of Labor changed the rules which required corporations to pay state unemployment tax (SUT) on corporate officer wages. Under the new rules the corporation can make an election to exempt officer wages from SUT. With the increases in unemployment tax over the last few years this change in law could result in a more significant savings. Please be aware that if you take advantage of the new exemption for corporate officer wages you will not be able to collect unemployment benefits. Although many corporate officers would likely be ineligible to ever collect unemployment benefits, there are instances where benefits can and have been paid under the old rules. Read More...

Recharacterization of 2010 Roth IRA Conversions

Published on Tuesday, August 16, 2011

With the recent volatility in the stock market we wanted to alert our clients who converted IRA’s to Roth IRA’s in 2010 to a potential planning issue that may warrant some attention in the next 60 days. Read More...

Do I Need a Will?

Published on Tuesday, August 02, 2011

Recently, my wife and I engaged a local attorney to draft our wills and various estate documents. We are in our mid-thirties, in good health, and thanks to the decrease in real estate values, have very little net worth. Although many might argue that drafting these documents was a waste of money, I strongly believe all adults should have wills, powers of attorney, and medical directives in order to plan for the uncertainties of life. Read More...

Hiring New Employees and Tax Credits

Published on Wednesday, July 13, 2011

Hiring new employees? Contact Us to See if You Qualify For a Tax Credit Read More...

Quickbooks and 1099s

Published on Friday, January 28, 2011

You can use the 1099 feature in QuickBooks to create a summary report of the vendors that are eligible for Form 1099-MISC. There are several steps that are necessary for this report to generate the correct information.  Read More...