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3/24/2018

Workers Comp Enforcement hit Escambia County Florida and Baldwin County Alabama for Sub Contractors. Learn to how comply with McVay Business Services at your side!

Workers Comp Enforcement hits Escambia County Florida and Baldwin County Alabama for Sub-Contractors. Learn how to comply and not get caught with McVay Business Services at your side!

Urgent Warning to Contractors, Sub-Contractors and Service Industry. With the huge growth and building going on in these two county's on the Florida/Alabama Gulf Coast the forces that be our out visiting your job sites to make sure your in compliance. 

McVay Business Services has solutions. Payroll services starting at only $100.00 per month. Employee leasing with workers comp for sub contractors starting at just 2-employees and workers comp exempt certificates for up to 3-officers of your LLC or Corporation. We have the solution. Call Mike McVay today at 850-725-5696 in Florida and 251-279-7941 in Alabama for a quote.
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WARNING
For Immediate release from the desk of Mike McVay,
Payroll & Workers Comp Specialist.

Huge fines are being levied NOW! Enforcement is it an all time high
because of the local building growth.
Don't think your business is a target, think again. 
If you have your business name on your vehicle or your at any type of construction site you are a target. A 350% increase in workers comp officers just in Escambia County Florida & Baldwin County Alabama since May 1st 2018 has been verified.

What to expect of you get caught without a workers comp exempt certificate or workers comp coverage

Enforcement for Florida & Alabama
Investigators conduct routine job-site inspections to ensure Employer compliance with the Workers' Compensation law.

When an Employer is operating without the required coverage, civil enforcement action is taken. This most often results in the issuance of a Stop-Work Order, requiring that the business cease all operations until it complies with the law and pays a penalty.
The penalty is equal to 2 times the amount the employer would have paid in manual premium within the preceding two year period.

A Stop-Work Order may also be issued if an employer
  • understates or conceals payroll,
  • misrepresents or conceals employee duties or
  • otherwise attempts to avoid paying the proper amount of premium when purchasing a Workers’ Compensation Insurance policy.
  • Not up to date with any workers comp exempt certificates issued by Florida or Alabama. 

These violations and other actions may result in criminal charges as filed by the Division of Insurance Fraud.
It is against the law to:
  • Work without workers' compensation insurance when required to do so
  • Work in violation of a Stop-Work Order
  • Make a false statement for the purpose of obtaining insurance coverage or to reduce premiums
  • Fail to report an injury to the insurance carrier
  • Discharge or threaten to discharge an employee for filing or attempting to file a workers' compensation claim
  • Deduct workers' compensation premium from employees’ pay
  • Misclassify an employee as an independent contractor

Mike McVay, Payroll & Workers Comp Specialist
Mike@mikemcvay.com
850-725-5696
251-279-7941

3/22/2018

McVay voted best tax service in Pensacola, FL

​The top questions about filing taxes as the deadline approaches

McVay's clients have voted and the story may surprise you. 
For the 5th straight year, Mike McVay's, McVay Business Service has been voted the most personal, accurate and reasonable service in Pensacola, FL. Read McVay's review's here....... 
www.PensacolaFLTax.com - 850-725-5696 - FREE Tax Extensions!
The old federal income-tax rules were complicated enough, with many provisions poorly understood by the public. That might change as more people gain familiarity with the new and simplified tax-reform package
But it won't happen immediately.
These are issues that seem to cause confusion as more Americans complete their income-tax returns and plan ahead.
Do the changes in the tax reform plan apply now? For the most part, no. That means the old rules for individuals that were in effect last year are applicable on returns that Americans file by April 17, 2018 (or six months later if requesting an extension).
Probably the main change that affects some taxpayers this filing season is a more favorable rule for deducting medical expenses.
People who itemize can deduct medical costs above 7.5 percent of adjusted gross income for tax years 2017 and 2018. In 2019, that rises to 10 percent, making fewer expenses deductible. (In Arizona, medical costs remain fully deductible on state returns for individuals who itemize.)
MORE:  How tax-reform changes will affect homeowners and those considering buying
Another change affects homeowners who took out or take out a new mortgage after Dec. 15, 2017. After that date, interest is deductible on up to $750,000 in mortgage debt, down from a prior cap of $1 million in debt.
While not applicable to tax returns, all paychecks now should show new withholding amounts, reflecting new (and generally lower) tax rates. The IRS said it wanted employers to start using the new withholding amounts no later than mid-February.
Does the $10K deduction cap apply per property or per taxpayer?Tax reform capped deductions for state/local income taxes, including property taxes, at $10,000 annually, starting in 2018. The new $10,000 deduction cap applies per taxpayer household, not per property. This change isn't good news for many homeowners, as state/local taxes, including property taxes, combined can easily exceed that amount.
The cap applies to the "sum of state and local income, sales and/or property taxes (that individuals) can deduct," according to a blog by TurboTax. "Previously, there was no limit on these deductions."
READ:  Federal tax reform may cost Arizona taxpayers $200M more
The $10,000 cap isn't indexed for inflation either, meaning fewer people who itemize will be able to write off their deductions in full in future years.
Curiously, this is one example where the $10,000 cap is the same for both individuals and married couples filing jointly. After this filing season, more individuals and married couples will have reason to take the standard deduction rather than itemize.
That's because the new standard deduction will rise to $12,000 for individuals and $24,000 for couples, helping to offset the loss of the personal exemption.
Are there 'secret ways' to find out when a refund will be sent? No, though the Internal Revenue Service recently cited taxpayer confusion about refunds, asserting that some people are looking for "secret ways" to find out more quickly when refunds will be paid. 
"Many people mistakenly think that talking to the IRS or calling their tax professional is the best way to find out when they will get their refund," the agency said.
Another misconception concerns requests for tax transcripts, which are IRS documents showing basic information like your name, marital status and adjusted gross income on previously filed returns, along with any changes later made by either you or the IRS.
"While taxpayers can use a transcript to validate past income and tax-filing status for mortgage, student and small-business loan applications, they should use 'Where’s My Refund?' (on irs.gov) to check the status of their refund," the IRS said. 
The IRS updates the status of refunds once a day, usually overnight, so checking more often won't offer any more insight.
Was the retirement saver's credit retained after tax reform? Yes. Congress for decades has offered incentives to encourage Americans to save, especially for retirement. Tax reform left those incentives alone, for the most part, That means the somewhat-obscure retirement saver's credit will remain an option for people of modest income.
This credit, or direct reduction in tax liability, is available to working adults (18 and up) who contribute to an Individual Retirement Account or workplace 401(k)-style plan. It's available to those with adjusted gross income up to $31,000 (singles) or $62,000 (married couples) in 2017.
Those thresholds rise by $500 and $1,000, respectively, for tax year 2018. One way to think of the credit is as a source of matching funds provided by the government. It's worth up to $1,000 for individuals and $2,000 for married couples.  
RELATED:  Tax reform could alter some financial tips, strategies
Only 36 percent of respondents in a recent survey conducted by the Transamerica Center for Retirement Studies said they were aware of the credit.
“Millions of Americans who are already saving for retirement could be missing out on the saver’s credit simply because they don’t know it exists," said Catherine Collinson, president of the Transamerica Center. The credit is in addition to other retirement-plan tax benefits, including deductible contributions.
The credit is easy to miss for taxpayers using the wrong federal tax form, said Collinson, who suggests using forms 1040, 1040A or 1040NR. "The saver's credit is not available on form 1040EZ," she said.
Can I still see an IRS representative in person? Yes, but one thing that probably won't change after tax reform is the increasing need of taxpayers to interact with the IRS online, over the phone or through the mail. Face-to-face meetings are becoming less common.
The IRS no longer allows walk-in meetings at local offices. Rather, taxpayers must make an appointment online or call 844-545-5640. Go to the "contact your local office" section of irs.gov for details.
While the IRS does accept appointments, fewer people are taking advantage of them.
The Taxpayer Advocate Service, an IRS-watchdog group, calls this a "self-fulfilling prophecy" whereby the agency reduces services to the point that taxpayers no longer can easily access them, then declares the services underused and unnecessary, often citing cost-savings benefits.
The IRS has closed 7 percent of these offices over the past seven years, with even larger reductions in terms of staff and number of taxpayers served in person, according to the Taxpayer Advocate Service.
The IRS has reduced its presence "at a time when the population is increasing, scammers abound, taxpayers are subject to recurrent information breaches" and other problems, the watchdog group complained.


Mike McVay, Tax Accountant 
5336 N Blue Angel Pkwy 
Pensacola, FL 32526
850-725-5696
www.PensacolaFLTax.com
​
Mike@MikemcVay.com

3/14/2018

6 Surprising Ways an Accountant Can Help You

6 Surprising Ways an Accountant Can Help You

Most people think of personal accountants as just tax professionals. But the truth is, accountants can play a much broader role. People who visit an accountant only once a year as April approaches will get help with their taxes—and nothing else. But for those who build ongoing relationships—and give their accountants information well beyond what’s needed for tax forms—accountants often become lifelong counselors and trusted advisers. When you are seeking this level of guidance, you should make sure that you have chosen someone designated as a certified public accountant or enrolled agent, both of which are held to strict licensing, testing and ongoing education standards as well as strict ethical standards.
Anything that involves your money is the business of your accountant, and you should definitely pick up the phone if…
You’re getting married. Marriage changes the way you file taxes and involves the merging of assets and finances. A qualified accountant will help you and your spouse understand the ramifications of the ownership of assets that you each bring into the marriage…wealth that you accumulate during the marriage…structuring financial accounts…and, of course, taxes you pay before and after getting married. (It’s also wise to contact an attorney who is an estate planner before you get married to review your estate plans—perhaps one who knows and works well with your accountant.)
Accountants also can play a critical role in consulting about a prenuptial agreement or serving as a general financial adviser before a wedding unifies two people—and their money.
You’re getting divorced. When a marriage ends, everyone knows to hire a divorce lawyer—but few think to enlist the help of an accountant. There are three reasons your accountant needs to know about a pending divorce—custodial issues, money issues and tax issues. Relevant custodial issues include the division of expenses related to any children…support payments to the party who gets custody of those children…and the continuance of college funds or any other accounts that were set up in their names. Money issues include the division of real estate and other assets such as vehicles, stocks and bonds, bank accounts and retirement accounts—and the division of debt, often a thornier issue. An accountant can analyze your credit reports and help determine how best to split not just what two people own but also what they owe. Taxwise, an accountant can advise you on your postdivorce tax-filing status, allocating deductions for dependents, dividing retirement accounts without incurring IRS penalties and other issues (including the deductibility of attorney’s fees).
You’re having a child. For middle-income families, a single child is a nearly quarter-million-dollar investment—and that’s just for the first 17 years. From housing and transportation costs to food, clothing, child care, insurance and medical expenses, new arrivals bring an avalanche of new financial considerations. There are almost certainly child-related tax, spending, saving and investing ramifications (and opportunities) that you don’t know about but that your accountant does. Your family should be the first to know you’re expecting—but tell your accountant next. A visit with your accountant also is wise if you’re expecting a grandchild. Your accountant can help you redraw your will or estate plan…establish a college fund or savings account for the new arrival…or understand how your tax and financial situation might change if you’re named a guardian of the child.
A dependent is pursuing ­education. There are tax advantages to using a 529 college savings account to save for a child’s education, but tax-deferred growth also can be achieved through a Coverdell Education Savings Account (ESA). Do you know which option is better for your family? Your accountant may be able to offer valuable advice if he/she is knowledgeable on this topic. Even if your child is in high school and already applying to colleges, the right accountant can make the critical and complicated Free Application for Federal Student Aid (FAFSA) much easier to complete. Your accountant also may be able to walk you through the gauntlet of student-aid options offered by state governments and the federal government.
You plan to buy or sell investments. When you sell an investment for a profit, you’ll likely incur a capital gains tax. However, some planning might ease the tax burden. Whether you are investing in stocks, bonds, funds, real estate, precious metals or other commodities—all of which have their own individual rules about buying, selling and taxation—or more complex vehicles such as limited partnerships, futures or illiquid securities, going it alone is almost certain to cost you money at tax time that you might have been able to keep with the early counsel of an accountant.
You plan to sell your home. A portion of the profit you make from selling a home usually is tax-free, but that all depends on how long you owned it and how much you earned from the sale. It also matters how you used the home, when you sold it and how you acquired it—such as through a divorce or an inheritance—and improvements you made. Tax implications change if a ­co-owning spouse dies before the sale or if a spouse moves out but continues to own a portion of the home. In short, if you’re considering selling your home, call your accountant before you call your real estate agent.

Mike McVay, Tax Accountant - 850-725-5696

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    With over 20-years experience working with individuals, families & small business owners. McVay has long term knowledge in taxation to help with their income tax, I.R.S tax issues and businesses management.
    850-725-5696​
    Mike@MikeMcVay.com

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