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in
this issue
Flexible
Spending Accounts - A Win-Win situation
More and more employers are adopting Flexible Spending
Accounts ("FSA") for their employees. Flexible
Spending Accounts offer pre-tax treatment for health
insurance premiums, unreimbursed medical, dependent child
care, and commuter's expenses. They are a no-brainer for
most businesses because they provide a huge benefit to
employees while employers cost is insignificant. In fact,
your cost is more than not offset by the tax breaks you will
receive. Interestingly enough, most employers are
surprisingly unaware of this.
Take
for example an employee who is married with two children and
earns $40,000/year. If this employee enrolls in a flexible
spending account and the amount he chooses to fund the plan
for dependant care is $5000 and medical expenses $1200, his
semi-monthly net pay will be $71 greater than without the
FSA. Saving him $1704 annually. Who would turn down this
free money?
As
the employer will save $20 per payroll or $480 annually as a
result, the savings on this one employee easily offsets the
annual cost of the benefit. Multiply this savings by the
number of employees to dramatically illustrate this win-win
situation for employee and employer alike.
If
you have been searching for a low-cost high-value benefit to
offer your employees in 2004, this is the answer. Contact
our payroll administrator Linda Mari, or Michelle Denton to
setup a flexible spending account plan for your employees in
time for 2004.
Contact
OnePoint for a Demonstration of the Benefit ...
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Dear
User,
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4
Reasons to Consider Outsourcing Administrative
Functions
 1)
Unexpected hardware and software upgrades can likely
be avoided. Outsource providers take responsibility
for any hardware and software updates required to
perform their function.
2)
No need to worry about segregation of controls or
efficiency of the outsourced function. The
outsourcing provider's business relies on it's
ability to control these costs.
3)
You went in business because you've got a great
product or service to sell, not to manage an
accounting department. Outsource providers expertly
take care of necessary business functions leaving
you free to focus your attention on your business.
Also, instead of finding that rare person who does
everything and everything well, hire an entire
department - we've got specialists in every
accounting function.
4)
Administrative functions are modular and infinitely
customizable. Outsource providers have perfected the
best practices to perform each modular function and
are willing to customize them to your specific
needs. It is still yours, only better.
Contact
OnePoint to discuss outsourcing accounting and human
resource functions »
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Use
Tax Enforcement in the News
 Have
you ever heard of Use Tax? If you haven't, you're
not alone. Our guess is that 5 out of 10 small
businesses don't know about Use Tax either. And of
the 5 who know about Use Tax, only 2 actually file
Use Tax returns.
Did
you know that Colorado taxes you when you buy things
off the internet or from an out-of-state retailer?
And you thought you could save money and skate by
without paying sales tax by shopping the information
superhighway. Think again - these purchases are all
subject to Use Tax and Colorado wants its money.
An
easy rule of thumb is: if you were not charged sales
tax on your internet or out-of-state purchase, then
you are subject to Use Tax unless the sales tax
would otherwise not have been charged by a local
retailer.
In
the last year, the Colorado Department of Revenue
has increased its enforcement of this tax. We are
aware of several companies who have either been
audited or targeted for voluntary compliance by
taxing agencies. Don't get caught unawares! Visit
Colorado Department online for more information or
for a calendar of Sales and Use Tax classes.
Visit
the Colorado Department of Revenue
»
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Year
End Checklists and Reminders on the Way
 Yes,
it's that time of the year already. Time to prepare
for year end as well as the beginning of the new
year compliance tasks. At OnePoint we do our best to
help keep you organized and 100% in compliance.
Keep
an eye out for our year end checklists and
reminders.
PAYROLL
CHECKLIST -- An end of year payroll checklist will
help remind you about things like year-end bonuses,
make-up withholding, reminders re FSA requests for
reimbursements as well as FSA election forms for
next year.
TAX
COMPLIANCE CHECKLIST -- An end of year tax
compliance checklist reminds you about things like
1099s, use tax deadlines, and personal property
declaration forms.
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