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The Dangers of Dipping Into Those Payroll Tax Funds:

If you operate a business that collects payroll taxes from employees, here’s a warning: Regardless of
what your corporate financial situation is, don’t borrow from the withholding tax fund. If that money
isn’t there when it is due, Uncle Sam loses any sense of humor he may have. Company owners and
executives facing a cash flow crunch are sometimes tempted to dip onto payroll tax withheld from
employees. They think:”I’ll send the money in later when it comes in from another source.” Bad idea!

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Easy Ways to Organize Your Business Finances

1. Keep Your Bills in One Place and Pay Your Bills on Schedule
When the mail comes, make sure it goes in one place. Misplaced bills can be the cause of unwanted late
fees and can damage your credit rating. Whether it's a drawer, a box, or a file, be consistent. Bill paying
can be simplified if it's done at scheduled times during the month. Depending on how many bills you
receive, you can establish set times each month when none of your bills will be late. If you're paying bills
as you receive them, chances are you're spending too much time in front of the checkbook. Although bills
may state "Payable Upon Receipt", there's always a grace period. Call the creditor to find out when they
need to receive payment before the bill is considered late.

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Use of Treasury Tax & Loan Coupons to be Discontinued:

December 31, 2010 will be the last day for financial institutions to accept Treasury, Tax and Loan coupons (Federal
Employment Tax Payments) under an IRS proposed rule change. The proposed rule calls for most employers who now
pay with a paper coupon to pay electronically as of January 1, 2011. Those who are not required to use coupons-
typically, businesses with a very small federal tax liability (generally under $2500 per quarter)- may pay electronically or
mail a check with their return. The proposal reflects Americans’ growing comfort with electronic payment and the trend
among Federal Institutions to stop coupon acceptance on their own.

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The Hiring Incentives To Restore Employment Act:

As many of you may know already, Congress recently passed (and the President recently signed into law) the Hiring
Incentives to Restore Employment (“HIRE”) Act, also known as the Jobs Bill. In short, the Act provides employers who
hire qualified employees with both a payroll tax forgiveness and an employee retention credit.

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