Tax Calendars

For a 2008 Tax Calendar for your specific service plan, click the name of your plan below:

Plan A – Direct Deposit & Direct Filing
Plan B – Direct Deposit & Signature-Ready Returns
Plan C – Assisted Payroll & Direct Filing
Plan D – Assisted Payroll & Signature-Ready Returns

Payroll Calendars

For a 2008 Payroll Calendar to guide you through the important direct deposit dates for your payroll frequency, click the name of your payroll frequency below:

Weekly – Paid every week or 52 times per year
Bi-Weekly Even – Paid every 2 weeks or 26 times per year
Bi-Weekly Odd – Paid every 2 weeks or 26 times per year
Semi-Monthly Advance – Paid twice each month or 24 times per year
Semi-Monthly Delay – Paid twice each month or 24 times per year
Monthly Advance – Paid once each month or 12 times per year
Monthly Delay – Paid once each month or 12 times per year

Upcoming Deadlines

• Q2 2008 Payroll Changes for Assisted Payroll.

If you write your own paychecks, please look for our Payroll Changes Request letter on or around June 23, 2008. If you have any changes for the quarter ending June 30, we need you to send them to us no later than July 3, 2008 at 5:00pm Central Time so we can accurately prepare your first quarter tax returns. You can send us changes via any of the following methods:

1) fax your corrected Quarterly Payroll Statement to 512-347-9331

2) submit changes online

Important Note: If you do not have any changes in this quarter, there is no action required.

• Q2 2008 Federal 1040-ES Filings for All Clients.

The IRS deadline for 1040-ES Payment #2 is June 16, 2008 (you should receive your 1040-ES voucher on or around May 31st). For clients on our Direct Filing service, we will collect the taxes and remit them on your behalf on June 5th.

• Q2 2008 State Tax Payments for All Clients.

For most states,* the filing deadline is July 31, 2008, so you'll be receiving your state tax returns on or around July 14th. For clients on our Direct Filing service, we will collect the taxes and remit them on your behalf on July 16th.

*If you're withholding state income tax

for Hawaii, Maryland, Mississippi or Oklahoma,

please note that your deadline is July 15, 2008.

Important Note: The state tax return must be prepared based on exact wages for the quarter. Therefore, if you write your own checks, it is imperative that we receive your payroll changes (if you had any) by the due date listed above. Otherwise, your tax returns will have to be re-processed or amended.

Tax News

Special Alert: IRS Cracking Down on Employment Taxes

FYI...On April 11, 2006, the IRS announced that it would dramatically enhance its efforts to collect employment taxes with additional auditors and stricter enforcement of the federal felony tax evasion code. Among their primary targets: household employers who pay cash or misclassify their workers as independent contractors, both of which are illegal tax evasion tactics.

On September 5, 2007, the IRS made their first criminal conviction for evasion of the "nanny tax," sentencing Richard Josephberg to 50 months in federal prison (sentencing included other indictments as well).

For our clients, no worries at all; we’re making sure you are 100% compliant. However, if you have friends or colleagues who are paying illegally, you might want to alert them of this IRS initiative and help them avoid an expensive -- and time-consuming -- visit from the tax man.

Federal Minimum Wage Change

On May 25, 2007, the federal minimum wage was increased for the first time since 1997.  The Fair Minimum Wage Act of 2007 increases the federal minimum wage as follows:

• Effective July 24, 2007, Federal Minimum Wage is $5.85 per hour;
• Effective July 24, 2008, Federal Minimum Wage is $6.55 per hour;
• Effective July 24, 2009, Federal Minimum Wage is $7.25 per hour.

Many states have their own minimum wage laws.  In cases where an employee is subject to both federal and state minimum wage laws, the employee is entitled to the higher of the two minimum wages.  The minimum wage rate in several states is tied to the federal rate in various ways, so it is important to check how this new law affects you.  More information can be found at the U.S. Department of Labor website.

If you have any questions about the upcoming deadlines or the tax remittance process, please call us toll free at 888-BREEDLOVE (273-3356).