Thursday, October 31, 2013

You May Be Richer Than You Think!


The North Carolina Cash Program, a service of the North Carolina Department of State Treasurer, reports that there is roughly $334 million in the unclaimed property fund! Property that hasn't been claimed can be bank accounts, policy proceeds, stocks, bonds, safety deposit contents, etc. When companies lose track of their consumer, due to incorrect addresses or other missing information, the funds become unclaimed. There is no time limit for making a claim to your property, meaning unclaimed property from years ago could be sitting in the fund. If you are one of the North Carolinians who is owed money, it’s time to claim your cash! To find out if you have unclaimed property, check the North Carolina Treasurer website, and search your name in the database. Let us know if you find anything!
 
518 Arbor Hill Rd.
 Kernersville, NC 27284
 Ph: 336-996-3338

Friday, October 25, 2013

Furloughed Workers to Pay State Back for Unemployment


 
If furloughed employees received unemployment benefits during the government shutdown, they will have to pay the state back what they received. The Labor Department reports that 70,000 federal employees who were furloughed during the government shutdown filed for unemployment benefits the first week of the shutdown. But since the shutdown has come to an end, the states want those workers to pay back the benefits they received. CNN Money reports that "those who already used the benefits will have 60 days to repay the Department of Employment Services, without interest”. If the workers who received benefits are struggling financially, they may apply to be a part of a repayment plan. The article from CNN Money is linked here.



518 Arbor Hill Rd.
 Kernersville, NC 27284
 Ph: 336-996-3338

Friday, October 18, 2013

Government Shutdown Comes to a Close

The government shutdown, which began on October 1st, has come to an end. The President and Congress ended the 16-day shutdown on Thursday, October 17th. By coming to an agreement and authorizing more borrowing just before the deadline, Congress was able to avoid a disastrous default on the United States’ debts.  The plan that Congress and President Obama agreed upon will keep the government open until January 15th, with the new deadline for a default being extended to February 7th. The White House directed all federally-funded agencies to open back up Thursday, which allowed thousands of furloughed employees to return to work. National parks, federal agencies and museums will now resume business as usual, and funding for educational and supplemental programs will continue.

Linked below are websites with further information regarding the end of the government shutdown.

http://www.cbsnews.com/8301-250_162-57607769/senate-announces-deal-to-end-government-shutdown-lift-debt-ceiling/

 
518 Arbor Hill Rd.
 Kernersville, NC 27284
 Ph: 336-996-3338

Thursday, October 17, 2013

How Your Credit Affects Your Company


Securing investors or loans can be a struggle for small businesses, especially if they are relying on their personal credit rather than relying on their business credit profile. Using a personal bank account as the funding for a business is risky. If your business struggles financially, then your personal finances will be tied up in the struggle, and you risk lowering your personal credit score. For this reason, experts tend to advise to keep business and personal accounts separate, and to focus on building up your business' credit profile on its own. Business and personal credit is different, but repairing a credit score tends to work the same way. Focus on keeping your business and personal credit strong, and keeping accounts separate. If you have any questions about credit, please contact us!
 



518 Arbor Hill Rd.

Kernersville, NC 27284
Ph: 336-996-3338

 

Saturday, October 12, 2013

Extension Deadline-October 15th


 
If you filed an extension for your return, the deadline to file is next week!
 
The deadline to file an Individual Income Tax Return with a 6-month extension is October 15th. The IRS estimates that there are about 12 million taxpayers who requested an automatic 6-month extension in 2013. Even though the government is currently shut down, these extended tax returns and any taxes owed are still due.
 
 If you have any questions about your extension or payments, please contact us!
 
 
 

                                                               
 
518 Arbor Hill Rd.
Kernersville, NC 27284
Ph: 336-996-3338

Friday, October 11, 2013

North Carolina Department of Revenue Issues Warning of Phone Scams



The North Carolina Department of Revenue (NCDOR) recently issued a warning that there has been an increase in telephone scams from criminals posing as representatives from federal agencies. Criminals will call taxpayers requesting payment for delinquent tax bills, and urge taxpayers to transfer money as quickly as possible from a specific financial institution. The North Carolina Department of Revenue will never ask for electronic payments or immediate transfers from a specific financial institution. The Department of Revenue will also send up to 5 notices by mail before any phone calls are made requesting payment on an overdue tax bill. The North Carolina Department of Revenue recommends that if you feel that you received a questionable phone call, it is best to contact the Department of Revenue directly and speak to a representative. If you have any questions, please contact us.

For further information, the North Carolina Department of Revenue’s website is www.dornc.com and their phone number is (877) 252-3052.
 
 
518 Arbor Hill Rd.
Kernersville, NC 27284
Ph: 336-996-3338

Thursday, October 3, 2013

Government Shutdown-Who's Affected

Due to a lapse in funding, the  government shutdown went into effect on October 1st, 2013. The USA government website lists the government services and operations that will be affected by the shutdown. These include call centers that handle veteran’s benefits, all national parks and monuments, new applications for small business loans, and hundreds of thousands of federal employees being furloughed without pay. Also, gun permits, passports, and patents will be delayed.

Some of the services that will not be affected by the shutdown are active military, air traffic controllers, prison guards, border patrol agents, and the U.S. Postal services. Social Security beneficiaries will continue to receive their benefits, and Medicare and Medicaid will continue, depending on the length of the shutdown. For a full list of governmental agencies that will be affected, the USA government website is linked below.


We have also linked other websites that have further information about the government shutdown and what it affects below.



 
518 Arbor Hill Rd.
Kernersville, NC 27284
Ph: 336-996-3338

Tuesday, October 1, 2013

Small Businesses Still Failing on Security Measures




An article from the CPA Practice Advisor reports that although the risk of financial fraud is higher than ever, small businesses still do not take security seriously enough. Most small businesses do not put security measures in place until they have already become victims of fraud.  The CPA Practice Advisor reports that “small businesses are the most common victims in fraud instances, with the highest rate of fraud (31.8%) of any business size category and the largest median loss”. This means that it is of utmost importance to have security measures in place to prevent fraud. Some of these measures can include, but are not limited to: securing documents properly, conducting employee background checks, using online browsing protection, and conducting regular checks of the business’ finances.
 

Small businesses should take precautions towards protecting their financial security before financial fraud becomes a problem. The article from the CPA Practice Advisor is linked below. If you have questions about how to keep your small business financially safe, contact us!
 

http://www.cpapracticeadvisor.com/news/11151496/despite-threat-of-fraud-most-smb-owners-fail-on-security


518 Arbor Hill Rd.
Kernersville, NC 27284
Ph: 336-996-3338