Abraham and Company, Certified Public Accountants - Notes

Notes are a combination of tax and business related items of interest.

Mar 22, 2008 -- Economic Stimulus Package Reaches Taxpayers in May
This May, over 130 million households will receive a check in the mail from the government, in hopes to improve the United States’ flailing economic state. How much will you get? For more information, visit the Economic Stimulus Payments Information Center, at: http://www.irs.gov/irs/article/0,,id=177937,00.html#Basic

Jul 16, 2007 -- Minimum Wage Rates

On May 25, 2007 President Bush signed a bill that, among other things, increased the federal minimum wage in three steps: to $5.85 per hour effective July 24, 2007; to $6.55 per hour effective July 24, 2008; and to $7.25 per hour effective July 24, 2009. However, many state have their own minimum wage laws and they are usually higher than the federal minimum.

The following are the minimum wage requirements in the three states that comprise Southern New England:

Connecticut $ 7.65/hour
Massachusetts $ 7.50/hour
Rhode Island $ 7.40/hour

Above rates were in effect as of the date of this posting, July 16, 2007.

Jul 19, 2007 -- Accounting Software Packages

Many of our clients are beginning to or currently use accounting software packages such as Quickbooks, Peachtree, Quicken, etc. Some of you may be misinformed about the computer requirements. Your basic home or office PC has the sufficient requirements for operating the packages. There are two crucial steps you must take to avoid any disaster.

-Back-up your files frequently. These packages prompt you to back-up your files periodically but you can do it at any time. You can back-up to your PC, removable disk (USB drive, external hard drive, etc.), or an online back-up database provided to you by the software package for a small fee.

-Have your PC plugged into a battery back-up supply. You can purchase these uninterruptible power supplies almost anywhere for less than $100. These provide power for the PC during a power outage and allow you a short period of time to save and back-up any information so that nothing is lost.

Oct 30, 2003 -- Workers Compensation Coverage is Mandatory

There has been quite a bit of regulatory activity lately (on the part of the State) in investigating whether or not employers have worker’s compensation insurance for their employees. If you have employees, you must have worker’s compensation insurance. If you are caught without it, you can be assessed fines of $500 for each day you do not have coverage.

If you lease employees, you must obtain valid certificates of workers compensation insurance from the leasing company. If not, you will be deemed the employer for workers compensation insurance purposes. This means you will be subject to the fines and penalties.

Oct 30, 2003 -- Jobs and Growth Tax Relief Reconcilation Act of 2003
Click Here to view the Jobs and Growth Tax Relief Reconciliation Act of 2003 released May 22, 2003.

Oct 30, 2003 -- AbrahamAndCompany.com is Complete
The new Abraham and Company website is complete. Completed by JDEL Web Solutions.